Activities of Peter SKINNER related to 2007/0143(COD)
Plenary speeches (2)
Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
Reports (1)
REPORT Report on the amended proposal for a directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (recast) PDF (742 KB) DOC (1006 KB)
Amendments (24)
Amendment 68 #
Proposal for a directive
Citation 1
Citation 1
Having regard to the Treaty establishing the European Community, and in particular Articles 47(2) and 5Articles 55 and 95 thereof,
Amendment 82 #
Proposal for a directive
Recital 23
Recital 23
(23) It is necessary to promote supervisory convergence not only in respect of supervisory tools but also in respect of supervisory practices. The Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2004/6/EC should play an important role in this respect and report regularly on the progress made. A new regulation, to enter into force at the same time as this Directive, should provide that Committee with a legal basis and confer on it legal personality and provide for qualified majority voting for the purpose of the adoption of all the Committee's decisions under this Directive.
Amendment 85 #
Proposal for a directive
Recital 29 a (new)
Recital 29 a (new)
(29a) It is the practice in some Member States that insurance companies sell life insurance products in relation to which the policy holders and beneficiaries contribute to the risk capital of the company in exchange for all or part of the return on the contributions. Those accumulated profits constitute surplus funds and can be used to absorb any losses that may arise.
Amendment 100 #
Proposal for a directive
Recital 47 a (new)
Recital 47 a (new)
(47a) Criteria for a prudential assessment of a proposed acquisition of qualifying holding in an insurance or reinsurance undertaking as defined in this Directive and by implementing measures in accordance therewith, shall include admissibility criteria for use of certain classes of capital for the purpose of financing such acquisition.
Amendment 160 #
Proposal for a directive
Article 28 – paragraph 3
Article 28 – paragraph 3
3. Member States shall ensure that the requirements laid down in this Directive are applied in a manner which is proportionate to the nature, complexity and scale of the risks inherent in the business of an insurance or reinsurance undertaking even if the undertaking concerned is not vital for the overall financial stability of the market.
Amendment 180 #
Proposal for a directive
Article 43 – paragraph 1 – subparagraph 1
Article 43 – paragraph 1 – subparagraph 1
1. Insurance and reinsurance undertakings shall have in place an effective risk management system comprising strategies, processes and reporting procedures necessary to identify, measure, monitor, manage and report, on a continuous basis the risks, on an individual and aggregated level, to which they are or could be exposed, and their interdependencies.
Amendment 239 #
Proposal for a directive
Article 75 – paragraph 2
Article 75 – paragraph 2
2. The calculation of technical provisions shall be based on their current exit valuecalculated on a market consistent basis and in a reliable and objective manner.
Amendment 242 #
Proposal for a directive
Article 75 – paragraph 3
Article 75 – paragraph 3
3. The calculation of technical provisions shall make use of and be consistent with information provided by the financial markets and generally available data on insurance and reinsurance technicalunderwriting risks (market consistency).
Amendment 244 #
Proposal for a directive
Article 75 – paragraph 4
Article 75 – paragraph 4
Amendment 390 #
Proposal for a directive
Article 110 – paragraph 5
Article 110 – paragraph 5
5. Supervisory authorities shall give approval to the application only if they are satisfied that the systems of the insurance or reinsurance undertaking concerned for identifying, measuring, monitoring and managing risk are adequate and in particular, that the internal model complies with the requirements referred to in paragraph 3.
Amendment 393 #
Proposal for a directive
Article 111 – paragraph 2
Article 111 – paragraph 2
Amendment 428 #
Proposal for a directive
Article 130 – paragraph 2 – subparagraph 1
Article 130 – paragraph 2 – subparagraph 1
2. With respect to the whole portfolio of assets, insurance and reinsurance undertakings shall only invest in assets and instruments whose risks the undertaking concerned can properly identify, measure, monitor, manage and control.
Amendment 437 #
Proposal for a directive
Article 130 – paragraph 4 – subparagraph 5 a (new)
Article 130 – paragraph 4 – subparagraph 5 a (new)
Supervisory authorities shall take account of whether the relevant institutions dealing in unregulated or alternative investment instruments adhere to voluntary codes of conduct, especially on transparency to supervisory authorities, to investors and to general public.
Amendment 495 #
Proposal for a directive
Article 208 – paragraph 1
Article 208 – paragraph 1
1. Member States shall ensure that insurance and reinsurance undertakings which conclude finite reinsurance contracts or carry on finite reinsurance activities are able to properly identify, measure, monitor, manage, control and report the risks arising from those contracts or activities.
Amendment 540 #
Proposal for a directive
Article 234 – point c a (new)
Article 234 – point c a (new)
(ca) the parent undertaking satisfies the competent authority regarding the prudent management of the subsidiary and has declared, with the consent of the competent authority, that it guarantees the commitments entered into by the subsidiary;
Amendment 632 #
Proposal for a directive
Article 237 – paragraph 1 – subparagraph 2 a (new)
Article 237 – paragraph 1 – subparagraph 2 a (new)
Surplus funds under Article 96(1) shall not be used for provision of group support.
Amendment 717 #
Proposal for a directive
Article 240 – paragraph 2 – subparagraph 1
Article 240 – paragraph 2 – subparagraph 1
2. Group support may only be provided from eligible own funds present in the parent undertaking or in any subsidiary, subject to that subsidiary, subject to that parent undertaking, where it is an insurance or reinsurance undertaking, having eligible own funds in excess of its minimum capital requirement. The supervisory authority having authorised that subsidiary shall not ponsolidated group Solvency Capital Requirevment the transfer of such excess eligible own fundsreferred to in Article 228(2).
Amendment 721 #
Proposal for a directive
Article 240 – paragraph 2 – subparagraph 2
Article 240 – paragraph 2 – subparagraph 2
Amendment 796 #
Proposal for a directive
Article 253 – paragraph 1 – subparagraph 1 a (new)
Article 253 – paragraph 1 – subparagraph 1 a (new)
Amendment 798 #
Proposal for a directive
Article 253 – paragraph 1 a (new)
Article 253 – paragraph 1 a (new)
1a. The authorities responsible for the supervision of the individual insurance and reinsurance undertakings in a group and the group supervisor shall each call immediately for a meeting of all supervisors involved in group supervision in at least the following cases: (a) when it is aware of a breach of the Solvency Capital Requirement or the Minimum Capital Requirement of an individual insurance or reinsurance undertakings; (b) when it is aware of a breach of the Solvency Capital Requirement at group level calculated on the basis of consolidated data or the aggregated group Solvency Capital Requirement, in accordance with which method according to Title III, Chapter II, Section 1, Subsection 4, is used; (c) when other exceptional circumstances occur or have occurred.
Amendment 803 #
Proposal for a directive
Article 262 – paragraph 2 a (new)
Article 262 – paragraph 2 a (new)
2a. In the event of non-compliance by a holding or parent company with the requirements of group support and on the request of any other supervisory authority concerned, the group supervisor shall examine the situation and, if necessary, decide that supervision on a group basis is to cease.
Amendment 805 #
Proposal for a directive
Article 263 – paragraph 1 – subparagraph 2
Article 263 – paragraph 1 – subparagraph 2
The verification shall be carried out by the supervisory authority which would be the group supervisor if the criteria set out in Article 251(2) were to apply, at the request of the parent undertaking or of any of the insurance and reinsurance undertakings authorised in the Community or on its own initiative. TIn so doing, that supervisory authority shall consult the other supervisory authorities concerned, and the Committee of European Insurance and Occupational Pensions Supervisors, before taking a decision.
Amendment 806 #
Proposal for a directive
Article 267 a (new)
Article 267 a (new)
Amendment 812 #
Proposal for a directive
Article 304 – paragraph 3 b (new)
Article 304 – paragraph 3 b (new)
3b. All decisions to be taken by CEIOPS for the purpose of this Directive shall be adopted by qualified majority.