2 Amendments of Othmar KARAS related to 2021/0295(COD)
Amendment 323 #
Proposal for a directive
Article 1 – paragraph 1 – point 5 – point i
Article 1 – paragraph 1 – point 5 – point i
Directive 2009/138/EC
Article 13 – paragraph 1 – point 41 – subparagraph 1 a (new)
Article 13 – paragraph 1 – point 41 – subparagraph 1 a (new)
For the purposes of Article 212(1)(f) ‘regulated undertaking’ means also an undertaking with no authorization in accordance with Article 14 and subject to supervision under the law of the Member State by the ‘supervisory authority’ within the meaning of Article 13(10);
Amendment 715 #
Proposal for a directive
Article 1 – paragraph 1 – point 61 – point a – point iv
Article 1 – paragraph 1 – point 61 – point a – point iv
Directive 2009/138/EC
Article 212 – paragraph 1 – point f
Article 212 – paragraph 1 – point f
(f) ‘insurance holding company’ means a parent undertaking which is not a mixed financial holding company and the main business of which is to acquire and hold participations in subsidiary undertakings, where those subsidiary undertakings are exclusively or mainlyundertaking fulfilling all of the following conditions: (a) the undertaking is a parent undertaking; (b) the undertaking is not a regulated undertaking, unless it is an asset management company or an alternative investment fund manager within the meaning of Article 2, points (5) and (5a) of Directive 2002/87/EC; (c) the undertaking is not a mixed financial holding company or a financial holding company within the meaning of Article 4, point (20), of Regulation (EU) No 575/2013; (d) at least one subsidiary of that undertaking is an insurance or reinsurance undertaking; (e) notwithstanding its own stated corporate purpose the main business of the undertaking is any of the following: (i) to acquire and hold participations in insurance or reinsurance undertakings; (ii) to provide ancillary services to the principal activity of one or several related insurance or reinsurance undertakings; (iii) to pursue one or more of the activities listed in points 2 to 12 and point 15 of Annex I to Directive 2013/36/EU, or to pursue one or more of the services or activities listed in Annex I, Section 1 or B, to Directive 2014/65/EU of the European Parliament and of the Council in relation to financial instruments listed in Section C of that Annex to that Directive.; (f) more than 50 % of at least one of the following indicators are associated, on a steady basis, with subsidiaries that are insurance or reinsurance undertakings, or third-country insurance or reinsurance undertakings, at least one of such subsidiary undertakings being an insurance or reinsurance undertaking; the subsidiary undertakings are mainly insurance or reinsurance undertakings or third-country insurance or reinsurance undertakings where more than 50 % of the parent undertaking’s equity, consolidated assets, revenues, personnel or other indicator considered relevant by the supervisory authority are associated with subsidiaries that are insurance or reinsurance undertakings, third-country insurance or reinsurance undertakings insurance holding companies or mixed financial holding companies;; insurance holding companies or mixed financial holding companies, third-country insurance holding companies or undertakings which provide services that are ancillary to the principal activity of one or several insurance or reinsurance undertakings of the group, as well as with activities performed by the undertaking itself that are not related to the acquisition or holding of participations in subsidiary undertakings that are insurance or reinsurance undertakings, or third-country insurance or reinsurance undertakings, when those activities are of the same nature as the ones performed by insurance or reinsurance undertakings: (i) the undertaking’s equity on the basis of its consolidated position; (ii) the undertaking’s assets on the basis of its consolidated position; (iii) the undertaking’s revenues on the basis of its consolidated position; (iv) the undertaking’s personnel on the basis of its consolidated position; (v) other indicator considered relevant by the national supervisory authority;’; For the purposes of this Title, undertakings that are subject to supervision under the law of the Member State by the supervisory authority within the meaning of Article 13(10), with no authorization in accordance with Article 14 and no provision of ancillary services related to the business of insurance or reinsurance shall not be considered as 'insurance holding company'.