European Parliament decision on setting up a Committee of Inquiry into the crisis of the Equitable Life Assurance Society
Date: 2006-01-18
Institutions: European Parliament
Subjects: United Kingdom, bankruptcy, committee of inquiry, consumer protection, financial legislation, infringement of EU law, insurance company

C 287 E/158

EN

Official Journal of the European Union

24.11.2006

Wednesday, 18 January 2006

P6_TA(2006)0011

Equitable Life Committee of Inquiry

European Parliament decision on setting up a Committee of Inquiry into the crisis of the Equitable
Life Assurance Society

The European Parliament,

— having regard to Article 193 of the EC Treaty,

— having regard to Decision 95/167/EC, Euratom, ECSC of the European Parliament, the Council and the
Commission of 19 April 1995 on the detailed provisions governing the exercise of the European Parlia-
ment's right of enquiry (1),

— having regard to Rule 176 of its Rules of Procedure,

— having regard to the request presented by 213 Members of the European Parliament,

— having regard to the decision of the Conference of Presidents of 14 December 2005, agreeing in prin-
ciple to establish a Committee of Inquiry into the allegations raised by petitions 0611/2004 by Arthur
White (British) and 0029/2005 by Paul Braithwaite (British), on behalf of the Equitable Members'
Action Group and by subsequent petitions on the same subject submitted by German and Irish peti-
tioners, all of which related to the Equitable Life Assurance Society (Equitable Life),

1. Decides to set up a Committee of Inquiry to investigate alleged contraventions or maladministration
in the application of Community law in relation to the crisis of Equitable Life, without prejudice to the
jurisdiction of national or Community courts;

2. Decides that the Committee of Inquiry shall:

— investigate alleged contraventions or maladministration in the application of Directive 92/96/EEC (2),
now codified by Directive 2002/83/EC (3), by the United Kingdom's competent authorities in relation
to Equitable Life, notably as regards the regulatory regime and the monitoring of the financial health of
insurance undertakings, including their state of solvency, the establishment of adequate technical provi-
sions and the covering of those provisions by matching assets;

— assess, in this respect, whether the Commission has properly fulfilled its duty to monitor the correct
and timely transposition of Community law and identify whether systematic weaknesses contributed to
the situation that has arisen;

— assess allegations that the UK regulators consistently failed, over a number of years, and at least since
1989, to protect policy holders by exercising rigorous supervision of accounting and provisioning prac-
tices and the financial situation of Equitable Life;

(1) OJ L 113, 19.5.1995, p. 1.
(2) Council Directive 92/96/EEC of 10 November 1992 on the coordination of laws, regulations and administrative
provisions relating to direct life assurance and amending Directives 79/267/EEC and 90/619/EEC (third life assurance
Directive) (OJ L 360, 9.12.1992, p. 1).

(3) Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance

(OJ L 345, 19.12.2002, p 1). Directive as last amended by Directive 2005/68/EC (OJ L 323, 9.12.2005, p. 1).

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Official Journal of the European Union

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— assess the status of claims by non-UK European citizens and the adequacy of remedies available under

UK and/or EU legislation for policy-holders from other Member States;

Wednesday, 18 January 2006

— make any proposals that it deems necessary in this matter.

3. Decides that the Committee of Inquiry shall present an interim report to Parliament within 4 months
of starting its work, with a view to presenting its final report to Parliament within 12 months of the adop-
tion of this decision;

4. Decides that the Committee of Inquiry will be composed of 22 Members of the European Parliament.

P6_TA(2006)0012

Temporary Committee on extraordinary rendition

European Parliament decision setting up a temporary committee on the alleged use of European
countries by the CIA for the transportation and illegal detention of prisoners

The European Parliament,

— having regard to the European Union's attachment to the principles of liberty, democracy and respect
for human rights and fundamental freedoms and of the rule of law as outlined in the preamble to the
Treaty on European Union and notably in Articles 6 and 7 of that Treaty,

— bearing in mind that, according to the case-law of the Court of Justice of the European Communities,

the protection of fundamental rights is also part of the constitutional order of the Community,

— bearing in mind that protecting human dignity is one of the key objectives of the Charter of Funda-
mental Rights of the European Union, as proclaimed by the institutions on 7 December 2000, and that
this fundamental value would be violated were cruel, inhuman or degrading treatment of persons to
occur, for whatever reason, under the direct or indirect responsibility of EU Member States and institu-
tions,

— having regard to its resolution of 15 December 2005 on presumed use of European countries by the
CIA for the transportation and illegal detention of prisoners (1), which, as regards the inquiry pending
at the Council of Europe, envisages the need for a temporary committee of the European Parliament to
be set up to accompany such an enquiry, particularly as Member States are implicated,

— having regard to Rule 175 of its Rules of Procedure,

(1) Texts Adopted, P6_TA(2005)0529.