9 Amendments of Carlo CALENDA related to 2021/0295(COD)
Amendment 212 #
Proposal for a directive
Recital 3 a (new)
Recital 3 a (new)
(3 a) The need to properly reflect extremely low and negative interest rates in the insurance regulation has arisen due to what has been witnessed in recent years on the markets; this has to be achieved via a recalibration of the Interest Rate Risk sub-module to reflect the existence of a negative yield environment. At the same time, the methodology to be used shall not result in unrealistically large decreases in the liquid part of the curve; this can be avoided by foreseeing an explicit floor to represent a lower bound of interest rates. In line with interest rates dynamics, the floor should not be flat but term-dependent.
Amendment 269 #
Proposal for a directive
Recital 40
Recital 40
(40) For the purposes of calculating their own funds under Regulation (EU) No 575/2013 of the European Parliament and of the Council23 , institutions which belong to financial conglomerates that are subject to Directive 2002/87/EC of the European Parliament and of the Council24 may be permitted not to deduct their significant investments in insurance or reinsurance undertakings, provided that certain criteria are met. There is a need to ensure that prudential rules applicable to insurance or reinsurance undertakings and credit institutions allow for an appropriate level- playing field between banking-led and insurance-led financial groups. Therefore, insurance or reinsurance undertakings should also be permitted not to deduct from their eligible own funds participations in credit and financial institutions and to apply a risk-weighted adjustment factor to the non-deducted participations, subject to similar conditions. In particular, either group supervision in accordance with Directive 2009/138/EC or supplementary supervision in accordance with Directive 2002/87/EC should apply to a group encompassing both the insurance or reinsurance undertaking and the related institution. In addition, the institution should be an equity investment of strategic nature for the insurance or reinsurance undertaking and supervisory authorities should be satisfied as to the level of integrated management, risk management and internal controls regarding the entities in the scope of group supervision or supplementary supervision. __________________ 23 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1). 24 Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p. 1). (up)
Amendment 594 #
Proposal for a directive
Article 1 – paragraph 1 – point 38 – point c
Article 1 – paragraph 1 – point 38 – point c
Directive 2009/138/EC
Article 77d – paragraph 4 – subparagraph 5 – part 2
Article 77d – paragraph 4 – subparagraph 5 – part 2
Amendment 605 #
Proposal for a directive
Article 1 – paragraph 1 – point 40 – point a – point iii
Article 1 – paragraph 1 – point 40 – point a – point iii
Directive 2009/138/EC
Article 86 – paragraph 1 – point i – point iii
Article 86 – paragraph 1 – point i – point iii
Amendment 612 #
Proposal for a directive
Article 1 – paragraph 1 – point 41 – point a
Article 1 – paragraph 1 – point 41 – point a
Directive 2009/138/EC
Article 92 – paragraph 1a – subparagraph 1
Article 92 – paragraph 1a – subparagraph 1
1a. The Commission shall adopt delegated acts in accordance with Article 301a specifying the treatment of participations, within the meaning of Article 212(2), third subparagraph, in financial and credit institutions with respect to the determination of own funds, including: (i) approaches to deductions from the basic own funds of an insurance or reinsurance undertaking of material participations in credit and financial institutions. ; (ii) the risk-weighted adjustment to be applied to non-deducted participations pursuant to this Article.
Amendment 642 #
Proposal for a directive
Article 1 – paragraph 1 – point 46 – point b
Article 1 – paragraph 1 – point 46 – point b
Directive 2009/138/EC
Article 111 – paragraph 1 – subparagraph 2 a (new)
Article 111 – paragraph 1 – subparagraph 2 a (new)
For the purpose of the first subparagraph, point (c), the methods, assumptions and standard parameters for the interest rate risk sub-module referred to in Article 105(5)(a) shall reflect the risk that low or negative interest rates may fall below their current level. By way of derogation from the previous sentence, the calculation of the interest rate risk sub-module shall not be required to take into account the risk of interest rates falling to levels below a negative floor where a negative floor can be determined such that the likelihood of interest rates across relevant currencies and across maturities not being at all times above the negative floor is sufficiently small. Having this in mind and inline with interest rates dynamics, the explicit floor identified should be increasing and term-dependent.
Amendment 653 #
Proposal for a directive
Article 1 – paragraph 1 – point 48
Article 1 – paragraph 1 – point 48
Directive 2009/138/EC
Article 122 – paragraph 5
Article 122 – paragraph 5
Amendment 738 #
Proposal for a directive
Article 1 – paragraph 1 – point 64 – point b
Article 1 – paragraph 1 – point 64 – point b
Directive 2009/138/EC
Article 214 – paragraph 2 – subparagraph 2 – point ii
Article 214 – paragraph 2 – subparagraph 2 – point ii
Amendment 742 #
Proposal for a directive
Article 1 – paragraph 1 – point 64 – point c
Article 1 – paragraph 1 – point 64 – point c
Directive 2009/138/EC
Article 214 – paragraph 3 – subparagraph 2
Article 214 – paragraph 3 – subparagraph 2
Before excluding the ultimate parent undertaking from group supervision pursuant to paragraph 2, point (b), the group supervisor shall consult EIOPA, and where applicable, other supervisory authorities concerned, and shall assess the impact of exercising group supervision at the level of an intermediate participating undertaking on the solvency position of the group. In particular, such an exclusion shall not be possible if it would result in a material improvement in the solvency position of the group.;