26 Amendments of Peter SIMON related to 2012/0175(COD)
Amendment 147 #
Proposal for a directive
Recital 31
Recital 31
(31) In order to mitigate conflicts of interest between the seller and the buyer of an insurance product, it is necessary to ensure sufficient disclosure of remuneration of insurance distributors. Accordingly, for life insurance products, tThe intermediary and the employee of the insurance intermediary or the insurance undertaking should be obliged to inform the customer about the nature and amount of its remuneration, in advance of the sale. For other insurance products, subject to a transitional period of 5 years, the customer must be informed of the customer's right to request this information, which must be provided to the customer upon request.
Amendment 231 #
Proposal for a directive
Article 2 – paragraph 1 – point 18
Article 2 – paragraph 1 – point 18
(18) 'remuneration' means any commission, fee, charge or other payment, including an economic benefit of any kindr benefits in money’s worth of any kind and any other incentives, offered or given in connection with insurance mediation activities.
Amendment 254 #
Proposal for a directive
Article 3 – paragraph 4 – subparagraph 3
Article 3 – paragraph 4 – subparagraph 3
Member States shall also ensure that insurance intermediaries - including tied ones - and reinsurance intermediaries who cease to fulfil these requirements are immediately removed from the register. The validity of the registration shall be subject to a regular review by the competent authority. If necessary, the home Member State shall inform the host Member State of such removal.
Amendment 256 #
Proposal for a directive
Article 3 – paragraph 5 – subparagraph 1
Article 3 – paragraph 5 – subparagraph 1
Member States shall ensure that the competent authorities do not register an insurance or reinsurance intermediary unless it is satisfied that the intermediary meets the requirements laid down in Article 8.
Amendment 345 #
Proposal for a directive
Article 15 – paragraph 1
Article 15 – paragraph 1
Amendment 357 #
Proposal for a directive
Article 16 – paragraph 1 – point a – point ii
Article 16 – paragraph 1 – point a – point ii
ii) whether or not it provides anyand what type of advice it provides about the insurance products sold;
Amendment 359 #
Proposal for a directive
Article 16 – paragraph 1 – point a – point v
Article 16 – paragraph 1 – point a – point v
v) whether the intermediary is representing the customer or is acting for and on behalf of the insurance undertaking when carrying on his activity as an insurance intermediary;
Amendment 363 #
Proposal for a directive
Article 16 – paragraph 1 – point b – point ii
Article 16 – paragraph 1 – point b – point ii
ii) whether or not it provides anyand what type of advice it provides about the insurance products sold;
Amendment 371 #
Proposal for a directive
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
(a) whether it has a holding, direct or indirect, representing more than 10%which gives it a proportion of the voting rights or of the capital in a given insurance undertaking;
Amendment 372 #
Proposal for a directive
Article 17 – paragraph 1 – point b
Article 17 – paragraph 1 – point b
(b) whether a given insurance undertaking or parent undertaking of a given insurance undertaking has a holding, direct or indirect, representing more than 10%which gives it a proportion of the voting rights or of the capital in the insurance intermediary;
Amendment 375 #
Proposal for a directive
Article 17 – paragraph 1 – point c – point i
Article 17 – paragraph 1 – point c – point i
(i) it gives advice on the basis of a fair analyan independent basis, or
Amendment 380 #
Proposal for a directive
Article 17 – paragraph 1 – point c – point iii
Article 17 – paragraph 1 – point c – point iii
(iii) it is not under a contractual obligation to conduct insurance mediation business exclusively with one or more insurance undertakings and does not give advice on the basis of a fair analyan independent basis. In that case, it shall provide the names of the insurance undertakings with which it may and does conduct business;
Amendment 386 #
Proposal for a directive
Article 17 – paragraph 1 – point d
Article 17 – paragraph 1 – point d
(d) the nature and amount of the remuneration received in relation to the insurance contract;
Amendment 399 #
Proposal for a directive
Article 17 – paragraph 1 – point f
Article 17 – paragraph 1 – point f
(f) if the intermediary will receive a fee or a commission of any kind, an overview of the total costs, the net insurance premium and the full amount of the remuneration concerning the insurance products being offered or considered or, where the precise amount iss are not capable of being given, the basis of calculation of all the fee or commission or the combination of both and a specimen invoice;
Amendment 417 #
Proposal for a directive
Article 17 – paragraph 2
Article 17 – paragraph 2
Amendment 438 #
Proposal for a directive
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The insurance undertaking or insurance intermediary shall also inform the customer in a transparent manner about the nature and the amount and the basis of the calculation of any variable remuneration received by any employee of theirs for distributing and managing the insurance product in question.
Amendment 445 #
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
4. If any payments are made by the customer under the insurance contract after its conclusion, the insurance undertaking or intermediary shall also inform the customer of the net insurance premium and the amount of the remuneration and make the disclosures in accordance with this Article for each such payment.
Amendment 479 #
Proposal for a directive
Article 18 – paragraph 3
Article 18 – paragraph 3
3. When the insurance intermediary or the insurance undertaking informs the customer that it givesnsurance advice its advice on the basis of a fair analysis, it is obliged to give that advice on the basis of an analysis of a sufficiently large number of insurance contracts available on theprovided on an independent basis, it shall: (a) carry out a comprehensive analysis of the relevant market, to enable it to make a recommendation, in accordance with professional criteria, regarding which insurance contract would be adequate to meet the customer's needs. The insurance products should be diversified with regard to their type and issuers or product providers and should not be limited to insurance products issued or provided by entities having close links with the insurance intermediary or insurance undertaking; (b) give the customer full and unbiased advice; (c) not accept or receive fees, commissions or any monetary benefits, benefits in money’s worth or other incentives paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to customers.
Amendment 489 #
Proposal for a directive
Article 18 – paragraph 4
Article 18 – paragraph 4
4. Prior to the conclusion of a contract, whether or not advice is given, the insurance intermediary or insurance undertaking shall give the customer the relevant information about the insurance product in an easily comprehensible formand clear form on a key information document to allow the customer to make an informed decision, while taking into account the complexity of the insurance product and the type of costumer.
Amendment 491 #
Proposal for a directive
Article 18 – paragraph 4 a (new)
Article 18 – paragraph 4 a (new)
4a. The European Commission shall put forward a report on the application of paragraph 4 to the European Parliament and the Council by X.X.20XX [one year after entry into force of the Directive], and if appropriate a legislative proposal taking into account the provisions of the regulation of the European Parliament and of the Council on the proposal on key information documents for investment products (COM (2012) 352.
Amendment 518 #
Proposal for a directive
Article 21 – paragraph 2
Article 21 – paragraph 2
2. When an insurance service or product is offered together with another service or product as a package, the insurance undertaking or, where applicable, the insurance intermediary shall offer and explicitly inform the customer that it is possible to buy the components of the package separately and shall provide information of the costs and charges of each component of the package that may be bought through or from it separately.
Amendment 566 #
Proposal for a directive
Article 24 – paragraph 3 – point c
Article 24 – paragraph 3 – point c
(c) costs and associated charges, including the net insurance premium.
Amendment 571 #
Proposal for a directive
Article 24 – paragraph 4
Article 24 – paragraph 4
4. The information referred to in this Article shouldall be provided in a readily comprehensible and clear form in such a manner that the customers or potential customers are reasonably able to understand the nature and risks of the specific insurance product that is being offered and, consequently, to take investment decisions on an informed basis. This information mayshall be provided ion a standardised formakey information document.
Amendment 579 #
Proposal for a directive
Article 24 – paragraph 5 – point a
Article 24 – paragraph 5 – point a
(a) assess a sufficiently large number of insurance products available on the marketcarry out a comprehensive analysis of the relevant market, to enable it to make a recommendation, in accordance with professional criteria, regarding which insurance contract would be adequate to meet the customer's needs. The insurance products should be diversified with regard to their type and issuers or product providers and should not be limited to insurance products issued or provided by entities having close links with the insurance intermediary or insurance undertaking; and
Amendment 585 #
Proposal for a directive
Article 24 – paragraph 5 – point a a (new)
Article 24 – paragraph 5 – point a a (new)
(aa) give the customer full and unbiased advice;
Amendment 596 #
Proposal for a directive
Article 24 – paragraph 5 – point b
Article 24 – paragraph 5 – point b
(b) not accept or receive fees, commissions or any monetary benefits, benefits in money’s worth or other incentives paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to customers.