Activities of Karsten Friedrich HOPPENSTEDT related to 2007/0143(COD)
Plenary speeches (1)
Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
Amendments (49)
Amendment 87 #
Proposal for a directive
Recital 29 a (new)
Recital 29 a (new)
(29a) It is the practice in the Community that insurance companies sell life insurance products in relation to which the policy holders and beneficiaries contribute to the risk capital of the company in exchange for all or part of the return on the contributions. Those accumulated profits are surplus funds. Surplus funds are the property of the legal entity in which they are generated. Within the group support regime, they are not transferable to other legal entities of the group.
Amendment 98 #
Proposal for a directive
Recital 43
Recital 43
(43) It is necessary that the Minimum Capital Requirement is calculated in accordance with a simple formula, on the basis ofwhich is consistent with the risk-based approach and based on the data which can be audited.
Amendment 110 #
Proposal for a directive
Recital 70 a (new)
Recital 70 a (new)
(70a) All supervisors involved in group supervision should be able to understand the decisions made, in particular when those decisions are made by the group supervisor. It is necessary, therefore, that when it becomes available to one of the supervisors, the relevant information is immediately shared with the other supervisors, in order for all supervisors to be able to establish an opinion based on the same relevant information. In the event that the supervisors concerned cannot reach an agreement, qualified advice from the Committee of European Insurance and Occupational Pensions Supervisors should be sought to resolve the situation.
Amendment 124 #
Proposal for a directive
Article 2 – paragraph 3 a (new)
Article 2 – paragraph 3 a (new)
(3a) Articles 36, 37, 40 to 49, 50 to 55, 74 to 85, and 130 to 133 apply mutatis mutandis to institutions for occupational retirement provisions as defined in Article 2 of Directive 2003/41/EC.
Amendment 128 #
Proposal for a directive
Article 4 – paragraph 1
Article 4 – paragraph 1
1. WFor the first three years after the date referred to in Article 310(1), without prejudice to Articles 5 to 10, this Directive shall not apply to insurance undertakings whose annual premium income does not exceed EUR 5 million.
Amendment 131 #
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
Amendment 133 #
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
Amendment 168 #
Proposal for a directive
Article 34 – paragraph 4
Article 34 – paragraph 4
Amendment 178 #
Proposal for a directive
Article 41 – paragraph 1 – subparagraph 2 a (new)
Article 41 – paragraph 1 – subparagraph 2 a (new)
A function is an internal capacity to undertake practical tasks. How insurance and reinsurance undertakings implement the governance functions set out in Articles 43, 45, 46 and 47 is left to their discretion.
Amendment 181 #
Proposal for a directive
Article 43 – paragraph 1 – subparagraph 1
Article 43 – paragraph 1 – subparagraph 1
1. Insurance and reinsurance undertakings shall have in place an effective risk management system comprising strategies, processes and reporting procedures necessary to identify, measure, monitor, manage and report, on a continuous basis the risks, on an individual and aggregated level, to which they are or could be exposed, and their interdependencies.
Amendment 186 #
Proposal for a directive
Article 44 – paragraph 1 – point c
Article 44 – paragraph 1 – point c
Amendment 188 #
Proposal for a directive
Article 44 – paragraph 2
Article 44 – paragraph 2
Amendment 190 #
Proposal for a directive
Article 44 – paragraph 3
Article 44 – paragraph 3
Amendment 195 #
Proposal for a directive
Article 47 – paragraph 1 – point g
Article 47 – paragraph 1 – point g
Amendment 196 #
Proposal for a directive
Article 47 – paragraph 1 – point h
Article 47 – paragraph 1 – point h
Amendment 198 #
Proposal for a directive
Article 47 – paragraph 2
Article 47 – paragraph 2
2. The actuarial function shall be carried out by persons with sufficient knowledge of actuarial and financial mathematics and able where appropriate, to demonstrate their relevant experience and expertise with applicable professional and other standards.
Amendment 270 #
Proposal for a directive
Article 90
Article 90
In so far as authorised under national law, realisaccumulated profits appearing as surplus funds in the statutory annual accounts shall not be considered as insurance and reinsurance liabilities, to the extent that these surplus funds may be used to cover any losses which may arise and where they have not been made available for distribution to policyholders and beneficiariesthat have not been made available for distribution to policyholders and beneficiaries (surplus funds) shall not be considered as insurance and reinsurance liabilities, to the extent that they fulfil the criteria set out in Article 94(1).
Amendment 306 #
Proposal for a directive
Article 96 – point 3
Article 96 – point 3
(3) any future claims which Protection and Indemnity Associamutual or mutual-type associations with variable contributions may have against their members by way of a call for supplementary contributions, due within the financial yearnext 12 months, shall be classified in Tier 2.
Amendment 309 #
Proposal for a directive
Article 97 – paragraph 1 – subparagraph 1 – point a
Article 97 – paragraph 1 – subparagraph 1 – point a
Amendment 310 #
Proposal for a directive
Article 97 – paragraph 1 – subparagraph 1 – point b
Article 97 – paragraph 1 – subparagraph 1 – point b
Amendment 311 #
Proposal for a directive
Article 97 – paragraph 1 – subparagraph 1 – point c
Article 97 – paragraph 1 – subparagraph 1 – point c
(ca) a list of own fund items deemed to meet the criteria, set out in Article 93 and in point (b) of this paragraph, which contains for each own fund item a precise description of the features which determined its classification;
Amendment 313 #
Proposal for a directive
Article 97 – paragraph 1 – subparagraph 1 – point d
Article 97 – paragraph 1 – subparagraph 1 – point d
(db) the methods to be used by supervisory authorities, when approving the assessment and classification of own fund items which are not covered by the list referred to in point (ca).
Amendment 315 #
Proposal for a directive
Article 97 – paragraph 2
Article 97 – paragraph 2
2. The Commission shall regularly review and, where appropriate, update the list referred to in point (ca) of paragraph 1 in the light of market developments.
Amendment 316 #
Proposal for a directive
Article 98 – paragraph 1 – introductory part
Article 98 – paragraph 1 – introductory part
Amendment 318 #
Proposal for a directive
Article 98 – paragraph 1 – point a
Article 98 – paragraph 1 – point a
Amendment 323 #
Proposal for a directive
Article 98 – paragraph 1 – point b
Article 98 – paragraph 1 – point b
Amendment 328 #
Proposal for a directive
Article 98 – paragraph 2
Article 98 – paragraph 2
Amendment 335 #
Proposal for a directive
Article 98 – paragraph 3
Article 98 – paragraph 3
Amendment 341 #
Proposal for a directive
Article 98 – paragraph 4
Article 98 – paragraph 4
4. The eligible amount of own funds to cover the Solvency Capital Requirement set out in Article 100 shall be equal to the sum of the amount of Tier 1, the eligible amount of Tier 2 and the eligible amount of Tier 3. The proportion of Tier 1 items in the eligible own funds shall be higher than one third of the total eligible own funds.
Amendment 344 #
Proposal for a directive
Article 98 – paragraph 5
Article 98 – paragraph 5
5. The eligible amount of basic own funds to cover the Minimum Capital Requirement set out in Article 126 shall be equal to sum of the amount of Tier 1 and the eligible amount of basic own fund items classified in Tier 2.
Amendment 346 #
Proposal for a directive
Article 99 – paragraph 1
Article 99 – paragraph 1
The Commission shallmay adopt implementing measures laying down the specific limits applicable to Tiers and sub-tiers, where sub-tiers have been introducedrestricting Tier 2 and Tier 3 capital to the amounts that may be demonstrated to be necessary to provide an appropriate level of protection for policyholders.
Amendment 364 #
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 1
Article 105 – paragraph 5 – subparagraph 1
5. The market risk module shall reflect the risk arising from the level or volatility of market prices of financial instruments which have an impact upon the value of the assets and liabilities of the undertaking. It shall properly reflect the structural mismatch between assets and liabilities, in particular with respect to the duration thereof.
Amendment 391 #
Proposal for a directive
Article 110 – paragraph 5
Article 110 – paragraph 5
5. Supervisory authorities shall give approval to the application only if they are satisfied that the systems of the insurance or reinsurance undertaking concerned for monitoring and managidentifying, measuring, monitoring, managing and reporting risk are adequate and in particular, that the internal model complies with the requirements referred to in paragraph 3.
Amendment 401 #
Proposal for a directive
Article 127 – paragraph 1 – point a
Article 127 – paragraph 1 – point a
(a) it shall be calculated in a clear and simple manner, and in such a way as to ensure that the calculation can be audited and verified before the courts;
Amendment 421 #
Proposal for a directive
Article 127 – paragraph 1 – point d a (new)
Article 127 – paragraph 1 – point d a (new)
(da) it shall be calculated independently of the Solvency Capital Requirement calculated in accordance with Chapter VI, Section 4, Subsection 3 (full and partial internal models);
Amendment 424 #
Proposal for a directive
Article 127 – paragraph 1 – point d b (new)
Article 127 – paragraph 1 – point d b (new)
(db) it shall be calculated in such a way that there is a sufficient disparity between the Minimum Capital Requirement and the Solvency Capital Requirement calculated in accordance with Chapter VI, Section 4, Subsection 2.
Amendment 427 #
2. With respect to the whole portfolio of assets, insurance and reinsurance undertakings shall only invest in assets and instruments whose risks the undertaking concerned can properly identify, measure, monitor, manage and, control and report.
Amendment 444 #
Proposal for a directive
Article 139 – paragraph 2
Article 139 – paragraph 2
Those measures shall reflect the level and duration of the deterioration of the solvency position of the insurance or reinsurance undertaking concerned and shall be proportionate to the risk posed to the protection of policyholders and beneficiaries.
Amendment 451 #
Proposal for a directive
Article 170 – paragraph 1 a (new)
Article 170 – paragraph 1 a (new)
1a. A decision referred to paragraph 1 can only enter into force after the third country concerned has recognised the Solvency regime laid down in this Directive equivalent to theirs (mutual recognition).
Amendment 496 #
Proposal for a directive
Article 208 – paragraph 1
Article 208 – paragraph 1
1. Member States shall ensure that insurance and reinsurance undertakings which conclude finite reinsurance contracts or carry on finite reinsurance activities are able to properly identify, measure, monitor, manage, control and report the risks arising from those contracts or activities.
Amendment 530 #
Proposal for a directive
Article 229 – paragraph 4
Article 229 – paragraph 4
4. Where the Committee of European Insurance and Occupational Pensions Supervisors has been consulted, the supervisory authorities concerned shall duly consider such advice before taking their joint decision. The group supervisor shall provide to the applicant the joint decision referred to in paragraph 2In the absence of a joint decision between the supervisory authorities concerned within six months from the date of receipt of the complete application by the group supervisor, the group supervisor shall request the CEIOPS, within a further ten weeks, to deliver non- binding advice, adopted by a qualified majority of its members, to all the supervisory authorities concerned. The group supervisor shall take a decision within three weeks of the transmission of that advice, taking full account thereof. The group supervisor's decision shall be set out in a document containing the fully reasons for thed decision and an explanation of any significant deviation from the positions adopted by the Committee of European Insurance and Occupational Pensions Supervisors. That joint decision shall be recognised as determinative and applied by tshall take into account the views of the other supervisory authorities concerned expressed within a six month period. The group supervisor shall provide its decision to the applicant and the other supervisory authorities concerned. The supervisory authorities concerned shall comply with the decision.
Amendment 575 #
Proposal for a directive
Article 235 – paragraph 3
Article 235 – paragraph 3
3. In the absence of a joint decision between the supervisory authorities concerned within six months, the group supervisor shall make its own decision on the application. The of the date of receipt of the complete application by the group supervisor, the group supervisor shall request the CEIOPS, within a further ten weeks, to deliver non-binding advice, adopted by a qualified majority of its members, to all the supervisory authorities concerned. The group supervisor shall take a decision within three weeks of the transmission of that advice, taking full account thereof. The group supervisor's decision shall be set out in a document containing the fully reasoned decisions and shall take into account the views and reservations of the other supervisory authorities concerned expressed within a six months period. The decision. The group supervisor shall be provided its decision 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 concerned.
Amendment 588 #
Proposal for a directive
Article 236 – paragraph 2
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 thavingt 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 to 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, may propose to the group supervisor to require that undertaking to calculate its Solvency Capital Requirement on the basis of the standard formula. The supervisory authority shall communicate the grounds for such proposals to both the subsidiary and the group supervisor. Where the group supervisor agrees, the proposing supervisory authority shall either set the capital add-on to the Solvency Capital Requirement of that subsidiary in accordance with Article 37(2) to (5) or shall require that undertaking to calculate its Solvency Capital Requirement on the basis of the standard formula.
Amendment 614 #
Proposal for a directive
Article 236 – paragraph 4 – subparagraph 2
Article 236 – paragraph 4 – subparagraph 2
The group supervisor shall duly consider such advice before taking its final decision. The document of the group supervisor’s final decision shall be submitted to the subsidiary and the supervisory authorityby the supervisory authority that received that document containing the fully reasoned decision and an explanation of any significant deviation from the position of the proposing supervisory authority and from the advice of the CEIOPS by the group supervisor.
Amendment 634 #
Proposal for a directive
Article 237 – paragraph 2
Article 237 – paragraph 2
2. The group support shall take the form of a declaration tofrom the group supervisorparent undertaking to the subsidiary, expressed in a legally binding document, accepted by the group supervisor in accordance with paragraph 3, and constituting a commitment to transfer own funds eligible under Article 98(5), with the exception of surplus funds falling under Article 90.
Amendment 683 #
Proposal for a directive
Article 238 – paragraph 3
Article 238 – paragraph 3
3. Where the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of group support declared in accordance with Article 237, and the own funds eligible under Article 98(5) are not sufficient to cover the minimum capital requirement, the supervisory authority may call on the parent undertaking to transfer own funds eligible under Article 98(5) to the extent necessary to ensure that the minimum capital requirement is again covered, andup to the limit of the group support resulting from the most recent declaration accepted. In addition, the supervisory authority may call on the parent undertaking to provide a new declaration bringing the group support to the amount necessary to ensure that the Solvency Capital Requirement is again fully covered.
Amendment 797 #
Proposal for a directive
Article 253 – paragraph 1 – subparagraph 2
Article 253 – paragraph 1 – subparagraph 2
With the objective of ensuring that those supervisory authorities, including the group supervisor, have the same amount of essential or relevant information available to them, without prejudice to their respective responsibilities, those authorities, whether or notand whether or not they are same issue established in the same Member State, the supervisory authorities shall provide one another with any essential or relevant information which mayavailable in order to allow orand facilitate the exercise of the supervisory tasks of the other authorities under this Directive. In this regard, the supervisory authorities concerned and the group supervisor shall communicate on request all relevant information and shall communicate on their own initiative all essential informationimmediately to one another all essential or relevant information when it becomes available. The information referred to in this subparagraph includes, but is not limited to, essential or relevant information about actions of the group and supervisors, and essential or relevant information provided by the group.
Amendment 817 #
Proposal for a directive
Article 311 – paragraph 1 a (new)
Article 311 – paragraph 1 a (new)
1a. Notwithstanding paragraph 1, references to Articles 27 and 28 of Directive 2002/83/EC in Article 17 of Directive 2003/41/EC shall continue to be read as references to those Articles.
Amendment 818 #
Proposal for a directive
Article 311 – paragraph 1 b (new)
Article 311 – paragraph 1 b (new)
1b. Article 311(1a) is repealed with effect from 31 December 2013. Until that date, the Commission shall take the necessary steps to ensure the application of the capital requirement provisions of this Directive to institutions for occupational retirement provision after the appropriate adjustments have been specified.