13 Amendments of Donata GOTTARDI related to 2007/0143(COD)
Amendment 92 #
Proposal for a directive
Recital 36
Recital 36
(36) The Solvency Capital Requirement should reflect a level of eligible own funds that enables insurance and reinsurance undertakings to absorb significant losses and that gives reasonable assurance to policyholders and beneficiaries that payments will be made as they fall due. In this respect, an appropriate balance between risk sensitivity and stability of the solvency capital requirement should be reached in order better to serve policyholders' needs and enhance their protection. Thus, the calibration of the capital charge shall properly take into account the long holding period of assets that is typical in insurance and pension business, in particular for certain types of assets, such as equity and real estate, and shall not discourage undertakings from holding participations in financial and non-financial firms and having own funds in excess of technical provisions and Solvency Capital Requirement.
Amendment 132 #
Proposal for a directive
Article 4 – paragraph 1
Article 4 – paragraph 1
Amendment 134 #
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
Amendment 147 #
Proposal for a directive
Article 13 – point 15 a (new)
Article 13 – point 15 a (new)
(15a) 'intra-group transaction' means any transaction by which an insurance or reinsurance undertaking relies either directly or indirectly on other undertakings within the same group or on any natural or legal person linked to the undertakings within that group by close links, for the fulfilment of an obligation, whether or not contractual, and whether or not for payment. Those transactions concern in particular: - loans, - guarantees and off-balance-sheet transactions, - elements eligible for the solvency margin, - investments, - reinsurance operations, and - agreements to share costs;
Amendment 267 #
Proposal for a directive
Article 90 – paragraph -1 (new)
Article 90 – paragraph -1 (new)
Surplus funds shall be deemed to be realised profits, which are assigned either individually or collectively to policyholders and beneficiaries in the form of future discretionary bonuses.
Amendment 279 #
Proposal for a directive
Article 90 – paragraph 1
Article 90 – paragraph 1
Amendment 283 #
Proposal for a directive
Article 90 – paragraph 1 a (new)
Article 90 – paragraph 1 a (new)
In order to ensure a harmonised treatment of those surplus funds, the Commission shall adopt implementing measures laying down the main features of such funds as well as the approach to be taken with respect to those funds in the calculation of the Solvency Capital Requirement.
Amendment 365 #
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 1
Article 105 – paragraph 5 – subparagraph 1
5. The market risk module shall reflect the risk arising from the level or volatility of market prices of financial instruments which have an impact upon the value of the assets and liabilities of the undertaking. It shall properly reflect the structural mismatch between assets and liabilities, in particular with respect to the duration thereof.
Amendment 372 #
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 2 a (new)
Article 105 – paragraph 5 – subparagraph 2 a (new)
The equity (respectively property) risk sub-module shall be calculated using the Value-at-Risk based on the annualised return on equities (respectively annualised return on property) subject to a confidence level of 99,5 % taking duly into account the holding period of equities (respectively property), consistently with the duration of liabilities, the amount of own funds in excess of technical provisions and Solvency Capital Requirement and the long-term nature of the investment in the case of participations.
Amendment 377 #
Proposal for a directive
Article 105 – paragraph 5 – subparagraph 2 b (new)
Article 105 – paragraph 5 – subparagraph 2 b (new)
Notwithstanding subparagraph 2a, insurance and reinsurance undertakings may assess the impact of the changes of market prices of equity (or property) by simulating a fixed shock in equity (or property) prices.
Amendment 402 #
Proposal for a directive
Article 127 – paragraph 1 – point a
Article 127 – paragraph 1 – point a
(a) it shall be calculated in a clear and simple manner, and in such a way as to ensure that the calculation can be audited and verified before the courts;
Amendment 415 #
Proposal for a directive
Article 127 – paragraph 1 – point d
Article 127 – paragraph 1 – point d
(d) it shall have an absolute floor of 1 000 000 EUR for non-life insurance and reinsurance undertakings and 2 000 000 EUR for life insurance undertakingsbe calculated as percentage of the technical provision with a floor and a cap calculated as a percentage of the Solvency Capital Requirement. The cap shall be no less than EUR 3 200 000 for life insurance undertakings or EUR 2 200 000 for non-life insurance undertakings. Where, however, non-life insurance undertakings cover all or some of the risks included in one of the classes 10 to 15 listed in point A of Annex I, the cap shall be EUR 3 200 000.
Amendment 762 #
Proposal for a directive
Article 249 – paragraph 2 - subparagraph 1
Article 249 – paragraph 2 - subparagraph 1
2. The Member States shall require insurance and reinsurance undertakings or insurance holding companies to report on a regular basis and at least annually to the group supervisor all significant intra-group transactions by insurance and reinsurance undertakings within a group , including those performed with a natural person who holds a participation in: (a) the insurance or reinsurance undertaking or any of its related undertakings; (b) a participating undertaking in the insurance or reinsurance undertaking; or (c) a related undertaking of a participating undertaking in the insurance or reinsurance undertaking.