proved to be much less flexible, economical and innovative than traditional insurance. The choice between deductibles, limits, wording, self-insurance and use of captives, is much larger in open markets.


What happens next?


The ELD will be reviewed by the Commission in 2014 and important changes could be made. It is to be hoped that the complexity of theoretical concepts will be clarified and differences in transposition across member states harmonised. The threat of a mandatory financial guarantee scheme, at first considered small, may be increasing. So, as suggested by the facilitators of the November workshop: “Let us create a sense of community and talk to each other.”


The views expressed in this article should not be considered to be the official position of FERMA or CEA.


Pierre Sonigo is the secretary general of FERMA and a member of the ELD ad hoc working group of the CEA. He can be contacted at: psonigo@gmail.com


emea captive 2012 27


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