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15 Amendments of Jessica POLFJÄRD related to 2021/0296(COD)

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.
2022/07/18
Committee: ECON
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.
2022/07/18
Committee: ECON
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.
2022/07/18
Committee: ECON
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.
2022/07/18
Committee: ECON
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.
2022/07/18
Committee: ECON
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.
2022/07/18
Committee: ECON
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.
2022/07/18
Committee: ECON
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.
2022/07/18
Committee: ECON
Amendment 139 #
Proposal for a directive
Article 9 – paragraph 5 – subparagraph 1
5. Resolution authorities shall review, and where necessary update, resolution plans at least annuallyevery two years and after any material change to the legal or organisational structure of the insurance or reinsurance undertaking or to its business or its financial position that could have a material effect on the effectiveness of the plan or otherwise necessitate a revision of the resolution plan.
2022/07/18
Committee: ECON
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.
2022/07/18
Committee: ECON
Amendment 146 #
Proposal for a directive
Article 13 – paragraph 1 – subparagraph 1
1. Member States shall ensure that resolution authorities, after having consulted the supervisory authority, assess the extent to which insurance or reinsurance undertakings that are not part of a group 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 undertakings exempted from resolution planning under Article 9.
2022/07/18
Committee: ECON
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.
2022/07/18
Committee: ECON
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.
2022/07/18
Committee: ECON
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 near futurext month, seriously fail its obligations in a way that would justify the withdrawal of the authorisation;
2022/07/18
Committee: ECON
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 near futurext month, be in such a situation;
2022/07/18
Committee: ECON