Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 34 n° 316

Mutual and cooperative insurers

Posted by fidest press agency su sabato, 17 settembre 2011

Brussels, Sixty representatives of mutual insurers from twelve EU Member States and supervisors from Denmark, Germany, Portugal and Spain met to exchange their views on the application of the important principle of proportionality throughout all areas (or pillars) of Solvency II: capital requirements, governance, and reporting and disclosure By far the majority of mutual and cooperative insurers are small or medium-sized undertakings employing thousands of people all over Europe. Taking as a basis Recital 19 of the Solvency II Framework Directive which states that the regime ‘should not be too burdensome for small and medium-sized insurance undertakings’, they reminded supervisors that the mutual model has been around for several centuries, surviving wars and many financial and economic crises. Inappropriate and unproportionate application of the new rules could endanger the model and eventually deprive consumers from the choice of buying their insurance contracts with an undertaking whose business model is based on the mutualist concept of client ownership, sustainability and democratic governance.
Finally, he urged the mutual and cooperative insurance sector to stay mobilised by working with their European association but also with their national ones.
AMICE is the Association of Mutual Insurers and Insurance Cooperatives. Its prime purpose is to ensure that the voice of the mutual and cooperative insurance sector in Europe is heard and that the interests of its members are taken into account in securing a level playing field for all insurers in Europe regardless of their legal form. This sector accounts for one third of the insurance companies in Europe and close to 25% of premiums. With more than 100 direct members and 1,600 indirect members, AMICE speaks for a significant part of the insurance sector.

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