Activities of Pervenche BERÈS related to 2007/0143(COD)
Plenary speeches (2)
Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
Amendments (81)
Amendment 69 #
Proposal for a directive
Citation 1
Citation 1
Having regard to the Ttreaty establishing the European Community, and in particular Articles 47(2) and 5Articles 55 and 95 thereof,
Amendment 70 #
Proposal for a directive
Recital 3 a (new)
Recital 3 a (new)
(3a) In accordance with this Directive (Solvency II), which repeals Directive 2002/83/EC, pension activities that were previously subject to certain provisions of Directive 2002/83/EC are subject to the corresponding provisions of Solvency II. The economics-based provisions of Solvency II address the specificities of pension activities. Together with the review of Directive 2003/41/EC of the European Parliament and the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision, this Directive should therefore enhance the convergence of supervisory practices as regards insurance undertakings and pension funds. The review of Directive 2003/41/EC, which was due in 2007, should be carried out by the Commission with a view to enhancing the protection of policy holders, financial stability, market equity and the level playing field for all operators in the pension market, namely insurance undertakings or pension funds.
Amendment 74 #
Proposal for a directive
Recital 12
Recital 12
(12) The new solvency regime should not be too burdensome for small and medium- sized insurance undertakings. One of the tools to achieve this objective is a proper application of the proportionality principle. This principle should be applied both to the requirements for insurance and reinsurance undertakings and to the exercise of supervisory powers.
Amendment 84 #
Proposal for a directive
Recital 23
Recital 23
(23) It is necessary to promote supervisory convergence not only in respect of supervisory tools but also in respect of supervisory practices. The Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2004/6/EC should play an important role in this respect and report regularly on the progress made to the European Parliament, the Council and the Commission.
Amendment 101 #
Proposal for a directive
Recital 50 a (new)
Recital 50 a (new)
(50a) In order to fulfil the aim of protection of the general interest, there is a need to go beyond the studies the Commission has already carried out and adopt as soon as possible an insurance guarantee fund mechanism in the European Union, in particular in life assurance. The purpose of such a fund must be to guarantee protection of last resort for policyholders.
Amendment 102 #
Proposal for a directive
Recital 52 a (new)
Recital 52 a (new)
Amendment 105 #
Proposal for a directive
Recital 64 a (new)
Recital 64 a (new)
(64a) Where they exist, mutual companies, mutual associations or provident societies do not have share capital to sell or exchange, but have the opportunity to constitute groups by setting up long-lasting financial relationships (such as formal and reciprocal financial support contracts or joint guarantee schemes) managed by a legal entity exerting a significant influence over them. Those financial relationships are subject to the approval of the supervisory authority of the Member State where the legal entity is situated and ought to be as much as needed supervised as groups.
Amendment 109 #
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, for all the supervisors concerned to share the same set of rights and duties and overall responsibility. It is also necessary that when it becomes available to one of the supervisors, all information is immediately shared with the other supervisors, in order for all supervisors to be able to establish an opinion based on the same information. In order to facilitate group supervision, the group supervisor and the other supervisory authorities concerned should set up a college of supervisors chaired by the group supervisor.
Amendment 127 #
Proposal for a directive
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
1. Without prejudice to Articles 5 to 10 this Directive shall not apply to insurance undertakings whose annual premium income does not exceed EUR 510 million.
Amendment 129 #
Proposal for a directive
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1a. In order to take account of inflation and of market developments, the Commission shall adopt implementing measures laying down the frequency and methodology of scrutinising the thresholds in paragraph 1 and, if appropriate, changing them. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 304(3).
Amendment 135 #
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
2. If the amount set out in paragraph 1 and adapted in accordance with paragraph 1a is exceeded for three consecutive years this Directive shall apply from the fourth year.
Amendment 140 #
Proposal for a directive
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
2a. Paragraph 1 shall not prevent any undertaking from applying for a license or continuing to be licensed under this Directive.
Amendment 152 #
Proposal for a directive
Article 27
Article 27
Member States shall ensure that the supervisory authorities are provided with the necessary means to achieve the main objective of supervision, namely the protection of any policyholders and beneficiaries or beneficiary of any branch or subsidiary of an insurance undertaking, settled in any Member State and which is included in the insurance undertaking’s supervision perimeter. The objective of financial stability and market equity should also be pursued.
Amendment 167 #
Proposal for a directive
Article 34 – paragraph 1
Article 34 – paragraph 1
1. Member States shall ensure that the supervisory authorities have the power, in accordance with the respect of article 70 of this Directive, to take preventive and corrective measures to ensure that insurance and reinsurance undertakings comply with the laws, regulations and administrative provisions adopted pursuant to this Directive.
Amendment 179 #
Proposal for a directive
Article 42 – paragraph 1 – point a
Article 42 – paragraph 1 – point a
(a) their professional qualifications, knowledge and experience are adequate to enable sound and prudent management (fit); for the purpose of assessing the required level of competence, professional qualifications and experience of members of senior management may be taken into consideration as additional factors;
Amendment 208 #
Proposal for a directive
Article 51 – paragraph 3
Article 51 – paragraph 3
3. The Committee of European Insurance and Occupational Pensions Supervisors shall provide the information referred to in paragraph 2 to the European Parliament, Council and Commission, together with a report outlining the degree of supervisory convergence in the use of capital add-ons between supervisory authorities in the different Member States.
Amendment 214 #
Proposal for a directive
Article 70 – paragraph -1 (new)
Article 70 – paragraph -1 (new)
Member States shall ensure that in the exercise of the supervisory authorities’ responsibilities, their national mandate refers to the following objectives: (a) convergent implementation in the Community of this Directive and its implementing measures, and, insofar as possible, convergent application of guidelines and recommendations adopted by the Committee of European Insurance and Occupational Pensions Supervisors; (b) financial stability in other Member States.
Amendment 218 #
Proposal for a directive
Article 70 – paragraph 1 a (new)
Article 70 – paragraph 1 a (new)
The Committee of European Insurance and Occupational Pensions Supervisors shall, where necessary, provide for a joint interpretation of the provisions of this Directive and its implementing measures in order to enhance the convergence of supervisory practices. The Committee shall report regularly on the progress of the supervisory convergence in the Community.
Amendment 221 #
Proposal for a directive
Article 70 a (new)
Article 70 a (new)
Amendment 253 #
Proposal for a directive
Article 77 – point 3
Article 77 – point 3
(3) all payments to policyholders and beneficiaries, including future discretionary bonuses, which insurance and reinsurance undertakings expect to make, whether or not these payments are contractually guaranteed, unless those payments fall under Article 90.
Amendment 268 #
Proposal for a directive
Article 90
Article 90
Amendment 269 #
Proposal for a directive
Article 90
Article 90
In so far as authorised under national law, realised profits appearing as surplus funds in the statutory annual accountssurplus funds not classified in Article 87(1) shall be deemed to be realised profits and 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 policy. The surplus funds shall be considered as own funds up to the amount of adjustment for the loss-absorbing capacity of technical provisions defined in Article 107. Surplus funds above the previous limit shoulders and beneficiarie be defined as ancillary own funds.
Amendment 296 #
Proposal for a directive
Article 96 - introductory part
Article 96 - introductory part
Without prejudice to Article 95 and point (c) of Article 97(1), for the purposes of this Directive the following classifications shall be applied:at least half of the future claims which a mutual or mutual-type association with variable contributions may have against its members by way of a call for supplementary contributions, within the financial year concerned shall be classified in Tier 2.
Amendment 297 #
Proposal for a directive
Article 96 - point 1
Article 96 - point 1
Amendment 300 #
Proposal for a directive
Article 96 – point 1
Article 96 – point 1
(1) surplus funds falling under Article 90 as own funds shall be classified in Tier 1;
Amendment 301 #
Proposal for a directive
Article 96 – point 1 a (new)
Article 96 – point 1 a (new)
(1a) surplus funds falling under Article 90 as ancillary own funds shall be classified in Tier 2;
Amendment 302 #
Proposal for a directive
Article 96 - point 2
Article 96 - point 2
Amendment 304 #
Proposal for a directive
Article 96 - point 3
Article 96 - point 3
Amendment 314 #
Proposal for a directive
Article 97 – paragraph 1 – subparagraph 1 a (new)
Article 97 – paragraph 1 – subparagraph 1 a (new)
Those implementing measures will aim at ensuring a level playing field among Member States.
Amendment 355 #
Proposal for a directive
Article 105 – paragraph 4 – subparagraph 1
Article 105 – paragraph 4 – subparagraph 1
4. WherThe health insurance is pursued on a similar technical basis to that of life insurance as referred to in Article 204, the special health underwriting risk module shall reflect the risk arising from the underwriting of health insurance contracts, obligations, whether it is pursued on a similar technical basis to that of the life insurance, following from both the perils covered and the processes used in the conduct of business.
Amendment 358 #
Proposal for a directive
Article 105 – paragraph 4 – subparagraph 2 – introductory part
Article 105 – paragraph 4 – subparagraph 2 – introductory part
It shall be calculated, in accordance with point 4 of Annex IV, as a combination of the capital requirements foto cover at least the following sub-modulerisks:
Amendment 359 #
Proposal for a directive
Article 105 – paragraph 4 – subparagraph 2 – points a to c
Article 105 – paragraph 4 – subparagraph 2 – points a to c
(a) the risk of loss, or of adverse changehealth long-term sub-module, covering underwriting risk in the value ofalth insurance liabilities, resulting from changes in the level, trend, or volatility of the expenses incurred in servicingthat is practised on a similar technical basis to that of life insurance oras reinsurance contracts (health expense risk); (b) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from fluctuations in the timing, frequency and severity of insured events, and in the timing and amount of claim settlements at the time of provisioning (health premium and reserve risk); (c) the risk of loss, or of advferred to in Article 204; (b) the accident and health short-term sub-module, covering underwriting risk of short term health and accident lines of business; (c) the workerse’ change in the value of insurance liabilities, resulting from the significantompensation sub- module, covering uncdertainty of pricing and provisioning assumptions related to outbreaks of major epidemics, as well as the unusual accumulation of risks under such extreme circumstances (health epidemic risk)writing risk in workers’ compensation lines of business.
Amendment 369 #
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 2 a (new)
Article 105 – paragraph 5 – subparagraph 2 a (new)
The impact on the own funds of the changes of market prices of equities shall be assessed taking into account the duration of liabilities. The equity risk sub- module is calibrated on the Value-at-Risk of the annualised equities’ returns subject to a confidence level of 99,5 %.
Amendment 374 #
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 2 b (new)
Article 105 – paragraph 5 – subparagraph 2 b (new)
Notwithstanding subparagraph 2a, insurance and reinsurance undertakings may assess the impact on their own funds of the changes of market prices of equities by simulating a fixed capital charge on equity prices.
Amendment 453 #
Proposal for a directive
Title II – chapter I – section 5 – subsection -1 (new)
Title II – chapter I – section 5 – subsection -1 (new)
Subsection -1: Common provisions
Amendment 454 #
Proposal for a directive
Article -181 (new)
Article -181 (new)
Amendment 455 #
Proposal for a directive
Article 181 – paragraph 1 − subparagraph 1 − introductory part
Article 181 – paragraph 1 − subparagraph 1 − introductory part
1. Before an non-life insurance contract is concluded the non-life insurance undertaking shall inform the policyholder of the following: Or. en (Please note that if all amendments to Article 181(1) are adopted the structure of the paragraph is changed)
Amendment 456 #
Proposal for a directive
Article 181 – paragraph 1 − subparagraph 1 − point - a (new)
Article 181 – paragraph 1 − subparagraph 1 − point - a (new)
Amendment 457 #
Proposal for a directive
Article 181 – paragraph 1 − subparagraph 1 − point b a (new)
Article 181 – paragraph 1 − subparagraph 1 − point b a (new)
Amendment 458 #
Proposal for a directive
Article 181 – paragraph 1 − subparagraph 1 − point b b (new)
Article 181 – paragraph 1 − subparagraph 1 − point b b (new)
Amendment 459 #
Proposal for a directive
Article 181 – paragraph 1 − subparagraph 1 − point b c (new)
Article 181 – paragraph 1 − subparagraph 1 − point b c (new)
Amendment 460 #
Proposal for a directive
Article 181 – paragraph 1 − subparagraph 1 − point b d (new)
Article 181 – paragraph 1 − subparagraph 1 − point b d (new)
Amendment 461 #
Proposal for a directive
Article 181 – paragraph 1 − subparagraph 1 − point b e (new)
Article 181 – paragraph 1 − subparagraph 1 − point b e (new)
Amendment 462 #
Proposal for a directive
Article 181 – paragraph 1 − subparagraph 2 − point b f (new)
Article 181 – paragraph 1 − subparagraph 2 − point b f (new)
Amendment 463 #
Proposal for a directive
Article 181 – paragraph 1 − subparagraph 2 − point b g (new)
Article 181 – paragraph 1 − subparagraph 2 − point b g (new)
Amendment 464 #
Proposal for a directive
Article 181 – paragraph 1 − subparagraph 2 − point b h (new)
Article 181 – paragraph 1 − subparagraph 2 − point b h (new)
Amendment 465 #
Proposal for a directive
Article 181 – paragraph 1 − subparagraph 2 − point b i (new)
Article 181 – paragraph 1 − subparagraph 2 − point b i (new)
Amendment 466 #
Proposal for a directive
Article 181 – paragraph 1 − subparagraph 2 − point b j (new)
Article 181 – paragraph 1 − subparagraph 2 − point b j (new)
Amendment 467 #
Proposal for a directive − subparagraph 2 − point b k (new)
Article 181 – paragraph 1−
Article 181 – paragraph 1−
Amendment 469 #
Proposal for a directive
Article 181 – paragraph 1 a (new)
Article 181 – paragraph 1 a (new)
1a. In addition to details of both general and specific policy conditions, the non-life insurance undertaking shall provide the policyholder with the following information throughout the term of contract: (a) any change in the name, legal form or address of the head office of the non-life insurance undertaking or, where appropriate, of the agency or branch which concluded the contract, (b) in the event of a change in the policy conditions or an amendment of the law applicable to the contract, the information listed in points (-a) and (bb) to (bk) of paragraph 1.
Amendment 471 #
Proposal for a directive
Article 181 – paragraph 3 a (new)
Article 181 – paragraph 3 a (new)
3a. The Member State of the commitment may require non-life insurance undertakings to provide information in addition to that listed in paragraphs 1 and 2 only if it is necessary for complying with the principles set out in Article -181.
Amendment 473 #
Proposal for a directive
Article 183 – paragraph 2 – point c
Article 183 – paragraph 2 – point c
(c) the address of the head office and, where appropriate, of the agency or the branch concluding the contract.
Amendment 474 #
Proposal for a directive
Article 183 – paragraph 2 – point c a (new)
Article 183 – paragraph 2 – point c a (new)
(ca) the name and address of the supervisory authorities,
Amendment 476 #
Proposal for a directive
Article 183 – paragraph 2 – point c b (new)
Article 183 – paragraph 2 – point c b (new)
(cb) reference to the information referred to in Articles 50 to 55 on public disclosure,
Amendment 478 #
Proposal for a directive
Article 183 – paragraph 2 – point c c (new)
Article 183 – paragraph 2 – point c c (new)
(cc) the identification of the group to which the undertaking belongs,
Amendment 479 #
Proposal for a directive
Article 183 – paragraph 3 – point c a (new)
Article 183 – paragraph 3 – point c a (new)
(ca) costs and associated charges,
Amendment 481 #
Proposal for a directive
Article 183 – paragraph 3 – point l a (new)
Article 183 – paragraph 3 – point l a (new)
(la) insurance guarantee schemes, where established, under which the policyholders can assert their claims,
Amendment 483 #
Proposal for a directive
Article 183 – paragraph 3 – point m a (new)
Article 183 – paragraph 3 – point m a (new)
(ma) a jurisdiction clause.
Amendment 484 #
Proposal for a directive
Article 183 – paragraph 3 a (new)
Article 183 – paragraph 3 a (new)
3a. In addition, specific information shall be supplied in order to provide a proper understanding of the risks underlying the contract which are assumed by the policyholder.
Amendment 486 #
Proposal for a directive
Article 183 – paragraph 4 – introductory part
Article 183 – paragraph 4 – introductory part
4. The policyholder shall be keptIn addition to details of both general and specific policy conditions, the life insurance undertaking shall provide the policyholder with the following informedation throughout the term of the contract of any change concerning the following information:
Amendment 487 #
Proposal for a directive
Article 183 – paragraph 4 – point a
Article 183 – paragraph 4 – point a
Amendment 488 #
Proposal for a directive
Article 183 – paragraph 4 – point b
Article 183 – paragraph 4 – point b
(b) any change in the name of the life- insurance undertaking, its legal form or the address of its head office and, where appropriate, of the branch which concluded the contract;
Amendment 489 #
Proposal for a directive
Article 183 – paragraph 4 – point b a (new)
Article 183 – paragraph 4 – point b a (new)
(ba) information about the commitment;
Amendment 490 #
Proposal for a directive
Article 183 – paragraph 4 – point c
Article 183 – paragraph 4 – point c
(c) all the information listed in points (d) to (j) of paragraph 31 in the event of a change in the policy conditions or amendment of the law applicable to the contract;
Amendment 491 #
Proposal for a directive
Article 183 – paragraph 5
Article 183 – paragraph 5
Amendment 492 #
Proposal for a directive
Article 183 – paragraph 6
Article 183 – paragraph 6
6. The Member State of the commitment may require life insurance undertakings to furnish information in addition to that listed in paragraphs 2, 3 and 4this Article only if it is necessary for a proper understanding by the policyholder of the complying with the principles sential elements of the commitmentt up in Article -181.
Amendment 493 #
Proposal for a directive
Article 183 – paragraph 7
Article 183 – paragraph 7
7. The detailed rules for implementing paragraphs 1 to 63a shall be laid down by the Member State of the commitment.
Amendment 503 #
Proposal for a directive
Article 210 – paragraph 2 a (new)
Article 210 – paragraph 2 a (new)
2a. For the purposes of this Title, any undertaking that have set up long-lasting financial relationships through a legal entity shall be deemed to be a related undertaking and the legal entity shall be deemed to be a participating undertaking, in the event that the following conditions are met: (a) the setting up or dissolution of such financial relationships are subject to prior approval of the supervisory authority of the Member State where the legal entity is situated; (b) in the opinion of the supervisory authority of the Member State where the legal entity is situated, the legal entity effectively exercises, through such financial relationships, a significant influence over the undertakings concerned. In addition, where, in the opinion of the supervisory authority referred to in the first subparagraph, the legal entity effectively exercises a dominant influence over any of the undertakings in respect of which long-lasting financial relationships have been set up, those undertakings shall be deemed to be subsidiaries and the legal entity shall be deemed to be their parent undertaking.
Amendment 516 #
Proposal for a directive
Article 225 – paragraph 2 – subparagraph 1 a (new)
Article 225 – paragraph 2 – subparagraph 1 a (new)
Where the Commission has not adopted a decision in accordance with paragraph 3, the third-country regime is presumed not to be equivalent to the regime provided by this Directive and its implementing measures. Such a presumption shall be rebuttable.
Amendment 517 #
Proposal for a directive
Article 225 – paragraph 2 – subparagraph 2
Article 225 – paragraph 2 – subparagraph 2
Amendment 519 #
Proposal for a directive
Article 225 – paragraph 3 – subparagraph 1
Article 225 – paragraph 3 – subparagraph 1
3. The Commission shallmay adopt, after consultation of the European Insurance and Occupational Pensions Committee and in accordance with the procedure referred to in Article 304(2), a decision as to whether the solvency regime in a third country is equivalent to that laid down in Title I, Chapter VI.
Amendment 522 #
Proposal for a directive
Article 225 – paragraph 3 – subparagraph 2
Article 225 – paragraph 3 – subparagraph 2
These decisions, designed to amend non- essential elements of this Directive, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 304(3). They shall be regularly reviewed to take into account any changes to the solvency regime laid down in Title I, Chapter VI, and to the solvency regime in the third country.
Amendment 549 #
Proposal for a directive
Article 234 – paragraph 1 a (new)
Article 234 – paragraph 1 a (new)
An application by a parent undertaking, which has its head office in a third country, for permission to be subject to Articles 236 to 241 shall be inadmissible.
Amendment 652 #
Proposal for a directive
Article 237 – paragraph 3 – point b
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. In particular, where the parent undertaking foresees that that such transfer may be provided from the eligible own funds of certain subsidiaries, the parent undertaking can establish that they are transferable on first demand, within the timeframe set out in the Directive and its implementing measures;
Amendment 673 #
Proposal for a directive
Article 238 – paragraph 1 –subparagraph 1
Article 238 – paragraph 1 –subparagraph 1
1. By way of derogation from Article 136paragraphs 2, 3 and 4 of Article 136 and Article 139, the supervisory authority having authorised the subsidiary shall not be responsible for enforcing its Solvency Capital Requirement by taking measures at the level of the subsidiary.
Amendment 774 #
Proposal for a directive
Article 251 – paragraph 5
Article 251 – paragraph 5
5. The Committee of European Insurance and Occupational Pensions Supervisors shall inform the Commission, the European Parliament and the Council, at least once a year, of any major difficulties with the application of paragraphs 2, 3 and 4.
Amendment 776 #
Proposal for a directive
Article 251 a (new)
Article 251 a (new)
Amendment 781 #
Proposal for a directive
Article 252 – paragraph 1 – point e
Article 252 – paragraph 1 – point e
Amendment 783 #
Proposal for a directive
Article 252 – paragraph 2
Article 252 – paragraph 2
2. In order to facilitate group supervision, the group supervisor and the other supervisory authorities concerned shall have coordination arrangements in place. Those coordination arrangements may entrust additional tasks to the group supervisor and may specify, without prejudice to any measure adopted pursuant to this Directive, the procedures for the decision-making process among the supervisory authorities concerned as referred to in ArWith regard to Article 251, once a year the group supervisor shall forward a report to the Committee of European Insurance and Occupational Pension Supervisors on the functioning of the College of Supervisors, new practicles 211(3), 212(2), 213(2), 214, 215, 217, 218(2), 219(2), 225(2), 236, 248, 249, 251 (3) and (4), 254, 263 and 264 and for cooperation with other supervisory authoritiesand difficulties encountered.
Amendment 794 #
Proposal for a directive
Article 253 – paragraph 1 – subparagraph 1
Article 253 – paragraph 1 – subparagraph 1
1. TFor the purpose of Article 251a, the authorities responsible for the supervision of the individual insurance and reinsurance undertakings in a group and the group supervisor shall cooperate closely, including in cases where an insurance or reinsurance undertaking encounters financial difficulties.
Amendment 799 #
Proposal for a directive
Article 254 – paragraph 1 – subparagraph 1 – introductory part
Article 254 – paragraph 1 – subparagraph 1 – introductory part
1. TFor the purpose of Article 251a, the supervisory authorities concerned shall, where a decision is of importance for the supervisory tasks of other supervisory authorities, prior to that decision, consult each other with regard to the following items: