2021/0296(COD) Framework for the recovery and resolution of insurance and reinsurance undertakings
Lead committee dossier:
Progress: Procedure completed, awaiting publication in Official Journal
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
HAHN Henrike ( Greens/EFA),
ZANNI Marco ( ID),
MACMANUS Chris ( The Left)
|
|
| Committee Opinion | JURI |
Lead committee dossier:
Legal Basis:
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Legal Basis:
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Events
2024/11/27
Council of the EU - Draft final act
Documents
2024/11/27
CSL - Final act signed
2024/11/05
EP/CSL - Act adopted by Council after Parliament's 1st reading
2024/08/08
European Commission - Commission response to text adopted in plenary
Documents
2024/04/23
EP - Decision by Parliament, 1st reading
Details
The European Parliament adopted by 475 votes to 37, with 99 abstentions, a legislative resolution on the proposal for a directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2009/138/EC, (EU) 2017/1132 and Regulations (EU) No 1094/2010 and (EU) No 648/2012.
As a reminder, the objective of this proposal for a directive is to harmonise the rules and procedures for the resolution of insurance and reinsurance undertakings with a view to making the insurance and reinsurance sector more resilient and strengthening the protection of policyholders, taxpayers, the economy and financial stability within the EU. The directive will introduce harmonised resolution procedures, which will facilitate the management of insurance company failures, particularly in a cross-border context.
The European Parliament’s position adopted at first reading under the ordinary legislative procedure amends the proposal as follows:
Pre-emptive recovery plans
Member States should ensure that insurance and reinsurance undertakings that are not part of a group subject to pre-emptive recovery planning, and that meet certain criteria, draw up and keep updated a pre-emptive recovery plan. Member States should ensure that the supervisory authority subjects insurance and reinsurance undertakings to pre-emptive recovery planning requirements on the basis of their size, business model, risk profile, interconnectedness, substitutability, their importance for the economy of the Member States in which they operate and their cross-border activities, in particular significant cross-border activities.
Supervisory authorities should ensure that at least 60% of the Member State’s life insurance and reinsurance market and at least 60% of its non-life insurance and reinsurance market are subject to pre-emptive recovery planning requirements. Small and non-complex undertakings should not be subject to pre-emptive recovery planning requirements, except where a supervisory authority considers that such an undertaking represents a particular risk at national or regional level.
Insurance and reinsurance undertakings should update their pre-emptive recovery plans at least every two years.
Concerning group pre-emptive recovery plans , Member States should ensure that the group supervisor has the power to require that the ultimate parent undertaking of a group draw up and submit to the group supervisor a group pre-emptive recovery plan.
Resolution plans
The amended text stated that the resolution authorities should draw up resolution plans for insurance and reinsurance undertakings for which they assess that it is more likely, when compared to other undertakings under their remit, that resolution action would be in the public interest in the event of the failure of the undertaking concerned, or for which the authorities assess that they perform a critical function. That assessment should take into account, as a minimum, the necessity to achieve resolution objectives and the undertaking’s size, business model, risk profile, interconnectedness, substitutability and in particular its cross-border activity.
Based on the assessment, resolution authorities should ensure that at least 40% of the Member State’s life insurance and reinsurance market and 40 % of its non-life insurance and reinsurance market, are subject to resolution planning.
Resolution
The resolution objectives are: (a) protecting the collective interest of policy holders, beneficiaries and claimants; (b) maintaining financial stability, in particular by preventing contagion and by maintaining market discipline;
(c) ensuring the continuity of critical functions; (d) protecting public funds by minimising reliance on extraordinary public financial support.
When pursuing these objectives, resolution authorities should choose those approaches in relation to critical functions that best preserve the continuity of insurance coverage for the policy holders. They should prioritise the use of financing sources other than the budget of the Member States.
In order to provide for a clear delineation of responsibilities between supervisory and resolution authorities, it should be specified that, once resolution action has been taken by the resolution authority, it is the resolution authority that becomes ultimately responsible for the effective implementation of such resolution action. From that moment in time, the supervisory authority should therefore refrain from adopting any measures with respect to the undertaking under resolution without the prior agreement of the resolution authority. Similarly, the resolution authority should have the power to terminate, in the context of resolution action, any measure taken by the supervisory authority in case its continuation would hinder the application of resolution tools.
European resolution colleges
Group-level resolution authorities should establish resolution colleges. Where a third-country insurance or reinsurance undertaking or third-country parent undertaking has Union subsidiary undertakings established in two or more Member States, or two or more Union branches of a third country undertaking that are regarded as significant by two or more Member States, the resolution authorities of the Member States where those Union subsidiary undertaking are established or where those Union branches of a third country undertaking are located may establish a European resolution college .
Financing arrangements
Each Member State should establish one or more financing arrangements to ensure that the resolution authority has at its disposal adequate funds through ex-ante or ex-post contributions or a combination thereof from insurance and reinsurance undertakings authorised in that Member State and from Union branches of third-country undertakings located in the territory of that Member State to cover at least the payment of the difference to shareholders, policy holders, beneficiaries, claimants or other creditors referred to in this Directive.
Member States may provide for the possibility to use financing arrangements also to cover other costs associated with the use of resolution tools, insofar as the use of financing arrangements is necessary for the achievement of the resolution objectives.
Text adopted by Parliament, 1st reading/single reading
Documents
2024/04/23
EP - Results of vote in Parliament
Documents
2024/01/29
EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
Documents
2024/01/24
European Parliament - Text agreed during interinstitutional negotiations
Documents
2024/01/24
Council of the EU - Coreper letter confirming interinstitutional agreement
Documents
2023/09/13
EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2023/09/11
EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2023/07/26
EP - Committee report tabled for plenary, 1st reading
Details
The Committee on Economic and Monetary Affairs adopted the reported by Markus FERBER (EPP, DE) on the proposal for a directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2009/138/EC, (EU) 2017/1132 and Regulations (EU) No 1094/2010 and (EU) No 648/2012.
As a reminder, the aim of this proposed directive is to make the insurance and reinsurance sector more resilient and enhance the protection of policyholders, taxpayers, the economy and financial stability within the EU. Moreover, the new directive will provide a framework for cases where the Solvency II regime does not prevent the failure of an insurance undertaking. The Insurance Recovery and Resolution Directive (IRRD) will provide harmonised resolution procedures, making failures of insurance companies easier to handle, especially in a cross-border context.
The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
Scope
The amended text reinforces the role of the European Insurance and Occupational Pensions Authority. The EIOPA should be informed of any additional or stricter rules adopted by Member States, other than those laid down in the directive.
Resolution plans
Members added that the resolution plans should also contain a preliminary assessment of the feasibility and credibility of the winding up under normal insolvency proceedings or of resolution actions. Resolution authorities should draw up resolution plans for each insurance and reinsurance undertaking that is subject to pre-emptive recovery planning requirements provided they assess that the public interest would be positive in the event of a failure or for which a critical function exists. This assessment should be made on the basis of the resolution objectives and criteria such as size, business model, risk profile, interconnectedness, substitutability and cross-border activity .
Group resolution plans
The amended text suggested that Member States should ensure that group resolution authorities draw up group resolution plans to be activated in case the ultimate parent undertaking or one of the material undertakings within the group risks experiencing a significant deterioration of its
financial position.
Financial arrangements
Financing arrangements should be established in each Member State to compensate policy holders of insurance and reinsurance undertakings authorised in that Member State. While directly absorbing the losses of an insurance company should be avoided, it should be possible to use such financing arrangements to finance other costs associated with the use of resolution tools as a last resort, to the extent necessary to achieve the resolution objectives and insofar as the resolution principles are fully respected. Acknowledging the diversity in insurance markets, Member States should be given some flexibility in relation to the precise arrangements of external financing as long as the availability of sufficient liquidity to guarantee compensation within a reasonable timeframe is ensured. A Member State should impose a contribution obligation only to insurance and reinsurance undertakings authorised in that Member State and to Union branches of a third country undertaking which are established in its territory.
Policy-holder protection
The report stated that the global financial crisis showed the need for high levels of protection for policy holders. The introduction of insurance guarantee schemes (IGSs) should therefore be advanced. A harmonised framework of national insurance guarantee schemes would help to minimise reliance on public funds by providing equal protection to policy holders and beneficiaries in the event of an insurer’s insolvency. The current lack of homogeneity between national IGSs leads to unequal treatment of policy holders and beneficiaries of to the same insurer, as demonstrated by recent cross-border insurance failures. After sufficient experience in the application of this Directive has been gained, the Commission, after consulting EIOPA, should evaluate and report to the European Parliament and the Council on the possibility of introducing harmonised minimum basic requirements for insurance guarantee schemes in the Union and the steps that would be necessary in order to do so.
Review
By 1 January 2026, the Commission, after having consulted EIOPA, should submit a report to the European Parliament and to the Council on the application of this Directive.
Committee report tabled for plenary, 1st reading/single reading
Documents
2023/07/18
EP - Vote in committee, 1st reading
2023/07/18
EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2022/07/18
European Parliament - Amendments tabled in committee
Documents
2022/06/02
European Parliament - Committee draft report
Documents
2022/02/23
Economic and Social Committee: opinion, report - ESC
Documents
2022/01/04
SE_PARLIAMENT - Contribution
Documents
2021/11/22
EP - Committee referral announced in Parliament, 1st reading
2021/09/23
European Commission - Legislative proposal
Details
PURPOSE: to establish a European framework for the recovery and resolution of insurance and reinsurance undertakings.
PROPOSED ACT: Directive of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: insurance policies form an integral part of the daily life of European citizens. For many social and economic activities, holding an insurance policy is necessary to protect against potential risks. They also include savings products, which will determine the long-term welfare of their holders. The disorderly failure of insurers can therefore have a significant impact on policy holders, beneficiaries, injured parties or affected businesses. The management of a near-failure or the failure of certain insurers, particularly large cross-border groups, or the simultaneous failure of multiple insurers can also lead to or amplify financial instability.
Although Directive 2009/138/EC (Solvency II Directive) of the European Parliament and of the Council aimed at strengthening the financial system in the EU and the resilience of insurance and reinsurance undertakings, it did not completely eliminate the possibility of failures of such insurance and reinsurance undertakings.
Moreover, there are currently no harmonised procedures at European level for resolving insurers . This results in considerable substantive and procedural differences between the laws, regulations and administrative provisions that govern the failure of insurers in the Member States. A regime is therefore needed to provide authorities with a credible set of resolution tools to intervene sufficiently early and quickly if insurers are failing or likely to fail to ensure a better outcome for policy holders, while minimising the impact on the economy, the financial system and any recourse to taxpayers’ money.
CONTENT: the proposed Directive seeks to harmonise national laws on recovery and resolution of insurers or introduces such a framework if there is none yet, to the extent necessary to ensure that Member States have the same tools and procedures to address failures. The harmonised framework would also safeguard the interests of policy holders and preserve the real economy. It would contribute to financial stability and trust in the internal market for insurance and reinsurance.
The proposal addresses crisis management and provides for a comprehensive package of measures including, inter alia , the following elements:
Prevention and preparedness
The proposal requires insurance and reinsurance undertakings established in the EU and subject to the ‘Solvency II’ regulatory framework to develop preventive recovery plans, in order to be better prepared for a possible crisis and to be able to take prompt remedial action if a crisis occurs.
Set-up of resolution authorities
This proposal requires Member States to set up insurance resolution authorities , equipped with a minimum harmonised set of powers to undertake all the relevant preparatory and resolution actions. The proposal does not specify the particular authority that should be appointed and can therefore be for example national central banks, competent ministries, public administrative authorities or other authorities entrusted with public administrative powers.
Resolution tools
The framework would provide national authorities with resolution tools to intervene early and quickly enough in the event of failure or risk of failure of insurers. These instruments would maintain insurance cover for policyholders, beneficiaries and injured parties and allocate losses in a fair and predictable manner.
Cross-border group resolution
To take account of the cross border nature of some insurance groups and create a comprehensive and integrated framework for recovery and resolution actions in the Union, resolution colleges will be established under the leadership of the group resolution authority and with the participation of the European Insurance and Occupational Pensions Authority (EIOPA). The objective of the colleges is to coordinate preparatory and resolution measures among national authorities to ensure optimal solutions at Union level.
Changes to the Solvency II Directive
This proposal clarifies supervisory authorities’ powers to impose preventive measures to insurers in cases of deteriorating financial positions or breaches of regulatory requirements, to avoid the escalation of the problems at a sufficiently early stage of deterioration.
Penalties
In order to ensure compliance by insurers, those who effectively control their business and their administrative, management or supervisory body with the obligations deriving from this proposal, Member States should provide for administrative sanctions and other administrative measures which are effective, proportionate and dissuasive. EIOPA should maintain a central database of all administrative sanctions.
Implementation
The proposal requires Member States to transpose the recovery and resolution rules in their national laws within 18 months from the entry into force of this proposal. National authorities should report to EIOPA on the application of simplified obligations on an annual basis, which EIOPA should in turn disclose.
Legislative proposal
Documents
2021/09/23
EC - Legislative proposal published
Details
PURPOSE: to establish a European framework for the recovery and resolution of insurance and reinsurance undertakings.
PROPOSED ACT: Directive of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: insurance policies form an integral part of the daily life of European citizens. For many social and economic activities, holding an insurance policy is necessary to protect against potential risks. They also include savings products, which will determine the long-term welfare of their holders. The disorderly failure of insurers can therefore have a significant impact on policy holders, beneficiaries, injured parties or affected businesses. The management of a near-failure or the failure of certain insurers, particularly large cross-border groups, or the simultaneous failure of multiple insurers can also lead to or amplify financial instability.
Although Directive 2009/138/EC (Solvency II Directive) of the European Parliament and of the Council aimed at strengthening the financial system in the EU and the resilience of insurance and reinsurance undertakings, it did not completely eliminate the possibility of failures of such insurance and reinsurance undertakings.
Moreover, there are currently no harmonised procedures at European level for resolving insurers . This results in considerable substantive and procedural differences between the laws, regulations and administrative provisions that govern the failure of insurers in the Member States. A regime is therefore needed to provide authorities with a credible set of resolution tools to intervene sufficiently early and quickly if insurers are failing or likely to fail to ensure a better outcome for policy holders, while minimising the impact on the economy, the financial system and any recourse to taxpayers’ money.
CONTENT: the proposed Directive seeks to harmonise national laws on recovery and resolution of insurers or introduces such a framework if there is none yet, to the extent necessary to ensure that Member States have the same tools and procedures to address failures. The harmonised framework would also safeguard the interests of policy holders and preserve the real economy. It would contribute to financial stability and trust in the internal market for insurance and reinsurance.
The proposal addresses crisis management and provides for a comprehensive package of measures including, inter alia , the following elements:
Prevention and preparedness
The proposal requires insurance and reinsurance undertakings established in the EU and subject to the ‘Solvency II’ regulatory framework to develop preventive recovery plans, in order to be better prepared for a possible crisis and to be able to take prompt remedial action if a crisis occurs.
Set-up of resolution authorities
This proposal requires Member States to set up insurance resolution authorities , equipped with a minimum harmonised set of powers to undertake all the relevant preparatory and resolution actions. The proposal does not specify the particular authority that should be appointed and can therefore be for example national central banks, competent ministries, public administrative authorities or other authorities entrusted with public administrative powers.
Resolution tools
The framework would provide national authorities with resolution tools to intervene early and quickly enough in the event of failure or risk of failure of insurers. These instruments would maintain insurance cover for policyholders, beneficiaries and injured parties and allocate losses in a fair and predictable manner.
Cross-border group resolution
To take account of the cross border nature of some insurance groups and create a comprehensive and integrated framework for recovery and resolution actions in the Union, resolution colleges will be established under the leadership of the group resolution authority and with the participation of the European Insurance and Occupational Pensions Authority (EIOPA). The objective of the colleges is to coordinate preparatory and resolution measures among national authorities to ensure optimal solutions at Union level.
Changes to the Solvency II Directive
This proposal clarifies supervisory authorities’ powers to impose preventive measures to insurers in cases of deteriorating financial positions or breaches of regulatory requirements, to avoid the escalation of the problems at a sufficiently early stage of deterioration.
Penalties
In order to ensure compliance by insurers, those who effectively control their business and their administrative, management or supervisory body with the obligations deriving from this proposal, Member States should provide for administrative sanctions and other administrative measures which are effective, proportionate and dissuasive. EIOPA should maintain a central database of all administrative sanctions.
Implementation
The proposal requires Member States to transpose the recovery and resolution rules in their national laws within 18 months from the entry into force of this proposal. National authorities should report to EIOPA on the application of simplified obligations on an annual basis, which EIOPA should in turn disclose.
Legislative proposal
Documents
Documents
- Draft final act: 00006/2024/LEX
- Commission response to text adopted in plenary: SP(2024)394
- Decision by Parliament, 1st reading: T9-0294/2024
- Results of vote in Parliament: Results of vote in Parliament
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE758.182
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: GEDA/A/(2024)000531
- Text agreed during interinstitutional negotiations: PE758.182
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2024)000531
- Committee report tabled for plenary, 1st reading: A9-0251/2023
- Amendments tabled in committee: PE732.672
- Committee draft report: PE732.670
- ESC: CES5378/2021
- Contribution: COM(2021)0582
- Legislative proposal: COM(2021)0582
- Legislative proposal: Go to the pageEur-Lex
- Legislative proposal published: COM(2021)0582
- Legislative proposal published: Go to the page Eur-Lex
- Committee draft report: PE732.670
- Amendments tabled in committee: PE732.672
- Text agreed during interinstitutional negotiations: PE758.182
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2024)000531
- Draft final act: 00006/2024/LEX
- Legislative proposal: COM(2021)0582 Go to the pageEur-Lex
- Commission response to text adopted in plenary: SP(2024)394
- Contribution: COM(2021)0582
- ESC: CES5378/2021
Votes
A9-0251/2023 – Markus Ferber – Provisional agreement – Am 2 #
2024/04/23 Outcome: +: 475, 0: 99, -: 37
PPE
S&D
Renew
ECR
NI
Verts/ALE| Amendments | Dossier |
| 159 |
2021/0296(COD)
2022/07/18
ECON
159 amendments...
Amendment 100 #
Proposal for a directive Article 5 – paragraph 3 Amendment 101 #
Proposal for a directive Article 5 – paragraph 3 – subparagraph 2 Amendment 102 #
Proposal for a directive Article 5 – paragraph 3 – subparagraph 2 a (new) Mutual or mutual-type insurance undertakings which are restrained from access to external funding, from policyholders or third parties, to increase their financial resources shall not be subject to pre-emptive recovery planning.
Amendment 103 #
Proposal for a directive Article 5 – paragraph 4 Amendment 104 #
Proposal for a directive Article 5 – paragraph 4 4. EIOPA shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1094/2010 to further specify the methods to be used when determining the market shares referred to in paragraph 2
Amendment 105 #
Proposal for a directive Article 5 – paragraph 5 5. Supervisory authorities
Amendment 106 #
Proposal for a directive Article 5 – paragraph 5 5. Supervisory authorities shall ensure that insurance and reinsurance undertakings update their pre-emptive recovery plans at least
Amendment 107 #
Proposal for a directive Article 5 – paragraph 7 – point d a (new) (d a) a summary of the material changes to the undertaking since the most recently filed recovery plan;
Amendment 108 #
Proposal for a directive Article 5 – paragraph 7 – point e a (new) (e a) a detailed description of how recovery planning is integrated into the corporate governance structure of the undertaking as well as the policies and procedures governing the approval of the recovery plan and identification of the persons in the organisation responsible for preparing and implementing the plan;
Amendment 109 #
Proposal for a directive Article 5 – paragraph 7 – point f a (new) (f a) in case the undertaking had breached the Solvency Capital Requirement and adopted a recovery plan in accordance with Article 138 of Directive 2009/138/EC over the last 10 years, the plan as well as an assessment of the measures adopted to restore its compliance with the Solvency Capital Requirement.
Amendment 110 #
Proposal for a directive Article 5 – paragraph 9 – subparagraph 1 9. Member States shall require that insurance and reinsurance undertakings ensure that their pre-emptive recovery plans contain a framework of qualitative and quantitative indicators that identify the points at which remedial actions should be considered. Those indicators
Amendment 111 #
Proposal for a directive Article 5 – paragraph 11 Amendment 112 #
Proposal for a directive Article 5 – paragraph 11 Amendment 113 #
Proposal for a directive Article 5 – paragraph 12 – subparagraph 1 12. EIOPA shall develop draft regulatory technical standards further specifying, without prejudice to Article 4, the information that an insurance or reinsurance undertaking as referred to in paragraph 1 is to include in the pre-emptive recovery plan, including the remedial actions referred to in paragraph 7, first subparagraph, point (e) and their
Amendment 114 #
Proposal for a directive Article 6 – paragraph 1 – point a (a) whether the implementation of the arrangements proposed in the plan is reasonably likely to maintain or restore within a specified timeframe the viability and financial position of the insurance or reinsurance undertaking or of the group;
Amendment 115 #
Proposal for a directive Article 6 – paragraph 1 – point b (b) whether the plan and specific
Amendment 116 #
Proposal for a directive Article 6 – paragraph 3 3. Where an insurance or reinsurance undertaking carries out significant cross- border activities, the home supervisory authority shall, upon the request of a host supervisory authority, provide the pre- emptive recovery plan to that host supervisory authority. The host supervisory authority may examine the pre-emptive recovery plan to identify any actions in the pre-emptive recovery plan which may adversely impact policy holders, the real economy or the financial stability in its Member State and make recommendations to the home supervisory authority with regard to those matters. Where the home supervisory authority fails to properly take into account the recommendation from the host supervisory authority, the host supervisory authority can refer the matter to EIOPA.
Amendment 117 #
Proposal for a directive Article 6 – paragraph 5 – subparagraph 1 5. Where the insurance or reinsurance undertaking fails to submit a revised pre- emptive recovery plan, or where the supervisory authority comes to the conclusion that the revised pre-emptive recovery plan does not adequately remedy the deficiencies or potential impediments identified in its original assessment, and where it is not possible to adequately remedy the deficiencies or impediments through a direction to make specific changes to the plan, the supervisory authority shall
Amendment 118 #
Proposal for a directive Article 6 – paragraph 5 – subparagraph 2 Amendment 119 #
Proposal for a directive Article 6 – paragraph 5 – subparagraph 2 Amendment 120 #
Proposal for a directive Article 7 – paragraph 1 – subparagraph 1 1. Member States shall ensure that ultimate
Amendment 121 #
Proposal for a directive Article 7 – paragraph 1 – subparagraph 1 1. Member States shall ensure that group supervisors may require ultimate parent undertakings to draw up and submit to the group supervisor a group pre- emptive recovery plan when the ultimate undertaking or one of the material undertakings within the group risk experiencing a significant deterioration of its financial position.
Amendment 122 #
Proposal for a directive Article 7 – paragraph 1 – subparagraph 1 1. Member States shall ensure that ultimate parent undertakings draw up and submit to the group supervisor a group pre- emptive recovery plan on the basis of their size, business model, risk profile, interconnectedness, substitutability and, in particular, cross-border activity. Member States shall not require this if that parent undertaking is exempted from pre-emptive recovery planning in accordance with Article 5.
Amendment 123 #
Proposal for a directive Article 7 – paragraph 1 – subparagraph 2 Group pre-emptive recovery plans shall consist of a pre-emptive recovery plan for the group headed by the ultimate
Amendment 124 #
Proposal for a directive Article 7 – paragraph 4 4. Supervisory authorities may require subsidiary insurance or reinsurance undertakings or the entities referred to in Article 1(1), points (c) and (d), to draw up and submit pre-emptive recovery plans
Amendment 125 #
Proposal for a directive Article 7 – paragraph 4 a (new) 4 a. Upon the request of the supervisory authority, the group supervisor may require the ultimate insurance or reinsurance undertaking or insurance holding company heading the group, to resubmit pre-emptive recovery plans if it demonstrates that any concerned entity is not sufficiently considered by a group pre-emptive recovery plan in light of the significance of the entity in question in the Member State concerned and in light of the obligations that comparable undertakings in that Member State are subject to.
Amendment 126 #
Proposal for a directive Article 7 – paragraph 6 a (new) 6 a. Member states shall ensure that financial conglomerates that are subject to Directive 2002/87/EC of the European Parliament and of the Council are permitted to draft one single pre-emptive recovery plan for the whole group. The group supervisor of the insurance activities shall coordinate with the group supervisor of the credit institution or investment firm.
Amendment 127 #
Proposal for a directive Article 9 – paragraph 1 a (new) The resolution plan shall in particular identify explicitly whether the undertaking shall be wound up under normal insolvency proceedings on the basis of its idiosyncratic characteristics or whether it shall be subject to the resolution tools established by this Directive.
Amendment 128 #
Proposal for a directive Article 9 – paragraph 1 b (new) When drawing up the resolution plan, the resolution authority shall identify any material impediments to resolvability and, where appropriate, outline relevant actions for how those impediments could be addressed.
Amendment 129 #
Proposal for a directive Article 9 – paragraph 2 Amendment 130 #
Proposal for a directive Article 9 – paragraph 2 Amendment 131 #
Proposal for a directive Article 9 – paragraph 2 – subparagraph 1 2. Resolution authorities shall draw up resolution plans for each insurance and reinsurance undertaking
Amendment 132 #
Proposal for a directive Article 9 – paragraph 2 – subparagraph 2 Amendment 133 #
Proposal for a directive Article 9 – paragraph 2 – subparagraph 2 Resolution authorities
Amendment 134 #
Proposal for a directive Article 9 – paragraph 2 – subparagraph 3 Amendment 135 #
Proposal for a directive Article 9 – paragraph 2 – subparagraph 3 a (new) Mutual or mutual-type insurance undertakings which have collecive capital or are restrained from access to external funding, from policyholders or third parties, to increase their financial resources shall not be subject to resolution planning requirements.
Amendment 136 #
Proposal for a directive Article 9 – paragraph 3 3. Where the insurance or reinsurance undertaking concerned carries out significant cross-border activities, home resolution authorities shall
Amendment 137 #
Proposal for a directive Article 9 – paragraph 4 – subparagraph 2 Resolution plans shall not assume any extraordinary public financial support besides, where available, the use of insurance guarantee schemes or of any financing arrangements
Amendment 138 #
Proposal for a directive Article 9 – paragraph 5 – subparagraph 1 5. Resolution authorities
Amendment 139 #
Proposal for a directive Article 9 – paragraph 5 – subparagraph 1 5. Resolution authorities shall review, and where necessary update, resolution
Amendment 140 #
Proposal for a directive Article 9 – paragraph 6 – subparagraph 1 – point h a (new) (h a) a detailed and comprehensive list of capital and liabilities per each ranking category as established according to national insolvency proceedings and where available a detailed list of the holders of these instruments. The list shall be updated within 24 hours of any change to the liability structure and be made available to competent or resolution authorities within 24 hours of a request by such an authority;
Amendment 141 #
Proposal for a directive Article 9 – paragraph 9 9. EIOPA shall, by [PO – add 18 months after entry into force], issue guidelines in accordance with Article 16 of
Amendment 142 #
Proposal for a directive Article 9 – paragraph 9 a (new) 9 a. Member States shall ensure that the resolution authorities shall draft one single pre-emptive resolution plan for the whole group, where the group subject to the resolution plan is a financial conglomerate subject to Directive 2002/87/EC of the European Parliament and of the Council. The group resolution authority of the insurance undertakings shall coordinate with the group resolution authority of the credit institution or investment firm.
Amendment 143 #
Proposal for a directive Article 10 – paragraph 1 1. Member States shall ensure that group resolution authorities may draw up group resolution plans when the ultimate parent undertaking or one of the material undertakings within the group risk experiencing a significant deterioration of their financial position.
Amendment 144 #
Proposal for a directive Article 10 – paragraph 1 1. Member States shall ensure that group resolution authorities draw up group resolution plans for ultimate parent undertakings selected on the basis of their size, business model, risk profile, interconnectedness, cross-border activity, substitutability and the likely impact of the failure on policy holders. Groups whose parent undertaking is excluded from resolution planning under Article 9 shall not be subject to group resolution planning.
Amendment 145 #
Proposal for a directive Article 11 – paragraph 3 3. Member States shall ensure that group resolution plans
Amendment 146 #
Proposal for a directive Article 13 – paragraph 1 – subparagraph 1 1. Member States shall ensure that
Amendment 147 #
Proposal for a directive Article 13 – paragraph 1 – subparagraph 2 An insurance or reinsurance undertaking shall be deemed resolvable where it is feasible and credible for
Amendment 148 #
Proposal for a directive Article 13 – paragraph 1 – subparagraph 2 a (new) The assessment of resolvability shall in particular identify whether the undertakings would be wound up under normal insolvency proceedings or whether they would be subject to the resolution tools established by this Directive. The assessment shall in particular, indicate whether given the specific characteristics of the undertaking a resolution action is expected to be necessary in the public interest pursuant to Article 19 whenever the undertaking is failing or likely to fail.
Amendment 149 #
Proposal for a directive Article 14 – paragraph 1 1. Member States shall ensure that group resolution authorities, together with the resolution authorities of subsidiaries, after having consulted the group supervisor and the supervisory authorities of such subsidiaries, assess the extent to which groups are resolvable without the assumption of any extraordinary public financial support besides, where available, the use of insurance guarantee schemes or of any financing arrangements. This does not include groups excluded from resolution planning under Article 10.
Amendment 150 #
Proposal for a directive Article 15 – paragraph 1 – subparagraph 1 a (new) The inability to fulfil any of the information requirements referred to in paragraph 6 of Article 9 to the satisfaction of the resolution authority shall be considered a substantive impediment to resolvability.
Amendment 151 #
Proposal for a directive Article 15 – paragraph 4 – subparagraph 2 When identifying alternative measures, resolution authorities shall
Amendment 152 #
Proposal for a directive Article 15 – paragraph 5 – point f a (new) (f a) restrict or prevent the development of new cross-border activities;
Amendment 153 #
Proposal for a directive Article 15 – paragraph 6 6. Before identifying any alternative measure referred to in paragraph 5, the resolution authority, after having consulted the supervisory authority, shall duly consider the potential effect of such measure on the soundness and stability of that particular insurance or reinsurance undertaking’s ongoing business and on the internal market. Any decision by the resolution authority of alternative measures shall not result in a change of the legal form of the undertaking or group.
Amendment 154 #
Proposal for a directive Article 15 – paragraph 8 8. EIOPA shall, by [PO – add 1
Amendment 155 #
Proposal for a directive Article 15 – paragraph 8 a (new) Amendment 156 #
Proposal for a directive Article 15 – paragraph 8 b (new) 8 b. Resolution authorities shall regularly, and at least annually, inform EIOPA on the progress made as regards to the removal of the impediments to resolvability in their markets.
Amendment 157 #
Proposal for a directive Article 18 – paragraph 2 – subparagraph 1 – point a (a) protecting policy holders, beneficiaries and claimants of the insurance and reinsurance undertaking in resolution and other insurance and reinsurance undertakings in the territory of the Member State;
Amendment 158 #
Proposal for a directive Article 18 – paragraph 3 a (new) 3 a. In case of potential conflict among the objectives, Member States shall ensure that authorities always prioritise the achievement of the protection of policy holders, beneficiaries and claimants.
Amendment 159 #
Proposal for a directive Article 19 – paragraph 1 – point b (b) there is no reasonable prospect that any alternative private sector measures or supervisory action, including preventive and corrective measures, would prevent the failure of the undertaking within a reasonable timeframe that shall not exceed 3 months;
Amendment 160 #
Proposal for a directive Article 19 – paragraph 1 a (new) 1 a. Where the conditions in paragraph 1, points (a), (b) and (c) of this Directive are met, the supervisory authority shall not apply Articles 139 and 141, points (b) and (c) of Article 144(1), subparagraph 2 of Article 144(1), and paragraph 4 of Article 144, of Directive 2009/138/EC in respect of the insurance or reinsurance undertaking concerned;
Amendment 161 #
Proposal for a directive Article 19 – paragraph 3 – introductory part 3. For the purposes of paragraph 1, point (a), an insurance or reinsurance undertaking shall be failing or likely to fail, i
Amendment 162 #
Proposal for a directive Article 19 – paragraph 3 – point b (b) the insurance or reinsurance undertaking no longer fulfils the conditions for authorisation or fails seriously in its obligations under the laws and regulations to which it is subject, or there are objective elements to support that the undertaking will, in the ne
Amendment 163 #
Proposal for a directive Article 19 – paragraph 3 – point b (b) the insurance or reinsurance undertaking no longer fulfils the conditions for authorisation or fails seriously in its obligations under the laws and regulations to which it is subject, or there are objective elements to support that the undertaking will, in the ne
Amendment 164 #
Proposal for a directive Article 19 – paragraph 3 – point c (c) the insurance or reinsurance undertaking is unable to pay its debts or other liabilities, including payments to policy holders or beneficiaries, as they fall due, or there are objective elements to support a determination that the undertaking will, in the ne
Amendment 165 #
Proposal for a directive Article 19 – paragraph 3 – point c (c) the insurance or reinsurance undertaking is unable to pay its debts or other liabilities, including payments to policy holders or beneficiaries, as they fall due, or there are objective elements to support a determination that the undertaking will, in the ne
Amendment 166 #
Proposal for a directive Article 19 – paragraph 4 a (new) 4 a. EIOPA shall, by [PO – add 12 months after entry into force], issue guidelines in accordance with Article 16 of Regulation (EU) No 1094/2010 to specify the definition of the public interest referred to in paragraph 4 of this Article.
Amendment 167 #
Proposal for a directive Article 26 – paragraph 2 – subparagraph 2 Amendment 168 #
Proposal for a directive Article 26 – paragraph 2 – subparagraph 2 The conversion of eligible liabilities into
Amendment 169 #
Proposal for a directive Article 26 – paragraph 3 – subparagraph 1 – point e (e) as a last resort, if deemed appropriate after a careful assessment on the protection of policy holders and beneficiaries by the Authorities, the write- down or conversion tool.
Amendment 170 #
Proposal for a directive Article 26 – paragraph 3 a (new) 3 a. Member States shall ensure that, to the extent that any of the resolution tools listed in paragraph 3 of this Article are not applicable to an undertaking or entity, covered by this Directive, as a result of its specific legal form, resolution authorities shall be equipped with resolution tools which are as similar as possible, including in terms of their effects.
Amendment 171 #
Proposal for a directive Article 26 – paragraph 5 Amendment 172 #
Proposal for a directive Article 26 – paragraph 5 5. The
Amendment 173 #
Proposal for a directive Article 26 – paragraph 5 a (new) 5 a. Member States shall ensure that a financing mechanism is in place that ensures the performance of the obligations deriving from this Directive. This financing mechanism shall at least: i) cover the expenses arising from the compensation of shareholders, creditors or policyholders as a consequence of Article 55; ii) be based on the home-country principle.
Amendment 174 #
Proposal for a directive Article 29 – paragraph 3 – subparagraph 1 a (new) When adopting the decision referred to in the previous subparagraph, resolution authorities shall provide reasoned justifications and inform EIOPA.
Amendment 175 #
Proposal for a directive Article 32 – paragraph 2 – point a (a) it is wholly or partially owned by one or more public authorities which may include the resolution authority or
Amendment 176 #
Proposal for a directive Article 33 – paragraph 1 – subparagraph 2 Notwithstanding the provisions referred to in points (d) and (e) of the first subparagraph and where necessary to meet the resolution objectives referred to in Article 18, a bridge undertaking may be established and authorised without complying with Directive 2009/138/EC for a short period of time at the beginning of its operation. To that end, the resolution authority shall submit a request in that sense to the supervisory authority. Where
Amendment 177 #
Proposal for a directive Article 33 a (new) Article 33 a Transfer to Existing National Insurance Guarantee Schemes Instead of applying the provisions of Articles 32 and 33 of this Directive, Member States may, while ensuring the interests of policy holders, provide for a transfer of portfolios to an appropriate national insurance guarantee scheme, while ensuring continuity of insurance relationships. Member States may require the establishment, maintenance or modification of an appropriate national insurance guarantee scheme for that purpose.
Amendment 178 #
Proposal for a directive Article 34 – paragraph 1 – introductory part 1. Member States shall ensure that resolution authorities may apply the write- down or conversion tool, as a last resort measure, to meet the resolution objectives referred to in Article 18 for any of the following purposes:
Amendment 179 #
Proposal for a directive Article 34 – paragraph 1 – subparagraph 1 – point b a (new) (b a) to restore the viability of a failing entity where that is necessary to ensure the continuity of critical insurance products.
Amendment 180 #
Proposal for a directive Article 34 – paragraph 1 – subparagraph 2 When applying the write-down or conversion tool to insurance claims, resolution authorities may also restructure the terms of the related insurance contracts to achieve the resolution objectives referred to in Article 18 more effectively. When doing so, resolution authorities shall take into account the impact on policyholders.
Amendment 181 #
Proposal for a directive Article 34 – paragraph 1 – subparagraph 2 a (new) Member States shall ensure that authorities apply the write-down or conversion tool only if the protection of the policy holder and beneficiaries is granted. Member States might apply further safeguards in order to ensure the respect of the objective of the protection of policyholders and beneficiaries in applying this article.
Amendment 182 #
Proposal for a directive Article 34 – paragraph 1 – subparagraph 2 b (new) The Commission shall adopt a Delegated Act including measures to limit the application of write-down or conversion tool to avoid a detrimental impact on the protection of policyholders and beneficiaries, in particular ensuring the presence of a security net for policyholders and beneficiaries.
Amendment 183 #
Proposal for a directive Article 34 – paragraph 5 – subparagraph 1 – point a a (new) (a a) covered policies under paragraphs 4, 5 and 6 of Article 82f (new);
Amendment 184 #
Proposal for a directive Article 34 – paragraph 5 – subparagraph 1 – point d – point iii a (new) (iii a) a financing arrangement referred to in Title VI a (new);
Amendment 185 #
Proposal for a directive Article 34 – paragraph 6 – point d a (new) (d a) the application of the write-down or conversion tools would have a disproportionate impact on some policyholders, that could not be compensated by the financing arrangements established in accordance with Title VI a (new) of this Directive;
Amendment 186 #
Proposal for a directive Article 34 a (new) Article 34 a Additional safeguards for resolution power, the power to restructure, limit or write down insurance liabilities, and allocate losses to policy holders as a last resort option 1. When allocating losses to policy holders, resolution authorities shall take into account all the following safeguards: a) all other feasible measures and options which could have averted losses for policy holders have been exhausted or have been deemed unlikely to be successful; b) the allocation of losses to policy holders should only take place as a last resort option; c) the exercise of the power to restructure, limit or write down insurance liabilities is deemed necessary for other powers to be effective and, hence, to limit the losses for policy holders; d) board members or persons who effectively run the insurer or have other key functions should be removed or dismissed if those persons can be found unfit to perform their duties pursuant to Article 42 of the Solvency II Directive 32/88; e) policy holders should be compensated to the extent possible by IGSs or other similar mechanisms. 2. Member States should ensure that policy holders should be informed of the existence of this power and the possibility that this power might be exercised in exceptional circumstances by, for instance, including a clause in the insurance contract explaining the potential risks and financial consequences for the policy holder and taking into account possible coverage under a national insurance guarantee scheme.
Amendment 187 #
Proposal for a directive Article 70 – paragraph 8 a (new) 8 a. A resolution authority shall only take independent resolution actions or measures other than those proposed in the group resolution scheme in relation to an insurance or reinsurance undertaking or an entity referred to in of Article 1(1), points (b) to (e) when such independent resolution actions or measures would have no detrimental impact on other Member States as regards fiscal resources, insurance guarantee schemes or any other financing arrangements.
Amendment 188 #
Proposal for a directive Article 71 – paragraph 4 a (new) 4 a. A resolution authority shall only take independent resolution actions or measures other than those proposed in the group resolution scheme in relation to an insurance or reinsurance undertaking or an entity referred to in of Article 1(1), points (b) to (e) when such independent resolution actions or measures would have no detrimental impact on other Member States as regards fiscal resources, insurance guarantee schemes or any other financing arrangements.
Amendment 189 #
Proposal for a directive Title IV a (new) Amendment 190 #
Proposal for a directive Title VI a (new) Amendment 191 #
Proposal for a directive Title VI a (new) Amendment 192 #
Proposal for a directive Title VI b (new) Amendment 193 #
Proposal for a directive Article 91 a (new) Amendment 194 #
Proposal for a directive Article 91 a (new) Article 91 a Legislative proposal on national Insurance Guarantee Schemes The Commission shall adopt a legislative proposal, laying down the principles for a harmonised framework of national Insurance Guarantee Schemes.
Amendment 195 #
Proposal for a directive Article 92 – paragraph 1 – subparagraph 2 a (new) They shall apply Articles 34-39 after the entry into application of legislation as in Article 91a, laying down the principle for an harmonised framework of national Insurance Guarantee Schemes.
Amendment 37 #
Proposal for a directive Recital 2 a (new) (2 a) The global financial crisis also showed the need for an EU wide harmonised Insurance Guarantee Scheme to protect consumers and ensure a level playing field. The completion of such a scheme should be considered a priority for the Union.
Amendment 38 #
Proposal for a directive Recital 3 (3)
Amendment 39 #
Proposal for a directive Recital 3 (3)
Amendment 40 #
Proposal for a directive Recital 8 a (new) (8 a) In the case when there are no external owners, such as mutual or mutual-type associations, the same provisions intended to affect the shareholders will instead hit the policyholders intended to be ultimately protected. In order to avoid a framework that negatively affects the policyholders in mutual undertakings, requirements should be proportionate and allow for flexibility in relation to the legal form of the undertaking.
Amendment 41 #
Proposal for a directive Recital 8 b (new) (8 b) Insurance markets, insurance products and insurance and reinsurance undertakings in the Member States vary substantially in terms of among other factors risks for financial stability, market concentration and types of businesses. In order to minimise the risk of the framework being too burdensome, extensive, and disproportionate without evident benefits for the policyholders nor for financial stability, a great degree of flexibility for Member States should be guaranteed.
Amendment 42 #
Proposal for a directive Recital 13 (13) It is necessary to ensure the suitability and effectiveness of the recovery and resolution framework while avoiding unnecessary administrative burdens and costs on undertakings and authorities. The implementation of such recovery and resolution framework should therefore be proportionate to the nature, scale and complexity of the undertaking concerned, and of its activities and services. Regarding the scope of the recovery and resolution planning requirements, authorities should determine, on the basis of a harmonised set of risk-based criteria, which undertakings are subject to
Amendment 43 #
Proposal for a directive Recital 13 (13) It is necessary to ensure the suitability and effectiveness of the recovery and resolution framework while avoiding unnecessary administrative burdens and costs on undertakings and authorities. The implementation of such recovery and resolution framework should therefore be proportionate to the nature, scale and complexity of the undertaking concerned, and of its activities and services. Regarding the scope of the recovery and resolution planning requirements, authorities should determine, on the basis of a harmonised set of risk-based criteria, which undertakings are subject to the planning requirements.
Amendment 44 #
Proposal for a directive Recital 13 (13) It is necessary to ensure the suitability and effectiveness of the recovery and resolution framework while avoiding unnecessary administrative burdens and costs on undertakings and authorities. The implementation of such recovery and resolution framework should therefore be proportionate to the nature, scale and complexity of the undertaking concerned, and of its activities and services. In addition, the differences between pre- emptive recovery on the one hand and resolution on the other should be taken into account. Regarding the scope of the recovery
Amendment 45 #
Proposal for a directive Recital 14 (14) For the same reason, authorities should, where appropriate, apply different or reduced pre-emptive recovery and resolution planning and information requirements on an undertaking-specific basis
Amendment 46 #
Proposal for a directive Recital 14 a (new) (14 a) Mutual and mutual-type insurance undertakings do not have any external owners, which may lead to policy holders being negatively affected and becoming financially liable should those undertakings fail. In order to protect policy holders, avoid legal difficulties and ensure the proportionate application of this Directive, authorities should be equipped with resolution tools adapted to insurance undertakings’ specific legal form. Those tools should be as similar to the tools listed in this Directive as possible to safeguard the smooth operation of the internal market, while averting significant negative effects for policy holders.
Amendment 47 #
Proposal for a directive Recital 15 (15) For an orderly resolution process, and to avoid conflicts of interest, Member States should appoint public administrative authorities or authorities entrusted with public administrative powers to perform the functions and tasks in relation to the recovery and resolution framework. Member States should ensure that adequate resources are allocated to those resolution authorities. Where a Member State designates a resolution authority that has other functions, adequate structural arrangements should be put in place to separate those functions from the functions
Amendment 48 #
Proposal for a directive Recital 18 (18) It is essential that groups, or where applicable, individual undertakings, prepare
Amendment 49 #
Proposal for a directive Recital 20 (20) Resolution planning is an essential component of effective resolution. Resolution authorities should therefore have all the information necessary to identify critical functions and ensure their continuation. Supervisory authorities should work with resolution authorities to provide the latter with the necessary information. Insurance and reinsurance undertakings have privileged knowledge of their own functioning and any problems arising from it, and resolution authorities should therefore draw up resolution plans
Amendment 50 #
Proposal for a directive Recital 20 (20) Resolution planning is an essential component of an effective resolution process. Resolution authorities should therefore have all the information necessary to identify critical functions and ensure their continuation. Insurance and reinsurance undertakings have privileged knowledge of their own functioning and any problems arising from it, and resolution authorities should therefore draw up resolution plans on the basis of, inter alia, the information provided by the undertakings concerned. In order to avoid unnecessary administrative burdens, resolution authorities should primarily retrieve the necessary information from the supervisory authorities.
Amendment 51 #
Proposal for a directive Recital 20 a (new) (20 a) A resolution fund for non-systemic insurance companies should be funded at Member State's level by ex-ante contributions paid annually at individual (solo) level by all non-systemic insurance companies established in all Member States.
Amendment 52 #
Proposal for a directive Recital 20 b (new) (20 b) A resolution fund for systemic insurance companies should be funded at Union level by ex-ante contributions paid annually at individual (solo) level by all systemic insurance companies established in all Member States.
Amendment 53 #
Proposal for a directive Recital 20 c (new) (20 c) The Commission should define an adequate level of subordinated debt with which systemic insurance companies would comply.
Amendment 54 #
Proposal for a directive Recital 21 Amendment 55 #
Proposal for a directive Recital 23 (23) Group pre-emptive recovery and resolution plans should be prepared for the group as a whole and should identify measures in relation to both an ultimate parent undertaking and individual subsidiaries that are part of that group. The extent to which subsidiaries are considered in the group pre-emptive recovery and resolution plans should, however, be proportionate to their relevance to the
Amendment 56 #
Proposal for a directive Recital 23 a (new) (23 a) Financial conglomerates risk to be simultaneously within the scope of both the insurance recovery & resolution directive (IRRD) and the banking recovery & resolution directive (BRRD). Two separate directives may thus in the case of financial conglomerates lead to two separate pre-emptive recovery plans and two separate pre-emptive resolution plans. To avoid excessive burden, financial conglomerates should be permitted to draw up one single pre- emptive recovery plan for the whole group. Likewise, it should be sufficient to require the resolution authority to draw up one single pre-emptive resolution plan for the whole group.
Amendment 57 #
Proposal for a directive Recital 29 a (new) (29 a) Resolution authorities should have the flexibility to balance the resolution objectives as appropriate to the nature and circumstances of each situation; however, relevance should always be ensured to the policy holder protection in relation to the other resolution objectives, especially when the objectives are in conflict. This would be consistent with the approach followed by the Solvency II framework, where the main objective is the adequate and stronger protection of policy holders and beneficiaries.
Amendment 58 #
Proposal for a directive Recital 31 a (new) (31 a) To ensure a proper funding for resolution, Member States should establish one or more financing arrangements and notify them to the European Commission. Member States should be responsible for defining the target and methods of financing that they deem more appropriate to their national financing arrangements (ex-ante contributions, ex-post contributions, or alternative funding means, etcetera) on the basis of the size, business model, risk profile, interconnectedness, substitutability and, where applicable, cross-border activity of their national insurance sector.
Amendment 59 #
Proposal for a directive Recital 47 (47) The protection of policy holders, beneficiaries or injured parties is one of the main objectives of resolution. Insurance claims should therefore only be subject to the application of the write-down or conversion tool as a last resort measure and resolution authorities should carefully consider the consequences of a potential write-down of insurance claims stemming from insurance contracts held by natural persons and micro, small and medium- sized enterprises. The Commission should adopt a delegated act to provide further measures for the purpose of policy holders protection. Member States are allowed to include in their national legislation further and more robust safeguards to protect policy holders and beneficiaries in limiting the application of the write-down or conversion tool up to the extent they consider appropriate in achieving the objective of the protection of policy holders and beneficiaries.
Amendment 60 #
Proposal for a directive Recital 47 a (new) (47 a) Taking into account EIOPA’s staff document on the “overview of the proposal for an insurance recovery and resolution directive”, published on July 2022, a minimum harmonisation regarding external funding sources should be a preferred option in case of resolution, in order to avoid that the negative consequence to inflate the balance sheet of insurers and to entail higher cost. Therefore, any policy proposal on resolution funding should be based on a detailed impact assessment and an analysis on costs and benefits by EIOPA; in particular, the Commission and EIOPA should take into account the impact of the funding on the market at Union scale.
Amendment 61 #
Proposal for a directive Recital 72 (72) EIOPA should promote convergence of the practices of resolution authorities through guidelines that are issued in accordance with Article 16 of Regulation (EU) No 1094/2010. More in particular, EIOPA should specify all of the following: (a) the application of simplified obligations for certain undertakings;
Amendment 62 #
Proposal for a directive Recital 81 a (new) (81 a) A harmonised framework of national IGS would help to minimise the reliance on public funds by providing equal protection to policy holders and beneficiaries in the event of an insurer’s insolvency. Indeed, the current lack of homogeneity among national IGSs brings to have unequal treatment of policy holders and beneficiaries belonging to the same insurer, as demonstrated by recent cross-border insurance failures. It should be also considered that the costs of an IGS are distributed to the industry and the involvement of all insurers across EU in the funding of an insurance failure gives them a direct financial stake in the behaviour of other insurers, the quality of the frameworks governing the supervision and resolution of insurers. Furthermore, the additional layer of protection given by national IGSs strengthens the confidence in the insurance sector and further promotes consumer demand for insurance products.
Amendment 63 #
Proposal for a directive Recital 81 b (new) (81 b) The speed at which payments can be made to policy holders and beneficiaries in the event of insolvency is another benefit of establishing a harmonised framework of national IGS, given that under normal insolvency procedures the policy holders and beneficiaries might face long processes to recover the losses from the estate of the failed insurer. Despite the priority ranking of the claims, the long process of payments made could therefore adversely affect policy holders and beneficiaries depending on the type of policies. For instance, the timely payment of pension claims on life insurance policies would be essential.
Amendment 64 #
Proposal for a directive Title I Amendment 65 #
Proposal for a directive Article 1 – paragraph 2 2. Member States may adopt or maintain rules that are stricter or additional to those laid down in this Directive and in the delegated and implementing acts adopted on the basis of this Directive, provided that those rule are of general application and do not conflict with this Directive and with the delegated and implementing acts adopted on its basis. When doing so, Member States shall inform EIOPA.
Amendment 66 #
Proposal for a directive Article 1 – paragraph 2 a (new) 2 a. Member States may provide for exemptions from the provisions of this Directive for undertakings within the meaning of paragraph 1 of this Article, provided it is ensured that the objectives of this Directive are still adequately met and, in particular, that the continuity of insurance relationships is guaranteed in the event of a failure of an undertaking. For this purpose, Member States may, inter alia, require the establishment, maintenance or modification of a national insurance guarantee scheme.
Amendment 67 #
Proposal for a directive Article 1 – paragraph 2 a (new) 2 a. Member States may provide for exemptions from the provisions of this Directive for certain types of business and certain types of legal forms provided it is ensured that the objectives of this Directive are still adequately met and, in particular, that the continuity of insurance relationships is guaranteed in the event of a failure of an undertaking. Member States shall notify the Commission of the intention to provide for exemptions and shall also provide a motivation in writing.
Amendment 68 #
Proposal for a directive Article 1 – paragraph 2 a (new) Amendment 69 #
Proposal for a directive Article 1 – paragraph 2 a (new) 2 a. This Directive, except for Section 2 of Title II, Chapter 1, does not apply to insurance activities within the scope of Directive 2009/103/EC of the European Parliament and the Council relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability.
Amendment 70 #
Proposal for a directive Article 1 – paragraph 2 b (new) 2 b. This Directive shall not be applied to mutual or mutual-type insurance undertakings which have collective capital and are legally restrained from access to external funding, from policy holders or third parties, to increase their financial resources.
Amendment 71 #
Proposal for a directive Article 1 – paragraph 2 c (new) 2 c. Member States may choose not to implement resolution planning and resolution parts of this Directive. Member States shall notify the Commission of the intention to use this option and shall also provide their reasoning and risk-based assessment in writing. Member States that use this option may not provide for other resolution planning in national legislation.
Amendment 72 #
Proposal for a directive Article 2 – paragraph 2 – point 7 (7) ‘resolution authority’ means an authority designated by a Member State
Amendment 73 #
Proposal for a directive Article 2 – paragraph 2 – point 14 (14) ‘extraordinary public financial support’ means State aid within the meaning of Article 107(1) TFEU, or any other public financial support at supra- national level, which, if provided for at national level, would constitute State aid that is provided to preserve or restore the viability, liquidity or solvency of an
Amendment 74 #
Proposal for a directive Article 2 – paragraph 2 – point 14 (14) ‘extraordinary public financial support’ means State aid within the meaning of Article 107(1) TFEU, or any other public financial support at supra- national level, which, if provided for at national level, would constitute State aid that is provided to preserve or restore the viability, liquidity or solvency of an
Amendment 75 #
Proposal for a directive Article 2 – paragraph 2 – point 19 (19) ‘critical functions’ means activities, services or operations performed by an
Amendment 76 #
Proposal for a directive Article 2 – paragraph 2 – point 19 (19) ‘critical
Amendment 77 #
Proposal for a directive Article 2 – paragraph 2 – point 19 (19) ‘critical
Amendment 78 #
Proposal for a directive Article 2 – paragraph 2 – point 19 (19) ‘critical functions’ means activities, services or operations performed by an insurance or reinsurance undertaking for third parties that cannot be substituted within a reasonable time or at a reasonable cost, and where the inability of the insurance and reinsurance undertaking to perform the activities, services or operations would be likely to have a significant impact on the financial system
Amendment 79 #
Proposal for a directive Article 2 – paragraph 2 – point 27 (27) ‘group resolution authority’ means the resolution authority in the Member State in which the group supervisor is
Amendment 80 #
Proposal for a directive Article 2 – paragraph 2 – point 54 (54) ‘insurance guarantee scheme’ means a scheme officially recognised by a Member State and financed through contributions from insurance
Amendment 81 #
Proposal for a directive Article 2 – paragraph 2 – point 80 a (new) (80 a) “low risk profile group” means a low risk profile group as defined in Article 213a, paragraph 1 of Directive 2009/138/EC;
Amendment 82 #
Proposal for a directive Article 3 – paragraph 1 1. Each Member State shall designate
Amendment 83 #
Proposal for a directive Article 3 – paragraph 1 a (new) 1 a. Member States shall ensure that insurance undertakings fund the resolution authority, its functioning and the exercise of its resolution powers.
Amendment 84 #
Proposal for a directive Article 3 – paragraph 2 Amendment 85 #
Proposal for a directive Article 3 – paragraph 11 a (new) 11 a. A European Resolution Authority shall be set up to oversee the resolution mechanism for systemic insurance undertakings.
Amendment 86 #
Proposal for a directive Article 3 – paragraph 11 b (new) 11 b. The Commission shall, where provided for in this Directive, adopt definitions for systemic risk in insurance undertakings, by means of delegated acts pursuant to Article 290 TFEU, in accordance with Articles 10 to 14 of Regulation (EU) No 1094/2010.
Amendment 87 #
Proposal for a directive Article 3 a (new) Article 3 a Resolution Funding 1. Member States shall establish a resolution fund for non-systemic insurance undertakings funded by ex-ante contributions paid annually at individual (solo) level by all non-systemic insurance undertakings with the view of reaching the right amount of private funds to avoid the use of public funds. 2. The Insurance Resolution Authority, at the European level shall establish a resolution fund for systemic insurance undertakings funded by ex-ante contributions paid annually at individual (solo) level by all systemic insurance undertakings with the view of reaching the right amount of private funds to avoid the use of public funds.
Amendment 88 #
Proposal for a directive Article 3 b (new) Article 3 b Use of Resolution Funds 1) The use of the funds shall be triggered by the relevant resolution authority both at the Union and Member State level. 2) The funds established in Article 3(a) may be used by the resolution authority for the following purposes: (a) to guarantee the assets or the liabilities of the institution under resolution, its subsidiaries, a bridge institution or an asset management vehicle; (b) to make loans to the institution under resolution, its subsidiaries, a bridge institution or an asset management vehicle; (c) to purchase assets of the institution under resolution; (d) to make contributions to a bridge institution and an asset management vehicle; (e) to pay compensation to shareholders or creditors.
Amendment 89 #
Proposal for a directive Article 4 – paragraph 1 Amendment 90 #
Proposal for a directive Article 4 – paragraph 1 – introductory part 1. Taking into account the impact that the failure of the insurance or reinsurance undertaking could have, due to the nature of its business, its shareholding structure, its legal form, its risk profile, size and legal status, its interconnectedness to other regulated undertakings or to the financial system in general, the scope and the
Amendment 91 #
Proposal for a directive Article 5 – paragraph 1 – subparagraph 1 1. Member States shall ensure that insurance and reinsurance undertakings that are not part of a group subject to pre- emptive recovery planning pursuant to Article 7 and that meet the criteria laid down in paragraphs 2 or 3, draw up
Amendment 92 #
Proposal for a directive Article 5 – paragraph 1 – subparagraph 2 The drawing up
Amendment 93 #
Proposal for a directive Article 5 – paragraph 2 – subparagraph 1 2. The supervisory authority shall subject insurance and reinsurance undertakings to pre-emptive recovery planning requirements on the basis of their size, business model, risk profile, interconnectedness, substitutability and, in particular, the importance for the economy of the Member State in which they operate or of the significance of their cross-border activit
Amendment 94 #
Proposal for a directive Article 5 – paragraph 2 – subparagraph 1 a (new) and 1 b (new) Amendment 95 #
Proposal for a directive Article 5 – paragraph 2 – subparagraph 2 Amendment 96 #
Proposal for a directive Article 5 – paragraph 2 – subparagraph 2 Amendment 97 #
Proposal for a directive Article 5 – paragraph 2 – subparagraph 2 Supervisory authorities
Amendment 98 #
Proposal for a directive Article 5 – paragraph 2 – subparagraph 3 Amendment 99 #
Proposal for a directive Article 5 – paragraph 3 source: 732.672
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https://dmsearch.eesc.europa.eu/search/public?k=(documenttype:AC)(documentnumber:5378)(documentyear:2021)(documentlanguage:EN)
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