Activities of John PURVIS related to 2007/0143(COD)
Plenary speeches (1)
Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
Amendments (13)
Amendment 73 #
Proposal for a directive
Recital 10
Recital 10
(10) The protection of policyholders presupposes that insurance and reinsurance undertakings are subject to effective solvency requirements. In light of market developments the current system is no longer adequate. It is therefore necessary to introduce a new regulatory framework which optimises the efficiency of capital in the European Union with proper policyholder safeguards.
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 106 #
Proposal for a directive
Recital 65 a (new)
Recital 65 a (new)
(65a) The consolidated Solvency Capital Requirement for a group should take into account the global diversification of risks that exists across all the insurance entities in the group so as to reflect properly the group’s risk exposures.
Amendment 107 #
Proposal for a directive
Recital 69 a (new)
Recital 69 a (new)
(69a) Lead supervisors must operate without discrimination at a Community level. In particular, with regard to the settling of claims and winding-up situations where group support arrangements have been in place, assets should be distributed on an equitable basis to all relevant policy holders, regardless of nationality or domicile.
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 515 #
Proposal for a directive
Article 225 – paragraph 1 – subparagraph 1
Article 225 – paragraph 1 – subparagraph 1
1. When calculating, in accordance with Article 231, the group solvency of an insurance or reinsurance undertaking which is a participating undertaking in a third-country insurance or reinsurance undertaking, the latter shall be treated solely for the purposes of the calculation as a related insurance or reinsurance undertaking.
Amendment 809 #
Proposal for a directive
Article 284 – paragraph 2
Article 284 – paragraph 2
2. The claims of all creditors referred to in paragraph 1 shall be treated in the same way and given the same ranking as claims of an equivalent nature which may be lodged by creditors who have their habitual residence, domicile or head office in the home Member State. Lead supervisors must therefore operate without discrimination at a Community level. In particular, with regards to the settling of claims and winding-up situations where group support arrangements have been in place, assets should be distributed on an equitable basis to all relevant policy holders regardless of nationality or domicile.