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Insurance: The European Parliament backed the Commission’s plans to open up the internal market for insurance providers

United Kingdom
26/04/1999
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The European Parliament has backed the Commission’s plans to open up the Internal Market for insurance providers when they passed a Resolution endorsing the Commission’s Communication on freedom to provide services and general good in the insurance sector.
The draft Communication of October 1997 was prepared with a view to removing the final obstacles for freedom of movement in the insurance sector. The aim was to encourage discussion as to how to end the uncertainty generated by the “Third Directives for Insurance” (92/49/EEC and 92/96/EEC). Basically the Commission had tried to define when the “general good” could be invoked as justification for limiting cross border services to one territory. All parties appear to agree that this can best be done by creating a list identifying and describing areas that were not included in the general good concept.

While the Third Directives for Insurance were meant to be the completing legislation in the creation of the Single Market in the insurance sector, six years later there are still many national restrictions preventing the EU from achieving a single insurance market. It is hoped that this Communication marks the final chapter in reaching this goal.

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