Activities of Antolín SÁNCHEZ PRESEDO related to 2012/0175(COD)
Plenary speeches (1)
Insurance mediation (debate)
Shadow reports (1)
REPORT on the proposal for a directive of the European Parliament and of the Council on the insurance mediation (recast) PDF (832 KB) DOC (632 KB)
Amendments (33)
Amendment 131 #
Proposal for a directive
Recital 22
Recital 22
(22) It is important to guarantee a high level of professionalism and competence among insurance and reinsurance intermediaries and the employees of direct insurers who are involved in activities preparatory to, duringConsumers should be provided in advance with clear information about the status of the persons who sell the insurance product and afterbout the sales of insurance policies. Therefore, the professional knowledge of an intermediary, of the employees of direct insurers, and of car rental companies and travel agents, as wellremuneration which they receive. There is a need to introduce a mandatory status disclosure for European insurance intermediaries and insurance undertakings. This information should be given to the consumer ast the professional knowledge of persons carrying on the activities of the management of claims, loss adjusting or expert appraisal of claims needs to match the level of complexity of these activities. Continuing education should be ensurede- contractual stage. Its role is to make transparent the relationship between the insurance undertaking and the intermediary (where applicable) as well as the structure and the content of the intermediaries' remuneration.
Amendment 141 #
Proposal for a directive
Recital 30
Recital 30
(30) Consumers should be provided in advance with clear information about the status of the persons who sell the insurance product and about the remuneration which they receive. There is a need to introduce a mandatory status disclosure for European insurance intermediaries and insurance undertakings. This information should be given to the consumer at the pre- contractual stage. Its role is to showmake the relationship between the insurance undertaking and the intermediary (where applicable) as well as the structure and the content of the intermediaries' remuneration more transparent.
Amendment 151 #
Proposal for a directive
Recital 31
Recital 31
(31) In order to mitigate conflicts of interest between the seller and the buyer of an insurance product, it is necessary to ensure sufficient disclosure of remuneration of insurance distributors. Accordingly, for life insurance products, the intermediary and the employee of the insurance intermediary or the insurance undertaking should be obliged to inform the customer about its remuneration, in advance of the sale. For other insurance products, subject to a transitional period of 5 years, the customer must be informed of the customer's right to request this information, which must be provided to the customer upon request.
Amendment 162 #
Proposal for a directive
Recital 37
Recital 37
(37) Prior to the conclusion of a contract, including in the case of non-advised sales, the customer should be given the relevant information about the insurance product to allow the customer to make an informed decision. The insurance intermediary should be able to explain to the customer the key features of the insurance products it sells and therefore its staff should be given appropriate resources and time to do so.
Amendment 175 #
Proposal for a directive
Recital 47
Recital 47
(47) In order to detect potential breaches, the competent authorities should have the necessary investigatory powers, and should establish effective mechanisms to encourage reporting of potential or actual breaches which provide appropriate protection for those who denounce such breaches.
Amendment 190 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
Amendment 222 #
Proposal for a directive
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
9. ‘advice’ means the provision of a personal recommendation to a customer, either upon their request or at the initiative of the insurance undertaking or the insurance intermediary;
Amendment 223 #
Proposal for a directive
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
10. ‘'contingent commission’' means a remuneration in the form of a commission where the amount payable is based on the achievement of agreedproduct or sales targets relating to the business placedactivities run by the intermediary with that insurer;
Amendment 232 #
Proposal for a directive
Article 2 – paragraph 1 – point 18
Article 2 – paragraph 1 – point 18
(18) ‘'remuneration’' means any commission, fee, charge or other payment, including an economic benefit or inducement of any kind, offered, paid or given in connection with insurance mediation activities.
Amendment 241 #
Proposal for a directive
Article 2 – paragraph 1 – point 20 a (new)
Article 2 – paragraph 1 – point 20 a (new)
(20a) for the purposes of Article 31a of this Directive, 'certain financial activities' means any activities at any stage during the entire production circle of an instrument from its design to its post-sale including the commitment and obligations by the issuer of the instrument.
Amendment 242 #
Proposal for a directive
Article 2 – paragraph 1 – point 20 b (new)
Article 2 – paragraph 1 – point 20 b (new)
(20b) for the purposes of Article 31a of this Directive, 'an instrument' means an insurance or pension product falling with EIOPA's fields of competence as laid down in Regulation (EU) No 1094/2010.
Amendment 248 #
Proposal for a directive
Article 3 – paragraph 1 – subparagraph 1
Article 3 – paragraph 1 – subparagraph 1
Except as provided in Article 4, insurance and reinsurance intermediaries shall be registered with a competent authority as defined in Article 7(2), in their home Member State. Insurance and reinsurance undertakings registered in Member States under Directive 73/239/EEC, Directive 2002/83/EC and Directive 2005/68/EC and their employees shall not be required to register again under this Directive.
Amendment 261 #
Proposal for a directive
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. Registered insurance and reinsurance intermediaries shall be allowed to take up and pursue the activity of insurance and reinsurance mediation in the Community by means of both freedom of establishment and freedom to provide services
Amendment 286 #
Proposal for a directive
Article 4 – paragraph 4
Article 4 – paragraph 4
4. Intermediaries who are subject to paragraphs 1 and 2 of this Article shall be subject to the provisions of Chapters I, III, IV, V, VIII, IX and Articles 15, 16, 17 and 168 of this Directive.
Amendment 299 #
Proposal for a directive
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
Member States shall ensure that insurance and reinsurance intermediaries and members of staff of insurance undertakings carrying out insurance mediation activities regularly update their knowledge and ability appropriate to the function they are performing and the relevant market through continuing professional development in order to maintain an adequate level of performance. To that end, Member States shall have in place mechanisms to control, asses, and certify the knowledge and skills through independent bodies.
Amendment 302 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 1
Article 8 – paragraph 2 – subparagraph 1
Insurance and reinsurance intermediaries and members of staff of insurance undertakings carrying out insurance mediation activities shall be of good repute. As a minimum, theyose directly involved in the marketing or selling of the product shall have a clean police record or any other national equivalent in relation to serious criminal offences linked to crimes against property or other crimes related to financial activities and they should not have previously been declared bankrupt, unless they have been rehabilitated in accordance with national law.
Amendment 317 #
Proposal for a directive
Article 8 – paragraph 8 – point a
Article 8 – paragraph 8 – point a
(a) the notion of adequate knowledge and ability of the intermediary and members of staff of insurance undertakings when carrying on insurance mediation with its customers as referred to in paragraph 1 of this Article;
Amendment 318 #
Proposal for a directive
Article 8 – paragraph 8 – point c
Article 8 – paragraph 8 – point c
(c) the steps that insurance intermediaries and members of staff of insurance undertakings might reasonably be expected to take to update their knowledge and ability through continuing professional development in order to maintain an adequate level of performance.
Amendment 323 #
Proposal for a directive
Article 10 – paragraph 3 – subparagraph 1 a (new)
Article 10 – paragraph 3 – subparagraph 1 a (new)
1a. Such powers shall include, at least, the rights to: (a) have access to any document in any form whatsoever which would be relevant for the performance of the supervisory duties and to receive a copy of it; (b) demand information from any person and if necessary to summon and question a person with a view to obtaining information; (c) carry out on-site inspections including undercover ones;
Amendment 356 #
Proposal for a directive
Article 16 – paragraph 1 – point a – point ii
Article 16 – paragraph 1 – point a – point ii
(ii) whether or not it offers or provides any type of advice about the insurance products sold and the nature of such advice;
Amendment 385 #
Proposal for a directive
Article 17 – paragraph 1 – point d
Article 17 – paragraph 1 – point d
(d) the nature and amount of the remuneration received directly or indirectly in relation to the insurance contract;
Amendment 388 #
Proposal for a directive
Article 17 – paragraph 1 – point e – introductory part
Article 17 – paragraph 1 – point e – introductory part
(e) whether in relation to the insurance contract and any proposed ancillary services or products, it works:
Amendment 404 #
Proposal for a directive
Article 17 – paragraph 1 – point f a (new)
Article 17 – paragraph 1 – point f a (new)
(fa) if the intermediary receives other kind of remuneration in connection with insurance mediation activities, the nature and the economic value of this remuneration;
Amendment 439 #
Proposal for a directive
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The insurance undertaking or insurance intermediary shall also inform the customer about the nature and the basis of the calculation of any variable remuneration received by any employee of theirs for distributing and managing the insurance product in question as well as any proposed ancillary service or product.
Amendment 446 #
Proposal for a directive
Article 17 – paragraph 4 a (new)
Article 17 – paragraph 4 a (new)
4a. Member States shall ensure that the manner in which an insurance intermediary or an insurance undertaking remunerates its staff, appoints representatives or other insurance intermediaries does not impede compliance with its obligation to act in the best interest of its clients referred to in Article 15 and shall require to take all reasonable steps to identify and manage conflicts of interest between themselves or any person directly or indirectly linked to them and their customers and to operate effective organisational and administrative arrangements to that purpose. Where such arrangements are not sufficient to with reasonable confidence that the existence of the conflict will be prevented, the insurance intermediary or the insurance undertaking shall refuse the business irrespective of any customer consent.
Amendment 478 #
Proposal for a directive
Article 18 – paragraph 2 a (new)
Article 18 – paragraph 2 a (new)
2a. Member States shall ensure that where advice is provided, it should constitute a separate service from the selling of an insurance and that such a service can only be marketed as advice when: (a) the adviser has the appropriate professional competence; and (b) A separate charge for advice can only be made if the consumer has been informed of the requirement to pay a charge and of method used for its calculation.
Amendment 480 #
Proposal for a directive
Article 18 – paragraph 3
Article 18 – paragraph 3
3. When the insurance intermediary or the insurance undertaking inform the customer that it gives its advice on the basis of a fair analysisgives advice, it is obliged to give that advice on the basis of an analysis of a sufficiently large number of insurance contracts available on the market, to enable him it to make a personal recommendation in the best interest of the consumer, in accordance with professional criteria, regarding which insurance contract would be adequatmost suitable to meet the customer's needs.
Amendment 489 #
Proposal for a directive
Article 18 – paragraph 4
Article 18 – paragraph 4
4. Prior to the conclusion of a contract, whether or not advice is given, the insurance intermediary or insurance undertaking shall give the customer the relevant information about the insurance product in an easily comprehensible formand clear form on a key information document to allow the customer to make an informed decision, while taking into account the complexity of the insurance product and the type of costumer.
Amendment 491 #
Proposal for a directive
Article 18 – paragraph 4 a (new)
Article 18 – paragraph 4 a (new)
4a. The European Commission shall put forward a report on the application of paragraph 4 to the European Parliament and the Council by X.X.20XX [one year after entry into force of the Directive], and if appropriate a legislative proposal taking into account the provisions of the regulation of the European Parliament and of the Council on the proposal on key information documents for investment products (COM (2012) 352.
Amendment 511 #
Proposal for a directive
Article 21 – paragraph 2
Article 21 – paragraph 2
2. When an insurance service or product is offered together with any other service or product as a package, the insurance undertaking or, where applicable, the insurance intermediary shall offer and inform the customer that it is possible to buy the components of the package separately and shall offer this possibility and provide information of the costs and charges of each component of the package that may be bought through or from it separately.
Amendment 653 #
Proposal for a directive
Article 30 – paragraph 1
Article 30 – paragraph 1
1. Member States shall ensure that the competent authorities establish effective mechanisms to encourage reporting of potential or actual breaches of national provisions implementing this Directive to the competent authorities.
Amendment 654 #
Proposal for a directive
Article 30 – paragraph 2 – point b
Article 30 – paragraph 2 – point b
(b) appropriate protection for employees of insurance or reinsurance undertakings or intermediaries who denounce, including anonymity where appropriate, for those who denounce the commission of breaches committed within them; and
Amendment 657 #
Proposal for a directive
Article 31 a (new)
Article 31 a (new)