Activities of Ashley FOX related to 2012/0175(COD)
Plenary speeches (1)
Insurance mediation (debate)
Shadow reports (2)
SUPPLEMENTARY REPORT on the proposal for a directive of the European Parliament and of the Council on insurance mediation (recast) PDF (949 KB) DOC (329 KB)
REPORT on the proposal for a directive of the European Parliament and of the Council on the insurance mediation (recast) PDF (832 KB) DOC (632 KB)
Amendments (45)
Amendment 124 #
Proposal for a directive
Recital 15 a (new)
Recital 15 a (new)
(15a) The principles of mutual recognition and of home Member State supervision require that the Member States' competent authorities should not grant or should withdraw authorisation where factors such as the geographical distribution or the activities actually carried on indicate clearly that an insurance intermediary has opted for the legal system of one Member State for the purpose of evading the stricter standards in force in another Member State within the territory of which it intends to carry on or does carry on the greater part of its activities. An insurance intermediary which is a legal person should be authorised in the Member State in which it has its registered office. An insurance intermediary which is not a legal person should be authorised in the Member State in which it has its head office. In addition, Member States should require that an insurance intermediary's head office must always be situated in its home Member State and that it actually operates there.
Amendment 135 #
Proposal for a directive
Recital 28
Recital 28
(28) There is a need for appropriate and effective out-of-court complaint and redress procedures in the Member States in order to settle disputes between insurance intermediaries or undertakings and customers, using, where appropriate, existing procedures. Effective out-of-court complaint and redress procedures should be available to deal with disputes concerning rights and obligations established under this Directive between insurance undertakings or persons selling or offering insurance products and customers. In order to enhance the effectiveness of out-of-court resolution of disputes procedures dealing with complaints submitted by customers, this Directive should provide that insurance undertakings or persons selling or offering insurance products have to participate in dispute resolution procedures, which do not result in a binding decision, instituted against themselves by customers and concerning rights and obligations established under this Directive. Such out- of-court resolution of disputes procedures would aim to achieve a quicker and less expensive settlement of disputes between insurance undertakings or persons selling or offering insurance products and customers and lightening of the burden on the court system. However, out-of-court resolution of disputes procedures should not prejudice the rights of the parties to such procedures to bring legal proceedings before courts. Without prejudice to the right of customers to bring their action before the courts, Member States should ensure that ADR entities dealing with disputes referred to under this Directive cooperate in resolving cross-border disputes. Member States should encourage ADR entities dealing with such disputes to become part of FIN- NET.
Amendment 165 #
Proposal for a directive
Recital 40
Recital 40
(40) This Directive should specify the minimum obligations whichfor insurance undertakings and insurance intermediaries should have in providing information to customers. A Member State should be able to in this area maintain or adopt more stringent provisions which may be imposed on insurance intermediaries and insurance undertakings independently of the provisions of their home Member State where they are pursuing insurance mediation activities on its territory provided that any s. Such more stringent provisions must comply with Union law, including Directive 2000/31/EC of the European Parliament and of the Council of 8 June 2000 on certain legal aspects of information society services, in particular electronic commerce, in the Internal Market (Directive on electronic commerce). A Member State which proposes to apply and applies provisions regulating insurance intermediaries and the sale of insurance products in addition to those set out in this Directive should ensure that the administrative burden stemming from these provisions is proportionate for consumer protection. In the interest of consumer protection and in order to prevent mis-selling of insurance products, Member States should be permitted to apply exceptionally the more stringent requirements to such insurance intermediaries conducting insurance mediation on an ancillary basis if they consider it necessary and proportionate.
Amendment 200 #
Proposal for a directive
Article 1 a (new)
Article 1 a (new)
Amendment 225 #
Proposal for a directive
Article 2 – paragraph 1 – point 12 – point a
Article 2 – paragraph 1 – point 12 – point a
(a) where the intermediary is a natural person, the Member State in which his residenhead office is situated and in which he carries on business;
Amendment 226 #
Proposal for a directive
Article 2 – paragraph 1 – point 15
Article 2 – paragraph 1 – point 15
Amendment 233 #
Proposal for a directive
Article 2 – paragraph 1 – point 19
Article 2 – paragraph 1 – point 19
Amendment 238 #
Proposal for a directive
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
Amendment 250 #
Proposal for a directive
Article 3 – paragraph 1 – subparagraph 3
Article 3 – paragraph 1 – subparagraph 3
Member States may stipulate that, where an insurance or reinsurance intermediary acts under the responsibility of an insurance or reinsurance undertaking or of another registered insurance or reinsurance intermediary, the latter intermediary or the undertaking shall be responsible for ensuring that it meets the conditions for registration set out in this Directive. In such a case, the person or entity acceptingintermediary, the insurance intermediary shall not be required to provide the competent authority with the information in Article 3(7) (a) and (b) and the insurance entity responsibilityle shall, having been informed by the Member States of the matters set out in paragraph 7 of this Article, sub-paragraphs (a) and (b), be satisfied as to the matter set out in paragraph 7 of this Article, sub- paragraph (c) ensure that the insurance intermediary meets the conditions for registration and other provisions set out in this Directive. Member States may also stipulate that the person or entity which takes responsibility for the intermediary shall register that intermediary.
Amendment 253 #
Proposal for a directive
Article 3 – paragraph 4 – subparagraph 1
Article 3 – paragraph 4 – subparagraph 1
EIOPA shall establish, publish on its website and keep up-to-date a single electronic register containing records of insurance and reinsurance intermediaries which have notified their intention to carry on cross-border business in accordance with Chapter IV. Member States shall provide relevant information to EIOPA promptly to enable it to do this. This register shall show a hyperlink to each relevant competent authority in each Member State. That register shall contain links to, and be accessible from, each of the Member States' competent authorities' websites a website with hyperlinks to each single information point established by Member States under Article 3(3).
Amendment 255 #
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, or that another intermediary or undertaking will take responsibility for ensuring that the intermediary meets these requirements in accordance with Article 3 (1) paragraph 3.
Amendment 263 #
Proposal for a directive
Article 3 – paragraph 7 – introductory part
Article 3 – paragraph 7 – introductory part
7. Member States shall ensure that their competent authorities request evidence of the following informas a condition of registration from insurance and reinsurance intermediaries, as a condition of registration: other than for tied intermediaries and intermediaries where another insurance entity takes responsibility for ensuring that the intermediary meets these requirements in accordance with Article 3(1) paragraph 3.
Amendment 265 #
Proposal for a directive
Article 3 – paragraph 7 – point a
Article 3 – paragraph 7 – point a
(a) to provide information to their competent authorities of the identities of shareholders or members, whether natural or legal persons, that have a holding in the intermediary that exceeds 10% and the amounts of those holdings;
Amendment 267 #
Proposal for a directive
Article 3 – paragraph 7 – point b
Article 3 – paragraph 7 – point b
(b) to provide information to their competent authorities of the identities of persons who have close links with the insurance or reinsurance intermediary;
Amendment 269 #
Proposal for a directive
Article 3 – paragraph 7 – point c
Article 3 – paragraph 7 – point c
(c) to demonstrate in a satisfactory mannerevidence that the holdings or close links do not prevent the effective exercise of the supervisory functions of the competent authority.
Amendment 271 #
Proposal for a directive
Article 3 – paragraph 7 – subparagraph 1 a (new)
Article 3 – paragraph 7 – subparagraph 1 a (new)
Member States shall ensure that their competent authorities require that insurance and reinsurance intermediaries to whom Article 3(7) applies inform them without undue delay where information provided under Article 3(7)(a) and (b) changes
Amendment 291 #
Proposal for a directive
Article 7 – paragraph -1 (new)
Article 7 – paragraph -1 (new)
-1. Each Member State shall require that: (a) any insurance intermediary which is a legal person have its head office in the same Member State as its registered office and that it actually operates there; (b) any insurance intermediary which is not a legal person or any insurance intermediary which is a legal person but under its national law has no registered office have its head office in a Member State in which it actually carries on its business.
Amendment 293 #
Proposal for a directive
Article 7 – paragraph 3 – introductory part
Article 7 – paragraph 3 – introductory part
3. Where the host Member State has grounds for concluding that an insurance or reinsurance intermediary acting within its territory under the freedom to provide services or through an establishment is in breach of any obligation set out in this Directive, and where the host member State does not have powers under this Directive to take action in response to such breaches, it shall refer those findings to the competent authority of the home Member State which shall take the appropriate measures. In cases where, despite measures taken by the competent authority of the home Member State, an insurance or reinsurance intermediary persists in acting in a manner that is clearly prejudicial to the interests of host Member State consumers or the orderly functioning of insurance and reinsurance markets, the insurance or reinsurance intermediary shall be subject to the following measures:
Amendment 306 #
Proposal for a directive
Article 8 – paragraph 7 – subparagraph 1
Article 8 – paragraph 7 – subparagraph 1
EIOPA shall review the amounts referred to in paragraphs 3 and 4 regularly in order to take account of changes in the European Index of Consumer Prices as published by Eurostat. The first review shall take place five years after the entry into force of this Directive and the successive reviews every five years after the previous review date.
Amendment 307 #
Proposal for a directive
Article 8 – paragraph 7 – subparagraph 2
Article 8 – paragraph 7 – subparagraph 2
Amendment 308 #
Proposal for a directive
Article 8 – paragraph 7 – subparagraph 3
Article 8 – paragraph 7 – subparagraph 3
Amendment 309 #
Proposal for a directive
Article 8 – paragraph 7 – subparagraph 4
Article 8 – paragraph 7 – subparagraph 4
Amendment 312 #
Proposal for a directive
Article 8 – paragraph 8
Article 8 – paragraph 8
Amendment 321 #
Proposal for a directive
Article 9 – paragraph 2
Article 9 – paragraph 2
2. This Directive shall not preclude Member States from retaining or adopting stricter provisions. A Member State which proposes to apply and applies provisions regulating insurance intermediaries and the sale of insurance products in addition to those set out in this Directive shall ensure that the administrative burden stemming from these provisions is proportionate for consumer protectiony comply with Union law. The Member State shall continue to monitor these provisions to ensure they remain so.
Amendment 326 #
Proposal for a directive
Article 13 – paragraph 1
Article 13 – paragraph 1
Amendment 337 #
Proposal for a directive
Article 13 – paragraph 1 a (new)
Article 13 – paragraph 1 a (new)
1a. Member States shall ensure the setting-up of appropriate, effective, impartial and independent complaints and redress procedures for the out-of-court settlement of disputes between insurance intermediaries and customers, and between insurance undertakings and customers, using existing bodies where appropriate. This must be in line with existing EU legislation in the field of ADR. Where a customer initiates a procedure for alternative dispute resolution laid down in national law against an insurance intermediary or insurance undertaking with regard to a dispute concerning rights and obligations established under this Directive, the insurance intermediary or insurance undertaking shall be required to participate in that procedure. For the purposes of the application of this Directive the competent authorities shall cooperate with each other and with the entities responsible for out-of-court complaint and redress procedures referred to above and to the extent permitted by EU Directives or regulations in force.
Amendment 382 #
Proposal for a directive
Article 17 – paragraph 1 – point d
Article 17 – paragraph 1 – point d
Amendment 401 #
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, the full amount of the remunerationfee concerning the insurance products being offered or considered or, where the precise amount is not capable of being given, the basis of calculation of all the fee or commission or the combination of both;
Amendment 412 #
Proposal for a directive
Article 17 – paragraph 1 – point g
Article 17 – paragraph 1 – point g
(g) if the amount of theintermediary is to be remunerated by commission, is based on the achievement of agreed targets or thresholds relating tot shall: (a) provide the customer with the amount or, where the precise amount is not capable of being given, the buasiness placed by the intermediary with an insurer, the targets s of calculation of the fee or commission or the combination of both, if the customer so requests. (b) inform thresholds as well as the amounts payable on the achievement of theme customer of his right to request the information referred to in point (a).
Amendment 418 #
Proposal for a directive
Article 17 – paragraph 2
Article 17 – paragraph 2
Amendment 433 #
Proposal for a directive
Article 17 – paragraph 3
Article 17 – paragraph 3
Amendment 452 #
Proposal for a directive
Article 17 – paragraph 5
Article 17 – paragraph 5
Amendment 467 #
Proposal for a directive
Article 18 – paragraph 1 – introductory part
Article 18 – paragraph 1 – introductory part
1. Prior to the conclusion of any specific contract, the insurance intermediary – including tied ones – or insurance undertaking shall indentspecify, on the basis of information provided by the customer:
Amendment 502 #
Proposal for a directive
Article 21 – paragraph 1
Article 21 – paragraph 1
Amendment 516 #
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 inform the customer thatwhether 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 522 #
Proposal for a directive
Article 21 – paragraph 3
Article 21 – paragraph 3
Amendment 531 #
Proposal for a directive
Article 22
Article 22
Amendment 545 #
Proposal for a directive
Article 23 – paragraph 2
Article 23 – paragraph 2
2. Where steps taken by theAn insurance intermediary or insurance undertaking in compliance with Articles 15, 16 and 17shall maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps designed to prevent conflicts of interest from adversely affecting the interests of its customers. Where steps taken by the insurance intermediary or insurance undertaking are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of customers and potential customers arising from conflicts of interest will be prevented, the insurance intermediary or insurance undertaking shall clearly disclose the general nature and/or sources of conflicts of interest toand the customer before undertaking business on steps taken to mitigate those risks to the customer's behalf.
Amendment 547 #
Proposal for a directive
Article 23 – paragraph 2 a (new)
Article 23 – paragraph 2 a (new)
2a. The disclosure must: (a) be made in a durable medium; and (b) include sufficient detail, taking into account the nature of the customer, to enable that customer to take an informed decision with respect to the service in the context of which the conflict of interest arises.
Amendment 549 #
Proposal for a directive
Article 24
Article 24
Amendment 553 #
Proposal for a directive
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1a. The implementation of the information requirements contained in Articles 24 and 25 should be proportionate, taking into account whether or not the customer is a professional customer as specified in the Annex.
Amendment 582 #
Proposal for a directive
Article 24 – paragraph 5 – point a
Article 24 – paragraph 5 – point a
(a) assess a sufficiently large numberrange of insurance products available on the market. The insurance products should be sufficiently 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 594 #
Proposal for a directive
Article 24 – paragraph 5 – point b
Article 24 – paragraph 5 – point b
(b) not accept or receiveand retain fees, commissions or any monetary benefits 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. Minor non-monetary benefits that are capable of enhancing the quality of service provided to a customer and are of a scale and nature such that they could not be judged to impair compliance with the investment firm's duty to act in the best interest of the customer and are clearly disclosed are excluded from this provision.
Amendment 607 #
Proposal for a directive
Article 25
Article 25
Amendment 620 #
Proposal for a directive
Article 25 – paragraph 2 a (new)
Article 25 – paragraph 2 a (new)