Activities of Ashley FOX related to 2011/0006(COD)
Shadow reports (1)
REPORT on the proposal for a directive of the European Parliament and of the Council amending Directives 2003/71/EC and 2009/138/EC in respect of the powers of the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority PDF (612 KB) DOC (474 KB)
Amendments (23)
Amendment 347 #
Proposal for a directive
Article 2 – point 14 a (new)
Article 2 – point 14 a (new)
Directive 2009/138/EC
Article 77 – paragraph 1 a (new)
Article 77 – paragraph 1 a (new)
(14a) In Article 77, the following paragraph is inserted: ‘The Capital requirement for illiquidity premium risk is equal to the maximum between the net value of assets minus liabilities and the shock equivalent to the immediate effect on the net value of asset and liabilities expected in the event of a fall in the value of the illiquidity premium observed in the financial markets. The amount of the fall is determined in accordance with Article 86 (da). Depending on their level of liquidity the liabilities can be discounted with the risk- free interest rate term structures that includes a 100%, 75% or 50% illiquidity premium in accordance with art 86 da).’
Amendment 354 #
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 information concerning the relevant risk-free interest rate term structure. Where EIOPA observes, including an illiquidity premium in the financial markets in periods of stressed liquidity,periods of stressed financial markets. The published relevant risk-free interest rate term structure [...]shall include information relating to the illiquidity[…]that 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 . EIOPA shall calculate the illiquidity premium in a transparent, objective and reliable basis[…] manner. Information for all these purposes shall be derived according to the calculation methods and assumptions which may include formulae, or determinations made by EIOPA.specified in the [Regulatory Technical Standard] referred to in Article 86(i)
Amendment 372 #
Proposal for a directive
Article 2 – point 16
Article 2 – point 16
Directive 2009/138/EC
Article 86 – paragraph 1 – point d a (new)
Article 86 – paragraph 1 – point d a (new)
(da) The detailed methodology to calculate the illiquidity premium and the criteria to determine the percentage of illiquidity premium that can be applied to the liabilities as referred to in Article 77;
Amendment 385 #
Proposal for a directive
Article 2 – point 20
Article 2 – point 20
Directive 2009/138/EC
Article 109a – paragraph 1 – introductory part
Article 109a – paragraph 1 – introductory part
1. For the purposes of evaluating risk mitigation techniques as referred to in Article 101(5)In order to ensure uniform conditions of application of this Article and for the purposes of facilitating the calculation of the market risk module referred to in Article 105(5) and, where appropriate, facilitating, facilitating the calculation of the counterparty default risk module referred to in Article 105(6), EIOPA shallevaluating risk mitigation techniques referred to in Article 101(5), and calculating technical provisions, EIOPA shall develop draft implementing technical standards concerning:
Amendment 387 #
Proposal for a directive
Article 2 – point 20
Article 2 – point 20
Directive 2009/138EC
Article 109a – paragraph 1 – point a
Article 109a – paragraph 1 – point a
(a) assess the eligibility of external credit assessment institutions and allocate their credit assessments to an objective scale of credit quality stepslists of regional governments and local authorities, exposures to whom are to be treated as exposures to the central government in whose jurisdiction they are established to the extent there is no difference in risk between such exposures because of the specific revenue-raising powers of the former, and the existence of specific institutional arrangements the effect of which is to reduce the risk of default;
Amendment 389 #
Proposal for a directive
Article 2 – point 20
Article 2 – point 20
Directive 2009/138EC
Article 109a – paragraph 1 – point b
Article 109a – paragraph 1 – point b
(b) publisha lists of regional governments and local authorities, exposures to whom are to be treated as exposures to central government;the external credit assessment institutions and an allocation of their credit assessments to an objective scale of credit quality steps, in accordance with the detailed criteria for the recognition of external credit assessment institutions and for the association of credit assessments to a scale of credit quality as established by the [Regulatory Technical Standard] referred to in Article 111(1)(n).
Amendment 391 #
Proposal for a directive
Article 2 – point 20
Article 2 – point 20
Directive 2009/138EC
Article 109a – paragraph 1 – point c
Article 109a – paragraph 1 – point c
(c) specify the equity index referred to in Article 106(2), calculateand the symmetric adjustment referred to in Article 106 and publish both sets of information on a regular basisin accordance with the detailed criteria established by the [Regulatory Technical Standard] referred to in points (c) and (o) of Article 111(1)(o);
Amendment 393 #
Proposal for a directive
Article 2 – point 20
Article 2 – point 20
Directive 2009/138EC
Article 109a – paragraph 1 – point d
Article 109a – paragraph 1 – point d
(d) specify the adjustments to be made for currencies pegged to the euro in the currency risk sub-module referred to in Article 105(5), in accordance with the detailed criteria for the adjustments for currencies pegged to the euro for the purpose of facilitating the calculation of the currency risk sub-module, as established by the [Regulatory Technical Standard] referred to in Article 111(1)(p).
Amendment 394 #
Proposal for a directive
Article 2 – point 20
Article 2 – point 20
Directive 2009/138EC
Article 109a – paragraph 1 a (new)
Article 109a – paragraph 1 a (new)
1a. EIOPA shall submit those draft implementing technical standards to the Commission by 12 September 2012.
Amendment 395 #
Proposal for a directive
Article 2 – point 20
Article 2 – point 20
Directive 2009/138EC
Article 109a – paragraph 1 b (new)
Article 109a – paragraph 1 b (new)
1b. Power is conferred on the Commission to adopt the implementing technical standards referred to in the second paragraph in accordance with Article 15 of Regulation (EU) No 1094/2010.
Amendment 397 #
Proposal for a directive
Article 2 – point 20
Article 2 – point 20
Directive 2009/138EC
Article 109a – paragraph 2
Article 109a – paragraph 2
2. FIn order to ensure uniform conditions of application of this Article and for the purpose of facilitating the calculation of the health underwriting risk module referred to in Article 105(4), EIOPA shall calculate and publishdevelop draft implementing technical standards establishing […] standard deviations in relation to specific national legislative measures of Member States which permit the sharing of claims payments in respect of health risk amongst insurance and reinsurance undertakings and which meet specified criteria. detailed criteria established by the delegated act referred to in Article 111(1)(q). EIOPA shall submit those draft implementing technical standards to the Commission by 12 September 2012. Power is conferred on the Commission to adopt the implementing technical standards referred to in the second paragraph in accordance with Article 15 of Regulation (EU) No 1094/2010.
Amendment 410 #
Proposal for a directive
Article 2 – point 30 – point a
Article 2 – point 30 – point a
Directive 2009/138EC
Article 138 – paragraph 4 – subparagraph 1
Article 138 – paragraph 4 – subparagraph 1
In the event of an exceptional fall in financial markets, as determined by EIOPA in accordance with this paragraph, the supervisory authority may extend the period set out in the second sub- paragraph of paragraph 3 by an appropriate period of time taking into account all relevant factors.
Amendment 411 #
Proposal for a directive
Article 2 – point 30 – point b
Article 2 – point 30 – point b
Directive 2009/138EC
Article 138 – paragraph 4 – subparagraph 4
Article 138 – paragraph 4 – subparagraph 4
Without prejudice to the powers of the EIOPA under Article 18 of Regulation …/…, for the purposes of this paragraph, EIOPA shall, following a request by the supervisory authority concerned, address an individual decision to the requesting supervisory authority declaring the existence of an exceptional fall in financial markets. A(EU) No 1094/2010, EIOPA may issue a recommendation in accordance with Article 16 of Regulation (EU) No 1094/2010 stating that, in its opinion, an exceptional fall in financial markets exists, where one or more insurance or reinsurance undertakings are unable to meet one of the requirements set out in paragraph 3 of this Article within the time period defined therein as a consequence ofn there has been , a fall in financial markets which is unforeseen, sharp and steep, which is different from the downturns that occur as part of the economic cycle and which has already affected seriously and adversely the financial situation of one or more insurance and reinsurance undertakings collectively representing a substantial part of the insurance or reinsurance market in one or more Member States.
Amendment 413 #
Proposal for a directive
Article 2 – point 30 – point b
Article 2 – point 30 – point b
Directive 2009/138EC
Article 138 – paragraph 4 – subparagraph 5
Article 138 – paragraph 4 – subparagraph 5
EIOPA shall at least once a month review whether the conditions referred to in the fourth subparagraph still apply as of the date of the review and repeal that drecisommendation where one or more of the conditions referred to in the fourth subparagraph on which the drecisommendation was based is no longer fulfilled. To this end EIOPA shall address an individual drecisommendation to the supervisory authority concerned declaring that an exceptional fall in financial markets has ceased to exist..
Amendment 414 #
Proposal for a directive
Article 2 – point 30 – point b
Article 2 – point 30 – point b
Directive 2009/138EC
Article 138 – paragraph 4 – subparagraph 5 a (new)
Article 138 – paragraph 4 – subparagraph 5 a (new)
The supervisory authorities shall make every effort to comply with EIOPA’s recommendations.
Amendment 417 #
Proposal for a directive
Article 2 – point 30 – point b
Article 2 – point 30 – point b
Directive 2009/138EC
Article 138 – paragraph 4 – subparagraph 5 b (new)
Article 138 – paragraph 4 – subparagraph 5 b (new)
Within 7 days of the issuance of a recommendation, each supervisory authority concerned shall confirm whether it complies or intends to comply with that recommendation. In the event that a supervisory authority does not comply or does not intend to comply, it shall inform EIOPA, stating its reasons.
Amendment 419 #
Proposal for a directive
Article 2 – point 30 – point b
Article 2 – point 30 – point b
Directive 2009/138EC
Article 138 – paragraph 4 – subparagraph 5 c (new)
Article 138 – paragraph 4 – subparagraph 5 c (new)
EIOPA shall publish the fact that a supervisory authority does not comply or does not intend to comply with that recommendation. EIOPA may also decide, on a case by case basis, to publish the reasons provided by the supervisory authority for not complying with that recommendation. The supervisory authority shall receive advanced notice of such publication.
Amendment 428 #
Proposal for a directive
Article 2 – point 35 – point b a (new)
Article 2 – point 35 – point b a (new)
Directive 2009/138EC
Article 172 – paragraph 6 a (new)
Article 172 – paragraph 6 a (new)
(ba) In Article 172, the following paragraph is added: ‘6a. After 3 years of the transitional period being applied, the Commission shall start a review on the third country making progress towards equivalence measured against the following milestones: (a) the solvency regime is risk based (b) that it has an independent system of supervision founded on IAIS principles (c) it operates an insurance market open to (re)insurance companies based in other jurisdictions In line with the conclusions of the review, at the end of the 5 year transitional period, the Commission may extend the transitional period for a further 5 years. After 5 years, where a third country has made progress towards equivalence, the transitional may be extended for a further 5 years.’
Amendment 434 #
Proposal for a directive
Article 2 – point 42 a (new)
Article 2 – point 42 a (new)
Directive 2009/138EC
Article 227 – paragraph 8 a (new)
Article 227 – paragraph 8 a (new)
Amendment 449 #
Proposal for a directive
Article 2 – point 62 – point e
Article 2 – point 62 – point e
Directive 2009/138EC
Article 260 – paragraph 6 a (new)
Article 260 – paragraph 6 a (new)
6a. After 3 years of the transitional period being applied, the Commission shall start a review on the third country making progress towards equivalence measured against the following milestones: (a) the solvency regime is risk based (b) that it has an independent system of supervision founded on IAIS principles (c) it operates an insurance market open to (re)insurance companies based in other jurisdictions In line with the conclusions of the review, at the end of the 5 year transitional period, the Commission may extend the transitional period for a further 5 years. After 5 years, where a third country has made progress towards equivalence, the transitional may be extended for a further 5 years.
Amendment 450 #
Proposal for a directive
Article 2 – point 69 a (new)
Article 2 – point 69 a (new)
Directive 2009/138EC
Article 308 – paragraph 1 a (new)
Article 308 – paragraph 1 a (new)
(69a) In Article 308, the following paragraph is added; ‘1a. From 1st January 2013 Member States shall ensure that supervisory authorities have sufficient powers to process applications for permission to calculate the Solvency Capital Requirement on the basis of an internal model and that they are obliged to consider such applications.’
Amendment 451 #
Proposal for a directive
Article 2 – point 70
Article 2 – point 70
Directive 2009/138EC
Article 308a – paragraph 3
Article 308a – paragraph 3
3. Where the Commission has adopted a delegated act in accordance with Article 308b(3), Article 41(1) and ArtUntil 1 January 2014 Member States shall provide that insurance and reinsurance remain subject to the capital requirements and reporting requirements in force in their respective jurisdiction prior to 1 January 2013. Without prejudicle 41(3) shall not apply for a maximum period of 3 years from the date referred to to the previous paragraph, in order to monitor the progress of a particular firm towards the implementation of Solvency II Supervisory authorities may require on an ad hoc basis insurance and reinsurance undertakings to calculate all or some of the following : Solvency Capital Requirement, Minimum Capital Requirement, the amount of own funds, and determine the first sub-paragraph of Article 309(1). balance sheet in accordance with this Directive; and provide the supervisory authorities with this information.
Amendment 456 #
Proposal for a directive
Article 2 – point 70
Article 2 – point 70
Directive 2009/138EC
Article 308a – paragraph 5
Article 308a – paragraph 5
5. WThere the Commission has adopted a delegated act in accordance with Article 308b(5), Article 75(1) shall not apply for a maximum per rates of the relevant risk-free interest rate term structure used to calculate the best estimate with respect to insurance or reinsurance obligations corresponding to paid-in premiums for existing contracts shall still be calculated according to Directive 2002/83/EC, 10 years after the implementation of Directive 2009/138/EC where: 1. according to national law by the last date of the applicatiodn of 10 years from the date referred to in the first sub-paragraph of Article 309(1)Directive 2002/83/EC, technical provisions were calculated using the interest rate referred to in Article 20.B.a.ii of Directive 2002/83/EC; and 2. where the (re)insurance undertaking continues to comply with the conditions required under subparagraph 1.