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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 Results of vote in Parliament
  • 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)

2019-07-06Show (12) Changes | Timetravel
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
  • 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
  • date: 2014-11-27T00:00:00 body: EP/CSL type: Delegated act not objected by Council
  • date: 2014-12-10T00:00:00 body: EP type: Decision by committee, without report
  • date: 2014-12-17T00:00:00 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 body: EP type: Results of vote in Parliament
  • date: 2015-01-17T00:00:00 body: EP/CSL type: Delegated act not objected by Parliament
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docs
  • 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 title: C(2014)07230 type: Non-legislative basic document body: EC
  • date: 2014-10-10T00:00:00 docs: title: SWD(2014)0308 type: Document attached to the procedure body: EC
  • date: 2014-10-10T00:00:00 docs: title: SWD(2014)0309 type: Document attached to the procedure body: EC
  • date: 2014-12-10T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2014-0358&language=EN title: B8-0358/2014 type: Motion for a resolution objecting delegated act body: EP
  • date: 2015-01-09T00:00:00 docs: title: C(2015)0078 type: Document attached to the procedure body: EC
  • date: 2015-01-09T00:00:00 docs: title: C(2015)0094 type: Document attached to the procedure body: EC
  • date: 2015-05-04T00:00:00 docs: title: C(2015)3123 type: Document attached to the procedure body: EC
  • date: 2015-12-21T00:00:00 docs: title: C(2015)9693 type: Document attached to the procedure body: EC
  • date: 2016-04-22T00:00:00 docs: title: C(2016)2501 type: Document attached to the procedure body: EC
  • date: 2016-07-22T00:00:00 docs: title: C(2016)4839 type: Document attached to the procedure body: EC
  • date: 2018-07-25T00:00:00 docs: title: C(2018)4998 type: Document attached to the procedure body: EC
  • date: 2019-02-20T00:00:00 docs: title: C(2019)1402 type: Document attached to the procedure body: EC
  • date: 2019-03-08T00:00:00 docs: title: C(2019)1893 type: Document attached to the procedure body: EC
  • date: 2019-04-01T00:00:00 docs: title: C(2019)2557 type: Document attached to the procedure body: EC
events
  • date: 2014-10-10T00:00:00 type: Non-legislative basic document published body: EC docs: url: http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/actes_delegues/2014/07230/COM_ADL(2014)07230_FR.pdf title: C(2014)07230
  • date: 2014-10-10T00:00:00 type: Initial period for examining delegated act 3 month(s) body: EP/CSL
  • date: 2014-10-22T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2014-11-27T00:00:00 type: Delegated act not objected by Council body: CSL
  • date: 2014-12-10T00:00:00 type: Decision by committee, without report body: EP
  • date: 2014-12-17T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=25032&l=en title: Results of vote in Parliament
  • date: 2014-12-17T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP summary: 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).
  • date: 2015-01-17T00:00:00 type: Delegated act not objected by Parliament body: EP
links
other
    procedure/dossier_of_the_committee
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    ECON/8/01673
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    • ECON/8/01673
    procedure/legal_basis/0
    Rules of Procedure EP 111-p03
    procedure/legal_basis/0
    Rules of Procedure of the European Parliament EP 105-p4
    procedure/subject
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    • 2.50.05 Insurance, pension funds
    • 2.50.10 Financial supervision
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    • Supplementing
    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
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    2015-03-12Show (2) Changes | Timetravel
    activities/6
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    2015-01-17T00:00:00
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    EP/CSL
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    Delegated act not objected by Parliament
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    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
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    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
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    2014-10-22T00:00:00
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    Committee referral announced in Parliament, 1st reading/single reading
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    procedure/dossier_of_the_committee
    ECON/8/01673
    procedure/stage_reached
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    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
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