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Archived stories from Nov 2010

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Regulator boasts he is intent on destroying insurance industry

EU commissioner Rip van Winkle has been caught on tape bragging to a fellow Brussels bureaucrat that he is intent on destroying the insurance industry because of a bad experience he once had. On the tape, van Winkle can be clearly heard telling Sven Willi Befamus that the industry would rue the day it had denied him a claim for a stained carpet.

Rip van Winkle: evil genius

?Ze insurance industry will rue the day it denied me a claim for ze red wine stain on my Persian carpet zat time,? van Winkle says on the tape. ?It was my first claim in 25 years and yet zey will not pay up one thousand lousy euros. Now we will see who needs solvents tests.?

Befamus replies that he once had a similar experience with insurers over a dent to his wife?s car that insurers would not pay up on. He urges van Winkle to go ahead and put them all out of business, adding: ?But how vill you achieve your dastardly end you crazy Vinkle you? These insurers pay out huge sums to lobby the idiots in government you know.?

Van Winkle goes on to explain that he will use the financial crisis as a Trojan Horse to usher in a series of solvency rules and supervisory hurdles that no financial institution can operate profitably under. ?Solvency 1, then Solvency 2 then Solvency 3, then 4,5,6 on and on for ever. Alzo, we will have numerous new supervisors based in Paris, Brussels, Frankfurt and Dublin. Each with the power to overrule one anozzer and ze national authorities.?

It is believed van Winkle was denied a claim on his contents policy while on secondment in the UK. He claimed cleaning costs after spilling a rare claret onto an expensive Persian carpet but was told by his insurer that small print in the contract clearly spelled out an exclusion relating to rare clarets and Persian carpets.

Other news from Nov 2010
Travelating the Wave of Insurability
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