I would like to thank very warmly the insurance undertakings.

The Commission has no direct role in the supervision of individual insurance undertakings.

This risk is borne by both the large insurance undertakings and the numerous smaller ones.

BaFin supervises about 2,700 banks, 800 financial services institutions and over 700 insurance undertakings.

The common position has succeeded in bringing the rights of insurance undertakings into line with the legitimate interests of creditors.

In particular, this first report lays down more stringent rules for the supervision of the activities of banks and insurance undertakings.

The current directive introduces a direct right of action for the victim, which applies not only to the person responsible but also to the insurance undertaking.

Their shareholders are not insurance undertakings.

Risk-oriented calculations of the solvency requirements of insurance undertakings would be introduced.

This directive guarantees that insurance undertakings are wound up or reorganised according to the principles of unity and universality.

After all, we know full well that insurance undertakings take out mutual insurance policies in order to reduce risks, as do banks when issuing bank guarantees.

This division of the Bank authorised and regulated all financial institutions (including insurance undertakings, collective investment funds and credit unions) in Ireland.

Mr Ettl' s second report provides greater guarantees that insurance undertakings other than life assurance undertakings will remain solvent too.

Mr President, this is the first of three documents on European Union initiatives in the field of the movement of money, insurance undertakings and banks.

Capital is expensive, and the insurance undertakings would try or would be forced to balance out the costs incurred either by increasing premiums or rationalisation measures.

Mr President, the directive on the reorganisation and winding-up of insurance undertakings fills a major gap in the European Union's financial services legislation.

Concerning the second question that was put to me, the Commission has taken cognisance of the most unfortunate failures of the two insurance undertakings that were mentioned.

As part of its risk-management system every insurance undertaking and reinsurance undertaking shall conduct its own risk and solvency assessment.

In that context, our ongoing Solvency II insurance project is aimed at contributing to the financial strength of all EU insurance undertakings.

Are his services looking at both of those insurance undertakings to satisfy themselves that in those respects the British Government has been properly applying European insurance directives?

I would therefore hesitate to create the impression that what happened to the insurance undertakings to which reference was made is of any particular relevance to the case of Lloyd's.

The directive would cause additional problems in raising capital for insurance undertakings such as mutual insurance organisations which do not have access to the money markets because of their legal form.

Madam President, the rapporteur is quite right when she refers to the difference between insurance undertakings and banks or credit institutions with regard to the risks to be taken by them.

It should be noted, however, that Equitable Life did not enter into liquidation and continues to operate as an authorised insurance undertaking, albeit one that is closed to new business.

The people who help me in insurance undertakings have also taken a close interest, but may I assure the Member that we are fully stretched in looking at the Lloyd's case itself.