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Procedure completed - delegated act enters into force



2014/2893(DEA) Taking-up and pursuit of the business of insurance and reinsurance (Solvency II): detailed requirements
RoleCommitteeRapporteurShadows
Lead ECON
Lead committee dossier: ECON/8/01673
Legal Basis RoP 105-p4

Activites

  • 2015/01/17 Delegated act not objected by Parliament
  • 2014/12/17 Decision by Parliament, 1st reading/single reading
  • 2014/12/10 Decision by committee, without report
  • 2014/11/27 Delegated act not objected by Council
  • 2014/10/22 Committee referral announced in Parliament, 1st reading/single reading
  • 2014/10/10 Initial period for examining delegated act 3 month(s)
  • 2014/10/10 Non-legislative basic document published

Documents

History

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

2015-06-14Show (2) Changes | Timetravel
activities/5/docs
  • url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=25032&l=en type: Results of vote in Parliament title: Results of vote in Parliament
activities/5/type
Old
Decision by Parliament, 1st reading/single reading
New
Results of vote in Parliament
2015-03-12Show (2) Changes | Timetravel
activities/6
date
2015-01-17T00:00:00
body
EP/CSL
type
Delegated act not objected by Parliament
procedure/stage_reached
Old
Awaiting committee decision
New
Procedure completed - delegated act enters into force
2015-01-10Show (1) Changes | Timetravel
activities/5/text

  • 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).
2015-01-07Show (1) Changes | Timetravel
procedure/stage_reached
Old
Awaiting Parliament 1st reading / single reading / budget 1st stage
New
Awaiting committee decision
2014-12-23Show (3) Changes | Timetravel
activities/4
date
2014-12-10T00:00:00
body
EP
type
Decision by committee, without report
activities/5/type
Old
Vote in plenary scheduled
New
Decision by Parliament, 1st reading/single reading
procedure/stage_reached
Old
Awaiting committee decision
New
Awaiting Parliament 1st reading / single reading / budget 1st stage
2014-12-12Show (1) Changes | Timetravel
activities/4
date
2014-12-17T00:00:00
body
EP
type
Vote in plenary scheduled
2014-12-11Show (1) Changes | Timetravel
procedure/legal_basis
  • Rules of Procedure of the European Parliament EP 105-p4
2014-12-04Show (1) Changes | Timetravel
activities/3
date
2014-11-27T00:00:00
body
EP/CSL
type
Delegated act not objected by Council
2014-10-31Show (3) Changes | Timetravel
activities/2
date
2014-10-22T00:00:00
body
EP
type
Committee referral announced in Parliament, 1st reading/single reading
committees
body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
procedure/dossier_of_the_committee
ECON/8/01673
procedure/stage_reached
Old
Preparatory phase in Parliament
New
Awaiting committee decision
2014-10-29Show (5) Changes
activities
  • date: 2014-10-10T00:00:00 body: EP/CSL type: Initial period for examining delegated act 3 month(s)
  • date: 2014-10-10T00:00:00 docs: url: http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/actes_delegues/2014/07230/COM_ADL(2014)07230_FR.pdf type: Non-legislative basic document published title: C(2014)07230 body: EC commission: type: Non-legislative basic document published
committees
  • body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
links
other
    procedure
    reference
    2014/2893(DEA)
    title
    Taking-up and pursuit of the business of insurance and reinsurance (Solvency II): detailed requirements
    stage_reached
    Preparatory phase in Parliament
    summary
    Supplementing
    subtype
    Examination of delegated act
    type
    DEA - Delegated acts procedure
    subject
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