45 Amendments of Zsolt László BECSEY related to 2007/0143(COD)
Amendment 123 #
Proposal for a directive
Recital 93 a (new)
Recital 93 a (new)
(93a) The provisions of the whole Directive must serve for the principality of equal access to any kind of benefits attributable to the application of this new Directive. Therefore any change in the regulatory landscape in comparison with the one must be based on thorough impact assessment examining the attendant costs and benefits of the three fundamental economic actors, such as Member State's budgets (in the breakdown of parent and host Member States' budgets), parent companies (usually financial conglomerates) plus start-up insurers.
Amendment 141 #
Proposal for a directive
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
2a. In the event that the annual premium income of insurance undertaking steadily declines in three consecutive years below the amount set out in paragraph 1, the insurance undertaking shall no longer fall within the scope of this Directive.
Amendment 162 #
Proposal for a directive
Article 28 – paragraph 3 – subparagraph 1 a (new)
Article 28 – paragraph 3 – subparagraph 1 a (new)
CEIOPS shall closely monitor whether insurance undertakings with similar operational features located in different Member States are subject to the same terms and conditions in the single financial market in accordance with the proportionality principle.
Amendment 223 #
Proposal for a directive
Article 72 – paragraph 2 – point b a (new)
Article 72 – paragraph 2 – point b a (new)
(ba) undertakings are strictly prohibited to move capital items between life and non - life activities and vice versa without the permission of the competent supervisory authority.
Amendment 224 #
Proposal for a directive
Article 72 – paragraph 3
Article 72 – paragraph 3
3. Member States may provide that undertakings referred to in paragraph 2 shall comply with the accounting rules governing life insurance undertakings for all of their activities. Pending coordination in this respect, Member States may also provide that, with regard toonly in special cases like rules on winding up, activities relating to the risks listed in classes 1 and 2 in point A of Annex I carried on by the those undertakings shall be governed by the rules applicable to life insurance activities. The amount of capital held against risks assigned to classes 1 and 2 in point A of the Annex I should be consistent with the general provisions applicable to non-life activities set out in this Directive.
Amendment 225 #
Proposal for a directive
Article 73 – paragraph 2 – subparagraph 1 a (new)
Article 73 – paragraph 2 – subparagraph 1 a (new)
Those insurance undertakings shall comply with capital requirements on every solo insurance class level.
Amendment 226 #
Proposal for a directive
Article 73 – paragraph 2 – subparagraph 1 b (new)
Article 73 – paragraph 2 – subparagraph 1 b (new)
An insurance undertaking cannot shift capital items from life to non-life activities and vice versa without the permission of the competent supervisory authority.
Amendment 227 #
Proposal for a directive
Article 73 – paragraph 6
Article 73 – paragraph 6
Accounts shall be drawn up so as to show the sources of the results for life and non- life insurance separately. All income (in particular premiums, payments by re - insurers and inveThe division of results must be complete and consistment, so that all income) and expenditure (in particular insurance settlements, additions to technical provisions, reinsurance premiums, and operating expenses in respect of insurance business) shall be broken down according to originmust be broken down according to origin in the profit and loss account down to the level of profit and loss according to the balance sheet plus separation down to the origin must be effected in the balance sheet. Items common to both activities shall be entered in the accounts in accordance with methods of apportionment to be accepted by the supervisory authority. The division of assets and liabilities in accordance with their sources (life, non-life insurance activity) must be performed in other ancillary activities, like assets management.
Amendment 321 #
Article 98 – paragraph 1 – point a
(a) in order to ensure that the proportion of Tier 1 items in the eligible own funds is higher than one third of the total eligible own funds, the eligible amount of Tier 2 together with the eligible amount of Tier 3 shall be limited to twice the total amount of Tier 1 items;and
Amendment 326 #
Proposal for a directive
Article 98 – paragraph 1 – point b
Article 98 – paragraph 1 – point b
(b) in order to ensure that the proportion of Tier 3 items in the eligible own funds is less than one third of the total eligible own funds, the eligible amount of Tier 3 shall be limited to half the total amount of Tier 1 and eligible amount of Tier 2 items.
Amendment 331 #
Proposal for a directive
Article 98 – paragraph 2
Article 98 – paragraph 2
2. As far as the Minimum Capital Requirement is concerned, in order to ensure that the proportion of Tier 1 items in the eligible basic own funds shall be higher than one half of the totalthe eligible basic own funds, the amount of basic own fund items eligible to cover the Minimum Capital Requirement which are classified in Tier 2 shall be limited to the total amount of Tier 1 items which are classified in Tier 2.
Amendment 338 #
Proposal for a directive
Article 98 – paragraph 3
Article 98 – paragraph 3
Amendment 506 #
Proposal for a directive
Article 211 – paragraph 2 – point a
Article 211 – paragraph 2 – point a
Amendment 537 #
Proposal for a directive
Article 234 – point c
Article 234 – point c
(c) the parent undertaking has declared, in writing and in a legally binding document accepted by the group supervisor and the other supervisory authorities concerned in accordance with Article 237, that it guarantees that own funds eligible under Article 98(5) will be transferred where necessary and up to the limit resulting from the application of Article 237;
Amendment 543 #
Proposal for a directive
Article 234 – point d
Article 234 – point d
(d) an application for permission to be subject to Articles 236 to 241 has been introduced by the parent undertaking and the subsidiary concerned and a favourable decision has been made on such application in accordance with the procedure set out in Article 235.
Amendment 547 #
Proposal for a directive
Article 234 – point d a (new)
Article 234 – point d a (new)
(da) the application contains adequate evidence demonstrating that group support requested for the insurance or reinsurance undertaking concerned does not exceed the share of the group diversification benefits attributable to this undertaking as determined by methods relying on economically consistent criteria, which are reliable, objective and verifiable.
Amendment 556 #
Proposal for a directive
Article 235 – paragraph 1 – subparagraph 2
Article 235 – paragraph 1 – subparagraph 2
An application as referred to in the first subparagraph shall be submitted only to the group supervisor. The group supervisor shall inform in detail the other supervisory authorities concerned without delay.
Amendment 569 #
Proposal for a directive
Article 235 – paragraph 2 b (new)
Article 235 – paragraph 2 b (new)
2b. Where the CEIOPS has been consulted, the supervisory authorities concerned shall duly consider such advice before taking their joint decision. The group supervisor shall provide to the applicant the joint decision referred to in paragraph 2 in a document containing full reasons and an explanation of any significant deviation from the positions adopted by the CEIOPS. That joint decision shall be recognised as final and shall be applied by the supervisory authorities concerned.
Amendment 572 #
Proposal for a directive
Article 235 – paragraph 3
Article 235 – paragraph 3
3. In the absence of a joint decision between the supervisory authorities concerned within six monthsthe periods set out in paragraphs 2 and 2a, the group supervisor shall make its own decision on the application. The decision shall be set out in a document containing the fully reasoned decision and shall take into account the views and reservations of the other supervisory authorities concerned expressedIf the supervisor that authorised the subsidiary issues a dissenting decision within a sixone months period. The decision shall be provided to the applicant and the other supervisory authorities concerned of receipt of the application, the decision on the application made by the group supervisor. That decision shall not be recognised as determinative andfinal and shall not be applied by the supervisory authorities concerned.
Amendment 577 #
Proposal for a directive
Article 235 – paragraph 3 a (new)
Article 235 – paragraph 3 a (new)
3a. In making its decision, the group supervisor shall duly take into account the following: (a) any views and reservations of the other supervisory authorities concerned expressed during the applicable period; (b) where the CEIOPS has been consulted, the advice of that Committee. The decision shall be set out in a document containing full reasons and an explanation of any significant deviation from the positions of the other supervisory authorities concerned or the advice of CEIOPS. The decision shall be provided to the applicant and the other supervisory authorities concerned by the group supervisor.
Amendment 580 #
Proposal for a directive
Article 235 – paragraph 3 b (new)
Article 235 – paragraph 3 b (new)
3b. Paragraph 3a shall apply mutatis mutandis to the decision of the supervisor that authorised the subsidiary adopted pursuant to paragraph 3.
Amendment 594 #
Proposal for a directive
Article 236 – paragraph 3 – subparagraph 1
Article 236 – paragraph 3 – subparagraph 1
3. Where the Solvency Capital Requirement of the subsidiary is calculated on the basis of the standard formula and the supervisory authority having authorised the subsidiary considers that its risk profile deviates significantly from the assumptions underlying the standard formula, and as long as that undertaking does not properly address the concerns of the supervisory authority, that authority may, in the cases referred to in Article 37, propose to and after consulting the group supervisor to, impose a capital add- on to the Solvency Capital Requirement of that subsidiary.
Amendment 601 #
Proposal for a directive
Article 236 – paragraph 3 – subparagraph 2
Article 236 – paragraph 3 – subparagraph 2
The supervisory authority shall communicate the grounds for such proposala decision to both the subsidiary and the group supervisor.
Amendment 608 #
Proposal for a directive
Article 236 – paragraph 4
Article 236 – paragraph 4
4. Where the supervisory authority that authorised the subsidiary and the group supervisor disagree, or in the absence of a decision from the group supervisor within one month from the proposal of the supervisory authority, the matter shallmay be referred for consultation to the Committee of European Insurance and Occupational Pensions Supervisors, which shall give its advice within two months.
Amendment 611 #
Proposal for a directive
Article 236 – paragraph 4 – subparagraph 2
Article 236 – paragraph 4 – subparagraph 2
The group supervisory authority that authorised the subsidiary shall duly consider such advice before taking its final decision. The decision shall be submitted to the subsidiary and the supervisory authority byshall inform the group supervisor of its decision.
Amendment 617 #
Proposal for a directive
Article 236 – paragraph 4 – subparagraph 3
Article 236 – paragraph 4 – subparagraph 3
Amendment 625 #
Proposal for a directive
Article 237 – paragraph 1 – subparagraph 1
Article 237 – paragraph 1 – subparagraph 1
1. By way of derogation from Article 98(4), any difference between the Solvency Capital Requirement and the minimum capital requirement of the subsidiary shall be covered by either own funds eligible under Article 98(4) or group support, or any combination thereof. In case group support is used, all of the following conditions shall be satisfied: (a) the own funds of the subsidiary undertaking eligible under Article 98(4) shall cover at least the sum of the Minimum Capital Requirement and 50 % of the difference between the Solvency Capital Requirement and the Minimum Capital Requirement; (b) the total amount of group support declared by the parent undertaking does not exceed the diversification effect which results from the difference between the aggregated group Solvency Capital Requirement and the consolidated group Solvency Capital Requirement calculated in accordance with Article 216. The group support should be distributed in accordance with Article 234(da).
Amendment 628 #
Proposal for a directive
Article 237 – paragraph 1 – subparagraph 2
Article 237 – paragraph 1 – subparagraph 2
The group support shall, for the purposes of the classification of own funds into tiers in accordance with Articles 93 to 96, be treated as ancillary own funds classified in Tier 3 and shall respect the limits set out in Article 98.
Amendment 637 #
Proposal for a directive
Article 237 – paragraph 2
Article 237 – paragraph 2
2. The group support shall take the form of a declaration to the group supervisor, expressed in a legally binding document and the supervisory authority that authorised the subsidiary concerned, expressed in a document which is legally binding both in the Member State of the group supervisor and that of the supervisory authority of the related undertaking, and constituting a commitment to transfer own funds eligible under Article 98(5).
Amendment 645 #
Proposal for a directive
Article 237 – paragraph 3 – introductory part
Article 237 – paragraph 3 – introductory part
3. Before accepting the declaration referred to in paragraph 2, the group supervisor and the supervisory authority having authorised the subsidiary concerned shall verify the following:
Amendment 659 #
Proposal for a directive
Article 237 – paragraph 3 – point c
Article 237 – paragraph 3 – point c
(c) that the document containing the declaration of group support meets all requirements existing under the law of the parent undertaking and the law of the subsidiary to be recognised as a legal commitment, and that any recourse before a legal or administrative body shall not have suspensive effect.
Amendment 667 #
Proposal for a directive
Article 238 – paragraph 1
Article 238 – paragraph 1
Amendment 677 #
Proposal for a directive
Article 238 – paragraph 2
Article 238 – paragraph 2
2. Where the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of group support declared in accordance with Article 237, but the own funds eligible under Article 98(5) are sufficient to cover the minimum capital requirement and the subsidiary meets the requirements in Article 237, the supervisory authority mayshall call on the parent undertaking to provide a new declaration bringing the group support to the amount necessary to ensure that the Solvency Capital Requirement is again fully covered.
Amendment 685 #
Proposal for a directive
Article 238 – paragraph 3
Article 238 – paragraph 3
3. Where the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of group support declared in accordance with Article 237, and the own funds eligible under Article 98(5) are not sufficiensubsidiary does not meet tohe cover the minimum capital requirementnditions laid down in Article 237(1), the supervisory authority mayshall call on the parent undertaking to transfer own funds eligible under Article 98(5) to the extent necessary to ensure that the minimum capital requirement is again coveredsubsidiary undertaking meets again the requirements in Article 237, and to provide a new declaration bringing the group support to the amount necessary to ensure that the Solvency Capital Requirement is again fully covered.
Amendment 691 #
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 1
Article 238 – paragraph 4 – subparagraph 1
4. Before accepting any new declaration referred to in paragraphs 2 or 3, the group supervisor and the supervisory authority having authorised the subsidiary undertaking shall verify that the conditions laid down in Article 237 are met.
Amendment 697 #
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 2
Article 238 – paragraph 4 – subparagraph 2
Where the parent undertaking does not provide the new declaration requested, or where the new declaration provided is not accepted, the parent undertaking shall immediately transfer the own funds resulting from the declaration accepted previously. The derogations provided for in Articles 236 and 237 and in paragraph 1 of this Article shall cease to apply.
Amendment 700 #
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 3
Article 238 – paragraph 4 – subparagraph 3
Amendment 715 #
Proposal for a directive
Article 240 – paragraph 1 – subparagraph 2
Article 240 – paragraph 1 – subparagraph 2
Where the parent undertaking does not rapidly transfer, within one month of it having been first required, eligible own funds to the subsidiary, the group supervisor shall use all powers available, including the power available under Article 142, to ensure that the group provides the requested transfer as soon as is practicable, but in any event within two months of it having been first required.
Amendment 718 #
Proposal for a directive
Article 240 – paragraph 2 – subparagraph 1
Article 240 – paragraph 2 – subparagraph 1
2. Group support mashall primarily be provided from eligible own funds present in the parent undertaking orif it has eligible own funds in excess of its Solvency Capital Requirement. In the event that the eligible own funds of the parent undertaking are insufficient to provide completely the group support, the remaining amount may be provided from the eligible own funds available in any subsidiary, subject to that subsidiary, where it is an insurance or reinsurance undertaking, having eligible own funds in excess of its minimum capital requirementthe requirements of Article 237. The supervisory authority having authorised that subsidiary shall not prevent the transfer of such excess eligible own funds.
Amendment 723 #
Proposal for a directive
Article 240 – paragraph 2 – subparagraph 2
Article 240 – paragraph 2 – subparagraph 2
However, where such transfer would lead to the Solvency Capital Requirement of that subsidiary being no longer complied with, it shall be subject toown funds can only be transferred if a declaration by the parent undertaking of the necessary level of group support andis provided and this declaration is acceptanced by the group supervisor and the supervisory authority having authorised the subsidiary concerned.
Amendment 734 #
Proposal for a directive
Article 242 – paragraph 2
Article 242 – paragraph 2
2. When the derogations provided for in Articles 236, 237 and 238 237 ceases to apply, the supervisory authority having authorised the subsidiary shall regain full responsibility for settingtake appropriate measures to ensure that the Solvency Capital Requirement of the subsidiary and taking appropriate measures to ensure that it is adequately met by own funds eligible under Article 98 (4). The parent undertaking shall however not be released from the commitments resulting from the most recent declarations accepted in accordance with Articles 237, 238 and 240.
Amendment 755 #
Proposal for a directive
Article 246 – paragraph 2
Article 246 – paragraph 2
This report shall address in particular the appropriate level of own funds which a subsidiary is required to hold where it belongs to a group fulfilling the conditions of this subsection, the form which group support is required to take, the allowable amount of group support and the level of own funds at which the derogations provided for in Articles 236, 237 and 238 237 shall cease to apply.
Amendment 765 #
Proposal for a directive
Article 250 – paragraph 4 – subparagraph 1
Article 250 – paragraph 4 – subparagraph 1
4. Member States shall require the participating insurance or reinsurance undertaking or the insurance holding company to undertake at the level of the group the assessment required by Article 44. The own risk and solvency assessment conducted at group level shall be subject to supervisory review by the group supervisor in accordance with Chapter III and Article 253.
Amendment 766 #
Proposal for a directive
Article 250 – paragraph 4 – subparagraph 2
Article 250 – paragraph 4 – subparagraph 2
Where the participating insurance or reinsurance undertaking or the insurance holding company so decides, and subject to the agreement of the group supervisor and other the supervisory authorities concerned, it may undertake any assessments required by Article 44 at the level of the group and at the level of any subsidiary in the group at the same time, and may produce a single document covering all the assessments. The information in that single document shall be presented in a way that allows the separate assessment of each insurance and reinsurance undertaking according the supervisory needs of each supervisory authority.
Amendment 815 #
Proposal for a directive
Article 310 – paragraph 2 a (new)
Article 310 – paragraph 2 a (new)
2a. The Commission shall carry out an impact study on the effects of the new Directive examining in particular the possible budgetary revenue falls incurred in host Member States, the possible rise of profitability at the level of parent undertakings, finally the possible impairment in the status of competition of the new start-up insurers. Only if the results of the impact study are economically convincing should the provisions of both paragraphs 1 and 2 be put in place.