2007/0143(COD) Taking-up and pursuit of the business of insurance and reinsurance - Solvency II. Recast
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
SKINNER Peter ( PSE)
|
|
| Committee Opinion | JURI |
BOWLES Sharon ( ALDE)
|
Lead committee dossier:
Legal Basis:
TFEU 053-p1, TFEU 062
Legal Basis:
TFEU 053-p1, TFEU 062Subjects
Events
2019/06/27
EC - Follow-up document
Details
The Commission presents its report on the application of Directive 2009/138/EC of the European Parliament and of the Council on the taking and pursuit of the business of Insurance and Reinsurance (Solvency II) with regard to group supervision and capital management within a group of insurance or reinsurance undertakings.
Since 1 January 2016, when it entered into application, the Solvency II Directive has provided a sound and robust prudential framework for insurance and reinsurance firms in the EU. Based on the risk profile of individual companies, it promotes comparability, transparency and competitiveness.
Pillar III of the Solvency II Directive concerns the supervision of insurance and reinsurance undertakings in a group (group supervision). The Directive uses an innovative supervisory model, which assigns a key role to a group supervisor, while recognising and maintaining an important role for supervisors of individual insurance entities.
This report assesses the benefit of enhancing group supervision and capital management within a group of insurance or reinsurance undertakings, as required under the Solvency II Directive
Main findings
The report stressed that overall, the prudential framework of group supervision is proving to be robust, laying emphasis on capital management and governance, and allowing for a better understanding and monitoring of risks at group level. However, some areas of the framework may not ensure a harmonised implementation of the rules by groups and NSAs, with potential impacts on the level playing field and on capital management strategies.
Diverging implementations of Solvency II
The Commission highlighted that the diverging implementations of Solvency II on group supervision may be detrimental to policyholder protection, depending on how NSAs determine the scope of supervision, and exercise supervision at the level of parent holding companies. It also highlights the importance of ensuring an appropriate supervision of groups whose parent company is headquartered in a third country. In addition, in light of the wide differences between the supervisory powers of the different NSAs, it is necessary to assess the appropriateness of the powers of early intervention embedded in Solvency II.
Challenges and legal uncertainties related to group solvency calculation, group governance and group reporting
The report identified a number of legal uncertainties and diverging supervisory practices that can have a significant impact on group solvency. They concern both group own funds, the solvency capital requirement group and the minimum consolidated group. The use of group internal models may raise additional issues. First, a different implementation of the same internal model at solo level and at group level on key aspects such as the dynamic volatility adjustment can affect group risk management. In addition, the use by a group of a partial internal model could generate regulatory arbitrage regarding the way to integrate in the group solvency the entities out of the scope of the model.
There is also a wide margin of interpretations regarding the provisions on group governance, which are generally defined in the Solvency II Directive as a mutatis mutandis application of solo requirements.
With regard to pillar III requirements, the definition and scope of intragroup transactions to be reported is considered by EIOPA and National Supervisory Authorities as insufficiently clear and exhaustive. However, there are divergent views among supervisors regarding the appropriate level of harmonisation of the reporting of intra-group transactions and risk concentrations, as well as of the quantification of diversification effects.
Fragmented insurance guarantee schemes
Lastly, the report highlighted the widely fragmented landscape of insurance guarantee schemes (IGS) in Europe. While some countries have more than one IGS, others have no IGS at all. There are also substantial differences regarding the lines of business covered, the coverage level, the scope of application, the sources of funding, the role of the IGS, the basis for calculating market participants’ contributions, and the capacity for the IGS to raise additional funding in case of shortfalls.
Future legislative changes
Article 242(2) of the Solvency II Directive provides that the Commission’s report may be accompanied with legislative proposals. This report has identified a number of important issues that may need to be addressed, potentially including via legislative changes. However, further analysis is needed on the impact of those potential changes in the rules. Therefore, the Commission deems it appropriate to include group supervision in the scope of the general review in 2020 of the Solvency II Directive.
The Commission has invited EIOPA to provide by 30 June 2020 technical advice on the issues identified in this report, as well as other related issues that may be detrimental to policyholder protection, as part of the 2020 Review of the Solvency II Directive.
Documents
2018/04/05
EC - Follow-up document
Details
In accordance with Directive 2009/138/EC of the European Parliament and of the Council (Solvency II), the Commission has presented a report on the application of Title III as regards the supervision of insurance and reinsurance undertakings, and the assessment of the transitional period for the occupational retirement provision business of life insurance undertakings (IORPs).
Solvency II provides that the Commission’s report on the application of Title III (group supervision) may be accompanied with legislative proposal
The report takes into account much of the contribution made by the European Insurance and Occupational Pensions Authority (EIOPA).
(1) Application of Title III of Solvency II on the supervision of insurance and reinsurance undertakings in a group : Title III of Solvency II concerns the supervision of insurance and reinsurance undertakings in a group. The Directive uses an innovative supervisory model which assigns a key role to a group supervisor, while recognising and maintaining an important role for the solo supervisor.
- General issues regarding group supervision : the central issues concern the definition of a group and the scope of group supervision. EIOPA reported certain concerns on the definition of a group and on the emergence in the EU of several non-EEA structures with related investment funds that invest in insurance undertakings across the EEA.
Another potential issue is the lack of consistency between the undertakings in the group and the scope of group supervision in relation to third-country insurance undertakings, the insurance holding company, the mixed financial holding company or the mixed-activity insurance holding company.
- Cooperation of supervisory authorities within, and functionality of, colleges of supervisors : Solvency II strengthens cooperation among supervisory authorities and establishes the rights and duties of the group supervisor and the other supervisors in a college of supervisors. According to EIOPA data, there were 92 colleges in 2016, allowing national supervisors to exchange information regularly and discuss and address divergences in members’ approaches. The overall assessment is that colleges function well .
- Sub-group supervision : under the Directive, Member States may allow their supervisory authorities to decide, after consulting the group supervisor and the ultimate parent undertaking at Union level, to subject the ultimate parent insurance or reinsurance undertaking, insurance holding company or mixed financial holding company at national level to group supervision. This is known as sub-group supervision.
According to EIOPA’s data, three EU supervisors conduct sub-group supervision on eight cross-border groups. These additional complications need to be balanced against the fact that sub-group supervision is of great importance to those Member States that practise it.
- Group internal models : in line with the risk-oriented approach to the solvency capital requirement (SCR), Solvency II allows individual insurance and reinsurance undertakings and groups to use internal models for the SCR calculation, rather than the standard formula, subject to supervisory approval.
EIOPA reports that 11 NSAs have approved (cross border and domestic) group internal models and solo internal models are used in 17 Member States. EIOPA concludes that its limited role in the assessment and approval of cross-border internal models has sometimes hampered its work in assessing and promoting convergence.
Legislative changes : as Solvency II is due for general evaluation in 2020 and given the importance of a stable regulatory framework, the Commission considers that only one of the areas identified above requires legislative amendment at this stage: the area of group internal models , where divergences among Member States have been identified and EIOPA needs enhanced powers to bring about convergence.
However, given the urgency of the matter and the opportunity provided by the Commission’s package of proposals to review the functioning and financing of European supervisory authorities (as adopted on 20 September 2017), action has already been taken on this .
The package included a legislative proposal to amend Solvency II so as to mitigate and prevent divergences in the supervision and approval of group internal models. The proposal includes amendments to Solvency II to:
give EIOPA a greater role in ensuring supervisory convergence in the area of internal model applications (at solo and group level) and with respect to information-sharing on such applications; allow EIOPA to issue opinions in this regard and assist in the settlement of disputes between supervisory authorities, at their request, on its own initiative or, in certain circumstances, at the request of concerned undertakings.
The amendments also provide that EIOPA should prepare annual reports on this matter. This will allow close monitoring of the situation on internal model applications.
(2) Transitional period for the occupational retirement provision business of life insurance undertakings : the occupational retirement provision business of life insurance undertakings are, subject to certain conditions, exempted during a transitional period from the full application of the Solvency Capital Requirement (Solvency II) by the Solvency II Directive. This period has been extended until the end of 2022 .
The Commission may take a decision nearer the end of that period (end 2022) concerning its possible extension. If a decision is taken to extend the period, a legislative proposal could be introduced in good time before the end of 2022.
Documents
2017/12/07
EC - Follow-up document
Details
The Commission adopted a report on the exercise of the power to adopt delegated acts conferred on the Commission pursuant to Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).
The Solvency II Directive introduced a sound and robust prudential framework for insurance firms in the EU. It is based on the risk profile of each individual insurance company in order to promote comparability, transparency and competitiveness.
In accordance with Article 301a(2) of the Solvency II Directive, delegated power is conferred on the Commission for a period of four years from 23 May 2014 . The Commission is required to draw up a report in respect of those delegated powers at the latest six months before the end of that four-year period.
Exercise of the delegation : the report covers those delegated powers falling within the scope of Article 301a. It notes that the Commission exercised the vast majority of empowerments in the Solvency II Directive in 2014 . The empowerments were bundled because of the complex inter-relation of different empowerments, for example on the Solvency II standard formula.
On 14 October 2014, the Commission adopted the Solvency II Delegated Act , which was published in the Official Journal on 17 January 2015 after the expiry of the scrutiny period of the European Parliament and the Council. It entered into force on 18 January 2015, well ahead of 1 January 2016, when the Solvency II Directive became fully applicable.
Subsequently, the Commission adopted:
on 30 September 2015, a Delegated Act amending the Solvency II Delegated Act of 2014 on infrastructure projects , which entered into force on 2 April 2016. The amendment also covered changes with respect to European Long-Term Investment Funds (ELTIF), the equity transitional and Multilateral Trading Facilities (MTFs); on 8 June 2017, a Delegated Act amending the Solvency II Delegated Act on infrastructure corporates . This amending Act was published in the Official Journal on 14 September 2017, after the expiry of the European Parliament and Council scrutiny period; in June 2015 and November 2015 two packages of equivalence decisions with respect to 8 jurisdictions, in the form of delegated acts.
Separately, the Commission also adopted correcting acts for some of the language versions of the Delegated Act.
Conclusions: the Commission considers that it has exercised its delegated powers in a timely and correct manner to ensure that the required Delegated Acts were in place for insurance and reinsurance undertakings and national supervisory authorities to apply the rules on the date the Solvency II Directive became fully applicable. Targeted amendments since then have ensured that the prudential framework is appropriately calibrated to allow insurers to contribute to the Capital Markets Union as long-term investors.
Going forward, the Commission considers that all delegations of power should be retained , amongst others as preparatory work is continuing with respect to aligning the Solvency II Delegated Act with the Regulation on simple, transparent and standardised securitisation and the amendment to the Capital Requirements Regulation. The Commission has asked the European Insurance and Occupational Pensions Authority (EIOPA) for its technical advice on the review of specific items in the Solvency II Delegated Act.
Documents
2009/12/17
Final act published in Official Journal
Details
Corrigendum to Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)
( Official Journal of the European Union L 335 of 17 December 2009 )
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on page 136, column ‘Directive 2002/83/EC', 10th row:
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on page 148, column ‘This Directive', fourth row:
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2009/11/25
CSL - Draft final act
Documents
2009/11/25
CSL - Final act signed
2009/11/25
EP - End of procedure in Parliament
2009/11/10
EP/CSL - Act adopted by Council after Parliament's 1st reading
2009/11/10
CSL - Council Meeting
2009/06/25
EC - Commission response to text adopted in plenary
Documents
2009/05/05
CSL - Council Meeting
2009/04/22
EP - Results of vote in Parliament
Documents
2009/04/22
EP - Debate in Parliament
Documents
2009/04/22
EP - Decision by Parliament, 1st reading
Details
The European Parliament adopted by 593 votes to 80, with 3 abstentions, a legislative resolution amending, under the first reading of codecision procedure, the proposal for a directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (recast) (Solvency II).
The amendments are the result of a compromise agreement between Parliament and Council.
The main amendments are as follows:
Minimum Capital Requirement (MCR): the legislation introduces a new relationship between two key criteria for the amounts of capital insurance companies should hold – the Solvency Capital Requirement (SCR) and the Minimum Capital Requirement (MCR). The SCR will be calculated according to a risk-based approach: when capital falls below this level, supervisory intervention will be needed. The MCR is lower – the point at which the company’s license would need to be withdrawn. As well as setting absolute minimum levels for the MCR for different types of company, the new legislation indicates that the MCR should be between 25% and 45% of the company’s SCR, with the exact amount being a calculation based on variables which indicate the company’s ability to remain operational. Surplus funds : the text states that it is current practice in certain 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 are surplus funds, which are the property of the legal entity in which they are generated. Surplus funds should be valued in line with the economic approach laid down in the Directive. In this respect, a mere reference to the evaluation of surplus funds in the statutory annual accounts will not be sufficient. In line with the requirements on own funds, surplus funds will be subject to the criteria laid down in this Directive on the classification in tiers. This means, inter alia, that only surplus funds which fulfil the requirements for classification in Tier 1 should be considered as Tier 1 capital.
Group support regime : the compromise text does not endorse the group support regime, which had been part of the Commission proposal.
Group supervision : on group supervision, the text as approved by Parliament contains a number of significant improvements as compared to the current system for insurance groups’ supervision, even though it does not go as far as introducing the group support regime as initially proposed by the Commission. However, the introduction of a review clause specifically mentioning this regime will enable the Commission to come back to this issue when progress in a number of other areas, connected to the recommendations of the de Larosière report, will have been made and will have brought about a more favourable environment for further reforms on cross-border co-operation between home and host supervisors. To improve supervision and risk management, Parliament sought and obtained the creation of supervisory colleges – made up of the various national supervisors responsible for a group and its subsidiaries – to facilitate cooperation, exchange of information and consultation between the supervisors.
The new supervisory system would also mean economic gains for company. EU companies would no longer need to deal with several national regulators, but just with one group. Entry into force and review clause : Member States will have to transpose the new directive by 31 October 2012.
2 years after entry into force, the Commission is requested to put forward a legislative proposal to improve, if necessary, the application some aspects of the Directive, including the cooperation of supervisory authorities within the colleges.
3 years after entry into force, the Commission will have to propose legislation to enhance group supervision and capital management within a group of insurance. This would also include the provision, proposed by Parliament representatives, on group support, (i.e. that part of the capital requirement for a subsidiary could be met by a guarantee that funds would be transferred from the group if needed).
Documents
2008/12/02
CSL - Debate in Council
Documents
2008/12/02
CSL - Council Meeting
2008/10/16
EP - Committee report tabled for plenary, 1st reading/single reading
Documents
2008/10/16
EP - Committee report tabled for plenary, 1st reading
Documents
2008/10/07
CSL - Debate in Council
Details
The Council held an exchange of views on a draft Directive setting new solvency rules for insurance companies ("Solvency II" Directive). Following the discussion, and with a view to its meeting scheduled for 4 November, the Council instructed the Permanent Representatives Committee to examine the last questions outstanding, namely questions of supervision and in particular, the balance of powers and responsibilities between national authorities in the supervision of insurance groups. Other relevant issues will also be examined.
The draft Directive responds to the need to modernise prudential regulation of insurance companies, given that existing solvency rules are out of date. Apart from the recasting of 14 insurance directives into one legal text it also aims to establish a new framework for EU regulation and supervision.
The proposal seeks to increase the integration of the EU insurance market, strengthen the protection of policyholders and beneficiaries, enhance the competitiveness of EU insurers and re-insurers and encourage improved legislation in this sector.
Documents
2008/10/07
EP - Vote in committee, 1st reading
Details
The Committee on Economic and Monetary Affairs adopted the report drawn up by Peter SKINNER (PES, UK) amending, under the first reading of the codecision procedure, the amended proposal for a directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (recast) (SOLVENCY II).
The main amendments are as follows:
Minimum Capital Requirement (MCR): the committee states that the Minimum Capital Requirement should be calculated in accordance with a simple formula, which is consistent with the risk-based approach of the Solvency Capital Requirement (SCR) and is based on the data which can be audited. MCR values must provide a proper safety net and a proper relationship with the SCR. The committee felt that the compact approach is the most appropriate method to achieve this goal.
Simplification of tier structure : regarding the SCR, the committee deleted the provisions regarding the limits on amounts of Tier 2 and Tier 3 items. Instead it provided that the Commission may adopt implementing measures restricting Tier 2 and Tier 3 capital to the amounts that may be demonstrated to be necessary to provide an appropriate level of protection for policyholders. Members note that some form of tiering and restrictions is desirable to prevent companies being inappropriately capitalised with capital of relatively low quality. However, the eligibility limits proposed by the Commission are excessive, arbitrary and not based on an economic rationale. Surplus funds can only be used to cover losses in the case of a breach of the undertaking's SCR , but not in the case of a breach of MCR, regardless of the tier classification.
Surplus funds : a new recital clarifies that surplus funds cannot be used as group support because of their legal nature. It notes that it is current practice in the Community 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 are surplus funds, which are the property of the legal entity in which they are generated. Within the group support regime, surplus funds are not transferable to other legal entities of the group.
Members add that in some countries, insurance groups are structured in such a way that a legal entity manages a group of undertakings linked by long-lasting financial relationships. They inserted an amendment which clarifies that half of their own funds will be classified in Tier 2.
A new Article on information for policyholders : surplus funds states that the use of surplus funds must be communicated to the policyholder for solvency requirement purposes before the conclusion of the life insurance contract.
Implementing measures on proportionality : the proposal notes that the Directive must be applied in a manner which is proportionate to the nature, complexity and scale of the risks inherent in the business of an insurance or reinsurance undertaking as well as with a view to maintaining financial stability in the Community as a whole, in particular in times of financial distress. The committee provides that the Commission shall adopt implementing measures relating to this matter, specifying the proportional application of the Directive, in particular to very small insurance undertakings. Those measures shall be adopted in accordance with the regulatory procedure with scrutiny.
Group supervision and group support regime : the committee broadly supported the group support regime. On group supervision, an amended provision now states that Member States shall ensure that the supervisory authorities are provided with the necessary means, and have the relevant expertise and capacity, and mandate to achieve the main objective of supervision, namely the protection of policyholders and beneficiaries in accordance with Community and national law. Members note that the supervisory requirements established under Pillars 2 and 3, such as the approval of internal models , their monitoring and regular review, and the consequent closer cooperation and engagement with other supervisors and companies, is likely to mean national supervisors will need more resources to fulfil their enhanced responsibilities properly.
Member States must ensure that when a supervisory authority acts as a group supervisor it is recognised as doing so in a non-discriminatory manner; consequently, legitimate actions taken as a group supervisor, including but not limited to transfers of capital, shall not be regarded, on the basis of that supervisor's national mandate, as contrary to the interests of the Member State or of policyholders in that Member State.
.A new Article states that in the event of non-compliance by a holding company or a parent company with the requirements of group support, the group supervisor may determine that supervision on a group basis is to cease.
Treatment of equity risk : again, the committee broadly supported the Commission’s approach on equity risk. Members state that in order to prevent pro-cyclicality , in particular in equity markets during times of financial distress, supervisory authorities need to be given a greater degree of flexibility in the adoption and execution of their supervisory measures. Such greater flexibility, however, should be of exceptional nature, aiming to stabilise rather than increase the negative effects of a financial crisis.
With regard to breach of the SCR, the committee states that in order to avoid pro-cyclical effects and to prevent destabilising financial markets by requiring undertakings to comply with the Solvency Capital Requirement within nine months from the observation of non-compliance, the supervisory authorities may extend the prescribed period three times by an additional three months.
2008/10/07
CSL - Council Meeting
2008/07/22
EP - Amendments tabled in committee
Documents
2008/07/14
EP - Amendments tabled in committee
Documents
2008/07/02
EP - Committee opinion
Documents
2008/06/30
EP - Amendments tabled in committee
Documents
2008/06/30
EP - Amendments tabled in committee
Documents
2008/06/30
EP - Amendments tabled in committee
Documents
2008/06/30
EP - Amendments tabled in committee
Documents
2008/06/03
CSL - Debate in Council
Details
The Council took note of progress on a proposal for a directive setting new solvency rules for insurance companies ("Solvency II"), on the basis of a report from the Presidency.
The proposal is intended to establish a new framework for EU regulation and supervision in the insurance sector. It is also being used as an opportunity to recast 13 insurance directives into one legal text. It is aimed at further integration of the EU insurance market, the enhanced protection of policyholders and beneficiaries, improved competitiveness of EU insurers and re-insurers and promoting better regulation in the insurance sector.
Since the last progress report submitted to the Council, in December, the number of provisions on which substantial work is still needed has been significantly reduced, and the Presidency has started exchanges with representatives of the European Parliament.
The supervision of insurance groups operating in several Member States has given rise to discussion, given the innovative nature of the Commission's proposal on this issue, as well as the different circumstances obtaining in Member States and different views on how to ensure policyholder protection.
Other issues on which discussions have not yet concluded concern the treatment of equity risk, minimum capital requirements, surplus funds and participations.
Documents
2008/06/03
CSL - Council Meeting
2008/05/28
ESC - Economic and Social Committee: opinion, report
Documents
2008/03/13
EP - Committee draft report
Documents
2008/02/26
EC - Legislative proposal
Details
PURPOSE: amended proposal on Solvency II to take into account the coming into force of the mergers and acquisitions directive and proposed new rules on Rome I.
PROPOSED ACT: Directive of the European Parliament and of the Council.
CONTENT: the Commission adopted the Solvency II Directive Proposal in September 2007 (please see the summary of 10/07/2007.). This proposal consists of a recast of 13 existing Directives in the insurance and reinsurance sector and new solvency provisions. In the meantime, Directive 2007/44/EC amending Council Directive 92/49/EEC and Directives 2002/83/EC, 2004/39/EC, 2005/68/EC and 2006/48/EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector has been published in the Official Journal and has entered into force on 21 September 2007, i.e. after the date on which the recast proposal was submitted to the legislative authority.
Directive 2007/44/EC introduced changes in some Articles of Directives 92/49/EEC, 2002/83/EC and 2005/68/EC. As a consequence, clear discrepancies exist between the texts of Directives 92/49/EEC, 2002/83/EC and 2005/68/EC and the corresponding parts of the recast part of the Solvency II Directive Proposal.
Furthermore, in December 2007, a political agreement was reached on the so-called Rome I Regulation which deals with the law applicable on contractual obligations. This affects the provisions on applicable law and conditions of direct insurance contracts in the recast part of the Solvency II Directive Proposal. In view of the above the Commission decided to adopt an amended proposal to the Solvency II Directive Proposal adopted in July 2007.
The Solvency II proposal applies to all life and non-life insurance undertakings and reinsurance undertakings. But the current exclusion of small mutual undertakings has been extended to all small insurance undertakings regardless of their legal form. Other changes in the amended proposal concern: qualitative requirements and supervision; supervisory reporting and public disclosure; promotion of supervisory convergence; quantitative requirements; and group supervision.
The changes introduced by Directive 2007/44/EC were introduced in the recast of the Solvency II Directive Proposal, taking into account the new regulatory procedure of scrutiny for the respective comitology provision.
In order to take account of the proposed Rome I, the provisions on applicable law and conditions of direct insurance contracts in Chapter I of TITLE II were deleted. A cross-reference was added in Article 176 to the draft Rome I Regulation setting out that any Member State not subject to that Regulation shall apply the provisions of that Regulation in order to determine the law applicable to insurance contracts falling within the scope of Article 7 of the Regulation.
Lastly, on the occasion of preparing an amended proposal some technical improvements to the recast suggested by the Consultative Working Party consisting of the respective legal services of the European Parliament, the Council and the Commission were taken up in order to take account of better regulation principles.
Documents
2008/02/25
EC - Legislative proposal published
Details
PURPOSE: amended proposal on Solvency II to take into account the coming into force of the mergers and acquisitions directive and proposed new rules on Rome I.
PROPOSED ACT: Directive of the European Parliament and of the Council.
CONTENT: the Commission adopted the Solvency II Directive Proposal in September 2007 (please see the summary of 10/07/2007.). This proposal consists of a recast of 13 existing Directives in the insurance and reinsurance sector and new solvency provisions. In the meantime, Directive 2007/44/EC amending Council Directive 92/49/EEC and Directives 2002/83/EC, 2004/39/EC, 2005/68/EC and 2006/48/EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector has been published in the Official Journal and has entered into force on 21 September 2007, i.e. after the date on which the recast proposal was submitted to the legislative authority.
Directive 2007/44/EC introduced changes in some Articles of Directives 92/49/EEC, 2002/83/EC and 2005/68/EC. As a consequence, clear discrepancies exist between the texts of Directives 92/49/EEC, 2002/83/EC and 2005/68/EC and the corresponding parts of the recast part of the Solvency II Directive Proposal.
Furthermore, in December 2007, a political agreement was reached on the so-called Rome I Regulation which deals with the law applicable on contractual obligations. This affects the provisions on applicable law and conditions of direct insurance contracts in the recast part of the Solvency II Directive Proposal. In view of the above the Commission decided to adopt an amended proposal to the Solvency II Directive Proposal adopted in July 2007.
The Solvency II proposal applies to all life and non-life insurance undertakings and reinsurance undertakings. But the current exclusion of small mutual undertakings has been extended to all small insurance undertakings regardless of their legal form. Other changes in the amended proposal concern: qualitative requirements and supervision; supervisory reporting and public disclosure; promotion of supervisory convergence; quantitative requirements; and group supervision.
The changes introduced by Directive 2007/44/EC were introduced in the recast of the Solvency II Directive Proposal, taking into account the new regulatory procedure of scrutiny for the respective comitology provision.
In order to take account of the proposed Rome I, the provisions on applicable law and conditions of direct insurance contracts in Chapter I of TITLE II were deleted. A cross-reference was added in Article 176 to the draft Rome I Regulation setting out that any Member State not subject to that Regulation shall apply the provisions of that Regulation in order to determine the law applicable to insurance contracts falling within the scope of Article 7 of the Regulation.
Lastly, on the occasion of preparing an amended proposal some technical improvements to the recast suggested by the Consultative Working Party consisting of the respective legal services of the European Parliament, the Council and the Commission were taken up in order to take account of better regulation principles.
Documents
2007/12/04
CSL - Debate in Council
Documents
2007/12/04
CSL - Council Meeting
2007/11/19
EP - BOWLES Sharon (ALDE) appointed as rapporteur in JURI
2007/09/24
EP - Committee referral announced in Parliament, 1st reading
2007/07/10
EC - Initial legislative proposal
Details
PURPOSE: the reform of the EU’s solvency provisions through the establishment of a single Directive: SOLVENCY II.
PROPOSED ACT: Directive of the European Parliament and of the Council.
BACKGROUND: existing solvency provisions are outdated. They are non-risk sensitive, they do not deal adequately with group supervision and they have been superseded by industry, international and cross-sectoral developments. Hence the need for a thorough reform of the EU’s solvency provisions.
CONTENT: the purpose of this proposal, therefore, is a reform of existing EU solvency law and the establishment of second generation solvency provisions to be referred to as SOLVENCY II. The Solvency II project is one of the main outstanding items from the Financial Services Action Plan (1999 – 2005). Following the Commission’s Better Regulation and Simplification agendas, the revision of the present solvency regime will recast 13 (re)insurance Directives into one single document, whilst simultaneously adding new requirements. The proposal applies the “re-casting” technique” which enables substantive amendments to existing legislation without a self-standing amending Directive, thereby rendering solvency provisions less complex as well as making EU legislation more accessible.
The main aim of EU solvency law is to ensure that insurance undertakings are financially sound and capable of withstanding adverse events in order to protect policy holders and to guarantee a stable financial system.
This proposal contains a number of amendments of a non-substantive nature in order to improve the proposed Directive’s drafting. Articles, or parts of articles, which have become obsolete have been deleted. At the same time, however, a number of important new provisions have been inserted in order to modernise and update the EU’s solvency law. In principle, the new solvency provision are based on, and follow, the four level structure of the Lamfalussy financial services architecture. This will allow the new solvency regime to keep pace with future market and technological developments as well as international development in accounting and (re)insurance regulation.
In essence, the new system will allow for more sophisticated solvency requirements for insurers, allowing them to guarantee that they have sufficient capital to withstand adverse events, such as floods, storms or big car accidents. Under existing requirements only insurance risks are covered. Under new requirements, however, future insurers will be required to hold capital against market risk, credit risk and operational risks.
Insurers will also be required to focus on the active identification, measurement and management of risks and to consider any future developments, such as new business plans or the possibility of catastrophic events that might affect their financial standing. Further, the proposed reform will oblige insures to assess their capital needs in light of all risks by means of the “Own Risk and Solvency Assessment”, whilst the “Supervisory Review Process” or SRP will shift the focus of supervisors from compliance monitoring and capital to evaluating insurers’ risk profiles and the quality of their risk management and governance systems.
Moreover, the reform of the solvency provisions, will enable insurance groups to be supervised more efficiently, through a “group supervisor” in the home country that would have specific responsibilities to be exercised in close co-operation with the relevant national supervisors. This would entail a more streamlined approach to supervision that recognises the economic realities of such groups. The introduction of group supervisors will ensure that group-wide risks are not overlooked as well as enabling groups to operate more efficiently, whilst at the same time providing policyholders with a high level of protection. Groups that are sufficiently diversified may also be allowed to lower their capital requirements under certain conditions.
Documents
2007/07/10
EC - Document attached to the procedure
Documents
2007/07/10
EC - Document attached to the procedure
Documents
2007/07/09
EC - Initial legislative proposal published
Details
PURPOSE: the reform of the EU’s solvency provisions through the establishment of a single Directive: SOLVENCY II.
PROPOSED ACT: Directive of the European Parliament and of the Council.
BACKGROUND: existing solvency provisions are outdated. They are non-risk sensitive, they do not deal adequately with group supervision and they have been superseded by industry, international and cross-sectoral developments. Hence the need for a thorough reform of the EU’s solvency provisions.
CONTENT: the purpose of this proposal, therefore, is a reform of existing EU solvency law and the establishment of second generation solvency provisions to be referred to as SOLVENCY II. The Solvency II project is one of the main outstanding items from the Financial Services Action Plan (1999 – 2005). Following the Commission’s Better Regulation and Simplification agendas, the revision of the present solvency regime will recast 13 (re)insurance Directives into one single document, whilst simultaneously adding new requirements. The proposal applies the “re-casting” technique” which enables substantive amendments to existing legislation without a self-standing amending Directive, thereby rendering solvency provisions less complex as well as making EU legislation more accessible.
The main aim of EU solvency law is to ensure that insurance undertakings are financially sound and capable of withstanding adverse events in order to protect policy holders and to guarantee a stable financial system.
This proposal contains a number of amendments of a non-substantive nature in order to improve the proposed Directive’s drafting. Articles, or parts of articles, which have become obsolete have been deleted. At the same time, however, a number of important new provisions have been inserted in order to modernise and update the EU’s solvency law. In principle, the new solvency provision are based on, and follow, the four level structure of the Lamfalussy financial services architecture. This will allow the new solvency regime to keep pace with future market and technological developments as well as international development in accounting and (re)insurance regulation.
In essence, the new system will allow for more sophisticated solvency requirements for insurers, allowing them to guarantee that they have sufficient capital to withstand adverse events, such as floods, storms or big car accidents. Under existing requirements only insurance risks are covered. Under new requirements, however, future insurers will be required to hold capital against market risk, credit risk and operational risks.
Insurers will also be required to focus on the active identification, measurement and management of risks and to consider any future developments, such as new business plans or the possibility of catastrophic events that might affect their financial standing. Further, the proposed reform will oblige insures to assess their capital needs in light of all risks by means of the “Own Risk and Solvency Assessment”, whilst the “Supervisory Review Process” or SRP will shift the focus of supervisors from compliance monitoring and capital to evaluating insurers’ risk profiles and the quality of their risk management and governance systems.
Moreover, the reform of the solvency provisions, will enable insurance groups to be supervised more efficiently, through a “group supervisor” in the home country that would have specific responsibilities to be exercised in close co-operation with the relevant national supervisors. This would entail a more streamlined approach to supervision that recognises the economic realities of such groups. The introduction of group supervisors will ensure that group-wide risks are not overlooked as well as enabling groups to operate more efficiently, whilst at the same time providing policyholders with a high level of protection. Groups that are sufficiently diversified may also be allowed to lower their capital requirements under certain conditions.
Documents
2006/07/04
EP - SKINNER Peter (PSE) appointed as rapporteur in ECON
Documents
- Follow-up document: COM(2019)0292
- Follow-up document: EUR-Lex
- Follow-up document: COM(2018)0169
- Follow-up document: EUR-Lex
- Follow-up document: COM(2017)0740
- Follow-up document: EUR-Lex
- Final act published in Official Journal: Directive 2009/138
- Final act published in Official Journal: OJ L 335 17.12.2009, p. 0001
- Final act published in Official Journal: Corrigendum to final act 32009L0138R(01)
- Final act published in Official Journal: OJ L 219 25.07.2014, p. 0066
- Draft final act: 03643/2009/LEX
- Commission response to text adopted in plenary: SP(2009)3507
- Results of vote in Parliament: Results of vote in Parliament
- Debate in Parliament: Debate in Parliament
- Decision by Parliament, 1st reading: T6-0251/2009
- Debate in Council: 2911
- Committee report tabled for plenary, 1st reading/single reading: A6-0413/2008
- Committee report tabled for plenary, 1st reading: A6-0413/2008
- Debate in Council: 2894
- Amendments tabled in committee: PE408.021
- Amendments tabled in committee: PE409.418
- Committee opinion: PE404.605
- Amendments tabled in committee: PE407.989
- Amendments tabled in committee: PE407.991
- Amendments tabled in committee: PE409.365
- Amendments tabled in committee: PE409.479
- Debate in Council: 2872
- Economic and Social Committee: opinion, report: CES0976/2008
- Committee draft report: PE400.648
- Legislative proposal: COM(2008)0119
- Legislative proposal: EUR-Lex
- Legislative proposal published: COM(2008)0119
- Legislative proposal published: EUR-Lex
- Debate in Council: 2836
- Initial legislative proposal: COM(2007)0361
- Initial legislative proposal: EUR-Lex
- Document attached to the procedure: SEC(2007)0870
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SEC(2007)0871
- Document attached to the procedure: EUR-Lex
- Initial legislative proposal published: COM(2007)0361
- Initial legislative proposal published: EUR-Lex
- Initial legislative proposal: COM(2007)0361 EUR-Lex
- Document attached to the procedure: SEC(2007)0870 EUR-Lex
- Document attached to the procedure: SEC(2007)0871 EUR-Lex
- Legislative proposal: COM(2008)0119 EUR-Lex
- Committee draft report: PE400.648
- Economic and Social Committee: opinion, report: CES0976/2008
- Amendments tabled in committee: PE407.989
- Amendments tabled in committee: PE407.991
- Amendments tabled in committee: PE409.365
- Amendments tabled in committee: PE409.479
- Committee opinion: PE404.605
- Amendments tabled in committee: PE409.418
- Amendments tabled in committee: PE408.021
- Committee report tabled for plenary, 1st reading/single reading: A6-0413/2008
- Commission response to text adopted in plenary: SP(2009)3507
- Draft final act: 03643/2009/LEX
- Follow-up document: COM(2017)0740 EUR-Lex
- Follow-up document: COM(2018)0169 EUR-Lex
- Follow-up document: COM(2019)0292 EUR-Lex
Activities
- Nils LUNDGREN
Plenary Speeches (7)
- 2016/11/22 Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Alessandro BATTILOCCHIO
Plenary Speeches (5)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Edite ESTRELA
Plenary Speeches (5)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Luís QUEIRÓ
Plenary Speeches (5)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Šarūnas BIRUTIS
Plenary Speeches (4)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Andrzej Jan SZEJNA
Plenary Speeches (4)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Glyn FORD
Plenary Speeches (3)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Bruno GOLLNISCH
Plenary Speeches (3)
- Pedro GUERREIRO
Plenary Speeches (3)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Syed KAMALL
Plenary Speeches (3)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- David MARTIN
Plenary Speeches (3)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Hannu TAKKULA
Plenary Speeches (3)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Pervenche BERÈS
Plenary Speeches (2)
- 2016/11/22 Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
- 2016/11/22 Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
- Philip BRADBOURN
Plenary Speeches (2)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Jean-Paul GAUZÈS
Plenary Speeches (2)
- 2016/11/22 Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
- 2016/11/22 Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
- Christopher HEATON-HARRIS
Plenary Speeches (2)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Carl LANG
Plenary Speeches (2)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Fernand LE RACHINEL
Plenary Speeches (2)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Mary Lou McDONALD
- Andreas MÖLZER
Plenary Speeches (2)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Athanasios PAFILIS
Plenary Speeches (2)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Olle SCHMIDT
- Peter SKINNER
Plenary Speeches (2)
- 2016/11/22 Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
- 2016/11/22 Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
- Gary TITLEY
Plenary Speeches (2)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Renate WEBER
Plenary Speeches (2)
- 2016/11/22 Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
- 2016/11/22 Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
- Thomas WISE
Plenary Speeches (2)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Francis WURTZ
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Adamos ADAMOU
- Jim ALLISTER
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Jan ANDERSSON
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Richard ASHWORTH
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- John ATTARD-MONTALTO
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Jean-Pierre AUDY
- Liam AYLWARD
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Godfrey BLOOM
- Johannes BLOKLAND
- Sebastian Valentin BODU
- Catherine BOURSIER
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Mario BORGHEZIO
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Sharon BOWLES
- Ieke van den BURG
- Simon BUSUTTIL
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Călin Cătălin CHIRIȚĂ
- Philip CLAEYS
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Brian CROWLEY
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Daniel DĂIANU
- Marielle DE SARNEZ
- Konstantinos DROUTSAS
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Avril DOYLE
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Göran FÄRM
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Ilda FIGUEIREDO
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Janelly FOURTOU
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Lidia Joanna GERINGER DE OEDENBERG
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Robert GOEBBELS
- Louis GRECH
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Françoise GROSSETÊTE
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Anna HEDH
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Karsten Friedrich HOPPENSTEDT
- Filip KACZMAREK
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Roger KNAPMAN
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Wolf KLINZ
- Eija-Riitta KORHOLA
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Rodi KRATSA-TSAGAROPOULOU
- Kurt Joachim LAUK
- Werner LANGEN
- Klaus-Heiner LEHNE
- Alain LIPIETZ
- Andrea LOSCO
- Astrid LULLING
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Manuel MEDINA ORTEGA
- Gay MITCHELL
- Sebastiano (Nello) MUSUMECI
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Cristiana MUSCARDINI
- Alexandru NAZARE
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Gianni PITTELLA
- John PURVIS
- Teresa RIERA MADURELL
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Martine ROURE
- Eoin RYAN
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Paul RÜBIG
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Antolín SÁNCHEZ PRESEDO
- Margaritis SCHINAS
- Inger SEGELSTRÖM
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Brian SIMPSON
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Margarita STARKEVIČIŪTĖ
- Catherine STIHLER
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Robert STURDY
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- David SUMBERG
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Timothy Charles Ayrton TANNOCK
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Ewa TOMASZEWSKA
- Vladimir URUTCHEV
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Sahra WAGENKNECHT
- Åsa WESTLUND
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Bernard WOJCIECHOWSKI
Votes
Rapport SKINNER A6-0413/2008 - résolution législative #
2009/04/22 Outcome: +: 593, -: 80, 0: 3
PPE-DE
UEN
NI
IND/DEM
GUE/NGL
Verts/ALE| Amendments | Dossier |
| 785 |
2007/0143(COD)
2008/05/07
JURI
31 amendments...
Amendment 28 #
Proposal for a directive Citation 1 Having regard to the Treaty establishing the European Community, and in particular Articles 47(2), 55 and
Amendment 29 #
Proposal for a directive Recital 13 a (new) (13a) The new solvency régime will result in even better protection for all concerned; this will require the Member States to provide the authorities responsible for financial supervision with adequate resources. This obligation will be backed up by the Member States' duty to implement the directive in full, and also by the case-law of the Court of Justice and national provisions relating to state liability;
Amendment 30 #
Proposal for a directive Recital 23 (23) It is necessary to promote supervisory convergence not only in respect of supervisory tools but also in respect of supervisory practices. The Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2004/6/EC should play an important role in this respect and report regularly on the progress made. In order to fulfil its tasks of mediation and arbitrage in the event of conflicts among supervisory authorities within the colleges of supervisors, this Committee should be given a legal basis and personality under a new regulation to enter into force at the same time as this Directive.
Amendment 31 #
Proposal for a directive Recital 23 (23) It is necessary to promote supervisory convergence not only in respect of supervisory tools but also in respect of supervisory practices. The Committee of
Amendment 32 #
Proposal for a directive Recital 35 (35) The supervisory regime should provide for a risk-sensitive requirement, which is based on a prospective calculation to ensure accurate and timely intervention by supervisory authorities (the Solvency Capital Requirement), and a minimum level of security below which the amount of financial resources should not fall (the Minimum Capital Requirement). The Minimum Capital Requirement should be calculated in a clear and simple manner, and in such a way as to ensure that the calculation can be audited. It should correspond to an amount of eligible basic own funds below which policyholders and beneficiaries would be exposed to an unacceptable level of risk if insurance and reinsurance undertakings were allowed to continue their operations. The Minimum Capital Requirement should be linked to the Solvency Capital Requirement as a percentage thereof, corresponding to a confidence level in the range of 80% to 90% over a one-year period. Both capital requirements should be harmonized throughout the Community in order to achieve a uniform level of protection for policyholders.
Amendment 33 #
Proposal for a directive Recital 70 (70) It is necessary to ensure that own funds are appropriately distributed within the group and available to protect policyholders and beneficiaries where needed. To this end insurance and reinsurance undertakings within a group should have sufficient own funds to cover their solvency capital requirement, unless the objective of protection of policyholders and beneficiaries can effectively be achieved otherwise. Insurance and reinsurance undertakings within a group should therefore be authorised to cover their Solvency Capital Requirement with group support declared by their parent undertaking, under defined circumstances. For the equal protection of all policyholders, Member States should provide for free movement of assets and liabilities to enable solvency capital and eligible own funds to be reconfigured within a group for the purposes of group support and without risk of suspensive actions. For those Member States where such movement is not yet guaranteed, group support should in the interim period additionally include those instruments or other mechanisms necessary to ensure that funds are transferred in good time. Member States shall also ensure that claims arising from group support commitments are treated as equivalent to insurance claims. In order to assess the need for and prepare any possible future revision of the group support regime, the Commission should report on the rules of the Member States and the practices of the supervisory authorities in this field.
Amendment 34 #
Proposal for a directive Recital 87 a (new) Amendment 35 #
Proposal for a directive Recital 95 a (new) (95a) Given the increasingly cross-border nature of insurance business, it is necessary to work on the functioning of insurance guarantee throughout Europe, taking account of the supervision structures. This work in progress will be done outside the scope of this Directive, since new solvency requirements will by themselves offer a high level of harmonised protection for policyholders.
Amendment 36 #
Proposal for a directive Article 4 (1)
Amendment 37 #
Proposal for a directive Article 27 – paragraph 1 a (new) Member States shall recognise a right to reparation for policyholders, funded by the Member States themselves, in circumstances of gross negligence or bad faith on the part of supervisory authorities.
Amendment 38 #
Proposal for a directive Article 28 – paragraph 3 3. Member States shall ensure that the requirements laid down in this Directive are applied in a manner which is proportionate to the nature, complexity and scale of the risks inherent in the business of an insurance or reinsurance undertaking even if the undertaking concerned is not vital for the overall financial stability of the market.
Amendment 39 #
Proposal for a directive Article 41 − Paragraph 1 a (new) (1a) For the purpose of this section, 'function' shall mean capacity to carry out specific practical tasks. How insurance and reinsurance undertakings comply with the individual governance requirements laid down in Article 43, 45, 46 and 47 shall be a matter for their commercial judgment.
Amendment 40 #
Proposal for a directive Article 127 – paragraph 1 – introductory part 1. The Minimum Capital Requirement shall be calibrated as a percentage of technical provisions based on 33% of the last Solvency Capital Requirement approved by the supervisor, corresponding to a confidence level of 80% over a one- year period. In addition, it shall be calculated in accordance with the following principles:
Amendment 41 #
Proposal for a directive Article 127 – paragraph 1 – point c Amendment 42 #
Proposal for a directive Article 127 – paragraph 2 2. Insurance and reinsurance undertakings shall calculate the Minimum Capital Requirement at least
Amendment 43 #
Proposal for a directive Article 127 – paragraph 2 a (new) 2a. The supervisory authorities shall have the right to request that they be provided with the Minimum Capital Requirement calculations more frequently, but not more frequently than each quarter.
Amendment 44 #
Proposal for a directive Article 127 – paragraph 1 – point a (a) it shall be calculated in a clear and simple manner, intelligible to all stakeholders, and in such a way as to ensure that the calculation can be audited and can be performed at any time;
Amendment 45 #
Proposal for a directive Article 127 – paragraph 1 – point d (d) it shall have an absolute floor of
Amendment 46 #
Proposal for a directive Article 127 – paragraph 1 – point d a (new) (da) it shall be calculated independently of the Solvency Capital Requirements.
Amendment 47 #
Proposal for a directive Article 130 – paragraph 4 – subparagraph 5 a (new) Supervisors may take account of the effects on asset management of voluntary codes of conduct and transparency adhered to by the relevant institutions dealing in unregulated or alternative investment instruments.
Amendment 48 #
Proposal for a directive Article 130 – paragraph 4 – subparagraph 5 a (new) Supervisors should take account of whether the relevant institutions dealing in unregulated or alternative investment instruments adhere to voluntary codes of conduct, especially on transparency vis-à- vis supervisory authorities, investors and the general public.
Amendment 49 #
Proposal for a directive Article 142 – paragraph 1 – subparagraph 2 (new) For the purposes of point (c), an insurance or reinsurance undertaking shall be bound by its calculation of the Minimum Capital Requirement in accordance with paragraphs 1 and 2 of this Article, unless that calculation is shown to be manifestly wrong.
Amendment 50 #
Proposal for a directive Article 234 – paragraph 1 – point c a (new) (ca) the primary source of group support is own funds transferred from the parent undertaking to its subsidiary; in the event that group support may be provided from resources available in a subsidiary, legally enforceable contracts or other mechanisms shall be in place to enable the transfer of eligible own funds;
Amendment 51 #
Proposal for a directive Article 237 – paragraph 2 2. The group support shall take the form of a declaration to the
Amendment 52 #
Proposal for a directive Article 237 – paragraph 3 – point c (c) that the document containing the declaration of group support and any necessary accompanying instrument meets all requirements existing under
Amendment 53 #
Proposal for a directive Article 240 – paragraph 2 – subparagraph 1 2. Group support may be provided from eligible own funds present in the parent undertaking or in any subsidiary, subject
Amendment 54 #
Proposal for a directive Article 244 Subsidiaries of an insurance or reinsurance undertaking:
Amendment 55 #
Proposal for a directive Article 262 – paragraph 2 a (new) (2a) In the event of non-compliance by a holding company or a parent company with the requirements of group support, the group supervisor shall, also upon request by any other supervisory authorities concerned, examine the situation and if necessary decide that supervision on a group basis is to cease.
Amendment 56 #
Proposal for a directive Article 304 – paragraph 3 a (new) 3a. Notwithstanding paragraph 1 and having regard to the decision-making procedure provided for by recital 23 and Article 251(4), the Committee of European Insurance and Occupational Pensions Supervisors shall be given legal personality in a regulation to enter into force at the same time as this Directive.
Amendment 57 #
Proposal for a directive Article 304 – paragraph 3 a (new) (3a) Notwithstanding paragraph 1 and having regard to the decision-making procedure provided for by Article 251(4), the Committee of European Insurance and Occupational Pensions Supervisors shall be given legal personality in a regulation to enter into force at the same time as this Directive.
Amendment 58 #
Proposal for a directive Article 304 – paragraph 3 b (new) (3b) All decisions to be taken by the Committee of European Insurance and Occupational Pensions Supervisors for the purposes of this Directive shall be adopted by qualified majority.
source: PE-405.906
2008/06/30
ECON
754 amendments...
Amendment 100 #
Proposal for a directive Recital 47 a (new) (47a) Criteria for a prudential assessment of a proposed acquisition of qualifying holding in an insurance or reinsurance undertaking as defined in this Directive and by implementing measures in accordance therewith, shall include admissibility criteria for use of certain classes of capital for the purpose of financing such acquisition.
Amendment 101 #
Proposal for a directive Recital 50 a (new) (50a) In order to fulfil the aim of protection of the general interest, there is a need to go beyond the studies the Commission has already carried out and adopt as soon as possible an insurance guarantee fund mechanism in the European Union, in particular in life assurance. The purpose of such a fund must be to guarantee protection of last resort for policyholders.
Amendment 102 #
Proposal for a directive Recital 52 a (new) Amendment 103 #
Proposal for a directive Recital 57 a (new) (57a) Subject to Community and national law, mutual companies, mutual associations and provident societies are able to come together by forming concentrations or groups. Groups are not constituted with capital ties but through formalised long-lasting financial relationships that guarantee a financial solidarity between the affiliated companies. In the event that a significant or dominant influence is exercised through such a group, however, it shall be supervised according to the same rules as those provided for groups constituted through capital ties in order to achieve an adequate level of protection for policyholders and a level playing field between groups.
Amendment 104 #
Proposal for a directive Recital 64 a (new) (64a) According to their national law, mutual companies, mutual associations and provident societies are able to come close to another through mergers or the constitution of groups. These groups are not constituted with capital ties but through formalized long-lasting financial relationships that guarantee a financial solidarity between the affiliated companies. Therefore, in case a significant or dominant influence is exercised through these relationships, those relationships shall be supervised according to the same rules as the one provided for groups constituted through capital ties to achieve an adequate level of policyholders’ protection and a level- playing field between groups.
Amendment 105 #
Proposal for a directive Recital 64 a (new) (64a) Where they exist, mutual companies, mutual associations or provident societies do not have share capital to sell or exchange, but have the opportunity to constitute groups by setting up long-lasting financial relationships (such as formal and reciprocal financial support contracts or joint guarantee schemes) managed by a legal entity exerting a significant influence over them. Those financial relationships are subject to the approval of the supervisory authority of the Member State where the legal entity is situated and ought to be as much as needed supervised as groups.
Amendment 106 #
Proposal for a directive 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) (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 108 #
Proposal for a directive Recital 70 (70) It is necessary to ensure that own funds are appropriately distributed within the group and available to protect policyholders and beneficiaries where needed. To this end insurance and reinsurance undertakings within a group should have sufficient own funds to cover their solvency capital requirement, unless the objective of protection of policyholders and beneficiaries can effectively be achieved otherwise. Insurance and reinsurance undertakings within a group should therefore be authorised to cover
Amendment 109 #
Proposal for a directive Recital 70 a (new) (70a) All supervisors involved in group supervision should be able to understand the decisions made, in particular when those decisions are made by the group supervisor. It is necessary, therefore, for all the supervisors concerned to share the same set of rights and duties and overall responsibility. It is also necessary that when it becomes available to one of the supervisors, all information is immediately shared with the other supervisors, in order for all supervisors to be able to establish an opinion based on the same information. In order to facilitate group supervision, the group supervisor and the other supervisory authorities concerned should set up a college of supervisors chaired by the group supervisor.
Amendment 110 #
Proposal for a directive Recital 70 a (new) (70a) All supervisors involved in group supervision should be able to understand the decisions made, in particular when those decisions are made by the group supervisor. It is necessary, therefore, that when it becomes available to one of the supervisors, the relevant information is immediately shared with the other supervisors, in order for all supervisors to be able to establish an opinion based on the same relevant information. In the event that the supervisors concerned cannot reach an agreement, qualified advice from the Committee of European Insurance and Occupational Pensions Supervisors should be sought to resolve the situation.
Amendment 111 #
Proposal for a directive Recital 70 a (new) (70a) In the context of the approval of internal models and the functioning of the group support regime, this Directive provides a consultative role for CEIOPS. Within that framework, CEIOPS' advice should be fully taken into account by the supervisory authority having the power to take the final decision, so that a "comply or explain" mechanism is implemented.
Amendment 112 #
Proposal for a directive Recital 74 (74) All insurance or reinsurance groups subject to group supervision should have a group supervisor appointed from among the supervisory authorities involved. The rights and duties of the group supervisor should comprise appropriate coordination and decision-making powers. The authorities involved in the supervision of insurance and reinsurance undertakings belonging to the same group
Amendment 113 #
Proposal for a directive Recital 75 (75)
Amendment 114 #
Proposal for a directive Recital 75 a (new) (75a) Host state supervisors, for branches as well as subsidiaries, should be able to carry out an effective conduct of business supervision of undertakings operating on their territory, with assistance and information pertaining to the financial state of such undertakings provided by the home State supervisors and through the college of supervisors. National supervisors should make all necessary efforts to cooperate directly and through the college of supervisors so as to ensure that complaints that concern areas that are linked to both prudential matters and the conduct of business are properly and exhaustively dealt with. Host state supervisors should actively assist complainants, help them to direct their complaints to the appropriate destination, and support them as necessary throughout the resulting process.
Amendment 115 #
Proposal for a directive Recital 87 a (new) (87a) Failures of supervisory authorities for gross negligence or through bad faith, should be actionable, in accordance with the Francovich case1. Supervisory standards are ultimately the responsibility of Member States and each Member State should therefore ensure that policyholders, whether from that Member State or from another, are adequately protected under national law and without having to establish their right of action. ____________________ 1 Joined Cases C-6/90 and C-9/90, Francovich [1991] ECR I-5357.
Amendment 116 #
Proposal for a directive Recital 93 a (new) (93a) Recasting the applicable instruments and, consequently, repealing Directive 2002/83/EC should not necessarily lead to pension funds becoming subject to new solvency rules. The review of Directive 2003/41/EC, which was due in 2007, should be carried out by the Commission as quickly as possible. In this regard, the Commission should submit to the European Insurance and Occupational Pensions Committee and the European Parliament, no later than six months after the entry into force of this Directive, a report on the solvency rules for institutions for occupational retirement provision (IORPs) and other equivalent arrangements, with a view to ensuring appropriate protection and including relevant comparison with insurance and tax based schemes. Such analysis should, nevertheless, take full account of the differences in products and institutions between IORPS, book reserves and insurance companies as well as national differences.
Amendment 117 #
Proposal for a directive Recital 93 a (new) (93a) Recasting the applicable instruments and, consequently, repealing Directive 2002/83/EC should not necessarily lead to pension funds becoming subject to new solvency rules. The review of Directive 2003/41/EC, which was due in 2007, should be carried out by the Commission as quickly as possible. In this regard, the Commission should submit to the European Insurance and Occupational Pensions Committee and the European Parliament, no later than six months after the entry into force of this Directive, a report on adequate solvency rules for institutions for occupational retirement provision (IORPs), with a view to ensuring a level playing field between insurance undertakings and pension funds that fall within the scope of the IORP directive. Such analysis should nevertheless take full account of the differences in products and institutions between IORPS and insurance companies.
Amendment 118 #
Proposal for a directive Recital 93 a (new) (93a) Recasting the applicable instruments and, consequently, repealing Directive 2002/83/EC should not lead to pension funds becoming subject to the solvency rules of this new Directive. The review of Directive 2003/41/EC, which was due in 2007, should be carried out by the Commission as quickly as possible, with a view to establishing also a more harmonised solvency regime in the IORP- directive that could come into force at the same time or shortly after the implementation date of this Directive. The Commission should, supported by CEIOPS, develop a proper system of solvency rules for institutions for occupational retirement provision (IORPs), similar to the Solvency II regime, but fully taking into account the essential differences between IORPS and insurance companies.
Amendment 119 #
Proposal for a directive Recital 93 a (new) (93a) The key benefits of the application of Solvency II regime to all pension activities will be greater consumer confidence, enhanced and cost-effective policyholder protection and more innovative and competitive products. In the interest of a high level and harmonised protection of European citizens, with a modern principle based framework which will allow a real level playing field among pension providers across Europe and increased competition, the inclusion of pension funds in the Solvency II framework is particularly legitimate. References to Articles 27 and 28 of Directive 2002/83/EC in Article 17 of Directive 2003/41/EC should therefore be construed as references to this Directive in accordance with the correlation table. The other elements of Directive 2003/41/EC should be reviewed according to the principle of harmonisation with Solvency II before the entry into force of this Directive, including the appropriate quantitative impact studies.
Amendment 120 #
Proposal for a directive Recital 93 a (new) (93a) The application of the Solvency II regime should concern all pension activities, achieving greater consumer protection and confidence.
Amendment 121 #
Proposal for a directive Recital 93 a (new) (93a) The review of Directive 2003/41/EC with regard to solvency should take account of the effect on pension funds falling under Article 17 of that Directive only.
Amendment 122 #
Proposal for a directive Recital 93 a (new) (93a) In accordance with this Directive (Solvency II), which repeals Directive 2002/83/EC, pension activities that were previously subject to certain provisions of Directive 2002/83/EC are subject to the corresponding provisions of Solvency II. The economics- based provisions of Solvency II address the specificities of the pension activities. Together with the review of Directive 2003/41/EC this Directive should therefore enhance the convergence of supervisory practices as regards insurance undertakings and pension funds. The review of Directive 2003/41/EC, which was due in 2007, should be carried out by the Commission with the view of enhancing the level- playing field for all operators in the pensions market, namely insurance undertakings or pension funds.
Amendment 123 #
Proposal for a directive Recital 93 a (new) (93a) The provisions of the whole Directive must serve for the principality of equal access to any kind of benefits attributable to the application of this new Directive. Therefore any change in the regulatory landscape in comparison with the one must be based on thorough impact assessment examining the attendant costs and benefits of the three fundamental economic actors, such as Member State's budgets (in the breakdown of parent and host Member States' budgets), parent companies (usually financial conglomerates) plus start-up insurers.
Amendment 124 #
Proposal for a directive Article 2 – paragraph 3 a (new) (3a) Articles 36, 37, 40 to 49, 50 to 55, 74 to 85, and 130 to 133 apply mutatis mutandis to institutions for occupational retirement provisions as defined in Article 2 of Directive 2003/41/EC.
Amendment 125 #
Proposal for a directive Article 2 – paragraph 3 a (new) Amendment 126 #
Proposal for a directive Article 4 – paragraph 1 1. Without prejudice to Articles 5 to 10, this Directive shall not apply to non-life insurance undertakings wh
Amendment 127 #
Proposal for a directive Article 4 – paragraph 1 – subparagraph 1 1. Without prejudice to Articles 5 to 10 this Directive shall not apply to insurance undertakings whose annual premium income does not exceed EUR
Amendment 128 #
Proposal for a directive Article 4 – paragraph 1 1.
Amendment 129 #
Proposal for a directive Article 4 – paragraph 1 a (new) 1a. In order to take account of inflation and of market developments, the Commission shall adopt implementing measures laying down the frequency and methodology of scrutinising the thresholds in paragraph 1 and, if appropriate, changing them. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 304(3).
Amendment 130 #
Proposal for a directive Article 4 – paragraph 1 – subparagraph 1 a (new) (1a) Premiums received to cover risks relating to Section 2, Point A of Annex I in the context of services of general economic interest within the meaning of Article 86(2) of the Treaty shall not be taken into account for the calculation of such income.
Amendment 131 #
Proposal for a directive Article 4 – paragraph 2 Amendment 132 #
Proposal for a directive Article 4 – paragraph 1 Amendment 133 #
Proposal for a directive Article 4 – paragraph 2 Amendment 134 #
Proposal for a directive Article 4 – paragraph 2 Amendment 135 #
Proposal for a directive Article 4 – paragraph 2 2. If the amount set out in paragraph 1 and adapted in accordance with paragraph 1a is exceeded for three consecutive years this Directive shall apply from the fourth year.
Amendment 136 #
Proposal for a directive Article 4 – paragraph 2 2. If any of the amounts set out in paragraph 1 is exceeded for three consecutive years this Directive shall apply from the fourth year.
Amendment 137 #
Proposal for a directive Article 4 – paragraph 2 a (new) 2a. By way of derogation from paragraph 1, this Directive shall apply to all insurance undertakings seeking authorisation in accordance with Article 14(2) and whose annual gross written premium income or gross technical provisions according to the scheme of operations referred to in Article 23 is expected to exceed the amounts set out in paragraph 1 within the following 5 years.
Amendment 138 #
Proposal for a directive Article 4 – paragraph 2 b (new) 2b. Subject to the approval of the supervisory authority of the insurance undertaking concerned, this Directive shall cease to apply from the fourth year to those insurance undertakings which fulfil both of the following conditions: (a) the amounts set out in paragraph 1 are not exceeded for three consecutive years; and (b) the amounts set out in paragraph 1 are not expected to be exceeded within the following five years. As long as the insurance undertaking concerned carries on activities in accordance with Articles 143 to 147, the first subparagraph shall not apply.
Amendment 139 #
Proposal for a directive Article 4 – paragraph 2 c (new) 2c. Paragraphs 1 and 2 shall not prevent any undertaking from applying for authorisation or continuing to be authorised under this Directive.
Amendment 140 #
Proposal for a directive Article 4 – paragraph 2 a (new) 2a. Paragraph 1 shall not prevent any undertaking from applying for a license or continuing to be licensed under this Directive.
Amendment 141 #
Proposal for a directive Article 4 – paragraph 2 a (new) 2a. In the event that the annual premium income of insurance undertaking steadily declines in three consecutive years below the amount set out in paragraph 1, the insurance undertaking shall no longer fall within the scope of this Directive.
Amendment 142 #
Proposal for a directive Article 13 – point 1 a (new) (1a) 'captive insurance undertaking' means an insurance undertaking owned either by a financial undertaking other than an insurance or reinsurance undertaking or a group of insurance or reinsurance undertakings to which Title III of this Directive applies, or by a non- financial undertaking, the purpose of which is to provide insurance cover exclusively for the risks of the undertaking or undertakings to which it belongs or of an undertaking or undertakings of the group of which the captive insurance undertaking is a member;
Amendment 143 #
Proposal for a directive Article 13 – point 1 a (new) (1a) 'captive insurance undertaking' means an insurance undertaking owned either by a financial undertaking other than an insurance or reinsurance undertaking or a group of insurance or reinsurance undertakings, or by a non- financial undertaking, the purpose of which is to provide insurance cover exclusively for the risks of the undertaking or undertakings to which it belongs or of an undertaking or undertakings of the group of which the captive insurance undertaking is a member;
Amendment 144 #
Proposal for a directive Article 13 – point 4 a (new) (4a) 'dedicated reinsurer' means an insurer: (a) the insurance business of which is restricted to the reinsurance of a cedant (syndicate or undertaking that transfers risk to the dedicated reinsurer) and the cedant's subsidiaries on terms that allow the cedant at any time to cancel the reinsurance arrangements and upon any such cancellation immediately transfer the assets and liabilities of the reinsurer to the cedant; and (b) which directly or indirectly: (i) is wholly owned by the cedant or the members of the cedant; or (ii) wholly owns the cedant.
Amendment 145 #
Proposal for a directive Article 13 – point 10 – introductory part (10) 'Member State where the risk is situated' means any of the following
Amendment 146 #
Proposal for a directive Article 13 – point 11 – introductory part (11) 'Member State of the commitment' means the Member State in which any of the following is situated
Amendment 147 #
Proposal for a directive Article 13 – point 15 a (new) (15a) 'intra-group transaction' means any transaction by which an insurance or reinsurance undertaking relies either directly or indirectly on other undertakings within the same group or on any natural or legal person linked to the undertakings within that group by close links, for the fulfilment of an obligation, whether or not contractual, and whether or not for payment. Those transactions concern in particular: - loans, - guarantees and off-balance-sheet transactions, - elements eligible for the solvency margin, - investments, - reinsurance operations, and - agreements to share costs;
Amendment 148 #
Proposal for a directive Article 14 – paragraph 3 Amendment 149 #
Proposal for a directive Article 27 – title Main objective of supervision under this Directive
Amendment 150 #
Proposal for a directive Article 27 – paragraph -1 (new) (-1) The main objective of supervision is to protect and preserve the interests of policyholders and the beneficiaries of insurance payments.
Amendment 151 #
Proposal for a directive Article 27 Member States shall ensure that the supervisory authorities are provided with the necessary means to achieve the main objective of supervision
Amendment 152 #
Proposal for a directive Article 27 Member States shall ensure that the supervisory authorities are provided with the necessary means to achieve the main objective of supervision, namely the protection of any policyholder
Amendment 153 #
Proposal for a directive Article 27 Member States shall ensure that the supervisory authorities are provided with the necessary means, and have the relevant expertise and capacity, to achieve the main objective of supervision, namely the protection of policyholders and beneficiaries.
Amendment 154 #
Proposal for a directive Article 27 1. Member States shall ensure that the supervisory authorities are provided with the necessary means and mandate to achieve the main objective of supervision, namely the protection of policyholders and beneficiaries in line with Community and national law.
Amendment 155 #
Proposal for a directive Article 27 Member States shall ensure that the supervisory authorities are provided with the necessary means to achieve the main objective of supervision, namely the protection of policyholders and beneficiaries and promotion of the insurance industry and activity.
Amendment 156 #
Proposal for a directive Article 27 – paragraph 1 a (new) (1a) The European Parliament shall in consultation with the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) examine whether a supervisory authority has the necessary means. If the European Parliament finds that only insufficient means are available the undertakings supervised by the authority concerned shall be required to support that authority in the acquisition of the necessary means.
Amendment 157 #
Proposal for a directive Article 27 − paragraph 1 a (new) 1a. For the protection of policyholders and beneficiaries, Member States shall ensure that the supervisory authorities are provided with the legally binding arrangements of burden sharing among relevant Member States in the event of bankruptcy of cross-border insurance and reinsurance undertakings.
Amendment 158 #
Proposal for a directive Article 27 − paragraph 1 a (new) 1a. Member States shall also ensure that the supervisory authorities in the framework of the economic and monetary union are able to prevent systemic risks, protect the financial stability and achieve the objectives of the Community.
Amendment 159 #
Proposal for a directive Article 28 – paragraph 1 1. Supervision shall be based on a prospective and risk-oriented approach cyclically and temporarily adjusted. It shall include the verification on a continuous basis of the proper operation of the insurance or reinsurance business and
Amendment 160 #
Proposal for a directive Article 28 – paragraph 3 3. Member States shall ensure that the requirements laid down in this Directive are applied in a manner which is proportionate to the nature, complexity and scale of the risks inherent in the business of an insurance or reinsurance undertaking even if the undertaking concerned is not vital for the overall financial stability of the market.
Amendment 161 #
Proposal for a directive Article 28 – paragraph 3 3. Member States shall ensure that the requirements laid down in this Directive are applied in a manner which is proportionate to the nature, complexity and scale of the risks inherent in the business of an insurance or reinsurance undertaking, even if the undertaking is not significant for the overall financial stability of the market.
Amendment 162 #
Proposal for a directive Article 28 – paragraph 3 – subparagraph 1 a (new) CEIOPS shall closely monitor whether insurance undertakings with similar operational features located in different Member States are subject to the same terms and conditions in the single financial market in accordance with the proportionality principle.
Amendment 163 #
Proposal for a directive Article 29 – paragraph 2 – subparagraph 1 Financial supervision pursuant to paragraph 1 shall include verification, with respect to the entire business of the insurance and reinsurance undertaking, of its state of solvency, of the establishment of technical provisions, of its assents and of the eligible own funds, in accordance with the rules laid down or practices followed in the Member State under provisions adopted at Community level.
Amendment 164 #
Proposal for a directive Article 30 – paragraph 2 – point e a (new) (ea) any quantitative tools developed under the supervisory review process.
Amendment 165 #
Proposal for a directive Article 33 – paragraph 1 1. Member States shall require every insurance and reinsurance undertaking
Amendment 166 #
Proposal for a directive Article 33 – paragraph 3 – subparagraph 1 3. Member States shall require insurance and reinsurance undertakings
Amendment 167 #
Proposal for a directive Article 34 – paragraph 1 1. Member States shall ensure that the supervisory authorities have the power, in accordance with the respect of article 70 of this Directive, to take preventive and corrective measures to ensure that insurance and reinsurance undertakings comply with the laws, regulations and administrative provisions adopted pursuant to this Directive.
Amendment 168 #
Proposal for a directive Article 34 – paragraph 4 Amendment 169 #
Proposal for a directive Article 34 – paragraph 4 4. Member States shall ensure that, in exceptional cases, supervisory authorities have the power to develop, in addition to the calculation of the Solvency Capital Requirement and
Amendment 170 #
Proposal for a directive Article 34 – paragraph 6 6. Supervisory powers shall be applied in a timely and proportionate manner. Supervisors shall take account of actions that might be pro-cyclical in times of market-wide stress, at all times taking full account of the interests of the policyholder .
Amendment 171 #
Proposal for a directive Article 36 – paragraph 2 – point f a (new) (fa) compliance with the transparency requirements as defined in Chapter IV, Section 3;
Amendment 172 #
Proposal for a directive Article 36 – paragraph 5 5. The supervisory authorities shall have the necessary powers to require insurance and reinsurance undertakings, by means of a reasoned resolution proportionate to the nature and extent of the facts ascertained, to remedy weaknesses or deficiencies identified in the supervisory review process.
Amendment 173 #
Proposal for a directive Article 36 – paragraph 6 – subparagraph 2 The supervisory authorities shall establish the minimum frequency and scope of the reviews, evaluations and assessments
Amendment 174 #
Proposal for a directive Article 36 – paragraph 6 a (new) 6a. Supervisors may take account of the effects on risk and asset management of voluntary codes of conduct and transparency adhered to by the relevant institutions dealing in unregulated or alternative investment instruments.
Amendment 175 #
Proposal for a directive Article 36 – paragraph 6 b (new) 6b. Member States shall ensure that their courts accept Minimum Capital Requirement and Solvency Capital Requirement values that have been established through the supervisory processes, unless those values are manifestly wrong.
Amendment 176 #
Proposal for a directive Article 38 – paragraph 2 – subparagraph 1 2. The Member State where the service provider is located shall permit the supervisory authorities of the insurance or reinsurance undertaking to carry out themselves, or through the intermediary of persons they appoint for that purpose, on- site
Amendment 177 #
Proposal for a directive Article 38 – paragraph 2 a (new) 2a. Outsourcing to service providers situated in third countries shall be permitted in accordance with the conditions of paragraphs 1 and 2.
Amendment 178 #
Proposal for a directive Article 41 – paragraph 1 – subparagraph 2 a (new) A function is an internal capacity to undertake practical tasks. How insurance and reinsurance undertakings implement the governance functions set out in Articles 43, 45, 46 and 47 is left to their discretion.
Amendment 179 #
Proposal for a directive Article 42 – paragraph 1 – point a (a) their professional qualifications, knowledge and experience are adequate to enable sound and prudent management (fit); for the purpose of assessing the required level of competence, professional qualifications and experience of members of senior management may be taken into consideration as additional factors;
Amendment 180 #
Proposal for a directive Article 43 – paragraph 1 – subparagraph 1 1. Insurance and reinsurance undertakings shall have in place an effective risk management system comprising strategies, processes and reporting procedures necessary to identify, measure, monitor, manage and report, on a continuous basis the risks, on an individual and aggregated level, to which they are or could be exposed, and their interdependencies.
Amendment 181 #
Proposal for a directive Article 43 – paragraph 1 – subparagraph 1 1. Insurance and reinsurance undertakings shall have in place an effective risk management system comprising strategies, processes and reporting procedures necessary to identify, measure, monitor, manage and report, on a continuous basis the risks, on an individual and aggregated level, to which they are or could be exposed, and their interdependencies.
Amendment 182 #
Proposal for a directive Article 43 – paragraph 1 – subparagraph 1 1. Insurance and reinsurance undertakings shall have in place an effective risk management system comprising strategies, processes and reporting procedures necessary to monitor, manage and report, on a
Amendment 183 #
Proposal for a directive Article 43 – paragraph 1 – subparagraph 2 That risk management system shall be effective and well integrated into the organisational structure of the insurance or reinsurance undertaking, with proper consideration at high executive level. It shall contain contingency plans.
Amendment 184 #
Proposal for a directive Article 43 – paragraph 1 – subparagraph 2 That risk management system shall be well integrated into the organisational structure of the insurance or reinsurance undertaking. It must be objective and independent of other operational activities. It shall contain contingency plans.
Amendment 185 #
Proposal for a directive Article 44 – paragraph 1 – point (b) (b) the compliance, on a
Amendment 186 #
Proposal for a directive Article 44 – paragraph 1 – point c Amendment 187 #
Proposal for a directive Article 44 – paragraph 1 – point c (c) the
Amendment 188 #
Proposal for a directive Article 44 – paragraph 2 Amendment 189 #
Proposal for a directive Article 44 – paragraph 2 2. For the purposes of point (a) of paragraph 1, the undertaking concerned
Amendment 190 #
Proposal for a directive Article 44 – paragraph 3 Amendment 191 #
Proposal for a directive Article 44 – paragraph 3 Amendment 192 #
Proposal for a directive Article 44 – paragraph 6 6. The insurance and reinsurance undertaking
Amendment 193 #
Proposal for a directive Article 44 – paragraph 6 a (new) 6a. Without prejudice to the above, the only solvency levels with which insurance and reinsurance undertaking must comply shall be those determined in accordance with the standard formula or, where appropriate, the internal model used, without prejudice to capital surpluses, in accordance with the provisions of this Directive.
Amendment 194 #
Proposal for a directive Article 46 – paragraph 2 – subparagraph 1 2. The internal audit function shall include the examination of the compliance of the activities of an insurance and reinsurance undertaking with all its internal strategies, processes and reporting procedures. Examination shall in particular cover the activity of the risk management system under Article 43 and the actuarial function under Article 47.
Amendment 195 #
Proposal for a directive Article 47 – paragraph 1 – point g Amendment 196 #
Proposal for a directive Article 47 – paragraph 1 – point h Amendment 197 #
Proposal for a directive Article 47 – paragraph 2 2. The actuarial function shall be carried out by persons with
Amendment 198 #
Proposal for a directive Article 47 – paragraph 2 2. The actuarial function shall be carried out by persons with sufficient knowledge of actuarial and financial mathematics and able where appropriate, to demonstrate their relevant experience
Amendment 199 #
Proposal for a directive Article 47 – paragraph 2 a (new) (2a) Management of the actuarial function must be objective and independent of other operational activities.
Amendment 200 #
Proposal for a directive Article 48 – paragraph 1 1. Member States shall ensure that, when insurance and reinsurance undertakings outsource critical or important operational functions or any insurance or reinsurance activities or the performance of financial guarantees, the undertakings remain fully responsible for discharging all of their obligations under this Directive.
Amendment 201 #
Proposal for a directive Article 49 – point 1 (1) the elements of the systems referred to in Articles 41
Amendment 202 #
Proposal for a directive Article 49 – point 1 (1) the elements of the systems referred to in Articles 41, 43, 44, 45 and 46, and in particular the areas to be covered by the asset – liability management and investment policy, as referred to in Article 43(2), of insurance and reinsurance undertakings;
Amendment 203 #
Proposal for a directive Article 49 – point 4 a (new) (4a) the scope and methods for the own- risk and solvency assessment as set out in Article 44.
Amendment 204 #
Proposal for a directive Article 50 - paragraph 1 – subparagraph 2- introductory part That report shall contain the following information
Amendment 205 #
Proposal for a directive Article 50 - paragraph 2 – point e – point iii Amendment 206 #
Proposal for a directive Article 50 - paragraph 1– subparagraph 2 – point e – point iii (iii) summary information allowing a proper understanding of the main differences between the standard formula and any internal model used by the undertaking for the calculation of its Solvency Capital Requirement and of the main factors influencing the insurance or reinsurance undertaking's risk profile including the capital requirements;
Amendment 207 #
Proposal for a directive Article 50 - paragraph 2 - subparagraph 3 Amendment 208 #
Proposal for a directive Article 51 – paragraph 3 3. The Committee of European Insurance and Occupational Pensions Supervisors shall provide the information referred to in paragraph 2 to the European Parliament, Council and Commission, together with a report outlining the degree of supervisory convergence in the use of capital add-ons between supervisory authorities in the different Member States.
Amendment 209 #
Proposal for a directive Article 52 – paragraph 3 – subparagraph 1 a (new) Where the insurance or reinsurance undertaking maintains an electronic location, the information referred to in this Section shall be publicly disclosed in a common format, updated regularly and accessible at a single electronic location.
Amendment 210 #
Proposal for a directive Article 53 – paragraph 1 – subparagraph 3 In the cases referred to in point (a) of the second subparagraph, the supervisory authorities shall require the undertaking concerned to disclose immediately the amount of the non compliance, together with an explanation of its origin and consequences, including any remedial measure taken. Where, in spite of a recovery plan initially considered to be viable, a non compliance with the Minimum Capital Requirement has not been resolved t
Amendment 211 #
Proposal for a directive Article 53 – paragraph 1 – subparagraph 4 In the case referred to in point (b) of the second subparagraph, the supervisory authorities shall require the undertaking concerned to disclose immediately the amount of the non compliance, together with an explanation of its origin and consequences, including any remedial measure taken. Where, in spite of the recovery plan initially considered to be viable, a significant non compliance with the Solvency Capital Requirement has not been resolved
Amendment 212 #
Proposal for a directive Article 58 – paragraph 2 (2) The competent supervisory authorities may oppose the proposed acquisition
Amendment 213 #
Proposal for a directive Article 58 – paragraph 3 Amendment 214 #
Proposal for a directive Article 70 – paragraph -1 (new) Member States shall ensure that in the exercise of the supervisory authorities’ responsibilities, their national mandate refers to the following objectives: (a) convergent implementation in the Community of this Directive and its implementing measures, and, insofar as possible, convergent application of guidelines and recommendations adopted by the Committee of European Insurance and Occupational Pensions Supervisors; (b) financial stability in other Member States.
Amendment 215 #
Proposal for a directive Article 70 – paragraph -1 (new) Member States shall ensure that in the exercise of the supervisory authorities’ responsibilities, their national mandate refers to the following objectives: (a) convergent implementation in the Community of this Directive and its implementing measures, and, insofar as possible, convergent application of guidelines and recommendations adopted by the Committee of European Insurance and Occupational Pensions Supervisors; (b) financial stability in other Member States.
Amendment 216 #
Proposal for a directive Article 70 – paragraph -1 (new) Member States shall ensure that in the exercise of the supervisory authorities’ responsibilities, their national mandate refers to the following objectives: (a) convergent implementation in the Community of this Directive and its implementing measures, and, insofar as possible, convergent application of guidelines and recommendations adopted by the Committee of European Insurance and Occupational Pensions Supervisors; (b) financial stability in other Member States.
Amendment 217 #
Proposal for a directive Article 70 Member States shall ensure that the supervisory authorities participate in the activities of the Committee of European Insurance and Occupational Pensions Supervisors pursuant to the second paragraph of Article 2 of Commission Decision 2004/6/EC, and that national mandates conferred on supervisors do not inhibit the performance by them of their duties as members of that Committee or under this Directive.
Amendment 218 #
Proposal for a directive Article 70 – paragraph 1 a (new) The Committee of European Insurance and Occupational Pensions Supervisors shall, where necessary, provide for a joint interpretation of the provisions of this Directive and its implementing measures in order to enhance the convergence of supervisory practices. The Committee shall report regularly on the progress of the supervisory convergence in the Community.
Amendment 219 #
Proposal for a directive Article 70 – paragraph 1 a (new) The Committee of European Insurance and Occupational Pensions Supervisors shall, where necessary, provide for a joint interpretation of the provisions of this Directive and its implementing measures in order to enhance the convergence of supervisory practices. The Committee shall report regularly on the progress of the supervisory convergence in the Community.
Amendment 220 #
Proposal for a directive Article 70 – paragraph 1 a (new) The Committee of European Insurance and Occupational Pensions Supervisors shall, where necessary, provide for non-legally binding guidances to enhance the convergence of supervisory practices pursuant to this Directive. The Committee shall report regularly on the progress of the supervisory convergence in the Community.
Amendment 221 #
Proposal for a directive Article 70 a (new) Amendment 222 #
Proposal for a directive Article 70 a (new) Amendment 223 #
Proposal for a directive Article 72 – paragraph 2 – point b a (new) (ba) undertakings are strictly prohibited to move capital items between life and non - life activities and vice versa without the permission of the competent supervisory authority.
Amendment 224 #
Proposal for a directive Article 72 – paragraph 3 3. Member States may provide that undertakings referred to in paragraph 2 shall comply with the accounting rules governing life insurance undertakings for all of their activities. Pending coordination in this respect, Member States may also provide that,
Amendment 225 #
Proposal for a directive Article 73 – paragraph 2 – subparagraph 1 a (new) Those insurance undertakings shall comply with capital requirements on every solo insurance class level.
Amendment 226 #
Proposal for a directive Article 73 – paragraph 2 – subparagraph 1 b (new) An insurance undertaking cannot shift capital items from life to non-life activities and vice versa without the permission of the competent supervisory authority.
Amendment 227 #
Proposal for a directive Article 73 – paragraph 6 Accounts shall be drawn up so as to show the sources of the results for life and non- life insurance separately.
Amendment 228 #
Proposal for a directive Article 74 – paragraph 1 – subparagraph 1 – introductory part 1. Member States shall ensure that,
Amendment 229 #
Proposal for a directive Article 74 – paragraph 1 – subparagraph 1 - introductory part 1. Member States shall ensure that,
Amendment 230 #
Proposal for a directive Article 74 – paragraph 1 – subparagraph 1 – point a (a) assets shall be valued at the amount for which they could be exchanged between knowledgeable willing parties in an arm's length transaction; if such amount is objectively observable in a deep and liquid market or may be obtained applying generally accepted methods which provide values meeting the market consistency principle referred to in Article 75(3);
Amendment 231 #
Proposal for a directive Article 74 – paragraph 1 – subparagraph 1 – point b (b) liabilities shall be valued at the amount for which they could be
Amendment 232 #
Proposal for a directive Article 74 – paragraph 1 – subparagraph 1 a (new) Assets that cannot be valued according the criteria, referred to in point (a) of the first subparagraph shall be valued with prudent and objective criteria, appropriate to produce an adequate solvency assessment.
Amendment 233 #
Proposal for a directive Article 74 – paragraph 1 – subparagraph 1 b (new) All assets shall be appropriately taking into account in the calculation of Solvency Capital Requirement.
Amendment 234 #
Proposal for a directive Article 74 – paragraph 1 – subparagraph 1 c (new) Unless there is evidence that an insurance undertaking will not settle its liabilities, they shall not be valued at below the market consistent value of the funds that the insurance or reinsurance undertaking is required to meet.
Amendment 235 #
Proposal for a directive Article 74 – paragraph 1 – subparagraph 2 When valuing insurance liabilities, no adjustment to take account of the own credit standing of the insurance or reinsurance undertaking shall be made.
Amendment 236 #
Proposal for a directive Article 74 – paragraph 1 – subparagraph 2 a (new) When valuing liabilities other than insurance liabilities, an adjustment may be made to take account of the own credit standing of the insurance or reinsurance undertaking on the inception of the liabilities alone.
Amendment 237 #
Proposal for a directive Article 74 – paragraph 2 – subparagraph 1 2. The Commission shall adopt
Amendment 238 #
Proposal for a directive Article 75 – paragraph 2 2. The
Amendment 239 #
Proposal for a directive Article 75 – paragraph 2 2. T
Amendment 240 #
Proposal for a directive Article 75 – paragraph 2 2. The calculation of technical provisions shall be based on the
Amendment 241 #
Proposal for a directive Article 75 – paragraph 3 3. The calculation of technical provisions shall make use of and be consistent with information provided by the financial markets and generally available data on
Amendment 242 #
Proposal for a directive Article 75 – paragraph 3 3. The calculation of technical provisions shall make use of and be consistent with information provided by the financial markets and generally available data on insurance and reinsurance
Amendment 243 #
Proposal for a directive Article 75 – paragraph 3 3. The calculation of technical provisions shall make use of and be consistent with information provided by the financial markets and generally available data on insurance and reinsurance underwriting technical risks (market consistency).
Amendment 244 #
Proposal for a directive Article 75 – paragraph 4 Amendment 245 #
Proposal for a directive Article 75 – paragraph 4 Amendment 246 #
Proposal for a directive Article 76 – paragraph 2 – subparagraph 1 2. The best estimate shall be equal to the probability-weighted average of future cash-flows, taking account of the time value of money (expected present value of future cash-flows), using the relevant risk- free interest rate term structure so that the discount rate is consistent with market prices for observable cash flows whose characteristics are similar to those of liabilities in terms of duration, currency, liquidity, etc.
Amendment 247 #
Proposal for a directive Article 76 – paragraph 2 – subparagraph 1 2. The best estimate shall be
Amendment 248 #
Proposal for a directive Article 76 – paragraph 3 3. The risk margin shall be such as to ensure that the value of the technical provisions is equivalent to the amount insurance and reinsurance undertakings would be expected to require taking over and meet the insurance and reinsurance obligations, taking proper account of diversification effects.
Amendment 249 #
Proposal for a directive Article 76 – paragraph 4– subparagraph 2 However, where the future cash flows associated with insurance or reinsurance obligations can be
Amendment 250 #
Proposal for a directive Article 76 – paragraph 5 – subparagraph 2 The rate used in the determination of the cost of providing that amount of eligible own funds (Cost-of-Capital rate) shall be the same for all insurance and reinsurance undertakings and shall be reviewed periodically to reflect market conditions.
Amendment 251 #
Proposal for a directive Article 76 – paragraph 5 – subparagraph 3 The Cost-of-Capital rate used shall be equal to the additional rate, above the relevant risk-free interest rate, that an insurance or reinsurance undertaking would incur holding an amount of eligible own funds, as set out in Section 3, equal to the Solvency Capital Requirement
Amendment 252 #
Proposal for a directive Article 77 – point 3 (3) all payments to policyholders and beneficiaries,
Amendment 253 #
Proposal for a directive Article 77 – point 3 (3) all payments to policyholders and beneficiaries, including future discretionary bonuses, which insurance and reinsurance undertakings expect to make
Amendment 254 #
Proposal for a directive Article 78 – paragraph 1 When calculating technical provisions, insurance and reinsurance undertakings shall take account of the value and quality of financial guarantees and any contractual options included in insurance and reinsurance policies
Amendment 255 #
Proposal for a directive Article 79 – paragraph 1 Insurance and reinsurance undertakings shall segment their non-participating insurance and reinsurance obligations into homogeneous risk groups, and as a minimum by lines of business, when calculating their technical provisions.
Amendment 256 #
Proposal for a directive Article 79 – paragraph 1 a (new) Participating insurance and reinsurance obligations should be segmented into homogenous risk groups (HRGs), at least by lines of business, if their bonus allocation rules allow mutually independent allocation.
Amendment 257 #
Proposal for a directive Article 80 – paragraph 3 a (new) In calculating the technical provisions of a company reinsured by a dedicated reinsurer, the assets and liabilities of a dedicated reinsurer shall be treated as the assets and liabilities of the reinsured company, and no adjustment shall be made for the time difference between recoveries and direct payments or expected losses due to the default of the counterparty in respect of the dedicated reinsurer's contractual obligations to the reinsured company.
Amendment 258 #
Proposal for a directive Article 85 – paragraph 1 – point h (h) where necessary, simplified methods and techniques to calculate technical provisions, in order to ensure the actuarial methods and statistical techniques referred to in point (a) are proportionate to the nature, scale and complexity of the risks supported by insurance and reinsurance undertakings including captive insurance and reinsurance undertakings.
Amendment 259 #
Proposal for a directive Article 85 – paragraph 1 – point h (h) where necessary, simplified methods and techniques to calculate technical provisions, in order to ensure the actuarial and statistical methodologies referred to in point (a) and (d) are proportionate to the nature, scale and complexity of the risks supported by insurance and reinsurance undertakings including captive insurance and reinsurance undertakings.
Amendment 260 #
Proposal for a directive Article 85 - paragraph 1 – point h a (new) (ha) Assessment of different guarantee qualities with regard to the financial guarantees to be taken into account under Article 78.
Amendment 261 #
Proposal for a directive Article 87 – paragraph 2 Amendment 262 #
Proposal for a directive Article 89 – paragraph 1 – subparagraph 1 a (new) The amount ascribed to each ancillary own fund item shall reflect the loss- absorbency of the item in situations covered by Article 101(3), and shall be based upon prudent and realistic assumptions.
Amendment 263 #
Proposal for a directive Article 89 – paragraph 2 – introductory part 2. For each ancillary own fund item, the supervisory authorities shall base their approval on an assessment in situations covered by Article 101(3) of the following:
Amendment 264 #
Proposal for a directive Article 89 – paragraph 3 Amendment 265 #
Proposal for a directive 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 266 #
Proposal for a directive 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 267 #
Proposal for a directive Article 90 – paragraph -1 (new) Surplus funds shall be deemed to be realised profits, which are assigned either individually or collectively to policyholders and beneficiaries in the form of future discretionary bonuses.
Amendment 268 #
Proposal for a directive Article 90 Amendment 269 #
Proposal for a directive Article 90 In so far as authorised under national law,
Amendment 270 #
Proposal for a directive Article 90 In so far as authorised under national law,
Amendment 271 #
Proposal for a directive Article 90 In so far as authorised under national law,
Amendment 272 #
Proposal for a directive Article 90 In so far as authorised under national law,
Amendment 273 #
Proposal for a directive Article 90 In so far as authorised under national law,
Amendment 274 #
Proposal for a directive Article 90 In so far as authorised under national law,
Amendment 275 #
Proposal for a directive Article 90 In so far as authorised under national law, for a Member State, realised profits appearing as surplus funds in the statutory annual accounts shall not be considered as insurance and reinsurance liabilities, to the extent that these surplus funds may be used to cover any losses which may arise and where they have not been made available for distribution to policyholders and beneficiaries. Such funds may only be used in the Member State concerned and may not be used as collateral for use outside the Member State concerned.
Amendment 276 #
Proposal for a directive Article 90 In so far as authorised under national law, realised profits appearing as surplus funds in the statutory annual accounts shall not be considered as insurance and reinsurance liabilities, to the extent that these surplus funds may be used to cover any losses which may arise and where they have not been made available for distribution to policyholders and beneficiaries
Amendment 277 #
Proposal for a directive Article 90– paragraph 1 Amendment 278 #
Article 90 – paragraph 1 Amendment 279 #
Proposal for a directive Article 90 – paragraph 1 Amendment 280 #
Proposal for a directive Article 90 – paragraph 1 Amendment 281 #
Proposal for a directive Article 90 – paragraph 1 Amendment 282 #
Proposal for a directive 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 283 #
Proposal for a directive Article 90 – paragraph 1 a (new) In order to ensure a harmonised treatment of those surplus funds, the Commission shall adopt implementing measures laying down the main features of such funds as well as the approach to be taken with respect to those funds in the calculation of the Solvency Capital Requirement.
Amendment 284 #
Proposal for a directive Article 90 – paragraph 1 a (new) The value of the surplus funds shall be assessed on the basis of the following: (a) the recoverability of such realised profits to absorb losses, taking account of the legal form of these surpluses, as well as any conditions and circumstances which would prevent the use of surplus funds; (a) any information on the authorisation of the use of such realised profits by the supervisory authority, to the extent that information can be reliably used to assess the expected use of the realised profits.
Amendment 285 #
Proposal for a directive Article 90 – paragraph 1 b (new) The Commission shall adopt implementing measures laying down the method to be used when calculating the amount of realised profits that may cover losses subject to the approval of the supervisory authority.
Amendment 286 #
Proposal for a directive Article 90 – paragraph 1 c (new) The Commission shall adopt implementing measures laying down the method to be used when assessing the amount of profit that is available to absorb losses.
Amendment 287 #
Proposal for a directive Article 90 – paragraph 1 d (new) Those measures, designed to amend non- essential elements of this Directive by supplementing it with new non-essential elements, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 304(3).
Amendment 288 #
Proposal for a directive Article 93 - paragraph 1 - introductory part 1. Own fund items shall be classified into three tiers
Amendment 289 #
Proposal for a directive Article 93 - paragraph 1 - point a (new) (a) the item is available, or can be called up on demand, to absorb losses fully on a going-concern basis, as well as in the case of winding-up (permanent availability);
Amendment 290 #
Proposal for a directive Article 93 - paragraph 1 - point 1 (
Amendment 291 #
Proposal for a directive Article 93 - paragraph 1 - points 2 to 5 Amendment 292 #
Proposal for a directive Article 93 - paragraph 1 a (new) Amendment 293 #
Proposal for a directive Article 94 1. Basic own fund items shall be classified in Tier 1 where they substantially possess the characteristics set out in points (
Amendment 294 #
Proposal for a directive Article 95 – paragraph 2 For that purpose, insurance and reinsurance undertakings shall refer to the list of own funds referred to in point (c) of Article 97(1)
Amendment 295 #
Proposal for a directive Article 95 – paragraph 3 Amendment 296 #
Proposal for a directive Article 96 - introductory part Without prejudice to Article 95 and point (c) of Article 97(1), for the purposes of this Directive
Amendment 297 #
Proposal for a directive Article 96 - point 1 Amendment 298 #
Proposal for a directive Article 96 – point 1 (1) surplus funds falling under Article 90 shall be classified in Tier 1; if the crediting of these funds is subject to a regulatory proviso, they shall be classified in Tier 2;
Amendment 299 #
Proposal for a directive Article 96 – point 1 (1) surplus funds falling under Article 90 shall be classified in Tier
Amendment 300 #
Proposal for a directive Article 96 – point 1 (1) surplus funds falling under Article 90 as own funds shall be classified in Tier 1;
Amendment 301 #
Proposal for a directive Article 96 – point 1 a (new) (1a) surplus funds falling under Article 90 as ancillary own funds shall be classified in Tier 2;
Amendment 302 #
Proposal for a directive Article 96 - point 2 Amendment 303 #
Proposal for a directive Article 96 – point 2 (2) letters of credit and guarantees, provided by credit institutions authorised in accordance with Directive 2006/48/EC,
Amendment 304 #
Proposal for a directive Article 96 - point 3 Amendment 305 #
Proposal for a directive Article 96 – point 3 (3) any future claims which
Amendment 306 #
Proposal for a directive Article 96 – point 3 (3) any future claims which
Amendment 307 #
Proposal for a directive Article 96 – point 3 (3) any future claims which
Amendment 308 #
Proposal for a directive Article 96 – point 3 a (new) (3a) at least half of the future claims which a mutual or mutual-type association with variable contributions may have against its members, that do not fall under point 3, by way of a call for supplementary contribution, within the financial year concerned shall be classified in Tier 2.
Amendment 309 #
Proposal for a directive Article 97 – paragraph 1 – subparagraph 1 – point a Amendment 310 #
Proposal for a directive Article 97 – paragraph 1 – subparagraph 1 – point b Amendment 311 #
Proposal for a directive Article 97 – paragraph 1 – subparagraph 1 – point c (
Amendment 312 #
Proposal for a directive Article 97 – paragraph 1 – subparagraph 1 – point c (c) a list of own fund items, including those referred to in Article 96, deemed to meet the criteria, set out in Article 94
Amendment 313 #
Proposal for a directive Article 97 – paragraph 1 – subparagraph 1 – point d (
Amendment 314 #
Proposal for a directive Article 97 – paragraph 1 – subparagraph 1 a (new) Those implementing measures will aim at ensuring a level playing field among Member States.
Amendment 315 #
Proposal for a directive Article 97 – paragraph 2 2. The Commission shall regularly review and, where appropriate, update the list referred to in point (
Amendment 316 #
Proposal for a directive Article 98 – paragraph 1 – introductory part Amendment 317 #
Proposal for a directive Article 98 – paragraph 1 – introductory part 1. As far as the Solvency Capital Requirement is concerned, the amounts of Tier
Amendment 318 #
Proposal for a directive Article 98 – paragraph 1 – point a Amendment 319 #
Proposal for a directive Article 98 – paragraph 1 – point a (a)
Amendment 320 #
Proposal for a directive Article 98 – paragraph 1 – point a (a)
Amendment 321 #
Article 98 – paragraph 1 – point a (a)
Amendment 322 #
Proposal for a directive Article 98 – paragraph 1 – point a (a)
Amendment 323 #
Proposal for a directive Article 98 – paragraph 1 – point b Amendment 324 #
Proposal for a directive Article 98 – paragraph 1 – point b (b)
Amendment 325 #
Proposal for a directive Article 98 – paragraph 1 – point b (b)
Amendment 326 #
Proposal for a directive Article 98 – paragraph 1 – point b (b)
Amendment 327 #
Proposal for a directive Article 98 – paragraph 1 – point b (b)
Amendment 328 #
Proposal for a directive Article 98 – paragraph 2 Amendment 329 #
Article 98 – paragraph 2 2. As far as the Minimum Capital Requirement is concerned,
Amendment 330 #
Proposal for a directive Article 98 – paragraph 2 2. As far as the Minimum
Amendment 331 #
Proposal for a directive Article 98 – paragraph 2 2. As far as the Minimum Capital Requirement is concerned,
Amendment 332 #
Proposal for a directive Article 98 – paragraph 2 2. As far as the Minimum
Amendment 333 #
Proposal for a directive Article 98 – paragraph 2 a (new) 2a. Surplus funds in accordance with Article 90 shall never be eligible to cover the Minimum Capital Requirement.
Amendment 334 #
Proposal for a directive Article 98 – paragraph 2 a (new) 2a. Tier 1 items shall always be eligible to cover the Minimum Capital Requirement.
Amendment 335 #
Proposal for a directive Article 98 – paragraph 3 Amendment 336 #
Proposal for a directive Article 98 – paragraph 3 Amendment 337 #
Proposal for a directive Article 98 – paragraph 3 Amendment 338 #
Proposal for a directive Article 98 – paragraph 3 Amendment 339 #
Proposal for a directive Article 98 – paragraph 4 Amendment 340 #
Proposal for a directive Article 98 – paragraph 4 Amendment 341 #
Proposal for a directive Article 98 – paragraph 4 4. The eligible amount of own funds to cover the Solvency Capital Requirement set out in Article 100 shall be equal to the sum of the amount of Tier 1, the eligible amount of Tier 2 and the eligible amount of Tier 3. The proportion of Tier 1 items in the eligible own funds shall be higher than one third of the total eligible own funds.
Amendment 342 #
Proposal for a directive Article 98 – paragraph 5 Amendment 343 #
Proposal for a directive Article 98 – paragraph 5 Amendment 344 #
Proposal for a directive Article 98 – paragraph 5 5. The eligible amount of
Amendment 345 #
Proposal for a directive Article 98 – paragraph 5 a (new) 5a. At least half of the Solvency Capital Requirement shall be covered by basic own funds.
Amendment 346 #
Proposal for a directive Article 99 – paragraph 1 The Commission
Amendment 347 #
Proposal for a directive Article 99 – paragraph 1 The Commission shall adopt implementing measures laying down: (a) the specific limits applicable to sub- tiers, where sub-tiers have been introduced; (b) the adjustments that should be made to reflect the lack of transferability of those own funds items that can only be used to cover losses arising from a particular segment of liabilities or from particular risks.
Amendment 348 #
Proposal for a directive Article 101 – paragraph 3 – subparagraph 2 It shall correspond to the Value-at-Risk of the basic own funds of an insurance or reinsurance undertaking subject to a confidence level of 99
Amendment 349 #
Proposal for a directive Article 102 – paragraph 1 – subparagraph 1 1. Insurance and reinsurance undertakings shall calculate the Solvency Capital Requirement at least
Amendment 350 #
Proposal for a directive Article 102 – paragraph 1 – subparagraph 4 If the risk and liquidity profile of
Amendment 351 #
Proposal for a directive Article 102 a (new) To ensure that participations in related undertakings within the meaning of Article 210(1)(b) are properly factored into the calculation of the Solvency Capital Requirement, the Commission must adopt implementing measures laying down the approach, consistent with the lower volatility of the value of such participations, to be taken into account when calculating the Solvency Capital Requirement.
Amendment 352 #
Proposal for a directive Article 103 – paragraph 1 – introductory part 1. The Solvency Capital Requirement shall be the sum of the following items, correlated where appropriate:
Amendment 353 #
Proposal for a directive Article 104 – paragraph 4 – subparagraph 1 4. Each of the risk modules referred to in paragraph 1 shall be calibrated using a Value-at-Risk measure, with a
Amendment 354 #
Proposal for a directive Article 103 – paragraph 4 – subparagraph 2 Where appropriate, diversification or specialisation effects shall be taken into account in the design of
Amendment 355 #
Proposal for a directive Article 105 – paragraph 4 – subparagraph 1 4.
Amendment 356 #
Proposal for a directive Article 105 – paragraph 4 – subparagraph 1 4.
Amendment 357 #
Proposal for a directive Article 105 – paragraph 4 – subparagraph 1 4.
Amendment 358 #
Proposal for a directive Article 105 – paragraph 4 – subparagraph 2 – introductory part It shall be calculated, in accordance with point 4 of Annex IV, as a combination of the capital requirements
Amendment 359 #
Proposal for a directive Article 105 – paragraph 4 – subparagraph 2 – points a to c (a) the
Amendment 360 #
Proposal for a directive Article 105 – paragraph 4 – subparagraph 2 – points a to c (a) the
Amendment 361 #
Proposal for a directive Article 105 – paragraph 4 – subparagraph 2 – points a to c (a) the
Amendment 362 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 1 5. The market risk module shall reflect the risk arising from the level or volatility of market prices of financial instruments as well as from their liquidity and risk arising from exposure to financial instruments which have an impact upon the value of the assets and liabilities of the undertaking. It shall properly reflect the structural mismatch between assets and liabilities, in particular with respect to the duration thereof.
Amendment 363 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 1 5. The market risk module shall reflect the risk arising from the level or volatility of market prices of financial instruments which have an impact upon the value of the assets and liabilities of the undertaking.
Amendment 364 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 1 5. The market risk module shall reflect the risk arising from the level or volatility of market prices of financial instruments which have an impact upon the value of the assets and liabilities of the undertaking. It shall properly reflect the structural mismatch between assets and liabilities
Amendment 365 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 1 5. The market risk module shall reflect the risk arising from the level or volatility of market prices of financial instruments which have an impact upon the value of the assets and liabilities of the undertaking.
Amendment 366 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 1 5. The market risk module shall reflect the risk arising from the level or volatility of market prices of financial instruments which have an impact upon the value of the assets and liabilities of the undertaking.
Amendment 367 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 1 5. The market risk module shall reflect the risk arising from the level or volatility of market prices of financial instruments which have an impact upon the value of the assets and liabilities of the undertaking. It shall properly reflect the structural mismatch between assets and liabilities, in particular with respect to the duration thereof. For the avoidance of doubt this does not override Article 104.
Amendment 368 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 2 – point f (f) additional risks to an insurance or reinsurance undertaking stemming, either from lack of diversification in the asset portfolio, or from large exposure to default risk by a single issuer of securities or a
Amendment 369 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 2 a (new) The impact on the own funds of the changes of market prices of equities shall be assessed taking into account the duration of liabilities. The equity risk sub- module is calibrated on the Value-at-Risk of the annualised equities’ returns subject to a confidence level of 99,5 %.
Amendment 370 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 2 a (new) The impact on the own funds of the changes in market price of equities and real estate shall be assessed taking into account the duration of liabilities. The equity (respectively property) risk sub- module is therefore calibrated on the Value-at-Risk of the return on equities (respectively real estate) for the time horizon of the liabilities, subject to the confidence level that is consistent with a confidence level of 99,5 % over a one-year period.
Amendment 371 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 2 a (new) The equity (respectively property) risk sub-module shall be calculated using the Value-at-Risk based on the annualised return on equities (respectively annualised return on property) subject to a confidence level of 99.5% taking duly into account the holding period of equities (respectively property), consistently with the duration of liabilities, the amount of own funds in excess of technical provisions and Solvency Capital Requirement and the long-term nature of the investment in the case of participations.
Amendment 372 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 2 a (new) The equity (respectively property) risk sub-module shall be calculated using the Value-at-Risk based on the annualised return on equities (respectively annualised return on property) subject to a confidence level of 99,5 % taking duly into account the holding period of equities (respectively property), consistently with the duration of liabilities, the amount of own funds in excess of technical provisions and Solvency Capital Requirement and the long-term nature of the investment in the case of participations.
Amendment 373 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 2 b (new) The equity (or property) risk sub-module shall be calculated using the Value-at- Risk based on the annualised return on equities (or on property), subject to a confidence level of 99.5 %, taking duly into account the holding period of equities (or property), consistently with the duration of liabilities, the amount of own funds in excess of technical provisions and the Solvency Capital Requirement, and the long-term nature of the investment in the case of participations.
Amendment 374 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 2 b (new) Notwithstanding subparagraph 2a, insurance and reinsurance undertakings may assess the impact on their own funds of the changes of market prices of equities by simulating a fixed capital charge on equity prices.
Amendment 375 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 2 b (new) The equity (or property) risk sub-module shall be calculated using the Value-at- Risk of the annualised return on the equities (or annualised return on the property) subject to a confidence level of 99,5 % duly taking into account the holding period of equities (or property), consistently with the duration of liabilities, the amount of own funds in excess of technical provisions and Solvency Capital Requirement and the long-term nature of the investment in the case of participations.
Amendment 376 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 2 b (new) Notwithstanding subparagraph 2a, insurance and reinsurance undertakings may assess the impact of the changes of market prices of equity (or property) by simulating a fixed shock in equity (or property) prices.
Amendment 377 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 2 b (new) Notwithstanding subparagraph 2a, insurance and reinsurance undertakings may assess the impact of the changes of market prices of equity (or property) by simulating a fixed shock in equity (or property) prices.
Amendment 378 #
Article 105 – paragraph 5 – subparagraph 1 c (new) Notwithstanding the foregoing, insurance and reinsurance undertakings may assess the impact of changes in equity (or property) market prices by simulating a fixed shock in equity (or property) prices.
Amendment 379 #
Proposal for a directive Article 105 – paragraph 5 – subparagraph 2 c (new) Notwithstanding subparagraph 2b, insurance and reinsurance undertaking may assess the impact of the changes of market prices of equity (or property) by simulating a fixed shock in equity (or property) prices.
Amendment 380 #
Proposal for a directive Article 105 – paragraph 6 a (new) 6a. The assets and liabilities of a dedicated reinsurer shall be treated as the assets and liabilities of the company that it has reinsured, so that in calculating the reinsured company's solvency, no adjustment shall be made for counterparty default risk or market risk concentrations in respect of the dedicated reinsurer's contractual obligations to the reinsured company. The risks referred to in Article 101(4) that affect the dedicated reinsurer shall, however, be taken into account in calculating the Solvency Capital Requirement of the reinsured company.
Amendment 381 #
Proposal for a directive Article 106 – paragraph 1 1. The capital requirement for operational risk shall reflect operational risks to the extent they are not already reflected in the
Amendment 382 #
Proposal for a directive Article 106 – paragraph 3 3. With respect to insurance and reinsurance operations other than those referred to in paragraph 2, the calculation of the capital requirement for operational risk shall take account of the volume of those operations, in terms of earned premiums and technical provisions which are held in respect of those insurance and reinsurance obligations. In this case, the capital requirement for operational risks shall not exceed
Amendment 383 #
Proposal for a directive Article 107 – paragraph 1 The adjustment referred to in point (c) paragraph 1 of Article 103 for the loss- absorbing capacity of technical provisions and deferred taxes shall reflect potential compensation of unexpected losses through a
Amendment 384 #
Proposal for a directive Article 108 – paragraph 1 Insurance and reinsurance undertakings may use a simplified calculation for a specific sub-module or risk module where the nature, scale
Amendment 385 #
Proposal for a directive Article 109 – paragraph 1 – subparagraph 1 – point c (c) the correlation parameters and procedures for the updating of those parameters;
Amendment 386 #
Proposal for a directive Article 109 – paragraph 1 – subparagraph 1 – point g a (new) (ga) the method and adjustments to be used to reflect the reduced scope for risk diversification for insurance and reinsurance undertakings exploring segregated business segments;
Amendment 387 #
Proposal for a directive Article 109 – paragraph 1 – subparagraph 1 – point j a (new) (ja) the simplified calculations provided for specific sub-modules and risk modules, as well as the criteria that captive insurance and reinsurance undertakings are required to meet in order to be entitled to use each of these simplifications, as set out in Article 108.
Amendment 388 #
Proposal for a directive Article 109 – paragraph 1 – subparagraph 1 – point j a (new) (ja) the simplified calculations provided for specific sub-modules and risk modules, as well as the criteria that captive insurance and reinsurance undertakings are required to meet in order to be entitled to use each of these simplifications, as set out in Article 108.
Amendment 389 #
Proposal for a directive Article 110 – paragraph 1 1. Member States shall ensure that insurance or reinsurance undertakings may calculate the Solvency Capital Requirement using a full or partial internal model
Amendment 390 #
Proposal for a directive Article 110 – paragraph 5 5. Supervisory authorities shall give approval to the application only if they are satisfied that the systems of the insurance or reinsurance undertaking concerned for identifying, measuring, monitoring and managing risk are adequate and in particular, that the internal model complies with the requirements referred to in paragraph 3.
Amendment 391 #
Proposal for a directive Article 110 – paragraph 5 5. Supervisory authorities shall give approval to the application only if they are satisfied that the systems of the insurance or reinsurance undertaking concerned for
Amendment 392 #
Proposal for a directive Article 110 – paragraph 7 7. For a period of up to two years after having received approval from supervisory authorities to use an internal model, insurance and reinsurance undertakings
Amendment 393 #
Proposal for a directive Article 111 – paragraph 2 Amendment 394 #
Proposal for a directive Article 111 – paragraph 2 Amendment 395 #
Proposal for a directive Article 117 Where it is inappropriate to calculate the Solvency Capital Requirement in accordance with the standard formula, as set out in Subsection 2, because the risk profile of the insurance and reinsurance undertakings concerned deviates significantly from the assumptions underlying the Solvency Capital Requirement, the supervisory authorities may, in exceptional circumstances, by a decision stating the reasons, require the undertakings concerned to use an internal model to calculate the Solvency Capital Requirement, or the relevant risk modules of thereof.
Amendment 396 #
Proposal for a directive Article 119 – paragraph 3 – subparagraph 1 3. Data used for the internal model shall be appropriately and sufficiently accurate
Amendment 397 #
Proposal for a directive Article 127 – paragraph -1 (new) -1. In order to introduce a standardised safety net objectively assessed, and to prevent the risk of model contagion between the two capital requirements, the Minimum Capital Requirement shall be calculated independently from the Solvency Capital Requirement.
Amendment 398 #
Proposal for a directive Article 127 – paragraph 1 – introductory part 1. The Minimum Capital Requirement shall be calibrated as a percentage of technical provisions equal to 33 % of the last Solvency Capital Requirement approved by the supervisor, consistent with a confidence level of 80 % over a one-year period. In addition, it shall be calculated in accordance with the
Amendment 399 #
Proposal for a directive Article 127 – paragraph 1 – point a (a) it shall be calculated
Amendment 400 #
Proposal for a directive Article 127 – paragraph 1 – point a (a) it shall be calculated in a clear and simple manner, and in such a way as to ensure that the calculation can be audited or verified by a court; mathematically, it shall be determined independently of the Solvency Capital Requirement;
Amendment 401 #
Proposal for a directive Article 127 – paragraph 1 – point a (a) it shall be calculated in a clear and simple manner, and in such a way as to ensure that the calculation can be audited and verified before the courts;
Amendment 402 #
Proposal for a directive Article 127 – paragraph 1 – point a (a) it shall be calculated in a clear and simple manner, and in such a way as to ensure that the calculation can be audited and verified before the courts;
Amendment 403 #
Proposal for a directive Article 127 – paragraph 1 – point a (a) it shall be calculated in a clear and simple manner, and in such a way as to ensure that the calculation can be audited
Amendment 404 #
Proposal for a directive Article 127 – paragraph 1 – point a (a) it shall be calculated in a clear and simple manner, and in such a way as to ensure that the calculation can be audited and its formula shall be included in the level 1 text;
Amendment 405 #
Proposal for a directive Article 127 – paragraph 1 – point a (a) it shall be calculated in a clear and simple manner, and in such a way as to ensure that the calculation can be audited and verified before a court;
Amendment 406 #
Proposal for a directive Article 127 – paragraph 1 – point a a (new) (aa) the Minimum Capital Requirement shall be calculated independently from the Solvency Capital Requirement to prevent the risk of model contagion between the two capital requirements;
Amendment 407 #
Proposal for a directive Article 127 – paragraph 1 – point b b) the Minimum Capital Requirement shall
Amendment 408 #
Proposal for a directive Article 127 – paragraph 1 – point c Amendment 409 #
Proposal for a directive Article 127 – paragraph 1 – point c (c)
Amendment 410 #
Proposal for a directive Article 127 – paragraph 1 – point c (c) the level of the Minimum Capital Requirement shall be calibrated to the Value-at-Risk of the basic own funds of an insurance or reinsurance undertaking subject to an average confidence level
Amendment 411 #
Proposal for a directive Article 127 – paragraph 1 – point c (c) the level of the Minimum Capital Requirement shall be calibrated to the Value- at-Risk of the basic own funds of an insurance or reinsurance undertaking subject to a confidence level in the range of
Amendment 412 #
Proposal for a directive Article 127 – paragraph 1 – point c (c) the level of the Minimum Capital Requirement shall be calibrated to the Value-at-Risk of the basic own funds of an insurance or reinsurance undertaking subject to a confidence level
Amendment 413 #
Proposal for a directive Article 127 – paragraph 1 – point c (c) the level of the Minimum Capital Requirement shall be calibrated to the Value-at-Risk of the basic own funds of an insurance or reinsurance undertaking subject to an average confidence level
Amendment 414 #
Proposal for a directive Article 127 – paragraph 1 – point d (d) it shall have an absolute floor of
Amendment 415 #
Proposal for a directive Article 127 – paragraph 1 – point d (d) it shall
Amendment 416 #
Proposal for a directive Article 127 – paragraph 1 – point d (d) it shall have an absolute floor of
Amendment 417 #
Proposal for a directive Article 127 – paragraph 1 – point d (d) it shall have an absolute floor of
Amendment 418 #
Proposal for a directive Article 127 – paragraph 1 – point d Amendment 419 #
Proposal for a directive Article 127 – paragraph 1 – point d a (new) (da) the calibration of the Minimum Capital Requirement shall be risk sensitive and shall ensure an appropriate interplay with the Solvency Capital Requirement in order to allow for an escalating ladder of supervisory intervention.
Amendment 420 #
Proposal for a directive Article 127 – paragraph 1 – point d a (new) (da) the calibration of the Minimum Capital Requirement shall be risk sensitive and shall ensure an appropriate interplay with the Solvency Capital Requirement in order to allow for an escalating ladder of supervisory intervention.
Amendment 421 #
Proposal for a directive Article 127 – paragraph 1 – point d a (new) (da) it shall be calculated independently of the Solvency Capital Requirement calculated in accordance with Chapter VI, Section 4, Subsection 3 (full and partial internal models);
Amendment 422 #
Proposal for a directive Article 127 – paragraph 1 – point d a (new) (da) its calibration shall be risk sensitive and ensure appropriate interplay with the Solvency Capital Requirement so as to make for a gradual increase in supervisory intervention.
Amendment 423 #
Proposal for a directive Article 127 – paragraph 1 – point d a (new) (da) it shall be calculated independently of the Solvency Capital Requirement.
Amendment 424 #
Proposal for a directive Article 127 – paragraph 1 – point d b (new) (db) it shall be calculated in such a way that there is a sufficient disparity between the Minimum Capital Requirement and the Solvency Capital Requirement calculated in accordance with Chapter VI, Section 4, Subsection 2.
Amendment 425 #
Proposal for a directive Article 127 – paragraph 2 2. Insurance and reinsurance undertakings shall calculate the Minimum Capital Requirement at least
Amendment 426 #
Proposal for a directive Article 127 – paragraph 2 a (new) 2a. The supervisory authorities shall have the right to request that they be provided with the Minimum Capital Requirement calculations more frequently, but not more frequently than every quarter.
Amendment 427 #
2. With respect to the whole portfolio of assets, insurance and reinsurance undertakings shall only invest in assets and instruments whose risks the undertaking
Amendment 428 #
Proposal for a directive Article 130 – paragraph 2 – subparagraph 1 2. With respect to the whole portfolio of assets, insurance and reinsurance undertakings shall only invest in assets and instruments whose risks the undertaking concerned can properly identify, measure, monitor, manage and control.
Amendment 429 #
Proposal for a directive Article 130 – paragraph 2 – subparagraph 1 2. With respect to the whole portfolio of assets, insurance and reinsurance
Amendment 430 #
Proposal for a directive Article 130 – paragraph 2 – subparagraph 1 2. With respect to the whole portfolio of assets, insurance and reinsurance undertakings shall only invest in assets and instruments whose risks the undertaking concerned can properly monitor
Amendment 431 #
Proposal for a directive Article 130 – paragraph 2 – subparagraph 1 2. With respect to the whole portfolio of assets, insurance and reinsurance undertakings shall only invest in assets and instruments whose risks the undertaking concerned can properly monitor, manage and control, and take into account, as appropriate, in the assessment of its capital requirements and overall solvency needs.
Amendment 432 #
Proposal for a directive Article 130 – paragraph 2 – subparagraph 3 Assets held to cover the technical provisions shall also be invested in a manner appropriate to the nature and duration of the insurance and reinsurance liabilities. Those assets shall be invested
Amendment 433 #
Proposal for a directive Article 130 – paragraph 2 – subparagraph 4 In the case of a conflict of interest, insurance undertakings, or the entity which manages their asset portfolio, shall ensure transparent and adequate management of a conflict of interest and that the investment is made in the best interest of policyholders and beneficiaries.
Amendment 434 #
Proposal for a directive Article 130 – paragraph 4 – subparagraph 2 The use of derivative instruments shall be
Amendment 435 #
Proposal for a directive Article 130 – paragraph 4 – subparagraph 4 Assets shall be properly diversified in such a way as to avoid excessive and pro- cyclical reliance on any particular asset, issuer or group of undertakings, or geographical area and excessive accumulations of risk in the portfolio as a whole.
Amendment 436 #
Proposal for a directive Article 130 – paragraph 4 – subparagraph 5 Investments in assets issued by the same issuer, or by issuers belonging to the same group, shall be disclosed with an adequate management system of conflicts of interests in place and shall not expose the insurance undertakings to excessive risk concentration.
Amendment 437 #
Proposal for a directive Article 130 – paragraph 4 – subparagraph 5 a (new) Supervisory authorities shall take account of whether the relevant institutions dealing in unregulated or alternative investment instruments adhere to voluntary codes of conduct, especially on transparency to supervisory authorities, to investors and to general public.
Amendment 438 #
Proposal for a directive Article 131 – paragraph 1 – subparagraph 1 a (new) The first subparagraph shall be without prejudice to requirements which may be laid down by the supervisory authorities of the Member State of the commitment with regard to retail investors in relation to assets or reference values to which policy benefits may be linked where the investment risk is borne by the policyholders.
Amendment 439 #
Proposal for a directive Article 132 – paragraph 1 – subparagraph 1 1. With respect to insurance risks situated in the Community, Member States shall
Amendment 440 #
Proposal for a directive Article 132 – paragraph 1 – subparagraph 1 1. With respect to insurance risks situated in the Community, Member States shall ensure that the assets held to cover the technical provisions related to those risks are localised within the Community. Member States shall not require insurance undertakings to localise those assets in any particular Member States, except where a substantial negative impact on sustainability of Member States' balance of payments is appropriately reasoned.
Amendment 441 #
Proposal for a directive Article 133 a (new) Article 133a Principles to develop implementing measures The implementing measures provided for in this Directive shall be developed according to the following principles: (a) they shall provide a level playing field, preventing distortion in competition within financial markets and among cross-border financial groups (principle of neutrality); (b) they shall contain any necessary legal or technical measures that have or may have a significant impact on the manner in which insurance and reinsurance undertakings manage their business and risks, competition, supervisory convergence and consumer protection (principle of relevancy); (c) they shall provide insurance and reinsurance undertakings, supervisors and consumers a certain, clear and detailed knowledge of their rights and obligations and their application in practice (principle of security).
Amendment 442 #
Proposal for a directive Article 136 – paragraph 2 2. Within two months from the observation of the significant non-compliance with the Solvency Capital Requirement the insurance or reinsurance undertaking concerned shall submit a realistic recovery plan for approval by the supervisory authority.
Amendment 443 #
Proposal for a directive Article 136 – paragraph 3 – subparagraph 1 3. The supervisory authority shall require the insurance or reinsurance undertaking concerned to take the necessary measures to achieve, within six months from the observation of the significant non- compliance with the Solvency Capital Requirement, the re-
Amendment 444 #
Proposal for a directive Article 139 – paragraph 2 Those measures shall reflect the level and duration of the deterioration of the solvency position of the insurance or reinsurance undertaking concerned and shall be proportionate to the risk posed to the protection of policyholders and beneficiaries.
Amendment 445 #
Proposal for a directive Article 139 – subparagraph 2 a (new) Amendment 446 #
Proposal for a directive Article 141 – subparagraph -1 a (new) The Commission shall adopt implementing measures specifying the conditions for intervention in the forms referred to in Article 136(3) and (4) and clarifying the application of the principles referred to in Article 139.
Amendment 447 #
Proposal for a directive Article 142 – paragraph 1 – subparagraph 1– introductory part 1. The supervisory authority of the home Member State, whilst continuing any relevant supervision, shall withdraw an authorisation granted to an insurance or reinsurance undertaking in the following cases:
Amendment 448 #
Proposal for a directive Article 142 – paragraph 1– subparagraph 1 – point c (c) the undertaking does not comply with the Minimum Capital Requirement and the supervisory authority considers that the finance scheme submitted is manifestly inadequate or, the undertaking concerned fails to comply with the approved scheme within three months from the observation of the non-compliance with the Minimum Capital Requirement; the withdrawal of authorisation in these circumstances shall not result in any cessation of supervision with respect to safeguarding the interests of policyholders and overseeing any winding-up, takeover or similar proceedings.
Amendment 449 #
Proposal for a directive Article 142 – paragraph 1 – subparagraph 1 a (new) For the purposes of point (c) of the first subparagraph, an insurance or reinsurance undertaking shall be bound by its calculation of the Minimum Capital Requirement in accordance with this paragraph and paragraph 2 unless that calculation is shown to be manifestly wrong.
Amendment 450 #
Proposal for a directive Article 164 – paragraph 4 a (new) 4a. For these purposes, recoverables from reinsurance contracts shall be deemed to be kept in the Member State where the activities are carried out to the extent that they are recoverables from reinsurance contracts against one of the following: (a) undertakings, authorised in accordance with this Directive, (b) dedicated reinsurers, or (c) undertakings with a head office in a third country whose solvency regime is deemed to be equivalent in accordance with Article 170.
Amendment 451 #
Proposal for a directive Article 170 – paragraph 1 a (new) 1a. A decision referred to paragraph 1 can only enter into force after the third country concerned has recognised the Solvency regime laid down in this Directive equivalent to theirs (mutual recognition).
Amendment 452 #
Proposal for a directive Article 180 a (new) Amendment 453 #
Proposal for a directive Title II – chapter I – section 5 – subsection -1 (new) Subsection -1: Common provisions
Amendment 454 #
Proposal for a directive Article -181 (new) Amendment 455 #
Proposal for a directive Article 181 – paragraph 1 − subparagraph 1 − introductory part 1. Before an non-life insurance contract is concluded the
Amendment 456 #
Proposal for a directive Article 181 – paragraph 1 − subparagraph 1 − point - a (new) Amendment 457 #
Proposal for a directive Article 181 – paragraph 1 − subparagraph 1 − point b a (new) Amendment 458 #
Proposal for a directive Article 181 – paragraph 1 − subparagraph 1 − point b b (new) Amendment 459 #
Proposal for a directive Article 181 – paragraph 1 − subparagraph 1 − point b c (new) Amendment 460 #
Proposal for a directive Article 181 – paragraph 1 − subparagraph 1 − point b d (new) Amendment 461 #
Proposal for a directive Article 181 – paragraph 1 − subparagraph 1 − point b e (new) Amendment 462 #
Proposal for a directive Article 181 – paragraph 1 − subparagraph 2 − point b f (new) Amendment 463 #
Proposal for a directive Article 181 – paragraph 1 − subparagraph 2 − point b g (new) Amendment 464 #
Proposal for a directive Article 181 – paragraph 1 − subparagraph 2 − point b h (new) Amendment 465 #
Proposal for a directive Article 181 – paragraph 1 − subparagraph 2 − point b i (new) Amendment 466 #
Proposal for a directive Article 181 – paragraph 1 − subparagraph 2 − point b j (new) Amendment 467 #
Proposal for a directive − subparagraph 2 − point b k (new) Article 181 – paragraph 1− Amendment 468 #
Proposal for a directive Article 181 – paragraph 1 – subparagraph 2 a (new) The insurance undertaking shall also inform the policyholder of the existence of declaration of group support, the percentage of group support used to cover the difference between the Minimum Capital Requirement and the Solvency Capital Requirement of that insurance undertaking and the responsibilities and powers of the subsidiary’s and group supervisors.
Amendment 469 #
Proposal for a directive Article 181 – paragraph 1 a (new) 1a. In addition to details of both general and specific policy conditions, the non-life insurance undertaking shall provide the policyholder with the following information throughout the term of contract: (a) any change in the name, legal form or address of the head office of the non-life insurance undertaking or, where appropriate, of the agency or branch which concluded the contract, (b) in the event of a change in the policy conditions or an amendment of the law applicable to the contract, the information listed in points (-a) and (bb) to (bk) of paragraph 1.
Amendment 470 #
Proposal for a directive Article 181 – paragraph 3 3. The detailed rules for implementing paragraphs 1 and 2 shall be laid down by the Member State in which the risk is situated
Amendment 471 #
Proposal for a directive Article 181 – paragraph 3 a (new) 3a. The Member State of the commitment may require non-life insurance undertakings to provide information in addition to that listed in paragraphs 1 and 2 only if it is necessary for complying with the principles set out in Article -181.
Amendment 472 #
Proposal for a directive Article 182 – paragraph 1 – subparagraph 1 1.Where non-life insurance is offered under the right of establishment or the freedom to provide services, the policyholder shall, before any commitment is entered into, be informed of the Member
Amendment 473 #
Proposal for a directive Article 183 – paragraph 2 – point c (c) the address of the head office and, where appropriate, of the agency or the branch concluding the contract.
Amendment 474 #
Proposal for a directive Article 183 – paragraph 2 – point c a (new) (ca) the name and address of the supervisory authorities,
Amendment 475 #
Proposal for a directive Article 183 – paragraph 2 – point c a (new) (ca) the supervisory authority responsible of the supervision of the solvency of the insurance undertaking and the law applicable in case of winding up;
Amendment 476 #
Proposal for a directive Article 183 – paragraph 2 – point c b (new) (cb) reference to the information referred to in Articles 50 to 55 on public disclosure,
Amendment 477 #
Proposal for a directive Article 183 – paragraph 2 – point c b (new) (cb) the existence of declaration of group support, the percentage of group support used to cover the difference between the Minimum Capital Requirement and the Solvency Capital Requirement of that insurance undertaking and the responsibilities and powers of the subsidiary’s and group supervisors.
Amendment 478 #
Proposal for a directive Article 183 – paragraph 2 – point c c (new) (cc) the identification of the group to which the undertaking belongs,
Amendment 479 #
Proposal for a directive Article 183 – paragraph 3 – point c a (new) (ca) costs and associated charges,
Amendment 480 #
Proposal for a directive Article 183 – paragraph 3 – point i (i)
Amendment 481 #
Proposal for a directive Article 183 – paragraph 3 – point l a (new) (la) insurance guarantee schemes, where established, under which the policyholders can assert their claims,
Amendment 482 #
Proposal for a directive Article 183 – paragraph 3 – point m (m)
Amendment 483 #
Proposal for a directive Article 183 – paragraph 3 – point m a (new) (ma) a jurisdiction clause.
Amendment 484 #
Proposal for a directive Article 183 – paragraph 3 a (new) 3a. In addition, specific information shall be supplied in order to provide a proper understanding of the risks underlying the contract which are assumed by the policyholder.
Amendment 485 #
Proposal for a directive Article 183 – paragraph 3 a (new) 3a. In addition, specific information shall be supplied in order to provide a proper understanding of the risks underlying the contract which are assumed by policyholders.
Amendment 486 #
Proposal for a directive Article 183 – paragraph 4 – introductory part 4.
Amendment 487 #
Proposal for a directive Article 183 – paragraph 4 – point a Amendment 488 #
Proposal for a directive Article 183 – paragraph 4 – point b (b) any change in the name of the life- insurance undertaking, its legal form or the address of its head office and, where appropriate,
Amendment 489 #
Proposal for a directive Article 183 – paragraph 4 – point b a (new) (ba) information about the commitment;
Amendment 490 #
Proposal for a directive Article 183 – paragraph 4 – point c (c) all the information listed in
Amendment 491 #
Proposal for a directive Article 183 – paragraph 5 Amendment 492 #
Proposal for a directive Article 183 – paragraph 6 6. The Member State of the commitment may require life insurance undertakings to furnish information in addition to that listed in
Amendment 493 #
Proposal for a directive Article 183 – paragraph 7 7. The detailed rules for implementing paragraphs 1 to
Amendment 494 #
Proposal for a directive Article 183 – paragraph 7 7. The detailed rules for implementing paragraphs 1 to 6 shall be laid down by the Member State of the commitment and in the same form across the financial group.
Amendment 495 #
Proposal for a directive Article 208 – paragraph 1 1. Member States shall ensure that insurance and reinsurance undertakings which conclude finite reinsurance contracts or carry on finite reinsurance activities are able to properly identify, measure, monitor, manage, control and report the risks arising from those contracts or activities.
Amendment 496 #
Proposal for a directive Article 208 – paragraph 1 1. Member States shall ensure that insurance and reinsurance undertakings which conclude finite reinsurance contracts or carry on finite reinsurance activities are able to properly identify, measure, monitor, manage, control and report the risks arising from those contracts or activities.
Amendment 497 #
Proposal for a directive Article 210 – paragraph 1 – point c (c) "group" means a group of undertakings, which consists of a participating undertaking, its subsidiaries and the entities in which the participating undertaking or its subsidiaries hold a participation, as well as undertakings linked to each other by a relationship as set out in Article 12(1) of Directive 83/349/EEC, as well as a group of undertakings including mutuals or mutual-type associations, based on contractual or other material recognition of strong and sustainable financial links among the members, provided that centralised coordination effectively exercises a dominant influence over the financial decisions of the related undertakings;
Amendment 498 #
Proposal for a directive Article 210 – paragraph 1 – point c (c) "group" means a group of undertakings, which consists of a participating undertaking with its head office within the Community, its subsidiaries and the entities in which the participating undertaking or its subsidiaries hold a participation, as well as undertakings linked to each other by a relationship as set out in Article 12(1) of Directive 83/349/EEC;
Amendment 499 #
Proposal for a directive Article 210 – paragraph 1 – point d a (new) (da) "college of supervisors" means a permanent but flexible structure for cooperation and coordination among the supervisory authorities of the Member States concerned;
Amendment 500 #
Proposal for a directive Article 210 – paragraph 2 – subparagraph 1 2. For the purposes of this Title, the supervisory authorities shall also consider as a parent undertaking any undertaking which, in the opinion of the supervisory authorities, effectively exercises a dominant influence over another undertaking, within the meaning of Directive 2002/87/EC.
Amendment 501 #
Proposal for a directive Article 210 – paragraph 2 – subparagraph 2 They shall also consider as a subsidiary undertaking any undertaking over which, in the opinion of the supervisory
Amendment 502 #
Proposal for a directive Article 210 – paragraph 2 – subparagraph 3 They shall also consider as participation the holding, directly or indirectly, of voting rights or capital in an undertaking over which, in the opinion of the supervisory authorities, a significant influence is effectively exercised, within the meaning of Directive 2002/87/EC.
Amendment 503 #
Proposal for a directive Article 210 – paragraph 2 a (new) 2a. For the purposes of this Title, any undertaking that have set up long-lasting financial relationships through a legal entity shall be deemed to be a related undertaking and the legal entity shall be deemed to be a participating undertaking, in the event that the following conditions are met: (a) the setting up or dissolution of such financial relationships are subject to prior approval of the supervisory authority of the Member State where the legal entity is situated; (b) in the opinion of the supervisory authority of the Member State where the legal entity is situated, the legal entity effectively exercises, through such financial relationships, a significant influence over the undertakings concerned. In addition, where, in the opinion of the supervisory authority referred to in the first subparagraph, the legal entity effectively exercises a dominant influence over any of the undertakings in respect of which long-lasting financial relationships have been set up, those undertakings shall be deemed to be subsidiaries and the legal entity shall be deemed to be their parent undertaking.
Amendment 504 #
Proposal for a directive Article 210 – paragraph 2 a (new) 2a. For the purposes of this Title, any undertakings that have set up long-lasting financial relationships through a legal entity shall be deemed to be related undertaking and the legal entity shall be deemed to be a participating undertaking, in the event that the following conditions are met: (a) the setting up and dissolution of such financial relationships are subject to prior approval of the supervisory authority of the Member State where the legal entity is situated; (b) in the opinion of the supervisory authority of the Member State where the legal entity is situated, the legal entity effectively exercises, through such financial relationships a significant influence over the undertakings concerned. In addition, where, in the opinion of the supervisory authority referred to in the first subparagraph, the legal entity effectively exercises a dominant influence over any of the undertakings in respect of which long-lasting financial relationships have been set up, those undertakings shall be considered to be subsidiaries and the legal entity shall be deemed to be their parent undertaking.
Amendment 505 #
Proposal for a directive Article 210 – paragraph 2 a (new) 2a. For the purposes of this Title, any undertakings that have set up long-lasting financial relationships through a legal entity shall be deemed to be related undertaking and the legal entity as their participating undertaking, if the following conditions are met: (a) the setting-up or dissolution of such financial relationships are subject to prior approval of the supervisory authority of the Member State where the legal entity is situated; (b) in the opinion of the supervisory authority of the Member State where the legal entity is situated, the legal entity effectively exercises through such financial relationships a significant influence over thesundertakings concerned. In addition, where, in the opinion of the supervisory authority referred to in the first subparagraph, the legal entity effectively exercises a dominant influence over any of the undertakings in respect of which long-lasting financial relationships have been set up, those undertakings shall be deemed to be subsidiaries and the legal entity shall be deemed to be their parent undertaking.
Amendment 506 #
Proposal for a directive Article 211 – paragraph 2 – point a Amendment 507 #
Proposal for a directive Article 214 – paragraph 6 Amendment 508 #
Proposal for a directive Article 217 – paragraph 1 – subparagraph 1 1. The group supervisor shall ensure that the calculations referred to in Article 216(2) and (3) and Article 250(4) (own risk assessment) are carried out at least once a year, either by the insurance or reinsurance undertakings or by the insurance holding company.
Amendment 509 #
Proposal for a directive Article 219 – paragraph 1 – subparagraph 4 Where in the opinion of the supervisory authorities, the responsibility of the parent undertaking owning a share of the capital is strictly limited to that share of the capital, the group supervisor may, after consultation with the other supervisory authority concerned, nevertheless allow for the solvency deficit of the subsidiary undertaking to be taken into account on a proportional basis.
Amendment 510 #
Proposal for a directive Article 220 – paragraph 2 – subparagraph 1 – introductory part 2. Without prejudice to paragraph 1, the following may only be included in the calculation in so far as they are eligible for covering the Solvency Capital Requirement of the related undertaking concerned and to the extent that it contributes to the group Solvency Capital Requirement:
Amendment 511 #
Proposal for a directive Article 220 – paragraph 3 3.
Amendment 512 #
Proposal for a directive Article 220 – paragraph 3 3. If the supervisory authorities consider
Amendment 513 #
Proposal for a directive Article 220 – paragraph 4 4.
Amendment 514 #
Proposal for a directive Article 220 – paragraph 5 a (new) 5a. The Commission shall adopt implementing measures laying down the specific criteria for the decision referred to in paragraph 3. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 304(3).
Amendment 515 #
Proposal for a directive Article 225 – paragraph 1 – subparagraph 1 1. When calculating, in accordance with Article 231, the group solvency of an insurance or reinsurance undertaking
Amendment 516 #
Proposal for a directive Article 225 – paragraph 2 – subparagraph 1 a (new) Where the Commission has not adopted a decision in accordance with paragraph 3, the third-country regime is presumed not to be equivalent to the regime provided by this Directive and its implementing measures. Such a presumption shall be rebuttable.
Amendment 517 #
Proposal for a directive Article 225 – paragraph 2 – subparagraph 2 Amendment 518 #
Proposal for a directive Article 225 – paragraph 2 – subparagraph 2 The group supervisor shall consult the other supervisory authorities concerned, and the Committee of European Insurance and Occupational Pensions Supervisors, before
Amendment 519 #
Proposal for a directive Article 225 – paragraph 3 – subparagraph 1 3. The Commission
Amendment 520 #
Proposal for a directive Article 225 – paragraph 3 – subparagraph 1 3. The Commission shall adopt
Amendment 521 #
Proposal for a directive Article 225 – paragraph 3 – subparagraph 2 Th
Amendment 522 #
Proposal for a directive Article 225 – paragraph 3 – subparagraph 2 These decisions, designed to amend non- essential elements of this Directive, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 304(3). They shall be regularly reviewed
Amendment 523 #
Proposal for a directive Article 225 – paragraph 4 – subparagraph 1 Amendment 524 #
Proposal for a directive Article 228 – paragraph 2 – subparagraph 2 – point a a (new) (aa) the Minimum Capital Requirement, as referred to in Article 127, of the related insurance and reinsurance undertakings, when the minority interests have been included in the calculation of the own funds of the group in accordance with Article 220(3);
Amendment 525 #
Proposal for a directive Article 228 – paragraph 2 – subparagraph 2 – point b (b) the proportional share of the Minimum Capital Requirement of the related insurance or reinsurance undertakings, where the minority interests have not been included in the calculation of the own funds of the group in accordance with Article 220(3).
Amendment 526 #
Proposal for a directive Article 228 – paragraph 2 – subparagraph 3 That minimum shall be covered by eligible basic own funds as determined in Article 98(5).
Amendment 527 #
Proposal for a directive Article 229 – paragraph 1 – subparagraph 2 An application as referred to in the first subparagraph shall be submitted
Amendment 528 #
Proposal for a directive Article 229 – paragraph 1 – subparagraph 2 a (new) An application referred to in the first subparagraph shall contain at least the following: - information necessary to assess the bases, implementation and impact of the group internal model. Such information shall enable a comprehensive assessment of the internal model in the group as a whole, and an assessment in each subsidiary where the application of the group internal model is requested, and shall provide an integration of both levels of analysis, -, - a proper understanding of the main causes of the difference between the group Solvency Capital Requirement and the sum of the Solvency Capital Requirement of each insurance and reinsurance undertaking in the group.
Amendment 529 #
Proposal for a directive Article 229 – paragraph 4 4.
Amendment 530 #
Proposal for a directive Article 229 – paragraph 4 4.
Amendment 531 #
Proposal for a directive Article 232 – paragraph 1 The Commission
Amendment 532 #
Proposal for a directive Title III – Chapter II – Section 1 – Subsection 6 – title Amendment 533 #
Proposal for a directive Title III – Chapter II – Section 1 – Subsection 6 – title Subsection 6 -
Amendment 534 #
Proposal for a directive Article 234 Amendment 535 #
Proposal for a directive Article 234 – point c (c) the parent undertaking has declared, in writing and in a legally binding document accepted by the group supervisor and the other supervisory authority concerned in
Amendment 536 #
Proposal for a directive Article 234 – point c (c) the parent undertaking has declared, in writing and in a legally binding document accepted by the group supervisor and the other supervisory authority concerned, in accordance with Article 237, that it guarantees that
Amendment 537 #
Proposal for a directive Article 234 – point c (c) the parent undertaking has declared, in writing and in a legally binding document accepted by the group supervisor and the other supervisory authorities concerned in accordance with Article 237, that it guarantees that own funds eligible under Article 98(5) will be transferred where necessary and up to the limit resulting from the application of Article 237;
Amendment 538 #
Proposal for a directive Article 234 – point c (c) the parent undertaking has declared, in writing and in a legally binding document accepted by the group supervisor in accordance with Article 237, that it guarantees that basic own funds eligible under Article 98(5) will
Amendment 539 #
Proposal for a directive Article 234 – point c a (new) (ca) if the subsidiary is located in the Community, group support is provided from eligible own funds available in the parent undertaking to its subsidary insurance or reinsurance undertaking; if the subsidiary is located outside the Community, Articles 263, 264 and 265 shall apply;
Amendment 540 #
Proposal for a directive Article 234 – point c a (new) (ca) the parent undertaking satisfies the competent authority regarding the prudent management of the subsidiary and has declared, with the consent of the competent authority, that it guarantees the commitments entered into by the subsidiary;
Amendment 541 #
Proposal for a directive Article 234 – point d (d) an application for permission to be subject to Articles 236 to 241, has been introduced jointly by the parent undertaking and the subsidiary concerned and a favourable decision has been made on such application in accordance with the procedure set out in Article 235; the application contains adequate evidence demonstrating that group support requested for the subsidiary undertaking concerned does not exceed the share of the group diversification benefits attributable to this undertaking as determined by methods relying on verifiable economically consistent criteria.
Amendment 542 #
Proposal for a directive Article 234 – point d (d) an application for permission to be subject to Articles 236 to 241 has been introduced jointly by the parent undertaking and the subsidiary concerned and a favourable decision has been made on such application in accordance with the procedure set out in Article 235.
Amendment 543 #
Proposal for a directive Article 234 – point d (d) an application for permission to be
Amendment 544 #
Proposal for a directive Article 234 – point d (d) an application for permission to be subject to Articles 236 to 241 has been
Amendment 545 #
Proposal for a directive Article 234 – point d a (new) (da) the application contains adequate evidence demonstrating that group support requested for the subsidiary undertaking concerned does not exceed the share of the group diversification benefits attributable to this undertaking as determined by methods relying on verifiable economically consistent criteria.
Amendment 546 #
Proposal for a directive Article 234 – point d a (new) (da) the group has sufficient eligible basic own funds classified as tier 1 to cover 50 % of the group's Solvency Capital Requirement.
Amendment 547 #
Proposal for a directive Article 234 – point d a (new) (da) the application contains adequate evidence demonstrating that group support requested for the insurance or reinsurance undertaking concerned does not exceed the share of the group diversification benefits attributable to this undertaking as determined by methods relying on economically consistent criteria, which are reliable, objective and verifiable.
Amendment 548 #
Proposal for a directive Article 234 – paragraph 1 a (new) An application by a parent undertaking, which has its head office in a third country, for permission to be subject to Articles 236 to 241 shall be inadmissible.
Amendment 549 #
Proposal for a directive Article 234 – paragraph 1 a (new) An application by a parent undertaking, which has its head office in a third country, for permission to be subject to Articles 236 to 241 shall be inadmissible.
Amendment 550 #
Proposal for a directive Article 234 – paragraph 1 a (new) For the purposes of applying the rules laid down in Articles 236 to 241 to a new subsidiary where another subsidiary of the insurance or reinsurance undertaking already benefits from those rules, any request for a transfer of funds in accordance with Article 240 shall be complied with in addition to the conditions laid down in the first paragraph.
Amendment 551 #
Proposal for a directive Article 235 Amendment 552 #
Proposal for a directive Article 235 – paragraph 1 – subparagraph 1 1. In the case of applications for permission to be subject to the rules laid down in Articles 236 to 241, the supervisory authorities concerned shall work together, in full consultation, within the college of supervisors as referred to in Article 252(2), to decide whether or not to grant the permission sought and to determine the other terms and conditions, if any, to which such permission should be subject.
Amendment 553 #
Proposal for a directive Article 235 – paragraph 1 – subparagraph 2 An application as referred to in the first subparagraph shall be submitted
Amendment 554 #
Proposal for a directive Article 235 – paragraph 1 – subparagraph 2 An application as referred to in the first subparagraph shall be submitted
Amendment 555 #
Proposal for a directive Article 235 – paragraph 1 – subparagraph 2 An application as referred to in the first subparagraph shall be submitted only to the group supervisor. The group supervisor shall inform and forward the complete application to the other supervisory authorities concerned without delay.
Amendment 556 #
Proposal for a directive Article 235 – paragraph 1 – subparagraph 2 An application as referred to in the first subparagraph shall be submitted only to the group supervisor. The group supervisor shall inform in detail the other supervisory authorities concerned without delay.
Amendment 557 #
Proposal for a directive Article 235 – paragraph 2 – subparagraph 1 2. The group supervisor and each supervisory authorit
Amendment 558 #
Proposal for a directive Article 235 – paragraph 2 – subparagraph 1 2. The group supervisor and the supervisory authorit
Amendment 559 #
Proposal for a directive Article 235 – paragraph 2 – subparagraph 1 2. The supervisory authorities concerned shall do everything within their power to reach a joint decision on the application within six months from the date of receipt of the complete application by
Amendment 560 #
Proposal for a directive Article 235 – paragraph 2 – subparagraph 2 Amendment 561 #
Proposal for a directive Article 235 – paragraph 2 – subparagraph 2 Amendment 562 #
Proposal for a directive Article 235 – paragraph 2 – subparagraph 2 Amendment 563 #
Proposal for a directive Article 235 – paragraph 2 – subparagraph 3 The joint decision shall be set out in a document containing the fully reasoned decision which shall be transmitted to
Amendment 564 #
Proposal for a directive Article 235 – paragraph 2 – subparagraph 3 The joint decision shall be set out in a document containing the fully reasoned decision which shall be transmitted to
Amendment 565 #
Proposal for a directive Article 235 – paragraph 2 a (new) Amendment 566 #
Proposal for a directive Article 235 – paragraph 2 a (new) 2a. During the period referred to in paragraph 2, the group supervisor shall, at the request of an undertaking concerned, or any of the other supervisory authorities concerned, consult the CEIOPS. The group supervisor may consult the Committee on its own initiative. In the event that the Committee is consulted, the period referred to in paragraph 2 shall be extended by two months.
Amendment 567 #
Proposal for a directive Article 235 – paragraph 2 b (new) 2b. In the event that the group supervisor and the supervisory authorities concerned are not able to reach a joint decision, the matter shall be referred to the CEIOPS, which shall give its advice within two months of such referral.
Amendment 568 #
Proposal for a directive Article 235 – paragraph 2 b (new) 2b. In the event that the CEIOPS has been consulted, the supervisory authorities concerned shall duly consider such advice before taking their joint decision. The group supervisor shall provide to the applicant the joint decision referred to in paragraph 2 in a document containing full reasons and an explanation of any significant deviation from the positions adopted by the CEIOPS. That joint decision shall be recognised as final and shall be applied by the supervisory authorities concerned.
Amendment 569 #
Proposal for a directive Article 235 – paragraph 2 b (new) 2b. Where the CEIOPS has been consulted, the supervisory authorities concerned shall duly consider such advice before taking their joint decision. The group supervisor shall provide to the applicant the joint decision referred to in paragraph 2 in a document containing full reasons and an explanation of any significant deviation from the positions adopted by the CEIOPS. That joint decision shall be recognised as final and shall be applied by the supervisory authorities concerned.
Amendment 570 #
Proposal for a directive Article 235 – paragraph 3 3.
Amendment 571 #
Proposal for a directive Article 235 – paragraph 3 3.
Amendment 572 #
Proposal for a directive Article 235 – paragraph 3 3. In the absence of a joint decision between the supervisory authorities concerned within
Amendment 573 #
Proposal for a directive Article 235 – paragraph 3 3. In the absence of a joint decision between the supervisory authorities concerned within
Amendment 574 #
Proposal for a directive Article 235 – paragraph 3 3. In the absence of a joint decision between the supervisory authorities concerned within
Amendment 575 #
Proposal for a directive Article 235 – paragraph 3 3. In the absence of a joint decision between the supervisory authorities concerned within six months
Amendment 576 #
Proposal for a directive Article 235 – paragraph 3 3.
Amendment 577 #
Proposal for a directive Article 235 – paragraph 3 a (new) 3a. In making its decision, the group supervisor shall duly take into account the following: (a) any views and reservations of the other supervisory authorities concerned expressed during the applicable period; (b) where the CEIOPS has been consulted, the advice of that Committee. The decision shall be set out in a document containing full reasons and an explanation of any significant deviation from the positions of the other supervisory authorities concerned or the advice of CEIOPS. The decision shall be provided to the applicant and the other supervisory authorities concerned by the group supervisor.
Amendment 578 #
Proposal for a directive Article 235 – paragraph 3 a (new) 3a. During the last two months of the period referred to in paragraph 2, the group supervisor shall, at the request of any of the other supervisory authorities concerned, consult the CEIOPS. The group supervisor may consult the Committee on its own initiative. When the Committee is consulted, the period referred to in paragraph 2 shall be extended by two months.
Amendment 579 #
Proposal for a directive Article 235 – paragraph 3 a (new) 3a. Where the college referred to in paragraph 3 has been consulted, the group supervisor and the supervisory authority that authorised the subsidiary shall duly consider such advice before taking their joint decision.
Amendment 580 #
Proposal for a directive Article 235 – paragraph 3 b (new) 3b. Paragraph 3a shall apply mutatis mutandis to the decision of the supervisor that authorised the subsidiary adopted pursuant to paragraph 3.
Amendment 581 #
Proposal for a directive Article 235 – paragraph 3 b (new) 3b. In the absence of a joint decision within the periods set out in paragraphs 2 and 3, the supervisory authority that authorised the subsidiary shall take its own decision on the application. In taking its decision, the supervisory authority concerned shall duly take into account the following: (a) any views or reservations of the group supervisor expressed during the applicable period; (b) where the college referred to in paragraph 3 has been consulted, the advice of that college.
Amendment 582 #
Proposal for a directive Article 235 – paragraph 3 b (new) 3b. In the absence of a joint decision one month after the advice of CEIOPS, each supervisor may provide its decision, when it is in conformity with the advice of CEIOPS, to the insurance or reinsurance undertakings under their supervision. The decisions shall be set out in a document containing full reasons.
Amendment 583 #
Proposal for a directive Article 235 – paragraph 3 c (new) 3c. Where there is a joint decision, each supervisor concerned shall provide the decision to their respective insurance or reinsurance undertakings.
Amendment 584 #
Proposal for a directive Article 236 Amendment 585 #
Proposal for a directive Article 236 – paragraph 1 Amendment 586 #
Proposal for a directive Article 236 – paragraph 1 Amendment 587 #
Proposal for a directive Article 236 – paragraph 1 Amendment 588 #
Proposal for a directive Article 236 – paragraph 2 2. Where the Solvency Capital Requirement of the subsidiary is calculated on the basis of an internal model approved at group level in accordance with Article 229 and the supervisory authority tha
Amendment 589 #
Proposal for a directive Article 236 – paragraph 2 2. Where the Solvency Capital Requirement of the subsidiary is calculated on the basis of an internal model approved at group level in accordance with Article 229 and the supervisory authority having authorised the subsidiary considers that its risk profile deviates significantly from this internal model, and as long as that
Amendment 590 #
Proposal for a directive Article 236 – paragraph 2 2. Where the Solvency Capital Requirement of the subsidiary is calculated on the basis of an internal model approved at group level in accordance with Article 229 and the supervisory authority having authorised the subsidiary considers that its
Amendment 591 #
Proposal for a directive Article 236 – paragraph 2 2. Where the Solvency Capital Requirement of the subsidiary is calculated on the basis of an internal model approved at group level in accordance with Article 229 and the supervisory authority having authorised the subsidiary considers that its risk profile deviates significantly from this internal model, and as long as that undertaking does not properly address the concerns of the supervisory authority, that
Amendment 592 #
Proposal for a directive Article 236 – paragraph 2 2. Where the Solvency Capital Requirement of the subsidiary is calculated on the basis of an internal model approved at group level in accordance with Article 229 and the supervisory authority having authorised the subsidiary considers that its risk profile deviates significantly from this internal model, and as long as that undertaking does not properly address the concerns of the supervisory authority, that authority may, in the cases referred to in Article 37,
Amendment 593 #
Proposal for a directive Article 236 – paragraph 3 – subparagraph 1 3. Where the Solvency Capital Requirement of the subsidiary is calculated on the basis of the standard formula and the supervisory authority having authorised the subsidiary considers that its risk profile deviates significantly from the assumptions underlying the standard formula, and as long as that undertaking does not properly address the concerns of the supervisory authority, that authority may, in the cases referred to in Article 37, propose to and decide, together with the group supervisor, to impose a capital add-
Amendment 594 #
Proposal for a directive Article 236 – paragraph 3 – subparagraph 1 3. Where the Solvency Capital Requirement of the subsidiary is calculated on the basis of the standard formula and the supervisory authority having authorised the subsidiary considers that its risk profile deviates significantly from the assumptions underlying the standard formula, and as long as that undertaking does not properly address the concerns of the supervisory authority, that authority may, in the cases referred to in Article 37
Amendment 595 #
Proposal for a directive Article 236 – paragraph 3 – subparagraph 1 3. Where the Solvency Capital Requirement of the subsidiary is calculated on the basis of the standard formula and the supervisory authority having authorised the subsidiary considers that its risk profile deviates significantly from the assumptions underlying the standard formula, and as long as that undertaking does not properly address the concerns of the supervisory authority, that authority may, in the cases referred to in Article 37,
Amendment 596 #
Proposal for a directive Article 236 – paragraph 3 – subparagraph 1 3. Where the Solvency Capital Requirement of the subsidiary is calculated on the basis of the standard formula and the supervisory authority having authorised the subsidiary considers that its risk profile deviates significantly from the assumptions underlying the standard formula, and as long as that undertaking does not properly
Amendment 597 #
Proposal for a directive Article 236 – paragraph 3 – subparagraph 1 3. Where the Solvency Capital Requirement of the subsidiary is calculated on the basis of the standard formula and the supervisory authority having authorised the subsidiary considers that its risk profile deviates significantly from the assumptions underlying the standard formula, and as long as that undertaking does not properly address the concerns of the supervisory authority, that authority may, in the cases referred to in Article 37,
Amendment 598 #
Proposal for a directive Article 236 – paragraph 3 – subparagraph 2 The supervisory authority that authorised the subsidiary shall communicate the grounds for such
Amendment 599 #
Proposal for a directive Article 236 – paragraph 3 – subparagraph 2 The supervisory authority that authorised the subsidiary shall communicate the grounds for such
Amendment 600 #
Proposal for a directive Article 236 – paragraph 3 – subparagraph 2 The supervisor
Amendment 601 #
Proposal for a directive Article 236 – paragraph 3 – subparagraph 2 The supervisory authority shall communicate the grounds for such
Amendment 602 #
Proposal for a directive Article 236 – paragraph 3 a (new) 3a. The group supervisor and the supervisory authority shall reach a joint decision within two months. The joint decision shall be set out in a document containing full reasons, which shall be transmitted to the subsidiary by the supervisory authority.
Amendment 603 #
Proposal for a directive Article 236 – paragraph 4 Amendment 604 #
Proposal for a directive Article 236 – paragraph 4 Amendment 605 #
Proposal for a directive Article 236 – paragraph 4 Amendment 606 #
Proposal for a directive Article 236 – paragraph 4 – subparagraph 1 4. Where the supervisory authority and the group supervisor
Amendment 607 #
Proposal for a directive Article 236 – paragraph 4 – subparagraph 1 4. Where the supervisory authority and the group supervisor disagree,
Amendment 608 #
Proposal for a directive Article 236 – paragraph 4 4. Where the supervisory authority that authorised the subsidiary and the group supervisor disagree
Amendment 609 #
Proposal for a directive Article 236 – paragraph 4 – subparagraph 2 Amendment 610 #
Proposal for a directive Article 236 – paragraph 4 – subparagraph 2 Amendment 611 #
Proposal for a directive Article 236 – paragraph 4 – subparagraph 2 The
Amendment 612 #
Proposal for a directive Article 236 – paragraph 4 – subparagraph 2 The group supervisor
Amendment 613 #
Proposal for a directive Article 236 – paragraph 4 – subparagraph 2 The group supervisor
Amendment 614 #
Proposal for a directive Article 236 – paragraph 4 – subparagraph 2 The group supervisor shall duly consider such advice before taking its final decision. The document of the group supervisor’s final decision shall be submitted to the subsidiary
Amendment 615 #
Proposal for a directive Article 236 – paragraph 4 – subparagraph 2 The group supervisor shall duly consider such advice before taking its final decision. The decision shall be fully reasoned and shall contain an explanation of any significant deviation from the advice adopted by the CEIOPS. The decision shall be submitted to the subsidiary and the supervisory authority by the group supervisor.
Amendment 616 #
Proposal for a directive Article 236 – paragraph 4 – subparagraph 3 Amendment 617 #
Proposal for a directive Article 236 – paragraph 4 – subparagraph 3 Amendment 618 #
Proposal for a directive Article 236 – paragraph 4 – subparagraph 3 Amendment 619 #
Proposal for a directive Article 236 – paragraph 4 – subparagraph 3 In the absence of a joint final decision from the group supervisor and the supervisory authority within one month from the date of the
Amendment 620 #
Proposal for a directive Article 236 – paragraph 4 a (new) 4a. The group supervisor shall make its own decision on the request within one month after receiving CEOPS' advice. In making its decision, the group supervisor shall fully take into account the advice from that Committee. The decision shall be set out in a document containing the fully reasoned decision and an explanation of any significant deviation from the position of the supervisory authority and from the advice of the CEIOPS. The final decision shall be submitted by the group supervisor to the supervisory authority which shall submit it to the subsidiary.
Amendment 621 #
Proposal for a directive Article 236 – paragraph 4 b (new) 4b. In derogation from paragraph 4a, when the capital add-on proposed by the supervisor authority is based on a significant deviation of the risk profile of the subsidiary, according to the conditions laid down in Article 37, due to the inappropriate consideration of underwriting risks that are specific to the national market, the final decision is taken by the supervisory authority.
Amendment 622 #
Proposal for a directive Article 237 Amendment 623 #
Proposal for a directive Article 237 – paragraph 1 – subparagraph 1 1.
Amendment 624 #
Proposal for a directive Article 237 – paragraph 1 – subparagraph 1 1.
Amendment 625 #
Proposal for a directive Article 237 – paragraph 1 – subparagraph 1 1. By way of derogation from Article 98(4), any difference between the Solvency Capital Requirement and the minimum capital requirement of the subsidiary shall be covered by either own funds eligible under Article 98(4) or group support, or a
Amendment 626 #
Proposal for a directive Article 237 – paragraph 1 – subparagraph 1 1.
Amendment 627 #
Proposal for a directive Article 237 – paragraph 1 – subparagraph 2 Amendment 628 #
Proposal for a directive Article 237 – paragraph 1 – subparagraph 2 The group support shall, for the purposes of the classification of own funds into tiers in accordance with Articles 93 to 96, be treated as ancillary own funds classified in Tier 3 and shall respect the limits set out in Article 98.
Amendment 629 #
Proposal for a directive Article 237 – paragraph 1 – subparagraph 2 The group support shall, for the purposes of the classification of own funds into tiers in accordance with Articles 93 to 96, be treated as ancillary own funds belonging to Tier 3 and shall respect the limits set out in Article 98.
Amendment 630 #
Proposal for a directive Article 237 – paragraph 1 – subparagraph 2 The group support shall, for the purposes of the classification of own funds into tiers in accordance with Articles 93 to 96, be treated as ancillary own funds belonging to Tier 3 and shall respect the limits set out in Article 98.
Amendment 631 #
Proposal for a directive Article 237 – paragraph 1 – subparagraph 2 The group support shall, for the purposes of the classification of own funds into tiers in accordance with Articles 93 to 96, be treated as ancillary own funds belonging to Tier 3.
Amendment 632 #
Proposal for a directive Article 237 – paragraph 1 – subparagraph 2 a (new) Surplus funds under Article 96(1) shall not be used for provision of group support.
Amendment 633 #
Proposal for a directive Article 237 – paragraph 1 a (new) 1a. In order to preserve the stability of insurance markets and to provide a level playing field among insurance and other financial competitors, paragraph 1 shall be introduced under the following conditions: (a) the own funds of the subsidiary insurance or reinsurance undertaking eligible under Article 98(4) shall cover at least the sum of Minimum Capital Requirement and 75% of the difference between the Solvency Capital Requirement and the Minimum Capital Requirement. (b) the group has sufficient eligible own funds to cover its consolidated group Solvency Capital Requirement, and at least 75 % of the total amounts of group support declared with Tier 1 eligible own funds; (c) the calculation of the group Solvency Capital Requirement shall consider separately both positive and negative effects of belonging to a group, explicitly including risks such as contagion, reputation and strategy.
Amendment 634 #
Proposal for a directive Article 237 – paragraph 2 2. The group support shall take the form of a declaration
Amendment 635 #
Proposal for a directive Article 237 – paragraph 2 2. The group support shall take the form of a joint declaration to the group supervisor and the supervisory authority concerned, expressed in a legally binding document
Amendment 636 #
Proposal for a directive Article 237 – paragraph 2 2. The group support shall take the form of a joint declaration to the group supervisor and each supervisory authority concerned, expressed in a legally binding document
Amendment 637 #
Proposal for a directive Article 237 – paragraph 2 2. The group support shall take the form of a declaration to the group supervisor
Amendment 638 #
Proposal for a directive Article 237 – paragraph 2 2. The group support shall take the form of a declaration to the
Amendment 639 #
Proposal for a directive Article 237 – paragraph 2 2. The group support shall take the form of a written declaration to the group supervisor, expressed in a legally binding document, by which funds can be called on first demand, and constituting a commitment for the parent undertaking to transfer own funds eligible under Article 98(5) to the subsidiary concerned, notwithstanding any provisions of relevant national company law or any other relevant national law.
Amendment 640 #
Proposal for a directive Article 237 – paragraph 2 2. The group support shall take the form of a declaration to the group supervisor, expressed in a legally binding document and constituting a commitment to transfer own funds eligible under Article 98(5), with the exception of surplus funds falling under Article 90.
Amendment 641 #
Proposal for a directive Article 237 – paragraph 2 2. The group support shall take the form of a declaration to the group supervisor, expressed in a legally binding document and constituting a commitment to transfer own funds eligible under Article 98(5), with the exception of surplus funds falling under Article 90.
Amendment 642 #
Proposal for a directive Article 237 – paragraph 2 2. The group support shall take the form of a declaration to the group supervisor, expressed in a legally binding document and constituting a commitment to transfer own funds eligible under Article 98(5), with the exception of reserves for the restitution of premiums, which shall fall under Article 90.
Amendment 643 #
Proposal for a directive Article 237 – paragraph 2 a (new) 2a. The group support shall be provided from eligible own funds available in the parent undertaking or in another subsidiary when there is clear evidence that no legal impediment to the transfer of own funds from that subsidiary will arise, including in crisis situations.
Amendment 644 #
Proposal for a directive Article 237 – paragraph 3 – introductory part 3. Before accepting the declaration referred to in paragraph 2, the
Amendment 645 #
Proposal for a directive Article 237 – paragraph 3 – introductory part 3. Before accepting the declaration referred to in paragraph 2, the group supervisor and the supervisory authority having authorised the subsidiary concerned shall verify the following:
Amendment 646 #
Proposal for a directive Article 237 – paragraph 3 – introductory part 3. Before accepting the declaration referred to in paragraph 2, the group supervisor and the supervisory authority having authorised the subsidiary shall verify the following:
Amendment 647 #
Proposal for a directive Article 237 – paragraph 3 – introductory part 3. Before accepting the declaration referred to in paragraph 2, the group supervisor and the supervisory authority having authorised the subsidiary shall verify the following:
Amendment 648 #
Proposal for a directive Article 237 – paragraph 3 – introductory part 3. Before accepting the declaration referred to in paragraph 2, the group supervisor and the supervisory authority having authorised the subsidiary shall verify the following:
Amendment 649 #
Proposal for a directive Article 237 – paragraph 3 – point a a (new) (aa) that the group has sufficient eligible own funds above the group Minimum Capital Requirement, at least equal to the part of the group support proposed that correspond to diversification effects;
Amendment 650 #
Proposal for a directive Article 237 – paragraph 3 – point a b (new) (ab) that the group maintains an adequate liquidity management system in order to ensure potential needs to transfer funds;
Amendment 651 #
Proposal for a directive Article 237 – paragraph 3 – point b (b) that there is no current or foreseeable material practical or legal impediment to the
Amendment 652 #
Proposal for a directive Article 237 – paragraph 3 – point b (b) that there is no current or foreseeable material practical or legal impediment to the prompt transfer of the eligible own funds referred to in paragraph 2. In particular, where the parent undertaking foresees that that such transfer may be provided from the eligible own funds of certain subsidiaries, the parent undertaking can establish that they are transferable on first demand, within the timeframe set out in the Directive and its implementing measures;
Amendment 653 #
Proposal for a directive Article 237 – paragraph 3 – point b (b) that there is no current or foreseeable material practical or legal impediment to the
Amendment 654 #
Proposal for a directive Article 237 – paragraph 3 – point b (b) that there is no current or foreseeable material practical or legal impediment to the
Amendment 655 #
Proposal for a directive Article 237 – paragraph 3 – point c (c) that the document containing the declaration of group support meets all requirements existing under the law of the
Amendment 656 #
Proposal for a directive Article 237 – paragraph 3 – point c (c) that the document containing the declaration of group support meets all requirements existing under the laws of
Amendment 657 #
Proposal for a directive Article 237 – paragraph 3 – point c (c) that the document containing the declaration of group support and any necessary accompanying instrument meets all requirements existing under
Amendment 658 #
Proposal for a directive Article 237 – paragraph 3 – point c (c) that the document containing the
Amendment 659 #
Proposal for a directive Article 237 – paragraph 3 – point c (c) that the document containing the declaration of group support meets all requirements existing under the law of the parent undertaking and the law of the subsidiary to be recognised as a legal commitment, and that any recourse before a legal or administrative body shall not have suspensive effect.
Amendment 660 #
Proposal for a directive Article 237 – paragraph 3 – point c a (new) (ca) that the requirements stated in Article 234 are met by both the ultimate participating undertaking at Community level and the subsidiary insurance or reinsurance undertaking.
Amendment 661 #
Proposal for a directive Article 237 – paragraph 3 – point c a (new) (ca) that the legally binding document shall provide a guarantee of payment, on first demand, which can be modified only with prior approval of the supervisory authorities concerned. The guarantee provided shall be direct, explicit, irrevocable and unconditional, and the guarantor shall not amend any right that may impede or hinder the effectiveness of the guarantee.
Amendment 662 #
Proposal for a directive Article 237 – paragraph 3 – point c a (new) (ca) that the legally binding document shall provide a guarantee of payment, on first demand, which can be amended only with prior approval of the supervisory authorities concerned. The guarantee provided shall be direct, explicit, irrevocable and unconditional, and the guarantor shall not amend any right that may impede or hinder the effectiveness of the guarantee.
Amendment 663 #
Proposal for a directive Article 237 – paragraph 3 – point c a (new) (ca) that Member States, where duly justified, may allow their supervisory authorities to require that the group support declared by the parent undertaking in respect of a subsidiary which they have authorised must be covered by a guarantee provided by an undertaking which is not a related undertaking of the parent undertaking. Such undertaking shall be a credit institution or an insurance undertaking, and shall provide evidence that it meets its own regulatory capital requirements and has a top credit rating.
Amendment 664 #
Proposal for a directive Article 237 – paragraph 3 – point c b (new) (cb) that Member States may allow their supervisory authorities to require that the group support declared by the ultimate participating undertaking at Community level in respect of a subsidiary which they have authorised must be covered by a guarantee provided by an undertaking which is not a related undertaking of the ultimate parent undertaking. Such undertaking shall be a credit institution or an insurance undertaking, and shall provide evidence that it meets its own regulatory capital requirements and has a top credit rating.
Amendment 665 #
Proposal for a directive Article 238 Amendment 666 #
Proposal for a directive Article 238 – title Subsidiaries of an insurance or reinsurance undertaking:
Amendment 667 #
Proposal for a directive Article 238 – paragraph 1 Amendment 668 #
Proposal for a directive Article 238 – paragraph 1 Amendment 669 #
Proposal for a directive Article 238 – paragraph 1 Amendment 670 #
Proposal for a directive Article 238 – paragraph 1 1. By way of derogation from
Amendment 671 #
Proposal for a directive Article 238 – paragraph 1 1. By way of derogation from
Amendment 672 #
Proposal for a directive Article 238 – paragraph 1 1. By way of derogation from
Amendment 673 #
Proposal for a directive Article 238 – paragraph 1 –subparagraph 1 1. By way of derogation from
Amendment 674 #
Proposal for a directive Article 238 – paragraph 2 2. W
Amendment 675 #
Proposal for a directive Article 238 – paragraph 2 2. W
Amendment 676 #
Proposal for a directive Article 238 – paragraph 2 2. W
Amendment 677 #
Proposal for a directive Article 238 – paragraph 2 2. Where the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of group support declared in accordance with Article 237, but the own funds eligible under Article 98(5) are sufficient to cover the minimum capital requirement and the subsidiary meets the requirements in Article 237, the supervisory authority
Amendment 678 #
Proposal for a directive Article 238 – paragraph 2 2. Where the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of group support declared in accordance with Article 237, but the subsidiary meets Article 237 and the own funds eligible under Article 98(5) are sufficient to cover the minimum capital requirement, the supervisory authority
Amendment 679 #
Proposal for a directive Article 238 – paragraph 2 a (new) 2a. Before approving the plan, the supervisory authority shall ensure that the group supervisor accepts the proposed transfer of eligible own funds or the new declaration of group support by the parent undertaking set out in the plan.
Amendment 68 #
Proposal for a directive Citation 1 Having regard to the Treaty establishing the European Community, and in particular Article
Amendment 680 #
Proposal for a directive Article 238 – paragraph 2 b (new) 2b. Where the plan is not approved and the level of the Solvency Capital Requirement of the subsidiary is not re- established within the timetable referred in paragraph 2, the derogations provided for in Articles 236 and 237 and in paragraph 1 shall cease to apply to all subsidiaries.
Amendment 681 #
Proposal for a directive Article 238 – paragraph 3 3.
Amendment 682 #
Proposal for a directive Article 238 – paragraph 3 3.
Amendment 683 #
Proposal for a directive Article 238 – paragraph 3 3. Where the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of
Amendment 684 #
Proposal for a directive Article 238 – paragraph 3 3. Where the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of group support declared in accordance with Article 237, and the own funds eligible under Article 98(5) are not sufficient to cover the minimum capital requirement,
Amendment 685 #
Proposal for a directive Article 238 – paragraph 3 3. Where the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of group support declared in accordance with Article 237, and the
Amendment 686 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 1 Amendment 687 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 1 Amendment 688 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 1 Amendment 689 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 1 4.
Amendment 69 #
Proposal for a directive Citation 1 Having regard to the
Amendment 690 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 1 4.
Amendment 691 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 1 4. Before accepting any new declaration referred to in paragraphs 2 or 3, the group
Amendment 692 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 2 Amendment 693 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 2 Where the p
Amendment 694 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 2 Where the p
Amendment 695 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 2 Where the parent undertaking does not provide the new declaration requested, or where the new declaration provided is not accepted, the
Amendment 696 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 2 Where the parent undertaking does not provide the new declaration requested, or where the new declaration provided is not accepted, the
Amendment 697 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 2 Where the parent undertaking does not provide the new declaration requested, or where the new declaration provided is not accepted, the parent undertaking shall immediately transfer the own funds resulting from the declaration accepted previously. The derogations provided for in Articles 236 and 237 and in paragraph 1 of this Article shall cease to apply.
Amendment 698 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 3 Amendment 699 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 3 Amendment 70 #
Proposal for a directive Recital 3 a (new) (3a) In accordance with this Directive (Solvency II), which repeals Directive 2002/83/EC, pension activities that were previously subject to certain provisions of Directive 2002/83/EC are subject to the corresponding provisions of Solvency II. The economics-based provisions of Solvency II address the specificities of pension activities. Together with the review of Directive 2003/41/EC of the European Parliament and the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision, this Directive should therefore enhance the convergence of supervisory practices as regards insurance undertakings and pension funds. The review of Directive 2003/41/EC, which was due in 2007, should be carried out by the Commission with a view to enhancing the protection of policy holders, financial stability, market equity and the level playing field for all operators in the pension market, namely insurance undertakings or pension funds.
Amendment 700 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 3 Amendment 701 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 3 The
Amendment 702 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 3 Amendment 703 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 3 The supervisory authorit
Amendment 704 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 4 a (new) 4a. The supervisory authority that authorised the subsidiary shall regain full responsibility for setting the Solvency Capital Requirement of the subsidiary and taking appropriate measures to ensure that it is adequately met by own funds eligible under Article 98(4). The parent undertaking shall not, however, be released from the commitment resulting from the most recent declaration accepted.
Amendment 705 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 4 a (new) 4a. The supervisory authority that authorised the subsidiary shall regain full responsibility for setting the Solvency Capital Requirement of the subsidiary and taking appropriate measures to ensure that it is adequately met by own funds eligible under Article 98(4). The parent undertaking shall not, however, be released from the commitment resulting from the most recent declaration accepted.
Amendment 706 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 4 b (new) Amendment 707 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 4 b (new) Amendment 708 #
Proposal for a directive Article 238 – paragraph 4 – subparagraph 4 b (new) 4b. Where the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of group support declared in accordance with Article 237, and the own funds eligible under Article 98(5) are not sufficient to cover the Minimum Capital Requirement, in addition to the powers set out in Article 137, the supervisory authority may call on the parent undertaking to transfer basic own funds eligible under Article 98(5) to the extent necessary to ensure that the Minimum Capital Requirement is met again.
Amendment 709 #
Proposal for a directive Article 239 Amendment 71 #
Proposal for a directive Recital 6 a (new) (6a) References in this Directive to insurance or reinsurance undertakings should cover captive insurance and captive reinsurance undertakings, except where special provision is made for those undertakings.
Amendment 710 #
Proposal for a directive Article 239 – title Subsidiaries of an insurance or reinsurance undertaking: winding-up undertaking: other situations of call of the group support
Amendment 711 #
Proposal for a directive Article 239 Amendment 712 #
Proposal for a directive Article 240 Amendment 713 #
Proposal for a directive Article 240 – paragraph 1 – subparagraph 2 Where the parent undertaking does not
Amendment 714 #
Proposal for a directive Article 240 – paragraph 1 – subparagraph 2 Where the parent undertaking does not rapidly transfer eligible own funds to the subsidiary, the group supervisor shall use all powers available, including the power available under Article 142, to ensure that the
Amendment 715 #
Proposal for a directive Article 240 – paragraph 1 – subparagraph 2 Where the parent undertaking does not rapidly transfer, within one month of it having been first required, eligible own funds to the
Amendment 716 #
Proposal for a directive Article 240 – paragraph 2 – subparagraph 1 2. Group support may only be provided from
Amendment 717 #
Proposal for a directive Article 240 – paragraph 2 – subparagraph 1 2. Group support may only be provided from eligible own funds present in the parent undertaking
Amendment 718 #
Proposal for a directive Article 240 – paragraph 2 – subparagraph 1 2. Group support
Amendment 719 #
Proposal for a directive Article 240 – paragraph 2 – subparagraph 1 2. Group support may be provided from eligible own funds present in the parent undertaking or in any subsidiary, subject
Amendment 72 #
Proposal for a directive Recital 6 a (new) (6a) References in this Directive to insurance or reinsurance undertakings, should include captive insurance and captive reinsurance undertakings, except where specific provision is made for those undertakings.
Amendment 720 #
Proposal for a directive Article 240 – paragraph 2 – subparagraph 1 2. Group support may be provided from eligible own funds present in the parent undertaking or in any subsidiary within the group support regime, subject to that subsidiary, where it is an insurance or reinsurance undertaking, having eligible own funds in excess of its minimum capital requirement. The supervisory authority having authorised that subsidiary shall not prevent the transfer of such excess eligible own funds.
Amendment 721 #
Proposal for a directive Article 240 – paragraph 2 – subparagraph 2 Amendment 722 #
Proposal for a directive Article 240 – paragraph 2 – subparagraph 2 Amendment 723 #
Proposal for a directive Article 240 – paragraph 2 – subparagraph 2 However, where such transfer would lead to the Solvency Capital Requirement of that subsidiary being no longer complied with,
Amendment 724 #
Proposal for a directive Article 240 – paragraph 3 3.
Amendment 725 #
Proposal for a directive Article 241 Amendment 726 #
Proposal for a directive Article 242 Amendment 727 #
Proposal for a directive Article 241 The existence and the main principles of declarations of group support, and any use thereof, shall be publicly disclosed by both the parent undertaking and the subsidiary concerned.
Amendment 728 #
Proposal for a directive Article 242 – paragraph 1 – subparagraph 1 – introductory part 1. The derogations provided for in Article
Amendment 729 #
Proposal for a directive Article 242 – paragraph 1 – subparagraph 1 – point b (b) the conditions referred to in Article 234(b), (c) or (da) and Article 237 is no longer complied with and the group does not restore compliance with th
Amendment 73 #
Proposal for a directive 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 730 #
Proposal for a directive Article 242 – paragraph 1 – subparagraph 2 In the case referred to in point (a) of the first subparagraph, where the group supervisor decides no longer to include
Amendment 731 #
Proposal for a directive Article 242 – paragraph 1 – subparagraph 4 Without prejudice to the third subparagraph, the group supervisor and the supervisory authority concerned shall verify at least once a year, on its own initiative, that the condition referred to in
Amendment 732 #
Proposal for a directive Article 242 – paragraph 1 – subparagraph 5 If the group supervisor or the supervisory authority concerned determines that the plan referred to in the third or fourth subparagraph is insufficient or subsequently that it is not being implemented within the agreed period of time, it
Amendment 733 #
Proposal for a directive Article 242 – paragraph 2 2. When the derogations provided for in Article
Amendment 734 #
Proposal for a directive Article 242 – paragraph 2 2. When the derogation
Amendment 735 #
Proposal for a directive Article 242 – paragraph 2 2. When the derogations provided for in Articles 236, 237 and 238 cease to apply, the supervisory authority having authorised the subsidiary shall
Amendment 736 #
Proposal for a directive Article 243 Amendment 737 #
Proposal for a directive Article 243 – paragraph 2 a (new) 2a. In the event that the group no longer has sufficient eligible own funds to cover the minimum consolidated group Solvency Capital Requirement referred to in Article 228(2) as well as half of the difference between this amount and the consolidated group Solvency Capital Requirement, the group supervisor or any of the supervisory authorities concerned may call for the college of supervisors to analyse the situation of the group. Taking into account the analysis within the college of supervisors, the group supervisor shall decide if it is appropriate to maintain the derogations provided for in Articles 236, 237 and 238.
Amendment 738 #
Proposal for a directive Article 243 – paragraph 3 3. When the derogations provided for in Articles 236, 237 and 238 cease to apply, the supervisory authorities having authorised any subsidiary to which the rules laid down in Articles 236 to 241 apply shall
Amendment 739 #
Proposal for a directive Article 244 – title Subsidiaries of an insurance or reinsurance undertaking:
Amendment 74 #
Proposal for a directive Recital 12 (12) The new solvency regime should not be too burdensome for small and medium- sized insurance undertakings. One of the tools to achieve this objective is a proper application of the proportionality principle. This principle should be applied both to the requirements for insurance and reinsurance undertakings and to the exercise of supervisory powers.
Amendment 740 #
Proposal for a directive Article 244 – paragraph 1 1. Where several requests to transfer eligible own funds are addressed to the parent undertaking and the group supervisor in accordance with Articles 238 or 239, and the group does not have sufficient eligible own funds to meet all of those together, the group supervisor shall require the parent undertaking to restore the full amounts resulting from the most recent declaration
Amendment 741 #
Proposal for a directive Article 244 – paragraph 1 Amendment 742 #
Proposal for a directive Article 244 – title Subsidiaries of an insurance or reinsurance undertaking:
Amendment 743 #
Proposal for a directive Article 244 – paragraph 1 – subparagraph 2 a (new) The parent undertaking shall not, however, be released from the commitments to transfer the full amounts resulting from the most recent declarations accepted.
Amendment 744 #
Proposal for a directive Article 244 – paragraph 1 1. Where several requests to transfer eligible own funds are addressed to the parent undertaking and the group supervisor in accordance with Articles 238 or 239, and the group does not have sufficient eligible own funds to meet all of those together, the amounts re
Amendment 745 #
Proposal for a directive Article 244 – paragraph 1 1.
Amendment 746 #
Proposal for a directive Article 244 – paragraph 2 2. Member States shall ensure that liabilities resulting from insurance contracts entered into by the parent undertaking are not treated more favourably than liabilities resulting from insurance contracts entered into by any subsidiary which is subject to the rules laid down in Articles 23
Amendment 747 #
Proposal for a directive Article 244 – paragraph 2 Amendment 748 #
Proposal for a directive Article 244 – paragraph 1 1. Where several requests to transfer eligible own funds are addressed to the parent undertaking and the group supervisor in accordance with Articles 238 or 239, and the group does not have sufficient eligible own funds to meet all of those together, the
Amendment 749 #
Proposal for a directive Article 244 – paragraph 2 2. Notwithstanding Article 277, Member States shall ensure that liabilities resulting from insurance contracts entered into by the parent undertaking are not treated more or less favourably than liabilities resulting from insurance contracts entered into by any subsidiary which is subject to the rules laid down in Articles 236 to 241. Implementing regulations shall establish procedures under which an orderly and fair distribution of group support over time is to be achieved in the event of insolvency at group level and having regard to the priority of insurance claims set out in Article 277.
Amendment 75 #
Proposal for a directive Recital 12 a (new) (12a) In particular, the Solvency II regime should take account of the specific nature of captive insurance and reinsurance undertakings. As those undertakings cover only risks associated with the industrial or commercial group to which they belong, appropriate approaches should be provided in line with the principle of proportionality to reflect the nature, scale and complexity of their business.
Amendment 750 #
Proposal for a directive Article 245 Amendment 751 #
Proposal for a directive Article 245 – paragraph 1 – point a a (new) (aa) specifying the criteria to be fulfilled when assessing if the underwriting risks are specific to the national market as stated in Article 236(7);
Amendment 752 #
Proposal for a directive Article 245 – paragraph 1 – point c (c) specifying the principles and means to be used when disclosing the information referred to in Article 241;
Amendment 753 #
Proposal for a directive Article 246 Amendment 754 #
Proposal for a directive Article 246 – paragraph 2 This report shall address in particular the quality of eligible own funds which the group is required to hold to apply the rules laid down in Article 236 to 241, the appropriate level of own funds which a subsidiary is required to hold where it belongs to a group fulfilling the conditions of this subsection, the form which group support is required to take, the allowable amount of group support and the level of own funds at which the derogations provided for in Articles 236, 237 and 238 shall cease to apply.
Amendment 755 #
Proposal for a directive Article 246 – paragraph 2 This report shall address in particular the appropriate level of own funds which a subsidiary is required to hold where it belongs to a group fulfilling the conditions of this subsection, the form which group support is required to take, the allowable amount of group support and the level of own funds at which the derogations
Amendment 756 #
Proposal for a directive Article 247 Amendment 757 #
Proposal for a directive Article 248 – paragraph 2 - subparagraph 3 The risk concentrations at group level shall be subject to supervisory review by the group
Amendment 758 #
Proposal for a directive Article 248 – paragraph 2 - subparagraph 3 The risk concentrations shall be subject to supervisory review by the group supervisor at group level and by the supervisory authority for the subsidiaries.
Amendment 759 #
Proposal for a directive Article 248 – paragraph 3 - subparagraph 3 In order to identify significant risk
Amendment 76 #
Proposal for a directive Recital 12 a (new) (12a) In particular, the Solvency II regime should take account of the specific nature of captive insurance and reinsurance undertakings. As those undertakings cover only risks associated with the industrial or commercial group to which they belong, appropriate approaches should be provided in line with the principle of proportionality to reflect the nature, scale and complexity of their business.
Amendment 760 #
Proposal for a directive Article 248 – paragraph 3 - subparagraph 4 When reviewing the risk concentrations at group level, the group supervisor shall in particular monitor the possible risk of contagion in the group, the risk of a conflict of interests, and the level or volume of risks.
Amendment 761 #
Proposal for a directive Article 248 – paragraph 4 - subparagraph 1 4. The Commission may adopt implementing measures, as regards the definition and identification of a significant risk concentration at group level and the reporting on such a risk concentration, for the purposes of paragraphs 2 and 3.
Amendment 762 #
Proposal for a directive Article 249 – paragraph 2 - subparagraph 1 2. The Member States shall require insurance and reinsurance undertakings or insurance holding companies to report on a regular basis and at least annually to the group supervisor all significant intra-group transactions by insurance and reinsurance undertakings within a group
Amendment 763 #
Proposal for a directive Article 250 – paragraph 3 3. The systems and reporting procedures at group level referred to in paragraphs 1 and 2 shall be subject to supervisory review by the group supervisor, in accordance with the rules laid down in Chapter III and Articles 253 and 254.
Amendment 764 #
Proposal for a directive Article 250 – paragraph 4 – subparagraph 1 4. Member States shall require the participating insurance or reinsurance undertaking or the insurance holding company to undertake at the level of the group the assessment required by Article 44. The own risk and solvency assessment conducted at group level shall be subject to supervisory review by the group supervisor in accordance with Chapter III and Articles 253 and 254.
Amendment 765 #
Proposal for a directive Article 250 – paragraph 4 – subparagraph 1 4. Member States shall require the participating insurance or reinsurance undertaking or the insurance holding company to undertake at the level of the group the assessment required by Article 44. The own risk and solvency assessment conducted at group level shall be subject to supervisory review by the group supervisor in accordance with Chapter III and Article 253.
Amendment 766 #
Proposal for a directive Article 250 – paragraph 4 – subparagraph 2 Where the participating insurance or reinsurance undertaking or the insurance holding company so decides, and subject to
Amendment 767 #
Proposal for a directive Article 250 – paragraph 4 – subparagraph 2 Where the participating insurance or reinsurance undertaking or the insurance holding company so decides, and subject to the agreement of the group supervisor and the supervisory authorities concerned, it may undertake any assessments required by Article 44 at the level of the group and at the level of any subsidiary in the group at the same time, and may produce a single document covering all the assessments. This information in that single document shall be presented in a way to allow the separate assessment of each insurance and reinsurance undertaking.
Amendment 768 #
Proposal for a directive Article 251 Amendment 769 #
Proposal for a directive Article 251 – paragraph 3 In particular cases, the supervisory authorities concerned may, at the request of any of the authorities, take a joint decision to derogate from the criteria set out in paragraph 2 if their application would be inappropriate, taking into account the structure of the group and the relative importance of the insurance and reinsurance undertakings activities in different countries, and designate a different supervisory authority as group supervisor.
Amendment 77 #
Proposal for a directive Recital 14 a (new) (14a) Supervision of the reinsurance activity should take account of the specific features of the reinsurance business, particularly its global nature and the fact that the policyholders are themselves insurance or reinsurance undertakings.
Amendment 770 #
Proposal for a directive Article 251 – paragraph 3 a (new) 3a. During the period referred to in paragraph 3, any of the supervisory authorities concerned may request that CEIOPS is consulted. In the event that CEIOPS is consulted, the period referred to in paragraph 3 shall be extended by two months.
Amendment 771 #
Proposal for a directive Article 251 – paragraph 3 b (new) 3b. In the event that CEIOPS has been consulted, the supervisory authorities concerned shall duly take into account CEIOPS' advice before taking their joint decision. The joint decision shall be fully reasoned and shall contain an explanation of any significant deviation from the positions adopted by the Committee.
Amendment 772 #
Proposal for a directive Article 251 – paragraph 4 4. In the absence of a joint decision
Amendment 773 #
Proposal for a directive Article 251 – paragraph 5 5. The Committee of European Insurance and Occupational Pensions Supervisors shall inform the Commission, at least once a year, of any major difficulties with the
Amendment 774 #
Proposal for a directive Article 251 – paragraph 5 5. The Committee of European Insurance and Occupational Pensions Supervisors shall inform the Commission, the European Parliament and the Council, at least once a year, of any major difficulties with the application of paragraphs 2, 3 and 4.
Amendment 775 #
Proposal for a directive Article 251 – paragraph 6 a (new) 6a. Member States shall ensure that when a supervisory authority acts as a group supervisor, it is recognised as doing so in a non-discriminatory manner. Legitimate actions taken as a group supervisor, including but not limited to transfers of capital, shall not, therefore, be regarded, on the basis of that supervisor's national mandate, as contrary to the interests of the Member State or of policyholders in that Member State.
Amendment 776 #
Proposal for a directive Article 251 a (new) Amendment 777 #
Proposal for a directive Article 251 a (new) Amendment 778 #
Proposal for a directive Article 252 Amendment 779 #
Proposal for a directive Article 252 –Title Rights and duties of the group supervisor – Coordination arrangements College of supervisors
Amendment 78 #
Proposal for a directive Recital 14 a (new) (14a) Basing supervision on qualitative as well as quantitative risk management principles is likely to require an increase in supervisory resources.
Amendment 780 #
Proposal for a directive Article 252 –Title Rights and duties of the group supervisor – Coordination arrangements College of supervisors
Amendment 781 #
Proposal for a directive Article 252 – paragraph 1 – point e Amendment 782 #
Proposal for a directive Article 252 – paragraph 1 – point f (f) other tasks, measures and decisions assigned to the group supervisor by this Directive or deriving from the application of this Directive, in particular leading the process for validation of any internal model at group level as set out in Articles 229 and 231
Amendment 783 #
Proposal for a directive Article 252 – paragraph 2 2.
Amendment 784 #
Proposal for a directive Article 252 – paragraph 2 2. In order to facilitate group supervision, the group supervisor and the other supervisory authorities concerned shall
Amendment 785 #
Proposal for a directive Article 252 – paragraph 2 2. In order to facilitate group supervision,
Amendment 786 #
Proposal for a directive Article 252 – paragraph 2 2.
Amendment 787 #
Proposal for a directive Article 252 – paragraph 2 2. In order to facilitate group supervision, the group supervisor and all the other supervisory authorities concerned shall have coordination arrangements in form of colleges of supervisors in place. Those coordination arrangements may entrust additional tasks to the group supervisor and may specify, without prejudice to any measure adopted pursuant to this Directive, the procedures for the decision-making process among the supervisory authorities concerned as referred to in Articles 211(3), 212(2)
Amendment 788 #
Proposal for a directive Article 252 – paragraph 2 2. In order to facilitate group supervision, the group supervisor and the other supervisory authorities concerned shall have coordination arrangements in place and shall specify, without prejudice to any measure adopted pursuant to this Directive, the procedures for the decision- making process among the supervisory authorities concerned as referred to in Article 236, and for cooperation with other supervisory authorities. Those coordination arrangements may entrust additional tasks to the group supervisor and may specify, without prejudice to any measure adopted pursuant to this Directive, the procedures for the decision-making process among the supervisory authorities concerned as referred to in Articles 211(3), 212(2)
Amendment 789 #
Proposal for a directive Article 252 – paragraph 2 a (new) 2a. CEIOPS shall elaborate guidelines for the operational functioning of colleges.
Amendment 79 #
Proposal for a directive Recital 14 b (new) (14b) The supervision of reinsurance activity shall take account of the special characteristics of reinsurance business, notably its global nature and the fact that the policyholders are themselves insurance or reinsurance undertakings.
Amendment 790 #
Proposal for a directive Article 252 – paragraph 2 a (new) 2a. CEIOPS shall elaborate guidelines for the operational functioning of colleges.
Amendment 791 #
Proposal for a directive Article 252 – paragraph 2 a (new) 2a. CEIOPS shall elaborate guidelines for the operational functioning of colleges.
Amendment 792 #
Proposal for a directive Article 252 – paragraph 2 b (new) 2b. The college of supervisors shall have the possibility to request that CEIOPS provide advice or mediation when it considers appropriate to achieve a convergent supervision among colleges.
Amendment 793 #
Proposal for a directive Article 252 a (new) Amendment 794 #
Proposal for a directive Article 253 – paragraph 1 – subparagraph 1 1.
Amendment 795 #
Proposal for a directive Article 253 – paragraph 1 – subparagraph 1 1. The authorities responsible for the supervision of the individual insurance and reinsurance undertakings in a group and the group supervisor shall cooperate closely in the colleges of supervisors, including in cases where an insurance or reinsurance undertaking encounters financial difficulties.
Amendment 796 #
Proposal for a directive Article 253 – paragraph 1 – subparagraph 1 a (new) Amendment 797 #
Proposal for a directive Article 253 – paragraph 1 – subparagraph 2 With the objective of ensuring that those supervisory authorities, including the group supervisor, have the same amount of essential or relevant information available to them, without prejudice to their respective responsibilities,
Amendment 798 #
Proposal for a directive Article 253 – paragraph 1 a (new) 1a. The authorities responsible for the supervision of the individual insurance and reinsurance undertakings in a group and the group supervisor shall each call immediately for a meeting of all supervisors involved in group supervision in at least the following cases: (a) when it is aware of a breach of the Solvency Capital Requirement or the Minimum Capital Requirement of an individual insurance or reinsurance undertakings; (b) when it is aware of a breach of the Solvency Capital Requirement at group level calculated on the basis of consolidated data or the aggregated group Solvency Capital Requirement, in accordance with which method according to Title III, Chapter II, Section 1, Subsection 4, is used; (c) when other exceptional circumstances occur or have occurred.
Amendment 799 #
Proposal for a directive Article 254 – paragraph 1 – subparagraph 1 – introductory part 1.
Amendment 80 #
Proposal for a directive Recital 19 a (new) (19a) References in this Directive to ‘actuarial’ should be widely interpreted to comprise the range of technical aspects that form part of the essential substance of the insurance business and should not, therefore, necessary be linked or limited to a concrete profession, to the extent that the increasing complexity of certain aspects of the insurance business may lead to a wider range of professionals participating to develop appropriately the actuarial function.
Amendment 800 #
Proposal for a directive Article 254 – paragraph 1 – subparagraph 1 – introductory part 1. The supervisory authorities concerned shall, where a decision is of importance for the supervisory tasks of other supervisory authorities, prior to that decision, consult each other in the college of supervisors with regard to the following items:
Amendment 801 #
Proposal for a directive Article 260 – paragraph 2 – introductory part 2. Where a participating insurance or reinsurance undertaking or an insurance holding company so decides, and subject to the previous agreement of the group supervisor and the supervisory authorities concerned, it may provide a single solvency and financial condition report which shall comprise the following:
Amendment 802 #
Proposal for a directive Article 260 – paragraph 2 – point b (b) the information for any of the subsidiaries within the group which must be individually disaggregated and identifiable and disclosed in accordance with Articles 50 and 52 to 54, in such a way that the supervisor of the subsidiary has equivalent amount and access to the information as in the case of a separated report.
Amendment 803 #
Proposal for a directive Article 262 – paragraph 2 a (new) 2a. In the event of non-compliance by a holding or parent company with the requirements of group support and on the request of any other supervisory authority concerned, the group supervisor shall examine the situation and, if necessary, decide that supervision on a group basis is to cease.
Amendment 804 #
Proposal for a directive Article 263 – paragraph 1 – subparagraph 2 The verification shall be carried out by the supervisory authority which would be the group supervisor if the criteria set out in Article 251(2) were to apply, at the request of the parent undertaking or of any of the insurance and reinsurance undertakings authorised in the Community or on its own initiative, unless the Commission had concluded previously in respect of the equivalence of the third country involved. That supervisory authority shall consult the other supervisory authorities concerned, and the Committee of European Insurance and Occupational Pensions Supervisors, before
Amendment 805 #
Proposal for a directive Article 263 – paragraph 1 – subparagraph 2 The verification shall be carried out by the supervisory authority which would be the group supervisor if the criteria set out in Article 251(2) were to apply, at the request of the parent undertaking or of any of the
Amendment 806 #
Proposal for a directive Article 267 a (new) Amendment 807 #
Proposal for a directive Article 277 – paragraph 1 – point a (a) with respect to assets representing the technical provisions, insurance claims shall take absolute precedence over any other claim on the insurance undertaking. In respect of the other assets, the commitments of any nature assumed with other insurance undertaking of its own group as a consequence of the group support regime, shall have absolute precedence over any other claim of the insurance or undertaking in winding up;
Amendment 808 #
Proposal for a directive Article 277 – paragraph 1 – point b – introductory part (b) with respect to the whole of the assets of the insurance undertaking, insurance claims, and legal commitments of group support provided by the insurance or reinsurance undertaking in winding up, shall take precedence over any other claim on the insurance undertaking with the only exception of the following:
Amendment 809 #
Proposal for a directive 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.
Amendment 81 #
Proposal for a directive Recital 21 (21) In order to guarantee transparency insurance and reinsurance undertakings should disclose publicly at least annually essential information on their solvency and financial condition. Undertakings should be allowed to disclose publicly additional information on a voluntary basis. References in this Directive to public disclosure of information should mean making the information generally available in a systematised, understandable and manageable manner, giving customers and other users access as easily and speedily as possible and at a low and reasonable cost. Use of electronic facilities would meet this essential principle to the extent that the information publicly disclosed is adequately systematised, its electronic location is centralised, and it is widely accessible.
Amendment 810 #
Proposal for a directive Article 304 – paragraph 3 a (new) 3a. Where reference is made to Article 304(3), the implementing measures set out in this Directive shall be developed according the principles of neutrality, relevancy and security: (a) neutrality means that they shall provide a level playing field, preventing distortion in competition within financial markets; (b) relevancy means that they shall contain any necessary legal or technical measures that have or may have a significant impact on the manner insurance and reinsurance undertakings manage their business and risks, on competition, on supervisory convergence and on consumer protection; (c) security means that they shall provide insurance and reinsurance undertakings, supervisors and consumers a certain, clear and detailed knowledge of their rights, obligations and application in practice.
Amendment 811 #
Proposal for a directive Article 304 - paragraph 3 a (new) Amendment 812 #
Proposal for a directive Article 304 – paragraph 3 b (new) 3b. All decisions to be taken by CEIOPS for the purpose of this Directive shall be adopted by qualified majority.
Amendment 813 #
Proposal for a directive Article 305 a (new) Amendment 814 #
Proposal for a directive Article 305 a (new) Article 305a [Report on the solvency rules of IORPs] The Commission shall submit to the European Insurance and Occupational Pensions Committee and the European Parliament, at the latest half a year after the date referred to in Article 312, a report on adequate solvency rules for institutions for occupational retirement provision (IORPs), with a view to ensuring a level playing field between insurance undertakings and pension funds that fall within the scope of Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision1. 1 OJ L 235, 23.9.2003, p. 10.
Amendment 815 #
Proposal for a directive Article 310 – paragraph 2 a (new) 2a. The Commission shall carry out an impact study on the effects of the new Directive examining in particular the possible budgetary revenue falls incurred in host Member States, the possible rise of profitability at the level of parent undertakings, finally the possible impairment in the status of competition of the new start-up insurers. Only if the results of the impact study are economically convincing should the provisions of both paragraphs 1 and 2 be put in place.
Amendment 816 #
Proposal for a directive Article 311 – paragraph 1 a (new) 1a. Notwithstanding paragraph 1, references to Articles 27 and 28 of Directive 2002/83/EC in Article 17 of Directive 2003/41/EC shall continue to be read as references to those Articles. As long as Directive 2003/41/EC is not revised with new solvency rules for IORPS, the provisions of Directive 2002/83/EC will continue to apply as regards IORPs.
Amendment 817 #
Proposal for a directive Article 311 – paragraph 1 a (new) 1a. Notwithstanding paragraph 1, references to Articles 27 and 28 of Directive 2002/83/EC in Article 17 of Directive 2003/41/EC shall continue to be read as references to those Articles.
Amendment 818 #
Proposal for a directive Article 311 – paragraph 1 b (new) 1b. Article 311(1a) is repealed with effect from 31 December 2013. Until that date, the Commission shall take the necessary steps to ensure the application of the capital requirement provisions of this Directive to institutions for occupational retirement provision after the appropriate adjustments have been specified.
Amendment 819 #
Proposal for a directive Article 311 – paragraph 1 b (new) 1b. Article 311(1a) is repealed with effect from 31 December 2013. Until that date, the Commission shall take the necessary steps in order to ensure the application of the capital requirement provisions of this Directive to institutions for occupational retirement provisions after the appropriate adjustments have been specified.
Amendment 82 #
Proposal for a directive Recital 23 (23) It is necessary to promote supervisory convergence not only in respect of supervisory tools but also in respect of supervisory practices. The Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2004/6/EC should play an important role in this respect and report regularly on the progress made. A new regulation, to enter into force at the same time as this Directive, should provide that Committee with a legal basis and confer on it legal personality and provide for qualified majority voting for the purpose of the adoption of all the Committee's decisions under this Directive.
Amendment 820 #
Proposal for a directive Article 311 a (new) Amendment 821 #
Proposal for a directive Annex IV Amendment 83 #
Proposal for a directive Recital 23 (23) It is necessary to promote supervisory convergence not only in respect of supervisory tools but also in respect of supervisory practices. The Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2004/6/EC should play an important role in this respect and report regularly on the progress made. Legal basis should be provided and legal personality should be conferred on the Committee, commensurate with its responsibilities and authority.
Amendment 84 #
Proposal for a directive Recital 23 (23) It is necessary to promote supervisory convergence not only in respect of supervisory tools but also in respect of
Amendment 85 #
Proposal for a directive 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 and can be used to absorb any losses that may arise.
Amendment 86 #
Proposal for a directive 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 87 #
Proposal for a directive Recital 29 a (new) (29a) It is the practice in the Community 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 are surplus funds. Surplus funds are the property of the legal entity in which they are generated. Within the group support regime, they are not transferable to other legal entities of the group.
Amendment 88 #
Proposal for a directive Recital 35 (35) The supervisory regime should provide for a risk-sensitive requirement, which is based on a prospective calculation to ensure accurate and timely intervention by supervisory authorities (the Solvency Capital Requirement), and a minimum level of security below which the amount of financial resources should not fall (the Minimum Capital Requirement). The Minimum Capital Requirement should be linked to the Solvency Capital Requirement as a percentage thereof. Both capital requirements should be harmonised throughout the Community in order to achieve a uniform level of protection for policyholders.
Amendment 89 #
Proposal for a directive Recital 35 (35) The supervisory regime should provide for a risk-sensitive requirement, which is based on a prospective calculation to ensure accurate and timely intervention by supervisory authorities (the Solvency Capital Requirement), and a minimum level of security below which the amount of financial resources should not fall (the Minimum Capital Requirement). Both capital requirements should be harmonised throughout the Community in order to achieve a uniform level of protection for policyholders. For the good functioning of the Solvency II regime, there should be an adequate ladder of intervention between the Minimum Capital Requirement and the Solvency Capital Requirement.
Amendment 90 #
Proposal for a directive Recital 35 a (new) (35a) In order to prevent procyclicality, in particular in equity markets during times of financial distress, supervisory authorities need to be given a greater degree of flexibility in their supervisory measures. These deviations, however, should be of exceptional character, aiming to stabilise rather than increase the negative effects of a financial crisis.
Amendment 91 #
Proposal for a directive Recital 36 (36) The Solvency Capital Requirement should reflect a level of eligible own funds that enables insurance and reinsurance undertakings to absorb significant losses and that gives reasonable assurance to policyholders and beneficiaries that payments will be made as they fall due. In this respect, an appropriate balance between risk sensitivity and stability of the solvency capital requirement should be reached in order better to serve policyholders' needs and enhance their protection. Thus, the calibration of the capital charge shall properly take into account the long holding period of assets that is typical in insurance and pension business, in particular for certain types of assets, such as equity and real estate, and shall not discourage undertakings from holding participations in financial and non-financial firms and having own funds in excess of technical provisions and Solvency Capital Requirement.
Amendment 92 #
Proposal for a directive Recital 36 (36) The Solvency Capital Requirement should reflect a level of eligible own funds that enables insurance and reinsurance undertakings to absorb significant losses and that gives reasonable assurance to policyholders and beneficiaries that payments will be made as they fall due. In this respect, an appropriate balance between risk sensitivity and stability of the solvency capital requirement should be reached in order better to serve policyholders' needs and enhance their protection. Thus, the calibration of the capital charge shall properly take into account the long holding period of assets that is typical in insurance and pension business, in particular for certain types of assets, such as equity and real estate, and shall not discourage undertakings from holding participations in financial and non-financial firms and having own funds in excess of technical provisions and Solvency Capital Requirement.
Amendment 93 #
Proposal for a directive Recital 36 (36) The Solvency Capital Requirement should reflect a level of eligible own funds that enables insurance and reinsurance undertakings to absorb significant losses and that gives reasonable assurance to policyholders and beneficiaries that payments will be made as they fall due. In this respect, an appropriate balance between risk sensitivity and stability of the solvency capital requirement should be reached in order to better serve policyholders’ needs and enhance their protection. Thus the calibration of the capital charge should properly take into account the long holding period of assets that is typical in insurance and pension business, in particular for certain types of assets such as equity and real estate, and should not discourage undertakings from holding participations in financial and non-financial firms and having own funds in excess of technical provisions and the solvency capital requirement.
Amendment 94 #
Proposal for a directive Recital 36 (36) The Solvency Capital Requirement should reflect a level of eligible own funds that enables insurance and reinsurance undertakings to absorb significant losses and that gives reasonable assurance to policyholders and beneficiaries that payments will be made as they fall due. In this respect, an appropriate balance should be struck between the average maturity of risk-covering commitments and the volatility of assets.
Amendment 95 #
Proposal for a directive Recital 38 (38) Provision should be made to lay down a standard formula for the calculation of the Solvency Capital Requirement, to enable all insurance and reinsurance undertakings to assess their economic capital. For the structure of the standard formula, a modular approach should be adopted, which means that the individual exposure to each risk category should be assessed in a first step and then aggregated in a second step. Where the use of undertaking-specific parameters allows for the true underwriting risk profile of the undertaking to be better reflected, this should be allowed, provided such parameters are derived using a standardised methodology. In particular, the use of undertaking-specific parameters may be applicable in cases of national specific features, such as mutual entities covering professional liabilities, where such long- term liabilities are subject to national regulations.
Amendment 96 #
Proposal for a directive Recital 43 (43) It is necessary that the Minimum Capital Requirement is calculated in accordance with a simple formula
Amendment 97 #
Proposal for a directive Recital 43 (43) It is necessary that the Minimum Capital Requirement is calculated in accordance with a simple formula,
Amendment 98 #
Proposal for a directive Recital 43 (43) It is necessary that the Minimum Capital Requirement is calculated in accordance with a simple formula,
Amendment 99 #
Proposal for a directive Recital 43 a (new) (43a) The Minimum Capital Requirement identifies the amount of basic own funds below which policyholders and beneficiaries are exposed to an unacceptable level of risk if insurance and reinsurance undertakings were allowed to continue their operations. The amount of the Minimum Capital Requirement ensures that an insurer cannot continue its activity if it is exposed to ruin in 1 out of 20 cases, with a probability of ruin of no more than 5 %, to meet their obligations to policyholders and beneficiaries over the forthcoming 12 months.
source: PE-407.989
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History
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