15 Amendments of Cornelis VISSER related to 2007/0143(COD)
Amendment 89 #
Proposal for a directive
Recital 35
Recital 35
(35) The supervisory regime should provide for a risk-sensitive requirement, which is based on a prospective calculation to ensure accurate and timely intervention by supervisory authorities (the Solvency Capital Requirement), and a minimum level of security below which the amount of financial resources should not fall (the Minimum Capital Requirement). Both capital requirements should be harmonised throughout the Community in order to achieve a uniform level of protection for policyholders. For the good functioning of the Solvency II regime, there should be an adequate ladder of intervention between the Minimum Capital Requirement and the Solvency Capital Requirement.
Amendment 126 #
Proposal for a directive
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Without prejudice to Articles 5 to 10, this Directive shall not apply to non-life insurance undertakings whose annual premium income does not exceed EUR 5 millionich fulfil all of the following conditions: (a) the annual gross written premium income does not exceed EUR 5 million; (b) the total technical provisions gross of the amounts recoverable from reinsurance contracts and Special Purpose Vehicles, as referred to in Article 75, does not exceed EUR 5 million; (c) the business of those undertakings does not cover reinsurance obligations, nor liability, credit and suretyship insurance risks, unless they constitute ancillary risks within the meaning of Article 16(1); and (d) the undertaking is not part of a group, as referred to in Article 210, to which Title III applies.
Amendment 136 #
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
2. If any of the amounts set out in paragraph 1 is exceeded for three consecutive years this Directive shall apply from the fourth year.
Amendment 137 #
Proposal for a directive
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
2a. By way of derogation from paragraph 1, this Directive shall apply to all insurance undertakings seeking authorisation in accordance with Article 14(2) and whose annual gross written premium income or gross technical provisions according to the scheme of operations referred to in Article 23 is expected to exceed the amounts set out in paragraph 1 within the following 5 years.
Amendment 138 #
Proposal for a directive
Article 4 – paragraph 2 b (new)
Article 4 – paragraph 2 b (new)
2b. Subject to the approval of the supervisory authority of the insurance undertaking concerned, this Directive shall cease to apply from the fourth year to those insurance undertakings which fulfil both of the following conditions: (a) the amounts set out in paragraph 1 are not exceeded for three consecutive years; and (b) the amounts set out in paragraph 1 are not expected to be exceeded within the following five years. As long as the insurance undertaking concerned carries on activities in accordance with Articles 143 to 147, the first subparagraph shall not apply.
Amendment 139 #
Proposal for a directive
Article 4 – paragraph 2 c (new)
Article 4 – paragraph 2 c (new)
2c. Paragraphs 1 and 2 shall not prevent any undertaking from applying for authorisation or continuing to be authorised under this Directive.
Amendment 148 #
Proposal for a directive
Article 14 – paragraph 3
Article 14 – paragraph 3
Amendment 672 #
Proposal for a directive
Article 238 – paragraph 1
Article 238 – paragraph 1
1. By way of derogation from Article 136, the supervisory authority having authorised the subsidiary shall not be responsible for enforcing its Solvency Capital Requirement by taking measures at the level of the subsidiary. That supervisory authority shall however continue to monitorparagraphs 2 and 3 of Article 136, in cases of non- compliance with the Solvency Capital Requirement of the subsidiary aprocedures set out in the paragraphs 2 and 3to 4b apply.
Amendment 676 #
Proposal for a directive
Article 238 – paragraph 2
Article 238 – paragraph 2
2. Whereithin two months of the observation that the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of group support declared in accordance with Article 237, but the own funds eligible under Article 98(5) are sufficient to cover the minimum cthe subsidiary shall submit a plan for the reestablishment of the coverage of the Solvency Capital rRequirement, for approval by the supervisory authority may call on the parent undertaking towithin three months from the observation of the non-compliance, either by increasing the level of eligible own funds or provideing a new declaration bringing theof group support to the amount necessary to ensure that the Solvency Capital Requirement is again fully covered. The supervisory authority shall inform and forward the plan to the group supervisor without delay.
Amendment 681 #
Proposal for a directive
Article 238 – paragraph 3
Article 238 – paragraph 3
3. Where the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) Before approving the pland, the amount of group support declared in accordance with Article 237, and the own funds eligible under Article 98(5) are not sufficient to cover the minimum capital requirement, thesupervisory authority shall ensure that the group supervisory authority may call on the parent undertaking toccepts the proposed transfer own fundsf eligible under Article 98(5) to the extent necessary to ensure that the minimum capital requirement is again covered, and to provide aown funds or the new declaration bringing theof group support toby the amount necessary to ensure that the Solvency Capital Requirement is again fully coveredparent undertaking set out in the plan.
Amendment 687 #
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 1
Article 238 – paragraph 4 – subparagraph 1
Amendment 693 #
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 2
Article 238 – paragraph 4 – subparagraph 2
Where the parent undertaking doelan is not approvide the new declarationed and the level of the Solvency Capital Requirement of the subsidiary is not requ-ested, or where the new declaration provided is not acceptedablished within the timetable referred in paragraph 2, the derogations provided for in Articles 236 and 237 and in paragraph 1 shall cease to apply.
Amendment 698 #
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 3
Article 238 – paragraph 4 – subparagraph 3
Amendment 704 #
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 4 a (new)
Article 238 – paragraph 4 – subparagraph 4 a (new)
4a. The supervisory authority that authorised the subsidiary shall regain full responsibility for setting the Solvency Capital Requirement of the subsidiary and taking appropriate measures to ensure that it is adequately met by own funds eligible under Article 98(4). The parent undertaking shall not, however, be released from the commitment resulting from the most recent declaration accepted.
Amendment 707 #
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 4 b (new)
Article 238 – paragraph 4 – subparagraph 4 b (new)