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Contrary to the development in other major insurance markets in the world only 13 out of 27 EU member states have introduced until now some type of insurance protection funds (IPF). As a result around a third of the market is without any collective protection. There is also a continuous debate since 2001 among the member states on the need for such a system at the community level. The experiences of the latest financial crisis have raised new arguments for reorganizing the existing system to avoid regulatory arbitrage and to strengthen consumer security. Even the prospective implementation of provisions strengthening supervisory bodies, and the new solvency directive (so‐called Solvency II) are not fail‐safe solutions. This article is an attempt to review the current situation as regards IPF in the EU and to discuss possible development scenarios.

Document Type: Research Article


Affiliations: . The author expresses his gratitude to two anonymous referees for their valuable comments on previous drafts of his article. He is particularly grateful to Professor David Cummins for his penetrating observations. This article was subject to double-blind peer review.

Publication date: March 1, 2012


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