Activities of Ieke van den BURG related to 2007/0143(COD)
Plenary speeches (1)
Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
Amendments (18)
Amendment 96 #
Proposal for a directive
Recital 43
Recital 43
(43) It is necessary that the Minimum Capital Requirement is calculated in accordance with a simple formula, on the basis of data which can be audited. . 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.
Amendment 118 #
Proposal for a directive
Recital 93 a (new)
Recital 93 a (new)
(93a) Recasting the applicable instruments and, consequently, repealing Directive 2002/83/EC should not lead to pension funds becoming subject to the solvency rules of this new Directive. The review of Directive 2003/41/EC, which was due in 2007, should be carried out by the Commission as quickly as possible, with a view to establishing also a more harmonised solvency regime in the IORP- directive that could come into force at the same time or shortly after the implementation date of this Directive. The Commission should, supported by CEIOPS, develop a proper system of solvency rules for institutions for occupational retirement provision (IORPs), similar to the Solvency II regime, but fully taking into account the essential differences between IORPS and insurance companies.
Amendment 215 #
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 219 #
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 a joint interpretation of the provisions of this Directive and its implementing measures in order to enhance the convergence of supervisory practices. The Committee shall report regularly on the progress of the supervisory convergence in the Community.
Amendment 222 #
Proposal for a directive
Article 70 a (new)
Article 70 a (new)
Amendment 307 #
Proposal for a directive
Article 96 – point 3
Article 96 – point 3
(3) any future claims which Protection and Indemnity Associamutual or mutual-type associations with variable contributions may have against their members by way of a call for supplementary contributions, within the financial year, shall be classified in Tier 2.
Amendment 497 #
Proposal for a directive
Article 210 – paragraph 1 – point c
Article 210 – paragraph 1 – point c
(c) "group" means a group of undertakings, which consists of a participating undertaking, its subsidiaries and the entities in which the participating undertaking or its subsidiaries hold a participation, as well as undertakings linked to each other by a relationship as set out in Article 12(1) of Directive 83/349/EEC, as well as a group of undertakings including mutuals or mutual-type associations, based on contractual or other material recognition of strong and sustainable financial links among the members, provided that centralised coordination effectively exercises a dominant influence over the financial decisions of the related undertakings;
Amendment 529 #
Proposal for a directive
Article 229 – paragraph 4
Article 229 – paragraph 4
4. Where the Committee of European Insurance and Occupational Pensions Supervisors has been consulted, the supervisory authorities concerned shall duly consider such advice before taking their joint decision. The group supervisor shall provide to the applicant the joint decision referred to in paragraph 2In the absence of a joint decision between the supervisory authorities concerned within six months from the date of receipt of the complete application by the group supervisor, the group supervisor shall request the CEIOPS, within a further eight weeks, to deliver its advice to all supervisory authorities concerned. That advice shall, in principle, be binding on all supervisors involved. The group supervisor shall then take the final decision within one week of the transmission of the advice of CEIOPS, fully reflecting that advice. The group supervisor’s decision shall be set out in a document containing the fully reasons for thed decision and an explanation of any significant deviation from the positions adopted by the Committee of European Insurance and Occupational Pensions Supervisors. That joint decision shall be recognised as determinative and applied by tshall take into account the views of the other supervisory authorities concerned expressed within the six month period. The group supervisor shall provide its decision to the applicants and the other supervisory authorities concerned. The supervisory authorities concerned shall comply with the decision.
Amendment 612 #
Proposal for a directive
Article 236 – paragraph 4 – subparagraph 2
Article 236 – paragraph 4 – subparagraph 2
The group supervisor sh’s finall duly consider such advice before taking its final decisionecision shall fully reflect that advice. The decision shall be submitted to the subsidiary and the supervisory authority by the group supervisor.
Amendment 671 #
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 paragraphs 2 and 3to 4b shall apply.
Amendment 675 #
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, to the supervisory authority may call on the parent undertaking tofor approval within 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 682 #
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 688 #
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 1
Article 238 – paragraph 4 – subparagraph 1
Amendment 694 #
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 699 #
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 3
Article 238 – paragraph 4 – subparagraph 3
Amendment 705 #
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 708 #
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 4 b (new)
Article 238 – paragraph 4 – subparagraph 4 b (new)
4b. Where 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, and the own funds eligible under Article 98(5) are not sufficient to cover the Minimum Capital Requirement, in addition to the powers set out in Article 137, the supervisory authority may call on the parent undertaking to transfer basic own funds eligible under Article 98(5) to the extent necessary to ensure that the Minimum Capital Requirement is met again.
Amendment 816 #
Proposal for a directive
Article 311 – paragraph 1 a (new)
Article 311 – paragraph 1 a (new)
1a. Notwithstanding paragraph 1, references to Articles 27 and 28 of Directive 2002/83/EC in Article 17 of Directive 2003/41/EC shall continue to be read as references to those Articles. As long as Directive 2003/41/EC is not revised with new solvency rules for IORPS, the provisions of Directive 2002/83/EC will continue to apply as regards IORPs.