6 Amendments of Luis GARICANO related to 2021/0296(COD)
Amendment 44 #
Proposal for a directive
Recital 13
Recital 13
(13) It is necessary to ensure the suitability and effectiveness of the recovery and resolution framework while avoiding unnecessary administrative burdens and costs on undertakings and authorities. The implementation of such recovery and resolution framework should therefore be proportionate to the nature, scale and complexity of the undertaking concerned, and of its activities and services. In addition, the differences between pre- emptive recovery on the one hand and resolution on the other should be taken into account. Regarding the scope of the recovery and resolution planning requirements, authorities should determine, on the basis of a harmonised set of risk-based criteria, which undertakings are subject to the planning requirements. To foster trust in the insurance and reinsurance single market and to foster a level playing field, a minimum degree of preparedness should be achieved through laying down a minimum market coverage level. That minimum market coverage level should however take into account the differences between recovery on the one hand and resolution on the other, and the existence or absenceset of quantitative criteria. Regarding the scope of the resolution planning requirements, authorities should determine which undertakings are subject to the planning requirements on the basis of athe public interest for taking resolution aassessment or the existence of critical functions.
Amendment 79 #
Proposal for a directive
Article 2 – paragraph 2 – point 27
Article 2 – paragraph 2 – point 27
(27) ‘group resolution authority’ means the resolution authority in the Member State in which the group supervisor is situlocated;
Amendment 141 #
Proposal for a directive
Article 9 – paragraph 9
Article 9 – paragraph 9
9. EIOPA shall, by [PO – add 18 months after entry into force], issue guidelines in accordance with Article 16 of Regulation (EU) No 1094/2010 to specify further criteria for the identification of critical functions and the determination of the public interest assessment by resolution authorities.
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 187 #
Proposal for a directive
Article 70 – paragraph 8 a (new)
Article 70 – paragraph 8 a (new)
8 a. A resolution authority shall only take independent resolution actions or measures other than those proposed in the group resolution scheme in relation to an insurance or reinsurance undertaking or an entity referred to in of Article 1(1), points (b) to (e) when such independent resolution actions or measures would have no detrimental impact on other Member States as regards fiscal resources, insurance guarantee schemes or any other financing arrangements.
Amendment 188 #
Proposal for a directive
Article 71 – paragraph 4 a (new)
Article 71 – paragraph 4 a (new)
4 a. A resolution authority shall only take independent resolution actions or measures other than those proposed in the group resolution scheme in relation to an insurance or reinsurance undertaking or an entity referred to in of Article 1(1), points (b) to (e) when such independent resolution actions or measures would have no detrimental impact on other Member States as regards fiscal resources, insurance guarantee schemes or any other financing arrangements.