The European Commission sent the European Insurance and Occupational Pensions Authority (EIOPA) a Call for Advice on the possible minimum harmonisation of Insurance Guarantee Schemes (IGS) in the European Union (EU), with the objective to generalise and, where they exist, harmonise, these mechanisms. EIOPA then organised on 27 January 2026 a stakeholder workshop to expose its “preliminary thoughts” on the issue and launched a stakeholder survey to gather views on these ideas for IGS for life and non-life insurance (see EIOPA’s presentation).
The purpose is to ensure that policyholders across the EU enjoy similar levels of protection in the event of failure of an insurance company with whom they have a contract.
BETTER FINANCE responded to EIOPA’s survey, stating its support for the development of IGS and the importance of ensuring a consistent level of policyholder protection across the EU. BETTER FINANCE stresses the crucial role that IGS, in particular for life insurance, can play for the development of a genuine Savings and Investments Union, if sufficiently harmonised or, even better, integrated into a European IGS.
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