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The Insurance Sectoral Social Dialogue Committee and Social Impact Assessment. Agnes Fridely Legal Officer “Insurance and pensions” Claudio Collovà Evaluation Officer “Impact Assessment, Evaluation and Economic Analysis” European Commission; DG Internal Market and Services;
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The Insurance Sectoral Social Dialogue Committeeand Social Impact Assessment Agnes Fridely Legal Officer “Insurance and pensions” Claudio Collovà Evaluation Officer “Impact Assessment, Evaluation and Economic Analysis” European Commission; DG Internal Market and Services; Brussels, 26 November 2010
Aims of this meeting • Recap on Impact Assessment • Insurance proposals for 2011 • Your questions => Your contribution
Impact Assessment • Impact assessment is… • The key role of consultation • Social impacts matter • Sectoral social impacts • Timing issues
Insurance Guarantee Schemes • IGS in all Member State – end 2011 • Improve social welfare: • increased protection of policyholders; • less use of taxpayers' money; • insignificant welfare losses while redistributing insurance default losses. • No significant sectoral social impact.
Solvency II • Aim: Economic risk-based solvency requirements for all insurers and reinsurers • Economic impact: Greater competition between insurers, due to the opening up of the single market, leading to downward pressure on prices • Social impact: • Reduced likelihood of failure of an insurer • Better understanding of risk amongst consumers, though potential for greater risk transfer to consumers • Sectoral social impact: There will be rules on remuneration
Insurance Mediation Directive Main aim: simplification - clearer rules • Consumer protection - Level playing field for all actors Social impact: • A higher level of policy holder protection • Management of conflicts of interests/remuneration and transparency (also sectoral) Sectoral social impact: • Higher level of professional requirements
Institutions for occupational retirement provision Single Market Act proposal 31 • “Enable Europeans to benefit from pensions which are adequate and guaranteed in the long term” • Retirement for mobile workers • Sectoral impact: workers in the industry would benefit from greater job opportunities
Packaged Retail Investment Products • Aim: high level of consumer protection • Social impact: better information for consumers – improve comparability • Sectoral social impact: • Disclosure: no direct impact on employees • Sales: stricter sales rules – link with IMD
Single Market Act • Single Market as an engine of growth and jobs • Strong social dimension: • Proposal 29: Respect of fundamental rights, social IA; • Proposal 38: Corporate governance; • Proposal 37: Cooperatives and mutual societies. • Join the European debate by 28/2/2011 http://ec.europa.eu/internal_market/smact