Europees Parlement onderzoekt mismanagement bij Britse verzekeraar Equitable Life (en)
MEPs endorsed the decision to set up a European Parliament committee of inquiry to look into the case of the British insurance company Equitable Life. The MEPs to sit on the committee will be decided in a vote on Thursday 19 January. The committee will be composed of 22 MEPs.
Over a million UK policy holders and more than 15,000 policy holders in other EU countries, notably Germany and Ireland, incurred major losses to their pensions, savings or investments following alleged mismanagement at Equitable Life. The question has arisen as to whether the relevant EU legislation was properly applied in the UK.
The committee's mandate requires it to investigate the way in which the UK authorities applied the relevant Council directives, examine whether the European Commission properly monitored the transposition of Community law and assess allegations that UK regulators consistently failed to protect policy holders by rigorous supervision of accounting and provisioning practices and of the financial situation of Equitable Life. The committee will have twelve months to complete its work and submit a report to Parliament. An interim report will be delivered after four months.
The European Parliament has the power to set up a committee of inquiry to investigate "alleged contraventions or maladministration in the implementation of Community law" (Article 193 of the EC Treaty). The committee can hold hearings and invite EC institutions or national governments to send representatives to testify at those hearings. It may also request national or EC authorities to provide any documents necessary to carry out its duties.