4 Amendments of Othmar KARAS related to 2011/0006(COD)
Amendment 359 #
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 1
Article 77a – paragraph 1
EIOPA shall publish technical information including the relevant risk-free interest rate term structure. WThere EIOPA observes an illiquidity premium in these shall particularly include information on the application of a counter-cyclical premium, a basis for a matching premium and the extrapolation of the risk-free interest rate term structure. The countercyclical premium applies in periods of stressed financial markets in. These periods of stressed liquidity,shall be observed by EIOPA. The published formulae for the risk-free interest rate term structure shall then include specific formulae, for integrating information relatinged to the illiquidityat premium, including its size shall also be published. EIOPA shall carry out the observation of the illiquidity premium and the derivation of the information on a transparent, objective and reliable basis. Information for all these purposes shall be derived accorddimension, by insurance and reinsurance undertakings. Where the cash flows of the insurance liabilities match with the cash flows of high quality assets for the duration of an insurance contract, the matching premium shall be applied. According to the methodologies referred to in Article 86, the calculation of the risk-free interest rate term structure including the matching premium shall be based on the expected default probability of the related assets. The published formulae for the risk-free interest rate term structure shall then include specific methods for integrating information related to that premium, including its dimension, by insurance and reinsurance undertakings. Where relevant financial markets for the calculation of the risk-free interest rate term structure cannot be considered as deep and liquid anymore to allow insurance and reinsurance undertakings to methods and assumptions which may include formulae, or determinations made by EIOPA. atch their cash-flows with bonds, it should be extrapolated. EIOPA shall carry out the observation of the countercyclical premium, the matching and the derivation of the information on a transparent, objective and reliable basis. In consistency with the delegated acts following Article 86 (b) and article 86 (i) information for all these purposes shall be derived.
Amendment 366 #
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 2
Article 77a – paragraph 2
The information referred to in the first paragraph shall be published for each relevant currency on at least a quarterly basis in a manner which is consistent with the methodologies referred to in Article 86. The formulae of the risk-free interest rate term structure based on the assumptions laid down in this article and published by EIOPA shall be used by insurance and reinsurance undertakings for calculating technical provisions according to this Directive.
Amendment 426 #
Proposal for a directive
Article 2 – point 35 – point b
Article 2 – point 35 – point b
Directive 2009/138/EC
Article 172 – paragraph 4
Article 172 – paragraph 4
4. By way of derogation from paragraph 3 and the second subparagraph of Article 134(1), the same treatment as in Article 172(3) and the second subparagraph of Article 134(1) shall be accorded, for a transitional period, to reinsurance contracts concluded with undertakings having their head office in a third country the solvency regimes of which are unlikely, by 31 December 2012, to fully meet the criteria for assessing equivalence, referred to in paragraph 1. The transitional period shall last for a maximum of 5 years from the date referred to in the first sub-paragraph of Article 309(1).The Commission may extend that period for 2 further years where the third country has not met its commitment but has made good progress. This derogation shall only apply where the Commission has made a decision in accordance with paragraph 6 that specified conditions have been met by the third country. (also applies to Articles 227 and 260 of Directive 2009/138/EC)
Amendment 427 #
Proposal for a directive
Article 2 – point 35 – point b
Article 2 – point 35 – point b
Directive 2009/138/EC
Article 172 – paragraph 5
Article 172 – paragraph 5
5. The Commission may adopt delegated acts, in accordance with Article 301a and subject to the conditions of Articles 301b and 301c, specifying in relation to paragraph 4 the length of the transitional period which may be shorter than the maximum of 5 years and the conditions which are to be met by the third country. Those conditions shall cover commitments given by the supervisory authorities, their convergence to an equivalent regime over a set period of time, the existing or intended content of the regime, and matters of cooperation, exchange of information and professional secrecy obligations.