22 Amendments of Gunnar HÖKMARK related to 2007/0143(COD)
Amendment 86 #
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. In line with the requirements on own funds, surplus funds should be subject to the criteria laid down in the Directive on the classification into tiers. This means, inter alia, that, insofar as they meet the requirements for classification into tier 1, surplus funds should be considered as tier 1 capital.
Amendment 265 #
Proposal for a directive
Article 90 – paragraph -1 (new)
Article 90 – paragraph -1 (new)
Surplus funds shall be deemed to be accumulated profits, which are assigned either individually or collectively to policy holders and beneficiaries in the form of future discretionary bonuses.
Amendment 277 #
Proposal for a directive
Article 90– paragraph 1
Article 90– paragraph 1
Amendment 282 #
Proposal for a directive
Article 90 – paragraph 1 a (new)
Article 90 – paragraph 1 a (new)
In so far as authorised under national law and to the extent that they fulfil the criteria as set out in Article 94(1), surplus funds that have not been made available for distribution to policyholders and beneficiaries shall be considered as Tier 1 capital.
Amendment 322 #
Proposal for a directive
Article 98 – paragraph 1 – point a
Article 98 – paragraph 1 – point a
(a) in order to ensure that the proportion of Tier 1 items in the eligible own funds is higher than one third of the total eligible own funds, the eligible amount of Tier 2 together with the eligible amount of Tier 3 shall be limited to twice the total amount of Tier 1 items;; and
Amendment 327 #
Proposal for a directive
Article 98 – paragraph 1 – point b
Article 98 – paragraph 1 – point b
(b) in order to ensure that the proportion of Tier 3 items in the eligible own funds is less than one third of the total eligible own funds, the eligible amount of Tier 3 shall be limited to half the total amount of Tier 1 and eligible amount of Tier 2 items.
Amendment 332 #
Proposal for a directive
Article 98 – paragraph 2
Article 98 – paragraph 2
2. As far as the Minimum Capital Requirement is concerned, in order to ensure that the proportion of Tier 1 items in the eligible basic own funds shall be higher than one half of the totalthe eligible basic own funds, the amount of basic own fund items eligible to cover the Minimum Capital Requirement which are classified in Tier 2 shall be limited to the total amount of Tier 1 items which are classified in Tier 2.
Amendment 334 #
Proposal for a directive
Article 98 – paragraph 2 a (new)
Article 98 – paragraph 2 a (new)
2a. Tier 1 items shall always be eligible to cover the Minimum Capital Requirement.
Amendment 383 #
Proposal for a directive
Article 107 – paragraph 1
Article 107 – paragraph 1
The adjustment referred to in point (c) paragraph 1 of Article 103 for the loss- absorbing capacity of technical provisions and deferred taxes shall reflect potential compensation of unexpected losses through a simultaneous decrease in technical provisions andor deferred taxes or a combination of both.
Amendment 566 #
Proposal for a directive
Article 235 – paragraph 2 a (new)
Article 235 – paragraph 2 a (new)
2a. During the period referred to in paragraph 2, the group supervisor shall, at the request of an undertaking concerned, or any of the other supervisory authorities concerned, consult the CEIOPS. The group supervisor may consult the Committee on its own initiative. In the event that the Committee is consulted, the period referred to in paragraph 2 shall be extended by two months.
Amendment 568 #
Proposal for a directive
Article 235 – paragraph 2 b (new)
Article 235 – paragraph 2 b (new)
2b. In the event that the CEIOPS has been consulted, the supervisory authorities concerned shall duly consider such advice before taking their joint decision. The group supervisor shall provide to the applicant the joint decision referred to in paragraph 2 in a document containing full reasons and an explanation of any significant deviation from the positions adopted by the CEIOPS. That joint decision shall be recognised as final and shall be applied by the supervisory authorities concerned.
Amendment 573 #
Proposal for a directive
Article 235 – paragraph 3
Article 235 – paragraph 3
3. In the absence of a joint decision between the supervisory authorities concerned within six monthsthe periods set out in paragraphs 2 and 2a, the group supervisor shall make its own decision on the application. The decision shall be set out in a document containing the fully reasoned decision andIn making its decision, the group supervisor shall duly take into account the following: (a) any views and reservations of the other supervisory authorities concerned expressed within a six months periodduring the applicable period; (b) where the CEIOPS has been consulted, the advice of that Committee. The decision shall be set out in a document containing the fully reasoned decision and an explanation of any significant deviation from the positions adopted by the CEIOPS. The decision shall be provided to the applicant and the other supervisory authorities concerned by the group supervisor. That decision shall be recognised as determinative and applied by the supervisory authorities concerned.
Amendment 615 #
Proposal for a directive
Article 236 – paragraph 4 – subparagraph 2
Article 236 – paragraph 4 – subparagraph 2
The group supervisor shall duly consider such advice before taking its final decision. The decision shall be fully reasoned and shall contain an explanation of any significant deviation from the advice adopted by the CEIOPS. The decision shall be submitted to the subsidiary and the supervisory authority by the group supervisor.
Amendment 641 #
Proposal for a directive
Article 237 – paragraph 2
Article 237 – paragraph 2
2. The group support shall take the form of a declaration to the group supervisor, expressed in a legally binding document and constituting a commitment to transfer own funds eligible under Article 98(5), with the exception of surplus funds falling under Article 90.
Amendment 769 #
Proposal for a directive
Article 251 – paragraph 3
Article 251 – paragraph 3
In particular cases, the supervisory authorities concerned may, at the request of any of the authorities, take a joint decision to derogate from the criteria set out in paragraph 2 if their application would be inappropriate, taking into account the structure of the group and the relative importance of the insurance and reinsurance undertakings activities in different countries, and designate a different supervisory authority as group supervisor. For that purpose, any of the supervisory authorities concerned may request that a discussion be opened on whether the criteria referred to in paragraph 2 are appropriate. Such a discussion shall not take place more than once a year. The supervisory authorities concerned shall do everything within their power to reach a joint decision on the choice of the group supervisor within three months from the request for discussion. Before taking their decision, the supervisory authorities concerned shall give the group an opportunity to state its opinion.
Amendment 770 #
Proposal for a directive
Article 251 – paragraph 3 a (new)
Article 251 – paragraph 3 a (new)
3a. During the period referred to in paragraph 3, any of the supervisory authorities concerned may request that CEIOPS is consulted. In the event that CEIOPS is consulted, the period referred to in paragraph 3 shall be extended by two months.
Amendment 771 #
Proposal for a directive
Article 251 – paragraph 3 b (new)
Article 251 – paragraph 3 b (new)
3b. In the event that CEIOPS has been consulted, the supervisory authorities concerned shall duly take into account CEIOPS' advice before taking their joint decision. The joint decision shall be fully reasoned and shall contain an explanation of any significant deviation from the positions adopted by the Committee.
Amendment 772 #
Proposal for a directive
Article 251 – paragraph 4
Article 251 – paragraph 4
4. In the absence of a joint decision within three months, the task of group supervisor shall be exercised by the supervisory authority of the Member State where the group has its most important insurance and reinsurance activities. However, where that result is opposed by a majority of the other supervisory authorities concerned, the designation of the group supervisor shall be referred within one month following the default designation for final decision to the Committee of European Insurance and Occupational Pensions Supervisors, which shall render its decision within one month following the referralto derogate from the criteria set out in paragraph 2, the task of group supervisor shall be exercised by the supervisory authority identified in accordance with that paragraph.
Amendment 773 #
Proposal for a directive
Article 251 – paragraph 5
Article 251 – paragraph 5
5. The Committee of European Insurance and Occupational Pensions Supervisors shall inform the Commission, at least once a year, of any major difficulties with the application of paragraphs 2, 3 and 4application of the criteria set out in paragraphs 2 and 3. In the event that any major difficulties with the application of the criteria set out in paragraphs 2 and 3 arise, the Commission may adopt implementing measures specifying those criteria. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 304(3).
Amendment 782 #
Proposal for a directive
Article 252 – paragraph 1 – point f
Article 252 – paragraph 1 – point f
(f) other tasks, measures and decisions assigned to the group supervisor by this Directive or deriving from the application of this Directive, in particular leading the process for validation of any internal model at group level as set out in Articles 229 and 231 and, leading the process for permitting group support as set out in Article 235 and leading the process for the determination of the solvency capital requirement regarding the possibility to impose a capital add-on as set out in Article 236.
Amendment 786 #
Proposal for a directive
Article 252 – paragraph 2
Article 252 – paragraph 2
2. In order to facilitate group supervision, the group supervisor and the other supervisory authorities concerned shall have coordination arrangements in place. Those coordination arrangeThe group supervisor shall establish colleges of supervisors to facilitate its tasks referred to in paragraph 1. The establishment and the functioning of the colleges shall be set out in a document. That documents may entrust additional tasks to the group supervisor and may specify, without prejudice to any measure adopted pursuant to this Directive, the procedures for the decision-making process among the supervisory authorities concerned as referred to in Articles 211(3), 212(2), and 213(2), Articles 214, 215, and 217, Articles 218(2), 219(2), and 225(2), Articles 236, 248, and 249, Article 251 (3) and (4), and Articles 254, 263 and 264 and for cooperation with other supervisory authorities.
Amendment 791 #
Proposal for a directive
Article 252 – paragraph 2 a (new)
Article 252 – paragraph 2 a (new)
2a. CEIOPS shall elaborate guidelines for the operational functioning of colleges.