10 Amendments of Heide RÜHLE related to 2007/0143(COD)
Amendment 94 #
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 should be struck between the average maturity of risk-covering commitments and the volatility of assets.
Amendment 103 #
Proposal for a directive
Recital 57 a (new)
Recital 57 a (new)
(57a) Subject to Community and national law, mutual companies, mutual associations and provident societies are able to come together by forming concentrations or groups. Groups are not constituted with capital ties but through formalised long-lasting financial relationships that guarantee a financial solidarity between the affiliated companies. In the event that a significant or dominant influence is exercised through such a group, however, it shall be supervised according to the same rules as those provided for groups constituted through capital ties in order to achieve an adequate level of protection for policyholders and a level playing field between groups.
Amendment 122 #
Proposal for a directive
Recital 93 a (new)
Recital 93 a (new)
(93a) In accordance with this Directive (Solvency II), which repeals Directive 2002/83/EC, pension activities that were previously subject to certain provisions of Directive 2002/83/EC are subject to the corresponding provisions of Solvency II. The economics- based provisions of Solvency II address the specificities of the pension activities. Together with the review of Directive 2003/41/EC this Directive should therefore enhance the convergence of supervisory practices as regards insurance undertakings and pension funds. The review of Directive 2003/41/EC, which was due in 2007, should be carried out by the Commission with the view of enhancing the level- playing field for all operators in the pensions market, namely insurance undertakings or pension funds.
Amendment 216 #
Proposal for a directive
Article 70 – paragraph -1 (new)
Article 70 – paragraph -1 (new)
Member States shall ensure that in the exercise of the supervisory authorities’ responsibilities, their national mandate refers to the following objectives: (a) convergent implementation in the Community of this Directive and its implementing measures, and, insofar as possible, convergent application of guidelines and recommendations adopted by the Committee of European Insurance and Occupational Pensions Supervisors; (b) financial stability in other Member States.
Amendment 220 #
Proposal for a directive
Article 70 – paragraph 1 a (new)
Article 70 – paragraph 1 a (new)
The Committee of European Insurance and Occupational Pensions Supervisors shall, where necessary, provide for non-legally binding guidances to enhance the convergence of supervisory practices pursuant to this Directive. The Committee shall report regularly on the progress of the supervisory convergence in the Community.
Amendment 357 #
Proposal for a directive
Article 105 – paragraph 4 – subparagraph 1
Article 105 – paragraph 4 – subparagraph 1
4. Where health insurance is pursued on a similar technical basis to that of life insurance as referred to in Article 213, the specialThe health underwriting risk module shall reflect the risk arising from the underwriting of health insurance contracts, following from both the perils covered and the processes used in the conduct of business.
Amendment 361 #
Proposal for a directive
Article 105 – paragraph 4 – subparagraph 2 – points a to c
Article 105 – paragraph 4 – subparagraph 2 – points a to c
(a) the risk of loss, or of adverse changehealth long term sub-module, covering underwriting risk in the value ofalth insurance liabilities, resulting from changes in the level, trend, or volatility of the expenses incurred in servicing inthat is practised on a similar technical basis to that of life assurance oras reinsurance contracts (health expense risk); (b) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from fluctuations in the timing, frequency and severity of insured events, and in the timing and amount of claim settlements at the time of provisioning (health premium and reserve risk); (c) the risk of loss, or of advferred to in Article 213; (b) the accident and health short-term sub-module, covering underwriting risk of short-term health and accident lines of business; (c) the workerse change in the value of insurance liabilities, resulting from the significantompensation sub-module, covering uncdertainty of pricing and provisioning assumptions related to outbreaks of major epidemics, as well as the unusual accumulation of risks under such extreme circumstances (health epidemic risk)writing risk in workers’ compensation lines of business.
Amendment 371 #
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 376 #
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 504 #
Proposal for a directive
Article 210 – paragraph 2 a (new)
Article 210 – paragraph 2 a (new)
2a. For the purposes of this Title, any undertakings that have set up long-lasting financial relationships through a legal entity shall be deemed to be related undertaking and the legal entity shall be deemed to be a participating undertaking, in the event that the following conditions are met: (a) the setting up and dissolution of such financial relationships are subject to prior approval of the supervisory authority of the Member State where the legal entity is situated; (b) in the opinion of the supervisory authority of the Member State where the legal entity is situated, the legal entity effectively exercises, through such financial relationships a significant influence over the undertakings concerned. In addition, where, in the opinion of the supervisory authority referred to in the first subparagraph, the legal entity effectively exercises a dominant influence over any of the undertakings in respect of which long-lasting financial relationships have been set up, those undertakings shall be considered to be subsidiaries and the legal entity shall be deemed to be their parent undertaking.