Activities of Werner LANGEN related to 2012/0175(COD)
Plenary speeches (5)
Insurance mediation (A7-0085/2014 - Werner Langen) (vote)
Insurance mediation (debate)
Insurance mediation (debate)
Insurance mediation (debate) DE
Insurance mediation (debate) DE
Reports (2)
REPORT on the proposal for a directive of the European Parliament and of the Council on the insurance mediation (recast) PDF (832 KB) DOC (632 KB)
SUPPLEMENTARY REPORT on the proposal for a directive of the European Parliament and of the Council on insurance mediation (recast) PDF (949 KB) DOC (329 KB)
Amendments (44)
Amendment 171 #
Proposal for a directive
Recital 42 a (new)
Recital 42 a (new)
(42a) This Directive lays down rules concerning the taking-up and pursuit of the activities of insurance and reinsurance mediation by natural and legal persons which are established in a Member State or which wish to be established there. Provisions of other Community instruments which depart from or supplement these rules shall not apply to the activities of insurance and reinsurance mediation.
Amendment 177 #
Proposal for a directive
Recital 50
Recital 50
(50) In order to attain the objectives set out in this Directive, the power to adopt acts in accordance with Articles 290 and 291 of the Treaty should be delegated to the Commission in respect of details concerning notions of adequate knowledge and competence of the intermediary, management of conflicts of interest, conduct of business obligations in relation to insurance packaged retail investment products and procedures and forms for submitting information in relation to sanctions. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.
Amendment 179 #
Proposal for a directive
Recital 51
Recital 51
(51) Technical standards in financial services should ensure consistent harmonisation and adequate protection of consumers across the Union. As EIOPA is a body with highly specialised expertise, it would be efficient anbut limited cappropriate to entrust EIOPA with the elaboration of draft regulatory and implementing technical standardacities, it could be entrusted solely with the elaboration of draft proposals which do not involvnecessitate policy choices, for submission to the Commission and Parliament.
Amendment 182 #
Proposal for a directive
Recital 52
Recital 52
(52) By means of delegated acts pursuant to Articles 290 and 291 of the Treaty on the Functioning of the European Union and in accordance with Articles 10 to 15 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), the Commission should adopt delegated acts as set out in Articles [8] regarding notions of adequate knowledge and ability of the intermediary, Article [17 and 23] regarding management of conflicts of interest and Articles [24 and 25] regarding conduct of business obligations in relation to insurance packaged retail investment products as well as implementing technical standards as set out in Article [30] regarding procedures and forms for submitting information in relation to sanctions. These delegated acts and implementing technical standards should be developed in draft by EIOPA.
Amendment 185 #
Proposal for a directive
Recital 56
Recital 56
(56) A review of this Directive should be carried out five years after the date on which this Directive n examination of market developmenters into force in order to take account of market developmentsfluenced by this Directive as well as developments in other areas of Union law or Member States experiences in implementation of Union law, in particular with regard to products covered by Directive 2003/41/EC. (Initial assessments can be made at the earliest after five years. See also Article 8(7))., should be carried out after five years, in order to assess the implementation of the Directive and draw up initial findings as to its effectiveness. Or. de
Amendment 191 #
Proposal for a directive
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
(d) the principal professional activity of the person is other than insurance mediation. Life assurance and liability risks may be covered as an ancillary aspect of the product or service which the person offers in carrying on their principal professional activity;
Amendment 192 #
Proposal for a directive
Article 1 – paragraph 2 – point e
Article 1 – paragraph 2 – point e
(e) the insurance is complementary to goods and services suppliedthe supply of goods or provision of a service by any provider, where such insurance covers the risk of breakdown, loss or theft of or damage to the goods supplied by that provider, or;
Amendment 195 #
Proposal for a directive
Article 1 – paragraph 2 – point f
Article 1 – paragraph 2 – point f
(f) the amount of the annual premium for the insurance contract, when pro-rated to produce an annual amount, does not exceed EUR 600.
Amendment 198 #
Proposal for a directive
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
Amendment 208 #
Proposal for a directive
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
4. 'insurance investment product' means a contract of insurance for which could be also classified as an "investment product" as defined in Article 2(a) ofa KID as defined in [Regulation on key information documents for investment products (PRIPs Regulation) ] is required;
Amendment 212 #
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
5. 'reinsurance intermediary' means any natural or legal person , other than an reinsurance undertaking and its employees, who, for remuneration, takes up or pursues reinsurance mediation;
Amendment 218 #
Proposal for a directive
Article 2 – paragraph 1 – point 8
Article 2 – paragraph 1 – point 8
8. 'tied insurance intermediary' means any person who carries on the activity of insurance mediation for and on behalf of one or more insurance undertakings or insurance intermediaries,, in the case of insurance products not in competition, several insurance undertakings or insurance intermediaries, but does not collect premiums or amounts intended for the customer and who acts under the full responsibility of those insurance undertakings or insurance intermediaries, provided that the insurance intermediaries under whose responsibility the person acts do not themselves act under the responsibility of another insurance undertaking or intermediary. Any person who carries on the activity of insurance mediation in addition to his principal professional activity shall also be considered a tied insurance intermediary acting under the responsibility of one or several insurance undertakings for the products which concern them respectively if the insurance is complementary to the goods or services supplied in the framework of this principal professional activity;
Amendment 237 #
Proposal for a directive
Article 2 – paragraph 1 – point 19
Article 2 – paragraph 1 – point 19
(19) 'tying practice' means the offering of one or more ancillary services with an insurance service or product in a package where this insurance service or product is not made available to the consumer separately. The following shall not constitute a tying practice: voluntarily offering an insurance product complementary to a financial service, provided that the insurance product serves only to provide the customer with life insurance or insurance against loss of employment in the context of a financial, savings or pension product;
Amendment 260 #
Proposal for a directive
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. Registered insurance and reinsurance intermediaries shall be allowed to take up and pursue the activity of insurance and reinsurance mediation in the Community by virtue of freedom of establishment and freedom to provide services.
Amendment 282 #
Proposal for a directive
Article 4 – paragraph 1 – point d
Article 4 – paragraph 1 – point d
Amendment 289 #
Proposal for a directive
Article 5 a (new)
Article 5 a (new)
Amendment 290 #
Proposal for a directive
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
Amendment 295 #
Proposal for a directive
Article 8 – title
Article 8 – title
Amendment 304 #
Proposal for a directive
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Insurance and reinsurance intermediaries shall hold professional indemnity insurance covering the whole territory of the Union or some other comparable guarantee against liability arising from professional negligence, for at least EUR 1.12000.000 applying to each claim and in aggregate EUR 1.682.000.000 per year for all claims, unless such insurance or comparable guarantee is already provided by an insurance undertaking, reinsurance undertaking or other undertaking on whose behalf the insurance or reinsurance intermediary is acting or for which the insurance or reinsurance intermediary is empowered to act or such undertaking has taken on full responsibility for the intermediary's actions.
Amendment 340 #
Proposal for a directive
Article 14 – paragraph 1
Article 14 – paragraph 1
Member States shall ensure that insurance and reinsurance undertakings and intermediaries use the insurance and reinsurance mediation services only of registered insurance and reinsurance intermediaries or of the persons referred to in Article 1(2) or of the persons who have fulfilled the declaration procedur. The services in question shall be insurance and reinsurance mediation services provided in relation to risks and commitments located or entered into inside the Union. Or. de (referred to in Article 4. 1(3))
Amendment 469 #
Proposal for a directive
Article 18 – paragraph 1 – point a
Article 18 – paragraph 1 – point a
Amendment 475 #
Proposal for a directive
Article 18 – paragraph 1 a (new)
Article 18 – paragraph 1 a (new)
Amendment 507 #
Proposal for a directive
Article 21 – paragraph 1 a (new)
Article 21 – paragraph 1 a (new)
1a. Member States shall allow creditors to make loans subject to the contracting of a residual debt insurance policy and to refuse them where the consumer fails to take out such an insurance policy with the lender or an alternative supplier having similar characteristics to that offered by the creditor’s preferred supplier. Member States shall also allow the marketing of products combining insurance cover against one or more risks.
Amendment 517 #
Proposal for a directive
Article 21 – paragraph 2
Article 21 – paragraph 2
2. When an insurance service or product is offered together with another service or product as a package, the insurance undertaking or, where applicable, the insurance intermediary shallould offer and inform the customer thatwhether it is possible to buy the components of the package separately and shall at the customer’s request provide information of the costs and charges of each component of the package that may be bought through or from it separately.
Amendment 527 #
Proposal for a directive
Chapter 7 – title
Chapter 7 – title
ADDITIONAL CUSTOONSUMER PROTECTION REQUIREMENTS IN RELATION TO INSURANCE INVESTMENT PRODUCTS
Amendment 534 #
Proposal for a directive
Article 22 – paragraph 1 – introductory part
Article 22 – paragraph 1 – introductory part
This Chapter applies additional requirements toreplaces Articles 15, 17 and 18 of Chapter VI in respect of insurance mediation, when carried on in relation to the sale of insurance investment products by: Or. de (Recital 42. These are cumulative requirements which clarify the difference between insurance and insurance investment products.)
Amendment 542 #
Proposal for a directive
Article 23 – paragraph 1
Article 23 – paragraph 1
1. Member States shall require insurance intermediaries and insurance undertakings which offer insurance investment products to take all appropriate steps to identify conflicts of interest between themselves, including their managers, employees and tied insurance intermediaries, or any person directly or indirectly linked to them by control and their customers or between one customer and another that arise in the course of carrying on insurance mediation.
Amendment 546 #
Proposal for a directive
Article 23 – paragraph 2
Article 23 – paragraph 2
2. Where steps taken by the insurance intermediary or insurance undertaking which offers insurance investment products in compliance with Articles 15, 16 and 17 are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of customers and potential customers arising from conflicts of interest will be prevented, the insurance intermediary or insurance undertaking shall clearly disclose the general nature or sources of conflicts of interest to the customer before undertaking business on the customer's behalf.
Amendment 556 #
Proposal for a directive
Article 24 – paragraph 3 – introductory part
Article 24 – paragraph 3 – introductory part
3. Appropriate information shall be provided to customers or potential customers seeking insurance investment products about:
Amendment 561 #
Proposal for a directive
Article 24 – paragraph 3 – point a
Article 24 – paragraph 3 – point a
(a) the insurance intermediary or insurance undertaking and its services. When advice is provided, information shall specify whether the advice is provided on an independent basis and whether it is based on a broad or on a more restricted analysis of the market and shall indicate whether the insurance intermediary or insurance undertaking will provide the customer with the on-goingperiodical assessment of the suitability of the insurance product recommended to the customer; (consistent with the requirements laid down in Article 16(a)(i), (ii) and (v) and in ArticleOr. de 17(1)(c))
Amendment 573 #
Proposal for a directive
Article 24 – paragraph 4
Article 24 – paragraph 4
4. The information referred to in this Article should be provided in a comprehensible form in such a manner that the customers or potential customers are reasonably able to understand the nature and risks of the specific type of insurance product that is being offered and, consequently, to take investment decisions on an informed basis. This information may be provided in a standardised format. Or. de (consistent with the requirements laid down in Article 18(4))
Amendment 629 #
Proposal for a directive
Article 27
Article 27
Amendment 638 #
Proposal for a directive
Article 28 – paragraph 2 – subparagraph 1 – point a
Article 28 – paragraph 2 – subparagraph 1 – point a
Amendment 646 #
Proposal for a directive
Article 28 – paragraph 2 – subparagraph 2
Article 28 – paragraph 2 – subparagraph 2
Amendment 649 #
Proposal for a directive
Article 29 – paragraph 2
Article 29 – paragraph 2
Amendment 658 #
Proposal for a directive
Article 33 – paragraph 1
Article 33 – paragraph 1
Amendment 659 #
Proposal for a directive
Article 34
Article 34
Amendment 665 #
Proposal for a directive
Article 35 – paragraph 1
Article 35 – paragraph 1
1. Five years after the entry into force of this Directive, the Commission shall review this Directive. The review shall include a general survey ofThe Commission shall examine the practical application of rules laid down in this Directive taking due account of developments in the retail investment products markets as well as experiences acquired in practical application of this Directive and Regulation on key information documents for investment products and [MIFID II]. The reviewexamination shall reflect on a possible application of the provisions of this Directive to products falling under the scope of Directive 2003/41/EC. This reviewexamination shall also include a specific analysis of the impact of Article 17(2), taking into account the situation of competition on the market of intermediation services for contracts other than contracts in any of the classes specified in Annex I of Directive 2002/83/EC and the impact of the obligations referred to in Article 17(2) on insurance intermediaries which are small and medium sized enterprises.
Amendment 667 #
Proposal for a directive
Article 35 – paragraph 2
Article 35 – paragraph 2
2. After consulting the Joint Committee of European Supervisory Authorities, the Commission shall submit a first reportthe findings of the analysis to the European Parliament and the Council.
Amendment 668 #
Proposal for a directive
Article 35 – paragraph 3
Article 35 – paragraph 3
Amendment 670 #
Proposal for a directive
Article 35 – paragraph 4
Article 35 – paragraph 4
Amendment 672 #
Proposal for a directive
Article 35 – paragraph 5
Article 35 – paragraph 5
5. A report to be prepared by EIOPA by X X 20XX [four years after the entry into force of the Directive] as referred to in paragraph 3The Commission shall examine whether the competent authorities referred to in Article 10(1) are sufficiently empowered and have adequate resources to carry out their tasks.
Amendment 673 #
Proposal for a directive
Article 35 – paragraph 6
Article 35 – paragraph 6
Amendment 674 #
Proposal for a directive
Article 35 – paragraph 7
Article 35 – paragraph 7