[ParlTrack]

Roberto GUALTIERI, Andrea COZZOLINO, Luigi MORGANO

Proposal for a directive
Recital 20 a (new)

(20a) Directive2009/138/EC of the European Parliament and the Council (Solvency II), harmonizing the rules that apply to insurance and reinsurance undertakings, had introduced modifications aiming to grant financial stability and equity, in pursuit the fundamental objective of stabilizing the markets. However it should be taken into consideration the presence, in the Member States, of insurance undertakings with listed shares in a regulated market, under the control of the competent supervisory Authorities of the Member States, performing insurance activities according to a low risk business model implying a moderate financial leverage exploitation (not higher than 5 times) a low risk-taking attitude in investments and a high percentage of profits represented by the insurance core business ;therefore, such undertakings result to have a more contained risk profile compared to similar institutions with a broad variety of business models, also with financial content. It has been noted that, in the European union, insurances result to be less exposed to systemic risk, also by virtue of a more conservative investment policy and that the effects of the financial and markets crisis, following 2008, which has driven financial institution’s income statement downwards, has not substantially affected insurance undertakings, generally remaining positive, with relatively stable profit margins. Such stability has been reflected by the last years insurance companies stock market performances of listed shares in regulated markets of the European union, that, compared to financial institutions, although in the context of a general recessive trend of the markets after 2008, have reduced significantly the downward trends in shares value. Non control holdings in such insurance undertakings operating according to a low financial risk business model, can therefore be assimilated to other equity/industrial holdings, and consequently to the specific discipline in matter of deduction of items from Core Tier 1capital, provided for by the supervisory Authorities of the Member States with reference to other industrial undertakings.

2018/02/02
Committee: ECON

Renato SORU, Luigi MORGANO

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b

Directive 2013/36/EU
Article 2 – paragraph 5a

~~5a. This Directive shall not apply to an institution where the Commission establishes in a~~ delegated act adopted pursuant to Article 148, on the basis of information available to it that the institution fulfils all of the following conditions, without prejudice to the application of state aid rules: (a) public law by a Member State's central government, regional government or local authority; (b) institution confirm that its activity is limited to advancing specified objectives of financial, social or economic public policy in accordance with the laws and provisions governing that institution, on a non-competitive, not for profit basis. For these purposes, public policy objectives may include the provision of financing for promotional or development purposes to specific economic activities, or geographical areas of the relevant Member State; (c) effective prudential requireit has been established under laws and provisions governing the it is subject to adequate and the central governments, including minimum own funds requirements, and to an adequate supervisory framework which has similar effect as the framework established under Union law; (d) government or local authority, as applicable, has an obligation to protect the institution's viability or directly or indirectly guarantees at least 90% of the institution's own funds requirements, funding requirements or exposures; (e) covered deposits as defined in point (5) of Article 2(1) of Directive 2014/49/EU of the European Parliament and of the Council12 ; (f) Member State where its head office is situated; (g) assets is below EUR 30 billion; (h) assets over the GDP of the Member State concerned is less than 20%; (i) the institution is not of significant relevance with regard to the domestic economy of the Member State concerned. The Commission shall regularly review whether an institution subject to a delegated act adopted pursuant to Article 148 continues to fulfil the conditions set out in the first subparagraph. __________________ 12 Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (recast) (OJ L 173, 12.6.2014, p. 149)regional it is precluded from accepting its activities are confined to the the total value of the institution's the ratio of the institution's total

2018/02/02
Committee: ECON

Renato SORU, Luigi MORGANO

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b

Directive 2013/36/EU
Article 2 – paragraph 5b a (new)

5b a. This Directive shall not apply to an institution that the Commission includes in the list set out in Article 2(5) through a delegated act adopted pursuant to Article 148.

2018/02/02
Committee: ECON

Renato SORU, Luigi MORGANO

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point d

Directive 2013/36/EU
Article 2 – paragraph 7

(d) the following paragraph 7 is added: ‘ By [5 years after entry into force], the Commission shall review the list set out in Article 2(5) by considering whether the reasons that led to the inclusion of entities in the list are still valid, the national legal framework and supervision applicable to the entities in the list, the type and quality of deposit coverage of the entities in the list and, for entities of the type specified in paragraphs 2(5a) and 2(5b) taking into account also the criteria described therein.. ’deleted

2018/02/02
Committee: ECON

4 Amendments of Luigi MORGANO related to 2016/0364(COD)

ParlTrack - 2011-2024