1 Amendments of Antonio MASIP HIDALGO related to 2010/0232(COD)
Amendment 5 #
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 98/78/EC
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Where insurance undertakings or reinsurance undertakings authorised in two or more Member States have as their parent undertaking the same insurance holding company, non-member-country insurance undertaking, non-member country reinsurance undertaking, mixed financial holding company or mixed-activity insurance holding company, the competent authorities of the Member States concerned may reach an agreement as to which of them shall be responsible for exercising supplementary supervision. Where the authorities are unable to reach an agreement, the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) or both, as appropriate, acting through the Joint Committee of European Supervisory Authorities, shall arbitrate between the competent authorities, and if necessary settle the disagreement by issuing a binding decision.