[ParlTrack]

Proposal for a directive
Recital 22

(22) The development of international convergence toward risk-based solvency regimes should be encouraged. In order to acknowledge that some third countries may need more time to adapt and implement a solvency regime that would fully satisfy the criteria for being recognised as equivalent, it is necessary to ~~enable Commission measures adopted by means of delegated act to specify transitional arrangement~~specify conditions in relation to the treatment of such third country regimes~~, particularly where a public commitment to converge~~ in order for those third countries to abe re~~gime equivalent to Directive 2009/138/EC has been made~~cognised as temporarily equivalent. This should be done within the context of forthcoming Solvency II implementing measures legislation.

2011/09/23
Committee: ECON

Peter SKINNER, Sharon BOWLES

Proposal for a directive
Article 2 – point 2 – point a

Directive 2009/138/EC
Article 31 – paragraph 4 a (new)

4a. In order to ensure full compliance with regard to the division between delegated acts and regulatory technical standards, all delegated acts that are to become to regulatory technical standards will do so after a period of three years from the publication of this Directive in the Official Journal of the European Union.

2011/09/23
Committee: ECON

Sharon BOWLES, Peter SKINNER

Proposal for a directive
Article 2 – point 15

Directive 2009/138/EC
Article 77a – paragraph 1

~~EIOPA shall publish technical information including t~~1. The relevant risk- free interest rate term structure~~. Where EIOPA observes an illiquidity premium in the financial markets~~ to be used to calculate the best estimate referred to in Article 77(2) shall be laid down and published by EIOPA for each relevant currency on at least a quarterly basis. Chapter VII of this Title shall apply based on this best estimate. 2. Where a counter-cyclical premium is observed during periods of stressed ~~liquidity, information relating to the illiquidity premium, including its size shall also be published. EIOPA shall carry out the observation~~financial market, which is derived from the formula referred to in Article 86 and higher than X% points, an adapted relevant risk-free interest rate term structure shall be published for each relevant currency in the same frequency as the relevant risk-free interest rate term structure referred to in paragraph 1. Insurance and reinsurance undertakings are then permitted to use that adapted relevant risk-free interest rate term structure in accordance with Article 86 with a view to calculating the best estimate for certain liabilities depending ofn their level of illiquidity ~~premium and the derivation~~. In that event, insurance and reinsurance undertakings shall publicly disclose the use of this premium and the monetary effect ofn the information on a transparent, objective and reliable basis. Information for all these purposes shall be derived according to methods and assumptions which may include formulae, or determinations made by EIOPAir financial position. 3. For certain insurance contracts where the cash flows of insurance liabilities are matched with the cash flows of high quality assets for the duration of the insurance contract, a matching premium based on the expected probability of default of the matching assets applies in accordance with Article 86 in place of the counter cyclical premium. 4. EIOPA shall carry out the tasks referred to in paragraphs 1,2 and 3 in a transparent, objective and reliable manner.

2011/09/23
Committee: ECON

Peter SKINNER

Proposal for a directive
Article 2 – point 35 – point b

Directive 2009/138/EC
Article 172 – paragraph 4

4. ‘By way of derogation from paragraph 3 and the second subparagraph of Article 134(1), the same treatment as in Article 172(3) and the second subparagraph of Article 134(1) shall be accorded, for a transitional period, to reinsurance contracts concluded with undertakings having their head office in a third country the solvency regimes of which are unlikely, by 31 December 2012, to fully meet the criteria for assessing equivalence, referred to in paragraph 1. The transitional period shall last for a maximum of 5 years from the date referred to in the first sub-paragraph of Article 309(1).This derogation shall only apply where the Commission has made a decision in accordance with paragraph 6 that specified conditions have been met by the third country.deleted

2011/09/23
Committee: ECON

Peter SKINNER

Proposal for a directive
Article 2 – point 40

Directive 2009/138/EC
Article 227 – paragraph 2 – subparagraph 2

~~‘In so doing, the group supervisor shall consult the other supervisory authorities concerned and EIOPA before taking a decision on equivalence.’~~deleted

2011/09/23
Committee: ECON

Peter SKINNER

Proposal for a directive
Article 2 – point 41

Directive 2009/138/EC
Article 227 – paragraph 3

~~3. ‘The Commission may adopt~~ delegated acts, in accordance with Article 301a and subject to the conditions of Articles 301b and 301c, specifying the criteria to assess whether the solvency regime in a third country is equivalent to that laid down in Title I, Chapter VI.’

2011/09/23
Committee: ECON

Peter SKINNER

Proposal for a directive
Article 2 – point 42

Directive 2009/138/EC
Article 227 – paragraph 6

6. ‘By way of derogation from the second subparagraph of paragraph 1, Member States may for a transitional period provide that the group solvency calculation take into account, as regards the undertaking referred to in that subparagraph, the Solvency Capital Requirement and the own funds eligible to satisfy that requirement as laid down by the third country concerned. The transitional period shall last for a maximum of 5 years from the date referred to in the first sub-paragraph of Article 309(1). This derogation shall only apply where the Commission has made a decision in accordance with paragraph 7 that specified conditions have been met by the third country.deleted

2011/09/23
Committee: ECON

Peter SKINNER

Proposal for a directive
Article 2 – point 62 – point a

Directive 2009/138/EC
Article 260 – paragraph 1 – subparagraph 2

‘The verification shall be carried out by the supervisory authority which would be the group supervisor if the criteria set out in Article 247(2) were to apply, at the request of the parent undertaking or of any of the insurance and reinsurance undertakings authorised in the Union or on its own initiative, unless the Commission had concluded previously in respect of the equivalence of the third country concerned. In so doing, that supervisory authority shall consult the other supervisory authorities concerned and EIOPA, before taking a decision.’deleted

2011/09/23
Committee: ECON

Peter SKINNER

Proposal for a directive
Article 2 – point 62 – point b

Directive 2009/138/EC
Article 260 – paragraph 2

~~2. ‘The Commission may adopt~~ delegated acts, in accordance with Article 301a and subject to the conditions of Articles 301b and 301c, specifying the criteria to assess whether the prudential regime in a third country for the supervision of groups is equivalent to that laid down in this Title.’

2011/09/23
Committee: ECON

Peter SKINNER

Proposal for a directive
Article 2 – point 62 – point c

Directive 2009/138/EC
Article 260 – paragraph 4

(c) the following paragraph 4 is added ‘4. By way of derogation from Article 261(1), the first paragraph of Article 262(1) and the second paragraph of Article 263, Member States may, for a transitional period, rely on the group supervision exercised by the third-country supervisory authorities. The transitional period shall last for a maximum of 5 years from the date referred to in the first sub- paragraph of Article 309(1).This derogation shall only apply where the Commission has made a decision in accordance with paragraph 5 that specified conditions have been met by the third country.’deleted

2011/09/23
Committee: ECON

Peter SKINNER

Proposal for a directive
Article 2 – point 62 – point d

Directive 2009/138/EC
Article 260 – paragraph 5

(d) the following paragraph 5 is added: 5. The Commission may adopt delegated acts, in accordance with Article 301a and subject to the conditions of Articles 301b and 301c, specifying in relation to paragraph 4 the length of the transitional period which may be shorter than the maximum of 5 years and the conditions which are to be met by the third country. Those conditions shall cover commitments given by the supervisory authorities, their convergence to an equivalent regime over a set period of time, the existing or intended content of the regime, and matters of cooperation, exchange of information and professional secrecy obligations.deleted

2011/09/23
Committee: ECON

Sharon BOWLES, Peter SKINNER

Proposal for a directive
Article 2 – point 71

Directive 2009/138/EC
Article 308b – point g

(g) with regard to Articles 308a(7), the length of the transitional period which may be shorter than the maximum of 10 years, the phasing of the transitional period, the specification of the own fund items subject to the transitional, and the transitional requirements as to the classification of own fund items, which will apply to those specified own funds items and requiring that during the transitional period insurance and reinsurance undertakings comply at least with the laws, regulations and administrative provisions adopted pursuant to Article 27 of Directive 2002/83/EC, Article 16 of Directive 73/239/EEC and Article 36 of Directive 2005/68/EC in respect of those own fund itemsinsurance liabilities issued prior to the date referred to in Article 309(1) which make use of an illiquidity premium in the relevant risk-free rate term structure under the applicable regulatory regime up until that date shall, for the purposes of Articles 77(a) and 86, be permitted to continue to use this approach for the calculation of technical provisions for 10 years after the date referred to in Article 310;

2011/09/23
Committee: ECON

Peter SKINNER

Proposal for a directive
Article 2 – point 74

Directive 2009/138/EC
Article 311 – paragraph 2

Articles ~~1, 2,~~308a and 308b shall apply from 1 January 2013. Articles 1 to 3, 5 to 9, 11, 12, 145 to 17(2), 19- to 22, 24, 25, 33, 57, 58(1) to 58(7), 59 to 66, 69, 70, 73, ~~143,~~ 145, 147, 149 to 161, 168 to 171, 174 to 177, 179 to 184, 186 to 189, 191, 193 to 209, 267 to 300, 302, 305- to 308 and Annexes I and II, V, VI and VII shall apply from 1 January 20134. This shall allow the Commission to adopt necessary implementing measures prior to the application date.

2011/09/23
Committee: ECON

Activities of Peter SKINNER related to 2011/0006(COD)

Plenary speeches (1)

Shadow reports (1)

Amendments (13)

ParlTrack - 2011-2024