BETA

Activities of Astrid LULLING related to 2007/0143(COD)

Plenary speeches (1)

Explanations of vote
2016/11/22
Dossiers: 2007/0143(COD)

Amendments (29)

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.
2008/06/30
Committee: ECON
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.
2008/06/30
Committee: ECON
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;
2008/06/30
Committee: ECON
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.
2008/06/30
Committee: ECON
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.
2008/06/30
Committee: ECON
Amendment 416 #
Proposal for a directive
Article 127 – paragraph 1 – point d
(d) it shall have an absolute floor of 1.000.000 EUR: (i) EUR 2 200 000 for non-life insurance and reinsurance undertakings and 2.000.000 EUR for life insurance undertakings. undertakings, including captive insurance undertakings, save in the event that all or some of the risks included in one of the classes 10 to 15 listed in point A of Annexe 1 are covered, in which case it shall be no less than EUR 3 200 000, (ii) EUR 3 200 000for life insurance undertakings, including captive insurance undertakings, (iii) EUR 3 000 000for reinsurance undertakings, except in the case of captive reinsurance undertakings, in which case the Minimum Capital Requirement shall not be less than EUR 1 200 000, (iv) the sum of the amounts set out in points (i) and (ii) for insurance undertakings as referred to in Article 72(2) and (5).
2008/06/30
Committee: ECON
Amendment 554 #
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. Tjointly and simultaneously to both the group supervisor shall informand the other supervisory authorities concerned without delay.
2008/06/30
Committee: ECON
Amendment 558 #
Proposal for a directive
Article 235 – paragraph 2 – subparagraph 1
2. The group supervisor and the supervisory authoritiesy concerned shall do everything within their power to reach a joint decision on the application within six months from the date of receipt of thewhen the application was completed application by the group supervisornd received by all supervisory authorities concerned.
2008/06/30
Committee: ECON
Amendment 562 #
Proposal for a directive
Article 235 – paragraph 2 – subparagraph 2
The group supervisor shall forward the complete application to the other supervisory authorities concerned without delay.deleted
2008/06/30
Committee: ECON
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 the applicant by the group supervisor. The joint decision referred to above shall be recognised as determinative and applied by the supervisory authorities in the Member States concernedeach undertaking by its respective supervisory authority.
2008/06/30
Committee: ECON
Amendment 570 #
Proposal for a directive
Article 235 – paragraph 3
3. In the absence of a joint decision betweenDuring the supervisory authorities conciod refernred within six monthsto in paragraph 2, the group supervisor shall make its own decision on the application. The decision shall be set out in a document containing the fully reasoned decision and shall take into account the views and reservations of the other supervisory authorities concerned expressed within a six months period. The decision shall be provided to the applicant and the other supervisory authorities concerned by the group supervisor. That decision shall be recognised as determinative and applied by the supervisory authorities concernedand the supervisory authority that authorised the subsidiary may request the advice of the college formed by the supervisors of all related insurance and reinsurance undertakings of the group and the group supervisor, which will be developed in accordance with the implementing measures adopted. In the event that the college referred to in the first subparagraph is consulted, the period referred to in paragraph 2 shall be extended by two months.
2008/06/30
Committee: ECON
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.
2008/06/30
Committee: ECON
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.
2008/06/30
Committee: ECON
Amendment 586 #
Proposal for a directive
Article 236 – paragraph 1
1. By way of derogation from Articles 37 and 229, the Solvency Capital Requirement of the subsidiary shall be calculated as set out in paragraphs 2, 3 and 4.deleted
2008/06/30
Committee: ECON
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 authority may, in the cases referred to in Article 37, propose toafter informing the group supervisor to, impose a capital add-on to the Solvency Capital Requirement of that subsidiary resulting from the application of such model, or, in exceptional circumstances where such capital add-on would not be appropriate, to require that undertaking to calculate its Solvency Capital Requirement on the basis of the standard formula. The supervisory authority that authorised the subsidiary shall communicate the grounds for such proposaldecisions to both the subsidiary and the group supervisor.
2008/06/30
Committee: ECON
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 address the concerns of the supervisory authority, that authority may, in the cases referred to in Article 37, propose toafter informing the group supervisor to, impose a capital add- on to the Solvency Capital Requirement of that subsidiary.
2008/06/30
Committee: ECON
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 proposala decision to both the subsidiary and the group supervisor.
2008/06/30
Committee: ECON
Amendment 605 #
Proposal for a directive
Article 236 – paragraph 4
4. Where the supervisory authority and the group supervisor disagree, or in the absence of a decision from the group supervisor within one month from the proposal of the supervisory authority, the matter shall be referred for consultation to the Committee of European Insurance and Occupational Pensions Supervisors, which shall give its advice within two months. The group supervisor shall duly consider such advice before taking its final decision. The decision shall be submitted to the subsidiary and the supervisory authority by the group supervisor. In the absence of a final decision from the group supervisor within one month from the date of the advice of the Committee of European Insurance and Occupational Pensions Supervisors, the proposal from the supervisory authority shall be deemed to have been accepted.deleted
2008/06/30
Committee: ECON
Amendment 624 #
Proposal for a directive
Article 237 – paragraph 1 – subparagraph 1
1. By way of derogation from Article 98(4), anyAny difference between the Solvency Capital Requirement and the minimum capital requirement of the subsidiary shall be covered by a combination of own funds eligible under Article 98(4) and group support, where all the following conditions are satisfied: (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 mMinimum cCapital rRequirement of the subsidiary shall be covered by either own funds eligible under Article 98(4) or group support, or any combination thereof; (b) the total amounts of group support declared do not exceed the group diversification effects, which result from the difference between the notional aggregated group Solvency Capital Requirement and the consolidated group Solvency Capital Requirement calculated in accordance with Article 216; (c) the total amounts of group support declared do not exceed the amount of eligible own funds available at the level of the parent undertaking and transferable according to paragraph 3(b); (d) 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.
2008/06/30
Committee: ECON
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.
2008/06/30
Committee: ECON
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 and constituting a commitment to transfer own funds eligible under Article 98(5). in both the Member State of the group supervisor and that of the supervisory authority of the related insurance or reinsurance undertaking, and constituting a commitment to transfer own funds eligible under Article 98(5). The existence of group support shall not mean a reduction of the solo Solvency Capital Requirement of the subsidiary. The risks inherent in group support shall be considered in the calculation of the capital requirements of the subsidiary.
2008/06/30
Committee: ECON
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:
2008/06/30
Committee: ECON
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 prompt transfer of the eligible own funds referred to in paragraph 2 within one month after its requirement;
2008/06/30
Committee: ECON
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 parentultimate participating undertaking at Community level and the law of the subsidiary insurance or reinsurance undertaking to be recognised as a legal commitment, and that any recourse before a legal or administrative body shall not have suspensive effect.
2008/06/30
Committee: ECON
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.
2008/06/30
Committee: ECON
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.
2008/06/30
Committee: ECON
Amendment 689 #
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 supervisor shall verify that the conditionsThe group supervisor and the supervisory authority having authorised the subsidiary will accept or deny a new declaration within one month, in accordance with the procedure laid down in Article 237 are met. 5.
2008/06/30
Committee: ECON
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 derogations provided for in Articles 236 and 237 and in paragraph 1 shall cease to applyultimate participating undertaking at Community level shall transfer within one month the own funds resulting from the most recent declaration accepted, in form of elements under Article 98(4).
2008/06/30
Committee: ECON
Amendment 701 #
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 3
The supervisory authority having 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 undertakingultimate participating undertaking at Community level shall however not be released from the commitment resulting from the most recent declaration accepted.
2008/06/30
Committee: ECON