Activities of Wolf KLINZ related to 2007/0143(COD)
Plenary speeches (1)
Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
Amendments (20)
Amendment 90 #
Proposal for a directive
Recital 35 a (new)
Recital 35 a (new)
(35a) In order to prevent procyclicality, in particular in equity markets during times of financial distress, supervisory authorities need to be given a greater degree of flexibility in their supervisory measures. These deviations, however, should be of exceptional character, aiming to stabilise rather than increase the negative effects of a financial crisis.
Amendment 112 #
Proposal for a directive
Recital 74
Recital 74
(74) All insurance or reinsurance groups subject to group supervision should have a group supervisor appointed from among the supervisory authorities involved. The rights and duties of the group supervisor should comprise appropriate coordination and decision-making powers. The authorities involved in the supervision of insurance and reinsurance undertakings belonging to the same group should establishneed to set up colleges of supervisors as their coordination arrangementsmechanism.
Amendment 117 #
Proposal for a directive
Recital 93 a (new)
Recital 93 a (new)
(93a) Recasting the applicable instruments and, consequently, repealing Directive 2002/83/EC should not necessarily lead to pension funds becoming subject to new solvency rules. The review of Directive 2003/41/EC, which was due in 2007, should be carried out by the Commission as quickly as possible. In this regard, the Commission should submit to the European Insurance and Occupational Pensions Committee and the European Parliament, no later than six months after the entry into force of this Directive, a report on adequate solvency rules for institutions for occupational retirement provision (IORPs), with a view to ensuring a level playing field between insurance undertakings and pension funds that fall within the scope of the IORP directive. Such analysis should nevertheless take full account of the differences in products and institutions between IORPS and insurance companies.
Amendment 169 #
Proposal for a directive
Article 34 – paragraph 4
Article 34 – paragraph 4
4. Member States shall ensure that, in exceptional cases, supervisory authorities have the power to develop, in addition to the calculation of the Solvency Capital Requirement and where appropriatenecessary, quantitative tools under the supervisory review process to assess the ability of the insurance or reinsurance undertakings to cope with possible events or future changes in economic conditions that could have unfavourable effects on their overall financial standing. The supervisory authorities shall require that such tests are performed by the undertakings.
Amendment 187 #
Proposal for a directive
Article 44 – paragraph 1 – point c
Article 44 – paragraph 1 – point c
(c) the extentdimension to which the risk profile of the undertaking concerned deviates significantly from the assumptions underlying the Solvency Capital Requirement as laid down in Article 101 (3), calculated with the standard formula in accordance with Chapter VI, Section 4, Subsection 2 or with its partial or full internal model in accordance with Chapter VI, Section 4, Subsection 3.
Amendment 189 #
Proposal for a directive
Article 44 – paragraph 2
Article 44 – paragraph 2
2. For the purposes of point (a) of paragraph 1, the undertaking concerned shall have in place processes which enable it to properly identify and measuranalyse the risks it faces in the short and the long term and also to identify possible events or future changes in economic conditions that could have unfavourable effects on its overall financial standing. The undertaking shall demonstrate the methods used to determine its overall solvency needs.
Amendment 191 #
Proposal for a directive
Article 44 – paragraph 3
Article 44 – paragraph 3
Amendment 271 #
Proposal for a directive
Article 90
Article 90
In so far as authorised under national law, realisaccumulated profits appearing as surplus funds in the statutory annual accounts 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 policyholders and beneficiariesthat have not been made available for distribution to policyholders and beneficiaries (surplus funds) shall not be considered as insurance and reinsurance liabilities, to the extent that they fulfil the criteria set out in Article 94(1).
Amendment 325 #
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 330 #
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 337 #
Proposal for a directive
Article 98 – paragraph 3
Article 98 – paragraph 3
Amendment 340 #
Proposal for a directive
Article 98 – paragraph 4
Article 98 – paragraph 4
Amendment 343 #
Proposal for a directive
Article 98 – paragraph 5
Article 98 – paragraph 5
Amendment 445 #
Proposal for a directive
Article 139 – subparagraph 2 a (new)
Article 139 – subparagraph 2 a (new)
Amendment 499 #
Proposal for a directive
Article 210 – paragraph 1 – point d a (new)
Article 210 – paragraph 1 – point d a (new)
(da) "college of supervisors" means a permanent but flexible structure for cooperation and coordination among the supervisory authorities of the Member States concerned;
Amendment 640 #
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 constituting a commitment to transfer own funds eligible under Article 98(5), with the exception of surplus funds falling under Article 90.
Amendment 787 #
Proposal for a directive
Article 252 – paragraph 2
Article 252 – paragraph 2
2. In order to facilitate group supervision, the group supervisor and all the other supervisory authorities concerned shall have coordination arrangements in form of colleges of supervisors 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 Articles 211(3), 212(2), and 213(2), Articles 214, 215, and 217, Articles 218(2), 219(2), and 225(2), Articles 236, 248, and 249, Article 251 (3) and (4), and Articles 254, 263 and 264 same issue as in 759and for cooperation with other supervisory authorities.
Amendment 795 #
Proposal for a directive
Article 253 – paragraph 1 – subparagraph 1
Article 253 – paragraph 1 – subparagraph 1
1. The authorities responsible for the supervision of the individual insurance and reinsurance undertakings in a group and the group supervisor shall cooperate closely in the colleges of supervisors, including in cases where an insurance or reinsurance undertaking encounters financial difficulties.
Amendment 800 #
Proposal for a directive
Article 254 – paragraph 1 – subparagraph 1 – introductory part
Article 254 – paragraph 1 – subparagraph 1 – introductory part
1. 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 in the college of supervisors with regard to the following items:
Amendment 814 #
Proposal for a directive
Article 305 a (new)
Article 305 a (new)
Article 305a [Report on the solvency rules of IORPs] The Commission shall submit to the European Insurance and Occupational Pensions Committee and the European Parliament, at the latest half a year after the date referred to in Article 312, a report on adequate solvency rules for institutions for occupational retirement provision (IORPs), with a view to ensuring a level playing field between insurance undertakings and pension funds that fall within the scope of Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision1. 1 OJ L 235, 23.9.2003, p. 10.