BETA


2014/2893(DEA) Taking-up and pursuit of the business of insurance and reinsurance (Solvency II): detailed requirements

Progress: Procedure completed - delegated act enters into force

RoleCommitteeRapporteurShadows
Lead ECON
Lead committee dossier:
Legal Basis:
RoP 111-p03

Events

2019/04/01
   EC - Document attached to the procedure
Documents
2019/03/08
   EC - Document attached to the procedure
Documents
2019/02/20
   EC - Document attached to the procedure
Documents
2018/07/25
   EC - Document attached to the procedure
Documents
2016/07/22
   EC - Document attached to the procedure
Documents
2016/04/22
   EC - Document attached to the procedure
Documents
2015/12/21
   EC - Document attached to the procedure
Documents
2015/05/04
   EC - Document attached to the procedure
Documents
2015/01/17
   EP - Delegated act not objected by Parliament
2015/01/09
   EC - Document attached to the procedure
Documents
2015/01/09
   EC - Document attached to the procedure
Documents
2014/12/17
   EP - Results of vote in Parliament
2014/12/17
   EP - Decision by Parliament, 1st reading/single reading
Details

The European Parliament rejected by 189 votes to 512 with 7 abstentions, the Commission delegated regulation of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).

Article 101 of Directive 2009/138/EC required that all quantifiable risks to which an insurance or reinsurance undertaking was exposed were taken into account and that the Solvency Capital Requirement should correspond to the Value-at-Risk of the basic own funds of an insurance or reinsurance undertaking subject to a confidence level of 99.5 % over a one-year period.

That directive empowered the Commission to adopt delegated acts in a number of specified areas, and the Commission duly requested CEIOPS/EIOPA to provide technical advice in relation to those areas.

CEIOPS/EIOPA submitted to the Commission final advice on: the calibration of Solvency 2 (CEIOPS-SEC-40-10); own funds classification and eligibility (CP46); design and calibration of the equity risk sub-module (CP69); treatment of future premiums (CP30); and calculation of risk margin (CP42).

The Greens/EFA group, which tabled the draft resolution, felt that the delegated regulation adopted by the Commission on 10 October 2014 deviated significantly, in several important cases, from the technical advice submitted, resulting in significantly lower calibrations of risk factors used in the standard formula to calculate the Solvency Capital Requirement (SCR) than recommended by CEIOPS/EIOPA.

Members also noted that the Committee on Economic and Monetary Affairs had not tabled a motion for a resolution to object to a delegated act, in accordance with Rule 105(3).

2014/12/10
   EP - Motion for a resolution objecting delegated act
Documents
2014/12/10
   EP - Decision by committee, without report
2014/11/27
   CSL - Delegated act not objected by Council
2014/10/22
   EP - Committee referral announced in Parliament, 1st reading/single reading
2014/10/10
   EC - Non-legislative basic document
Documents
2014/10/10
   EC - Document attached to the procedure
Documents
2014/10/10
   EC - Document attached to the procedure
Documents
2014/10/10
   EC - Non-legislative basic document published
Documents
2014/10/10
   EP/CSL - Initial period for examining delegated act 3 month(s)

Documents

  • Document attached to the procedure: C(2019)2557
  • Document attached to the procedure: C(2019)1893
  • Document attached to the procedure: C(2019)1402
  • Document attached to the procedure: C(2018)4998
  • Document attached to the procedure: C(2016)4839
  • Document attached to the procedure: C(2016)2501
  • Document attached to the procedure: C(2015)9693
  • Document attached to the procedure: C(2015)3123
  • Document attached to the procedure: C(2015)0078
  • Document attached to the procedure: C(2015)0094
  • Results of vote in Parliament: Results of vote in Parliament
  • Motion for a resolution objecting delegated act: B8-0358/2014
  • Non-legislative basic document: C(2014)07230
  • Document attached to the procedure: SWD(2014)0308
  • Document attached to the procedure: SWD(2014)0309
  • Non-legislative basic document published: C(2014)07230
  • Non-legislative basic document: C(2014)07230
  • Document attached to the procedure: SWD(2014)0308
  • Document attached to the procedure: SWD(2014)0309
  • Motion for a resolution objecting delegated act: B8-0358/2014
  • Document attached to the procedure: C(2015)0078
  • Document attached to the procedure: C(2015)0094
  • Document attached to the procedure: C(2015)3123
  • Document attached to the procedure: C(2015)9693
  • Document attached to the procedure: C(2016)2501
  • Document attached to the procedure: C(2016)4839
  • Document attached to the procedure: C(2018)4998
  • Document attached to the procedure: C(2019)1402
  • Document attached to the procedure: C(2019)1893
  • Document attached to the procedure: C(2019)2557

Votes

B8-0358/2014 - Résolution

2014/12/17 Outcome: -: 512, +: 189, 0: 7
EL CY IE LU AT EE SI LT LV FR SE MT NL DK FI HU HR GB PT BE CZ SK BG IT ES RO DE PL
Total
19
6
7
6
18
6
6
9
8
74
18
6
26
13
13
19
11
70
20
20
19
13
16
67
50
28
90
47
icon: Verts/ALE Verts/ALE
48

Luxembourg Verts/ALE

For (1)

1

Austria Verts/ALE

3

Estonia Verts/ALE

For (1)

1

Slovenia Verts/ALE

For (1)

1

Lithuania Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Sweden Verts/ALE

3

Netherlands Verts/ALE

2

Denmark Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

Hungary Verts/ALE

2

Croatia Verts/ALE

For (1)

1

Belgium Verts/ALE

2
icon: GUE/NGL GUE/NGL
47

Cyprus GUE/NGL

2

Ireland GUE/NGL

2

Sweden GUE/NGL

For (1)

1

Netherlands GUE/NGL

3

Denmark GUE/NGL

For (1)

1

Finland GUE/NGL

For (1)

1

United Kingdom GUE/NGL

1

Czechia GUE/NGL

2
icon: EFDD EFDD
44

France EFDD

1

Sweden EFDD

2

Czechia EFDD

For (1)

1

Poland EFDD

1
icon: NI NI
51

Latvia NI

1

United Kingdom NI

Against (1)

1

Belgium NI

For (1)

1

Germany NI

For (1)

1
icon: ECR ECR
63

Greece ECR

For (1)

1

Lithuania ECR

1

Latvia ECR

Against (1)

1

Netherlands ECR

2

Finland ECR

2

Croatia ECR

Against (1)

1

Belgium ECR

3

Czechia ECR

2

Bulgaria ECR

Against (1)

1
icon: ALDE ALDE
67

Ireland ALDE

Against (1)

1

Luxembourg ALDE

Against (1)

1

Austria ALDE

Against (1)

1

Estonia ALDE

3

Slovenia ALDE

Against (1)

1
3

Denmark ALDE

3

Croatia ALDE

2

United Kingdom ALDE

Against (1)

1

Portugal ALDE

2

Romania ALDE

3
icon: S&D S&D
180

Greece S&D

2

Cyprus S&D

2

Luxembourg S&D

Abstain (1)

1

Estonia S&D

Against (1)

1

Slovenia S&D

Against (1)

1

Lithuania S&D

2

Latvia S&D

Abstain (1)

1

Malta S&D

3

Netherlands S&D

3
3

Finland S&D

2

Croatia S&D

2

Belgium S&D

4

Czechia S&D

4
icon: PPE PPE
205

Cyprus PPE

2

Luxembourg PPE

3

Estonia PPE

Against (1)

1

Slovenia PPE

3

Lithuania PPE

2

Denmark PPE

Against (1)

1

Belgium PPE

Abstain (1)

4

History

(these mark the time of scraping, not the official date of the change)

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      • The European Parliament rejected by 189 votes to 512 with 7 abstentions, the Commission delegated regulation of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).

        Article 101 of Directive 2009/138/EC required that all quantifiable risks to which an insurance or reinsurance undertaking was exposed were taken into account and that the Solvency Capital Requirement should correspond to the Value-at-Risk of the basic own funds of an insurance or reinsurance undertaking subject to a confidence level of 99.5 % over a one-year period.

        That directive empowered the Commission to adopt delegated acts in a number of specified areas, and the Commission duly requested CEIOPS/EIOPA to provide technical advice in relation to those areas.

        CEIOPS/EIOPA submitted to the Commission final advice on: the calibration of Solvency 2 (CEIOPS-SEC-40-10); own funds classification and eligibility (CP46); design and calibration of the equity risk sub-module (CP69); treatment of future premiums (CP30); and calculation of risk margin (CP42).

        The Greens/EFA group, which tabled the draft resolution, felt that the delegated regulation adopted by the Commission on 10 October 2014 deviated significantly, in several important cases, from the technical advice submitted, resulting in significantly lower calibrations of risk factors used in the standard formula to calculate the Solvency Capital Requirement (SCR) than recommended by CEIOPS/EIOPA.

        Members also noted that the Committee on Economic and Monetary Affairs had not tabled a motion for a resolution to object to a delegated act, in accordance with Rule 105(3).

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        • The European Parliament rejected by 189 votes to 512 with 7 abstentions, the Commission delegated regulation of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).

          Article 101 of Directive 2009/138/EC required that all quantifiable risks to which an insurance or reinsurance undertaking was exposed were taken into account and that the Solvency Capital Requirement should correspond to the Value-at-Risk of the basic own funds of an insurance or reinsurance undertaking subject to a confidence level of 99.5 % over a one-year period.

          That directive empowered the Commission to adopt delegated acts in a number of specified areas, and the Commission duly requested CEIOPS/EIOPA to provide technical advice in relation to those areas.

          CEIOPS/EIOPA submitted to the Commission final advice on: the calibration of Solvency 2 (CEIOPS-SEC-40-10); own funds classification and eligibility (CP46); design and calibration of the equity risk sub-module (CP69); treatment of future premiums (CP30); and calculation of risk margin (CP42).

          The Greens/EFA group, which tabled the draft resolution, felt that the delegated regulation adopted by the Commission on 10 October 2014 deviated significantly, in several important cases, from the technical advice submitted, resulting in significantly lower calibrations of risk factors used in the standard formula to calculate the Solvency Capital Requirement (SCR) than recommended by CEIOPS/EIOPA.

          Members also noted that the Committee on Economic and Monetary Affairs had not tabled a motion for a resolution to object to a delegated act, in accordance with Rule 105(3).

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