WRITTEN QUESTION No. 1457/96 by Carlos ROBLES PIQUER to the Commission. Marketing in Spain of guaranteed pension funds
Date: 1996-06-12
Institutions: European Parliament, ROBLES PIQUER
Subjects: EU law, Spain, credit institution, financial institution, financial solvency, insurance company, marketing, pension scheme, supplementary pension













EUR-Lex - 91996E1457 - EN






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91996E1457

WRITTEN QUESTION No. 1457/96 by Carlos ROBLES PIQUER to the Commission. Marketing in Spain of guaranteed pension funds  


Official Journal C 345 , 15/11/1996 P. 0074 





WRITTEN QUESTION E-1457/96 by Carlos Robles Piquer (PPE) to the Commission (12 June 1996)Subject: Marketing in Spain of guaranteed pension fundsThe Spanish insurers' association has expressed emphatic opposition to the marketing in Spain of guaranteed pension funds by credit companies. Its stance has received unreserved support from the secretariat of the European Insurance Committee (EIC), which has written to the Spanish Finance Minister to express the insurance sector's concern at the marketing in Spain of guaranteed pension funds.In the EIC's letter it is stated that schemes such as guaranteed pension funds traditionally fall within the scope of insurance activity, as an EU directive makes clear.Can the Commission state its position on the matter, in the light of the relevant Community provisions and with a view to mediating in what has been called the 'guaranteed-fund war' in Spain?Answer given by Mr Monti on behalf of the Commission (31 July 1996)Generally speaking, both insurance companies and other financial institutions (e.g. credit institutions) traditionally supply supplementary pension products in the Community that include certain guarantees or arrangements concerning the interest or benefits offered. Where they market such products, insurance companies, credit institutions and other financial institutions must always comply with the rules applicable to them regarding the taking-up and pursuit of their activities.In the case of insurance companies, for example, Community law specifically recognizes the possibility that life assurance companies may manage group pension funds and that such management may be accompanied by insurance covering either conservation of capital or payment of a minimum level of interest (Article 1(2)(c) and (d) of Directive 79/267/EEC ((OJ L 63, 13.3.1979. ))). Community legislation stipulates that life assurance companies carrying on such activities must have adequate financial resources, particularly in the form of technical reserves, and must also have a sufficient solvency margin that is calculated according to the rules laid down by Community legislation.In this context, if such a guarantee regarding the interest accruing from the investment of pension fund assets is covered by insurance, Community law stipulates that such insurance may be provided only by life assurance companies that are licensed by the Member States of their head office, in accordance with the third life assurance Directive 92/96/EEC, ((OJ L 360, 9.12.1992. )) to carry on such insurance activities. However, if such guarantees are provided by means of other financial techniques used by other financial institutions, Community law permits such activities to be carried on by those institutions provided that the prudential rules relating specifically to them are consistently observed.