15 Amendments of Corien WORTMANN-KOOL related to 2011/0006(COD)
Amendment 296 #
Proposal for a directive
Recital 3
Recital 3
(3) The establishment of three ESAs should be accompanied by the development of a single rule book to ensure consistent harmonisation and uniform application and thus contribute to a more effective functioning of the internal market. The regulations establishing the ESFS provide that the ESAs may develop draft technical standards in the areas specifically set out in the relevant legislation, to be submitted to the Commission for adoption in accordance with Articles 290 and 291 of the Treaty on the Functioning of the European Union (TFEU) by means of delegated or implementing acts. Whereas Directive …/…. [Omnibus I]2010/78/EU of the European Parliament and of the Council of 24 November 2010 in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) has identified a first set of such areas, this Directive should identify a further set of areas, in particular for Directives 2002/92/EC, 2003/71/EC and Directive 2009/138/EC, without prejudice to adding further areas in the future. Directive 2003/41/EC, for which the Commission should put forward a proposal for revision before the end of 2012, should not be covered by this Directive.
Amendment 303 #
Proposal for a directive
Recital 17
Recital 17
(17) In order to allow for the consistent calculation of technical provisions by insurance and reinsurance undertakings under Directive 2009/138/EC, it is necessary for a central body to derive, publish, and update certain technical information related to the risk-free interest rate term structure, which on a regular basis, takesing account of observations in the financial market, and for the body to be able to do this on a regular basi. The manner in which the risk-free interest rate term structure is derived should be transparent in such a manner that insurance and reinsurance undertakings are able to use this term- structure in their risk management policies. Given the technical and insurance related nature of these tasks, they should be carried out by EIOPA.
Amendment 308 #
Proposal for a directive
Recital 24 a (new)
Recital 24 a (new)
(24a) The calculation of the Solvency Capital Requirement for health insurance should reflect national equalisation systems and should also account for changes in the national health legislation, as they are a fundamental part of the insurance system within these national health markets.
Amendment 325 #
Proposal for a directive
Article 2 – point 4 – point -ab (new)
Article 2 – point 4 – point -ab (new)
Directive 2009/138/EC
Article 35 – paragraph 2 – subparagraph 1 a (new)
Article 35 – paragraph 2 – subparagraph 1 a (new)
(-ab) In paragraph 2, the following subparagraph is added: ‘Only in exceptional circumstances may Member States require insurance and reinsurance undertakings to submit to the supervisory authorities a full list of assets on an item-by-item basis.’
Amendment 339 #
Proposal for a directive
Article 2 – point 10
Article 2 – point 10
Directive 2009/138/EC
Article 56 – paragraph 2
Article 56 – paragraph 2
Amendment 355 #
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 1
Article 77a – paragraph 1
EIOPA shall publish technical information including information concerning the relevant risk-free interest rate term structure. Where EIOPA observes an illiquidity premium in the financial markets in periods of stressed liquidity, information relating to the illiquidity premium, including its size shall also be published., including a counter-cyclical premium in periods of stressed financial markets and a basis for a matching premium where the cash flows of the insurance liabilities match with the cash flows of high quality assets for the duration of an insurance contract. Where the relevant risk-free interest rate term structure provides for a counter-cyclical premium in periods of stressed financial markets observed by EIOPA, the published formulae for the relevant risk- free interest rate term structure shall include formulae allowing insurance and reinsurance undertakings to calculate information, including its size, relating to that premium. In that case, EIOPA shall also carry out the observation of the illiquiditycounter-cyclical premium, and the derivation of the information oin a transparent, objective and reliable basismanner. Information for all these purposes shall be derived according to methods and assumptions which may include formulae, or determinations made by EIOPA. in a manner which is consistent with the methodologies, principles and techniques referred to in Article 86(b) and according to the detailed criteria, the calculation methods and assumptions specified in the delegated act referred to in Article 86(i). Extrapolation of the relevant risk-free rate interest rate term structure should start as soon as the relevant financial markets cannot be considered as deep and liquid anymore in a way that their undertakings are allowed to match their cash-flows with bonds.
Amendment 370 #
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 2 a (new)
Article 77a – paragraph 2 a (new)
Insurance and reinsurance undertakings shall use the relevant risk free interest rate term structure formulae published by EIOPA in accordance with this Article when calculating technical provisions in accordance with this Directive.
Amendment 374 #
Proposal for a directive
Article 2 – point 16
Article 2 – point 16
Directive 2009/138/EC
Article 86 – paragraph 2
Article 86 – paragraph 2
Amendment 398 #
Proposal for a directive
Article 2 – point 20
Article 2 – point 20
Directive 2009/138/EC
Article 109a – paragraph 2
Article 109a – paragraph 2
2. For the purpose of facilitating the calculation of the health underwriting risk module referred to in Article 105(4), EIOPA shall calculate and publish standard deviations in relation to specific national legislative measures of Member States which permit the sharing of claims payments in respect of health risk amongst insurance and reinsurance undertakings and which meet specifiedpublish, in accordance with the calculations provided by the competent supervisor of the Member States concerned, standard deviations in accordance with article 104(4) of Directive 209/138/EC in relation to specific national legislative measures of Member States which permit the sharing of claims in respect of health risk amongst insurance and reinsurance undertakings and which meet the following criteria: (a) the system for the sharing of claims or risks is transparent and specified in advance of the period to which it applies; (b) the system for the sharing of claims or risks, the number of insurance undertakings that participate in the Health Risk Equalisation System (HRES) and the risk characteristics of the business subject to the HRES ensure that for each undertaking participating in the HRES the volatility of premium and reserve risk of the business subject to the HRES is significantly reduced by means of the HRES; (c) the health insurance subject to the HRES is compulsory and serves as a partial or complete alternative to health cover provided by the statutory or social security system; (d) in case of default of insurance undertakings participating in the HRES, one or several governments guarantee to fully meet the policyholder claims of the insurance business that is subject to the HRES; (e) in case that a new HRES system is introduced or an existing HRES system is significantly changed and thus no historical data exist in order to calculate the standard deviation but the requirements (a) to (d) are in substance met, the standard deviation will be determined on the basis of expert judgement by the competent supervisor of the Member State concerned. The reasons behind the expert judgement shall be disclosed. The Commission may adopt delegated acts, in accordance with Article 310a, laying down additional criteria.
Amendment 425 #
Proposal for a directive
Article 2 – point 35 – point b
Article 2 – point 35 – point b
Directive 2009/138/EC
Article 172 – paragraph 4
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 aNotwithstanding paragraph 1, the Commission may, in accordance with Article 301a and for a limited period, and assisted by EIOPA in accordance with Article 33(2) of Regulation (EU) No 1094/2010, decide that the solvency regime of a third country applied to reinsurance activities of undertakings with the head office in that third country is temporarily equivalent to that laid down in Title I, taking into account the following guiding principles: (a) the third country has given written commitments to the European Union to adopt and apply a solvency regime that is capable of being assessed equivalent in accordance with paragraph 2, before the end of this period; (b) the third country has established a convergence programme to fulfil this commitment; (c) sufficient resources have been allocated to fulfil this commitment; (d) the present third country the’s solvency regime is ofr 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 wheill become risk-based and based on economic valuation of assets and liabilities; (e) agreements have been concluded to exchange confidential supervisory information, in accordance with Article 264; (f) the third country is assessed to comply with the core principles adopted by the International Association of Insurance Supervisors (IAIS). Any decisions on temporary equivalence shall take into account the reports by the Commission in accordance with Article 177. Those decisions shall be regularly reviewed, on the basis of progress reports by EIOPA, which are presented to and assessed by the Commission every six months. EIOPA shall publish and keep up-to-date on its website a list of all third countries referred the Commission has made a decision in accordance with paragraph 6 that specified conditions have been met by the third country. o in the first subparagraph. The Commission may adopt delegated acts, in accordance with Article 301a, further specifying the guiding principles laid down in the first subparagraph.
Amendment 433 #
Proposal for a directive
Article 2 – point 42
Article 2 – point 42
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 RequiremNotwithstanding paragraph (5)2, the Commission may, in accordance with Article 301a and for a limited period, and assisted by EIOPA in accordance with Article 33(2) of Regulation (EU) No 1094/2010, decide that the supervisory regime of a third country applied to undertakings with the head office in that third country is temporarily equivalent to that laid down in Title I, Chapter IV, taking into account the following guiding principles: (a) the third country has given written commitments to the European Union to adopt and apply a supervisory regime that is capable of being assessed equivalent in accordance with paragraph 2, before the end of this period; (b) the third country has established a convergence programme to fulfil this commitment; (c) sufficient resources have beent 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. llocated to fulfil this commitment; (d) the present third country’s supervisory regime is or will become risk-based and based on economic valuation of assets and liabilities; (e) agreements have been concluded to exchange confidential supervisory information, in accordance with Article 264; (f) the third country is assessed to comply with the core principles adopted by the International Association of Insurance Supervisors (IAIS). Any decisions on temporary equivalence shall take into account the reports by the Commission in accordance with Article 177. Those decisions shall be regularly reviewed, on the basis of progress reports by EIOPA, which are presented to and assessed by the Commission semi- annually. EIOPA shall publish and keep up-to-date on its website a list of all third countries referred to in this Article. The Commission may adopt delegated acts, in accordance with Article 301a, further specifying the guiding principles laid down in the first subparagraph.
Amendment 447 #
Proposal for a directive
Article 2 – point 62 – point d
Article 2 – point 62 – point d
Directive 2009/138/EC
Article 260 – paragraph 5
Article 260 – paragraph 5
5. The Commission may adopt delegated acts, in accordance with Article 301a and subject to the conditions ofWithout prejudice to paragraph (4)2, the Commission may, in accordance with Article 301a and for a limited period, and assisted by EIOPA in accordance with Articles 301b and 33(2) of Regulation (EU) No 1094/201c0, spdecifying in relation to paragraph 4 the length of the transitional period which may be shorter than the maximum of 5 years and the conditions whicde that the supervisory regime of a third country applied to undertakings with the head office in that third country is temporarily equivalent to that laid down in this Title, taking into account the following guiding principles: (a) the third country has given written commitments to the European Union to adopt and apply a supervisory regime that is capable of being assessed equivalent in accordance with pare to be met by the third country. Those conditions shall cover commitments given by the supervisory authorities,agraph 3, before the end of this period; (b) the third country has established a convergence programme to fulfil this commitment; (c) sufficient resources have been allocated to fulfil this commitment; (d) the present third country’s supervisory regime is or will become risk-based and based on economic valuation of assets and liabilities; (e) agreements have been concluded to exchange confidential supervisory information, in accordance with Article 264; (f) the third 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. untry is assessed to comply with the core principles adopted by the International Association of Insurance Supervisors (IAIS). Any decisions on temporary equivalence shall take into account the reports by the Commission in accordance with Article 177. Those decisions shall be regularly reviewed, on the basis of progress reports by EIOPA, which are presented to and assessed by the Commission and EIOPA semi-annually. EIOPA shall publish and keep up-to-date on its website a list of all third countries referred to in this Article. The Commission may adopt delegated acts, in accordance with Article 301a, further specifying the guiding principles laid down in the first subparagraph. When a decision has been adopted by the Commission, in accordance with the first subparagraph, in respect of a third country, that decision shall be recognised as determinative for the purposes of the verification referred to in paragraph 1.
Amendment 460 #
Proposal for a directive
Article 2 – point 70
Article 2 – point 70
Directive 2009/138/EC
Article 308a – paragraph 7
Article 308a – paragraph 7
7. Where the Commission has adopted a delegated act in accordance with Article 308b(7), Article 94 shall not apply for a maximum period of 10 years from the date referred to in the first sub-paragraph ofNotwithstanding Article 94, basic own- fund items that were issued prior to the date referred to in Article 309(1), and which according to the Directives referred to in Article 310 could be used to meet the available solvency margin up to at least 50% of the solvency margin, shall be included in Tier 1 basic own funds for up to 20 years after the date referred to in Article 309(1). Notwithstanding Article 94, basic own- fund items that were issued prior to the date referred to in Article 309(1), and which according to the Directives referred to in Article 310, could be used to meet the available solvency margin up to 25% of the solvency margin, shall be included in Tier 2 basic own funds for up to 20 years after the date referred to in Article 309(1).
Amendment 466 #
Proposal for a directive
Article 2 – point 71
Article 2 – point 71
Directive 2009/138/EC
Article 308b – introductory part
Article 308b – introductory part
Amendment 470 #
Proposal for a directive
Article 2 – point 74
Article 2 – point 74
Directive 2009/138/EC
Article 311 – paragraph 2
Article 311 – paragraph 2
Articles 1, 2, 3, 5 to 9, 11, 12, 14 to 17, 19- 22, 24, 25, 33, 57 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 08 and Annexes I and II, V, VI and VII shall apply from 1 January 20134. From the date referred to in Article 309, Member States shall ensure that supervisory authorities have sufficient powers to carry out the assessment required by Articles 90, 95, 104(7), 112,113,211,227,230,231,233(5), 260 and 308a.