Activities of Burkhard BALZ related to 2011/0006(COD)
Plenary speeches (2)
European Insurance and Occupational Pensions Authority and European Securities and Markets Authority (debate)
European Insurance and Occupational Pensions Authority and European Securities and Markets Authority (debate)
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 (3)
Amendment 304 #
Proposal for a directive
Recital 17 a (new)
Recital 17 a (new)
(17a) When developing the new prudential regime, undesirable impacts on the treatment of insurance business with long term guarantees have to be avoided. Market interruptions and interferences with existing products have to be limited to an unavoidable extent. In this respect special attention has to be given in order to avoid artificial volatility of technical provisions and eligible own funds in excess of the capital requirements. This should be achieved in particular by an early starting point of extrapolation of the relevant risk-free interest rate term structure. While adopting delegated acts and implementing acts, the Commission should also ensure that the continuity and further development of insurance activities with long term guarantees is not impaired.
Amendment 349 #
Proposal for a directive
Article 2 – point 14 a (new)
Article 2 – point 14 a (new)
Directive 2009/138/EC
Article 77 – paragraph 2 – subparagraph 1a (new)
Article 77 – paragraph 2 – subparagraph 1a (new)
(14a) In Article 77(2) the following subparagraph is inserted after the first subparagraph: ‘Extrapolation of the relevant risk-free interest rate term structure shall start as soon as the relevant financial markets cannot be considered deep, liquid and transparent anymore to guarantee insurance and reinsurance undertakings a reliable replication of their cash-flows.’
Amendment 436 #
Proposal for a directive
Article 2 – point 44
Article 2 – point 44
Directive 2009/138/EC
Article 234
Article 234