Lawmakers in the European Union should take insurance employees into account when drafting legislation on insurance gurantee schemes. This is the message from NFU to the European Commission in a recent consultation reply.

One of the main objectives of the White Paper on insurance guarantee schemes is to cement customer confidence in the insurance industry. NFU protests against the fact that the employees in the insurance industry have not been mentioned at all. The enforcement of the proposed framework on insurance guarantee schemes must adhere to insurance employees’ interests, not just the interests of consumers and tax-payers.
In its reply to the Commission NFU also highlights the fact that the insurance sector in general has coped well with the financial crisis. Therefore, the proposal to establish insurance guarantee schemes through EU measures might be premature. Let’s wait for the Solvency II framework to be fully implemented first, NFU says in the reply.

Read more on NFU’s page for consultation replies. Here you can also read our other recent proposals to the EU.