5 Amendments of Othmar KARAS related to 2021/0296(COD)
Amendment 120 #
Proposal for a directive
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. Member States shall ensure that ultimate parent undertakinginsurance or reinsurance undertakings or insurance holding companies draw up and submit to the group supervisor a group pre- emptive recovery plan.
Amendment 123 #
Proposal for a directive
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Group pre-emptive recovery plans shall consist of a pre-emptive recovery plan for the group headed by the ultimate parent undertakinginsurance or reinsurance undertaking or insurance holding company. The group pre-emptive recovery plan shall identify remedial actions that may be required to be implemented at the level of that ultimate parent undertakinginsurance or reinsurance undertaking or insurance holding company and individual subsidiaries.
Amendment 124 #
Proposal for a directive
Article 7 – paragraph 4
Article 7 – paragraph 4
4. Supervisory authorities may require subsidiary insurance or reinsurance undertakings or the entities referred to in Article 1(1), points (c) and (d), to draw up and submit pre-emptive recovery plans in the following situations: (a)when no group pre-emptive recovery plan exists; (b) concerned demonstrates that the concerned entity is not sufficiently considered by a group pre-emptive recovery plan in light of the significance of the entity in question in the Member State concerned and in light of the obligations that comparable undertakings in that Member State are subject to.. the supervisory authority
Amendment 125 #
Proposal for a directive
Article 7 – paragraph 4 a (new)
Article 7 – paragraph 4 a (new)
4 a. Upon the request of the supervisory authority, the group supervisor may require the ultimate insurance or reinsurance undertaking or insurance holding company heading the group, to resubmit pre-emptive recovery plans if it demonstrates that any concerned entity is not sufficiently considered by a group pre-emptive recovery plan in light of the significance of the entity in question in the Member State concerned and in light of the obligations that comparable undertakings in that Member State are subject to.
Amendment 157 #
Proposal for a directive
Article 18 – paragraph 2 – subparagraph 1 – point a
Article 18 – paragraph 2 – subparagraph 1 – point a
(a) protecting policy holders, beneficiaries and claimants of the insurance and reinsurance undertaking in resolution and other insurance and reinsurance undertakings in the territory of the Member State;