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Insurance Protection Funds in the European Union—Quo Vadis?

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  • Marek Monkiewicz

Abstract

Contrary to the development in other major insurance markets in the world only 13 out of 27 EU member states have introduced until now some type of insurance protection funds (IPF). As a result around a third of the market is without any collective protection. There is also a continuous debate since 2001 among the member states on the need for such a system at the community level. The experiences of the latest financial crisis have raised new arguments for reorganizing the existing system to avoid regulatory arbitrage and to strengthen consumer security. Even the prospective implementation of provisions strengthening supervisory bodies, and the new solvency directive (so‐called Solvency II) are not fail‐safe solutions. This article is an attempt to review the current situation as regards IPF in the EU and to discuss possible development scenarios.

Suggested Citation

  • Marek Monkiewicz, 2012. "Insurance Protection Funds in the European Union—Quo Vadis?," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 15(1), pages 89-106, March.
    • Handle: RePEc:bla:rmgtin:v:15:y:2012:i:1:p:89-106
    DOI: j.1540-6296.2011.01211.x
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    1. repec:bla:jfinan:v:43:y:1988:i:4:p:823-39 is not listed on IDEAS
    2. Richard Dale & Franco Bruni & Christian de Boissieu, 2000. "Strengthening Financial Infrastructure - Deposit Insurance and Lending of Last Resort," SUERF Studies, SUERF - The European Money and Finance Forum, number 7 edited by Morten Balling, May.
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