5 Amendments of Caroline NAGTEGAAL related to 2021/0296(COD)
Amendment 39 #
Proposal for a directive
Recital 3
Recital 3
(3) Activities, services or operationServices performed by insurance or reinsurance undertakings that cannot be substituted easily within a reasonable timeframe, or at a reasonable cost for policy holders, beneficiaries or injured parties, need to be seen as critical functioninsurance products that need to be continued. Such activities, services or operationservices can be critical at Union, national or regional level. The continuity of insurance or reinsurance protection is often preferable to the winding down of a failing undertaking as such continuity delivers the most favourable outcome for policy holders, beneficiaries or injured parties. It is therefore crucial that adequate tools are available to prevent failures and, where failures occur, to minimise negative repercussions by preserving the continuity of those critical functions.insurance products. (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 76 #
Proposal for a directive
Article 2 – paragraph 2 – point 19
Article 2 – paragraph 2 – point 19
(19) ‘critical functions’ means activities, services or operationinsurance products’ means services performed by an insurance or reinsurance undertaking for third parties that cannot be substituted within a reasonable time or at a reasonable cost, and where the inability of the insurance and reinsurance undertaking to perform the activities, services or operationservices would be likely to have a significant impact on the financial system and the real economy in one or more Member States, including by affecting the social welfare of a large number of policy holders, beneficiaries or injured parties or by giving rise to systemic disruption or by undermining general confidence in the provision of insurance services; (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 168 #
Proposal for a directive
Article 26 – paragraph 2 – subparagraph 2
Article 26 – paragraph 2 – subparagraph 2
The conversion of eligible liabilities into capital instruments shall not apply to insurancemay be applied to insurance claims where the resolution authority is able to demonstrate that such measure ensures a better protection of policy holders compared to a write down of their claims.
Amendment 171 #
Proposal for a directive
Article 26 – paragraph 5
Article 26 – paragraph 5
Amendment 173 #
Proposal for a directive
Article 26 – paragraph 5 a (new)
Article 26 – paragraph 5 a (new)
5 a. Member States shall ensure that a financing mechanism is in place that ensures the performance of the obligations deriving from this Directive. This financing mechanism shall at least: i) cover the expenses arising from the compensation of shareholders, creditors or policyholders as a consequence of Article 55; ii) be based on the home-country principle.