BETA

7 Amendments of Esther DE LANGE related to 2021/0295(COD)

Amendment 260 #
Proposal for a directive
Recital 36 a (new)
(36 a) Where the undertaking invests in debt instruments which have a better credit quality than the debt instruments contained in the representative portfolio for the calculation of the volatility adjustment, the volatility adjustment may overcompensate the loss of own funds caused by widening bond spreads and may lead to undue volatility in the own funds. With the objective to offset the artificial volatility caused by such over compensations, in these cases undertakings should be able to apply for a modification of the volatility adjustment that takes into account information on the undertaking specific investments in debt instruments.
2022/08/01
Committee: ECON
Amendment 578 #
Proposal for a directive
Article 1 – paragraph 1 – point 38 – point b (new)
Directive 2009/138/EC
Article 77d – paragraph 1 c (new)
1c. Insurance and reinsurance undertakings may, subject to prior approval by the supervisory authority, apply an undertaking-specific adjustment to this risk-corrected spread of the currency referred to in paragraph 3, under the condition that the information that is inherent to the relevant assets of the undertaking and that is reported by the undertaking in line with Article 35(1) to (4) is of sufficient quality to allow a robust and reliable calculation. This adjustment shall correspond to the lowest between 100% and the ratio of the risk- corrected spread calculated based on the undertaking’s portfolio of investments in debt instruments and the risk-corrected spread calculated based on the reference portfolio for the relevant currency. The risk-corrected spread based on the undertaking’s portfolio of investments in debt instruments shall be calculated in the same manner as the risk-corrected spread based on the reference portfolio for the relevant currency, but using undertaking- specific data on the weights and the average duration of the relevant sub- classes within the undertaking’s portfolio of investments in debt instruments for the relevant currency. Where the adjustment is lower than 100%, the volatility adjustment shall not be increased by a macrovolatility adjustment as referred to in paragraph 4.;
2022/08/01
Committee: ECON
Amendment 756 #
Proposal for a directive
Article 1 – paragraph 1 – point 72 – point a
Directive 2009/138/EC
Article 203 – paragraph 1 – subparagraph 4
Title I, Chapter VI, Section 3, Subsections 1, 2 and 3 and Title I, Chapter VI, Section 4, Subsections 1, 2 and 3 shall apply for the calculation of the own funds eligible for the Solvency Capital Requirement and of the Solvency Capital Requirement at group level based on consolidated data. In particular, an own fund item that is issued by a participating undertaking shall not be considered clear of encumbrances within the meaning of Article 93(2), second subparagraph, point (c), if the repayment of this item cannot be refused to its holder when a related insurance or reinsurance undertaking is wound up.;
2022/08/01
Committee: ECON
Amendment 758 #
Proposal for a directive
Article 1 – paragraph 1 – point 72 – point b – point i
Directive 2009/138/EC
Article 230 – paragraph 2 – subparagraph 2 – point d
(d) the proportional share of the notional Minimum Capital Requirement of the insurance holding companies and mixed financial holding companies.;deleted
2022/08/01
Committee: ECON
Amendment 759 #
Proposal for a directive
Article 1 – paragraph 1 – point 72 – point b – point ii
Directive 2009/138/EC
Article 230 – paragraph 2 – subparagraph 3
(ii) the third subparagraph is replaced by the following: ‘ For the purposes of paragraph 2, second subparagraph, point (d), of this Article, the notional Minimum Capital Requirement of an insurance holding company and of a mixed financial holding company shall be equal to 35 % of its notional Solvency Capital Requirement, where the notional Solvency Capital Requirement is calculated in accordance with Article 226(1), second subparagraph.; ’deleted
2022/08/01
Committee: ECON
Amendment 762 #
Proposal for a directive
Article 1 – paragraph 1 – point 72 – point c
(c) the following paragraph 3 is added: ‘ 3. reinsurance undertakings shall comply with their minimum consolidated group Solvency Capital Requirement, which is the lowest of the following: (a) calculation referred to in paragraph 1, second subparagraph, point (b); (b) referred to in paragraph 2, second subparagraph. That minimum shall be covered by eligible basic own funds as determined in accordance with Article 98(4), and calculated on the basis of consolidated data. For that purpose, holdings in related undertakings referred to in Article 228(1) shall not be included in the consolidated data. For the purposes of determining whether such eligible own funds qualify to cover the minimum consolidated group Solvency Capital Requirement, the principles set out in Articles 221 to 229 shall apply mutatis mutandis. Article 139(1) and (2) shall apply mutatis mutandis.; ’deleted Participating insurance and 45 % of the outcome of the the outcome of the calculation
2022/08/01
Committee: ECON
Amendment 763 #
Proposal for a directive
Article 1 – paragraph 1 – point 75
Directive 2009/138/EC
Article 233a – paragraph 3 – subparagraph 2
For the purposes of paragraph 1, point (b) (i), of this Article, the value of holdings in undertakings referred to in Article 220(3) to which method 2 is applied, in excess of their own Solvency Capital Requirement, shall be included in the consolidated data when calculating the sensitivity of assets and liabilities to changes in the level or in the volatility of currency exchange rates (‘currency risk’). However, tsensitivity of assets and liabilities to changes in the level or in volatility of currency exchange rates of holdings in undertakings referred to in Article 220(3) to which method 2 is applied, is part of the assessment referred to in Article 45 (1). The value of those holdings shall not be assumed to be sensitive to changes in the level or in the volatility of market prices of equities (‘equity risk’).
2022/08/01
Committee: ECON