15 Amendments of Jean-Paul GAUZÈS related to 2011/0006(COD)
Amendment 350 #
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – title
Article 77a – title
Amendment 351 #
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 1
Article 77a – paragraph 1
Amendment 361 #
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 2
Article 77a – paragraph 2
Amendment 367 #
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)
Where EIOPA observes an illiquidity premium in the financial markets in periods of stressed liquidity, derived from the formula referred to in Article 86 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 the first paragraph. Insurance and reinsurance undertakings may use that adapted relevant risk-free interest rate term structure in calculating the best estimate. In that event, insurance and reinsurance undertakings shall publicly disclose the use of this premium and the monetary effect on their financial position.
Amendment 368 #
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 2 b (new)
Article 77a – paragraph 2 b (new)
EIOPA shall carry out the tasks referred to in paragraphs 1 and 2 in a transparent, objective and reliable manner.
Amendment 412 #
Proposal for a directive
Article 2 – point 30 – point b
Article 2 – point 30 – point b
Directive 2009/138/EC
Article 138 – paragraph 4 – subparagraph 4
Article 138 – paragraph 4 – subparagraph 4
Without prejudice to the powers of the EIOPA under Article 18 of Regulation …/…,(EU) No 1094/2010 for the purposes of this paragraph, EIOPA shall, following a request by the supervisory authority concerned, address an individual decision to the requesting supervisory authority declaring the existence of an exceptional fall in financial markets. An exceptional fall in financial markets exists, where one or more insurance or reinsurance undertakings are unable to meet one of the requirements set out in paragraph 3 of this Article within the time period defined therein as a consequence of a fall in financial markets which is unforeseen, sharp and steep, which is different from the downturns that occur as part of the economic cycle and which has already affected seriously and adversely the financial situation of one or more insurance and reinsurance undertakings collectively representing a substantial part of the insurance or reinsurance market in one or more Member States.
Amendment 415 #
Proposal for a directive
Article 2 – point 30 – point b
Article 2 – point 30 – point b
Directive 2009/138/EC
Article 138 – paragraph 4 – subparagraph 5 a (new)
Article 138 – paragraph 4 – subparagraph 5 a (new)
Without prejudice to their competences, the supervisory authorities concerned shall do everything within their power to inform in the framework of the colleges of supervisors its decision to refuse the extension of the period referred to in paragraph 4.
Amendment 416 #
Proposal for a directive
Article 2 – point 30 – point b
Article 2 – point 30 – point b
Directive 2009/138/EC
Article 138 – paragraph 4 – subparagraph 5 b (new)
Article 138 – paragraph 4 – subparagraph 5 b (new)
Where there is diverging views among the college of supervisors concerning the refusal by the supervisory authority concerned to extend the period referred to in paragraph 4, the group supervisor or any of the other supervisory authorities may consult EIOPA. EIOPA shall be consulted during one month and all supervisory authorities concerned shall be informed. Where EIOPA has been consulted, the supervisory authority concerned shall duly consider such advice before taking its decision. In accordance with Article 19(2) of Regulation (EU) No 1094/2010, EIOPA shall act as a mediator at that stage.
Amendment 418 #
Proposal for a directive
Article 2 – point 30 – point b
Article 2 – point 30 – point b
Where, at the end of the period referred to in paragraph 6of this Article, if no agreement has been reached within the college, the group supervisor or any of the supervisory authorities concerned has referred the refusal of the supervisory authority concerned to EIOPA in accordance with Article 19 of Regulation (EU) No 1094/2010, the supervisory authority concerned shall defer its decision and await any decision that EIOPA may take in accordance with Article 19(3) of that Regulation, and shall take its decision in conformity with EIOPA’s decision. The period referred to in paragraphs 5 and 6, shall be deemed the conciliation period within the meaning of Article 19(2) of that Regulation. EIOPA shall take its decision within two months. The matter shall not be referred to EIOPA after the end of the period referred to in paragraph or after an agreement among supervisory authorities concerned has been reached.’
Amendment 424 #
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 withNotwithstanding 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 havingwith their head office in athat 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 countryis temporarily equivalent to that laid down in Title I, if at least the following conditions have been met by that third country: (a) the third country has established a convergence programme to fulfil this commitment; (b) sufficient resources have been allocated to fulfil this commitment; (c) agreements have been concluded to exchange confidential supervisory information, in accordance with Article 264; (d) the third country is assessed to comply with the core principles, principles and standards 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 the relevant third country, which are presented to and assessed by the Commission and EIOPA every six months. EIOPA shall publish and keep up-to-date on its website a list of all third countries referred to in the first subparagraph. The Commission may adopt delegated acts, in accordance with Article 301a, further specifying the conditions laid down in the first subparagraph.
Amendment 444 #
Proposal for a directive
Article 2 – point 62 – point c
Article 2 – point 62 – point c
Directive 2009/138/EC
Article 260 – paragraph 4 – subparagraph 1 a (new)
Article 260 – paragraph 4 – subparagraph 1 a (new)
No later than 3 years after 1 January 2014, and every three years, the Commission shall review in relation to each third country for which the Commission has made a decision in accordance with paragraph 7, the progress on convergence to an equivalent regime that has been made by the third country.
Amendment 458 #
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 tThe Commission shasll 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 of Article 309(1)s specifying the basic own-fund items subject to the transitional measures and the transitional requirements referred to in Article 308b(g) as to the classification of own fund items, which will apply to those specified basic own-fund 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 items.
Amendment 461 #
Proposal for a directive
Article 2 – point 70
Article 2 – point 70
Directive 2009/138/EC
Article 308a – paragraph 9 a (new)
Article 308a – paragraph 9 a (new)
9a. The standard parameters to be used for equities that the undertaking purchased on or before 31 December 2013, when calculating the equity risk sub-module in accordance with the standard formula without the option set out in Article 304 shall be calculated as the weighted averages of: (a) the standard parameter to be used when calculating the equity risk sub- module in accordance with Article 304; and (b) the standard parameter to be used when calculating the equity risk sub- module in accordance with the standard formula without the option set out in Article 304, The weight for the parameter expressed in point (b) shall increase at least linearly at the end of each year from 0 % during the year starting on 1 January 2014 to 100 % as of 10 years after 1 January 2014. The Commission shall adopt delegated acts further specifying the procedure and criteria to be met, including the equities that shall be subject to the transitional measure.
Amendment 464 #
Proposal for a directive
Article 2 – point 70
Article 2 – point 70
Directive 2009/138/EC
Article 308a – paragraph 9 b (new)
Article 308a – paragraph 9 b (new)
9b. Where, on the date of entry into force of this Directive, home Member States applied provisions referred to in Article 4 of Directive 2003/41/EC, such home Member States may, until 31 December 2015, continue to apply the laws, regulations and administrative provisions that had been adopted by them with a view to comply with Articles 1 to 19, 27 to 30, 32 to 35 and 37 to 67 of Directive 2002/83/EC as in force on the last date of application of Directive 2002/83/EC.
Amendment 467 #
Proposal for a directive
Article 2 – point 71
Article 2 – point 71
Directive 2009/138/EC
Article 308b – point g
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 theBy way of derogation from Article 94, basic 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 requirthat meet the criteria set out ing 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, Articlee delegated act adopted by the Commission in accordance with Article 308a(7), shall be included in Tier 16 of Directive 73/239/EEC and Article 36 of Directive 2005/68/EC in respect of those own fund itemsr Tier 2 basic own funds for up to 10 years after 1 January 2014;