2021/0295(COD) Amendments to the Solvency II Directive
Lead committee dossier:
Progress: Awaiting Parliament's position in 1st reading
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
FERBER Markus ( EPP)
|
HEINÄLUOMA Eero ( S&D),
YON-COURTIN Stéphanie ( Renew),
HAHN Henrike ( Verts/ALE),
ZANNI Marco ( ID),
VAN OVERTVELDT Johan ( ECR),
MACMANUS Chris ( GUE/NGL)
|
| Committee Opinion | ENVI | ||
| Committee Opinion | JURI |
Lead committee dossier:
Legal Basis:
TFEU 053-p1, TFEU 062, TFEU 114
Legal Basis:
TFEU 053-p1, TFEU 062, TFEU 114Subjects
Events
2023/09/13
EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2023/09/11
EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2023/07/27
EP - Committee report tabled for plenary, 1st reading
Details
The Committee on Economic and Monetary Affairs adopted the report by Markus FERBER (EPP, DE) on the proposal for a directive of the European Parliament and of the Council amending Directive 2009/138/EC as regards proportionality, quality of supervision, reporting, long-term guarantee measures, macro-prudential tools, sustainability risks, group and cross-border supervision.
The further integration of the single market for insurance is a key objective of this amending Directive. The integration of the EU single market for insurance increases competition and the availability of insurance products across Member States to the benefit of businesses and consumers. Insurance failures in the single market for insurance since the application of Solvency II emphasise the need for more consistency and convergence of supervision across the Union. The supervision of insurance and reinsurance undertakings operating under the freedom to provide services and the freedom of establishment should be further improved without undermining the objective of further integrating the single market for insurance to ensure consistent consumer protection and safeguarding fair competition across the single market.
The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
System of governance and risk management
The members of the administrative, management and supervisory bodies of the insurance or reinsurance undertaking should: (i) at all times be of good repute and possess collectively sufficient knowledge, skills and experience to perform their duties; (ii) not have been convicted for offences relating to money laundering or terrorist financing or other offences that would question their good repute.
Member States should require all insurance and reinsurance undertakings to have in place an effective system of governance which provides for sound and prudent management of the business. For environmental, social and governance risks, undertakings should explicitly take into account the short-term, medium-term and long-term horizon when assessing the possible materialisation of those risks.
Supervisory authorities should ensure that undertakings, as part of their risk management, have strategies, policies, processes and systems for the identification, measurement, management and monitoring of environmental, social and governance risks over an appropriate set of time horizons.
Insurance and reinsurance undertakings should develop specific plans, quantifiable targets and processes to monitor and address ESG risks in the short, medium and long term.
Reporting requirements
The amended text stipulated that small and medium-sized undertakings, small and non-complex institutions, captive reinsurance undertakings and low-risk profile undertakings may limit their sustainability reporting to the following information:
- a brief description of the undertaking’s business model and strategy;
- a description of the undertaking’s policies in relation to sustainability matters;
- the principal actual or potential adverse impacts of the undertaking on sustainability matters, and any actions taken to identify, monitor, prevent, mitigate or remediate such actual or potential adverse impacts;
- the principal risks to the undertaking related to sustainability matters and how the undertaking manages those risks.
Protection of policy holders
The amended text seeks to improve the protection of insurance policyholders through enhanced cooperation between supervisory authorities, and continues to prevent insurer failure, thus contributing to stability in the financial sector. Cooperation between the supervisory authority of the home Member State that granted authorisation to an insurance or reinsurance undertaking and the supervisory authorities of the Member States where that undertaking pursues activities by establishing branches or by providing services, should be strengthened in order to better prevent potential problems affecting consumer rights and to enhance the protection of policyholders across the Union. This cooperation should increase transparency and the regular exchange of information between concerned supervisory authorities and include more information coming from the supervisory authority of the home Member State, in particular regarding the outcome of the supervisory review process related to the cross-border activity , the financial condition of the undertaking, and market conditions which might impact the provision of services.
Role of the European Insurance and Occupational Pensions Authority
As regards the role of the European Insurance and Occupational Pensions Authority (EIOPA), new tasks should be assigned to EIOPA:
- preparing a report on the assessment of risks related to biodiversity loss by insurers, along with natural disasters and climate related risks, consistently with the European Green Deal;
- defining consistent guidelines for national rules followed by insurers when assessing their macroprudential risks , i.e. risks impacting an entire sector or the economy as a whole.
Moreover, EIOPA should set up and coordinate a collaboration platform to strengthen the exchange of information and to enhance collaboration between the relevant supervisory authorities of the home Member State and the host Member States where an insurance or reinsurance undertaking carries out, or intends to carry out, significant cross-border activities.
Documents
2023/07/18
EP - Vote in committee, 1st reading
2023/07/18
EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2022/09/07
EP - Amendments tabled in committee
Documents
2022/08/01
EP - Amendments tabled in committee
Documents
2022/08/01
EP - Amendments tabled in committee
Documents
2022/08/01
EP - Amendments tabled in committee
Documents
2022/06/06
EP - Committee draft report
Documents
2022/02/23
ESC - Economic and Social Committee: opinion, report
Documents
2022/01/04
ES_PARLIAMENT - Contribution
Documents
2021/11/22
EP - Committee referral announced in Parliament, 1st reading
2021/10/25
EP - FERBER Markus (EPP) appointed as rapporteur in ECON
2021/09/23
EC - Document attached to the procedure
Documents
2021/09/23
EC - Document attached to the procedure
Documents
2021/09/23
EC - Document attached to the procedure
Documents
2021/09/23
EC - Legislative proposal published
Details
PURPOSE: to amend the existing EU insurance rules (Solvency II Directive) to make them more resilient following the global COVID-19 pandemic.
PROPOSED ACT: Directive of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: Directive 2009/138/EC (Solvency II) sets out prudential rules for the insurance sector and aims to enable a single market for insurance services, while also protecting policyholders. The European Commission has a legal mandate to conduct a comprehensive review of pivotal components of the Solvency II Directive, in particular its risk-based capital requirements and rules on valuation of long-term liabilities, and to draw conclusions from the first five years of experience with the framework. This experience has also shown that the proportionality of Solvency II could be improved and has underlined the absence of specific EU-level provisions to address the build-up of systemic risks, to ensure preparedness for crises or to resolve insurers, where necessary.
Moreover, the framework needs to be consistent with the EU’s political priorities. In particular, the insurance sector should play a role in financing the post COVID-19 economic recovery, in completing the Capital Markets Union (CMU) and in achieving the targets of the European Green Deal.
CONTENT: the proposal aims to amend certain provisions of the Solvency II Directive , in particular those on capital requirements and on valuation of insurance liabilities towards policyholders and on cross-border supervision. It also introduces necessary clarifications and changes to provisions implementing the principle of proportionality. These changes are necessary and proportionate to improve the functioning of the regulatory framework for insurers and to attain the objectives of Solvency II.
More specifically, the proposed comprehensive review of Solvency II seeks to improve regulatory fitness and simplifies the framework as follows:
- excluding more small firms from Solvency II by increasing the size thresholds for the exclusions from the scope of Directive 2009/138/EC;
- making more proportionate rules available automatically to ‘low-risk profile undertakings’ and, after supervisory approval, to other insurers.
Strengthening the contribution of European insurers to help financing recovery
The planned changes aim to encourage insurers to make more long-term capital investments for the benefit of the economy. The Commission proposes releasing up to EUR 90 billion in the short term to help insurers increase their contribution as private investors to Europe's recovery from the crisis.
Climate and environmental risks
It is proposed that insurers should identify any material exposure to climate change risks and, where relevant, to assess the impact of long-term climate change scenarios on their business. Insurers classified as low-risk profile undertakings are exempted from scenario analyses.
Preserving policyholder protection
Consumers (policyholders) should be better protected when buying insurance products in other Member States. Moreover, consumers should be better informed about the financial situation of their insurer. Therefore, cooperation between the supervisory authority of the home Member State that granted authorisation to an insurance or reinsurance undertaking and the supervisory authorities of the Member States where that undertaking pursues activities by establishing branches or by providing services, should be strengthened in order to better prevent potential problems and to enhance the protection of policyholders across the EU.
This cooperation should include more information coming from the supervisory authority of the home Member State, in particular regarding the outcome of the supervisory review process related to the cross-border activity.
Supervision and financial stability
It is important that insurance and reinsurance undertakings maintain a healthy financial position, therefore the whole sector should be better scrutinised to avoid that its stability is put at risk.
Supervisory authorities should have the necessary powers to preserve the solvency position of specific insurance or reinsurance undertakings during exceptional situations such as adverse economic or market events affecting a large part or the totality of the insurance and reinsurance market, in order to protect policyholders and preserve financial stability. Those powers should include the possibility to restrict or suspend distributions to shareholders and other subordinated lenders of a given insurance or reinsurance undertaking before an actual breach of the Solvency Capital Requirement occurs.
Documents
Documents
- Committee report tabled for plenary, 1st reading: A9-0256/2023
- Amendments tabled in committee: PE736.375
- Amendments tabled in committee: PE732.669
- Amendments tabled in committee: PE735.620
- Amendments tabled in committee: PE735.621
- Committee draft report: PE732.668
- Economic and Social Committee: opinion, report: CES5378/2021
- Contribution: COM(2021)0581
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SEC(2021)0620
- Document attached to the procedure: SWD(2021)0260
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2021)0261
- Legislative proposal published: COM(2021)0581
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: EUR-Lex SEC(2021)0620
- Document attached to the procedure: SWD(2021)0260
- Document attached to the procedure: EUR-Lex SWD(2021)0261
- Economic and Social Committee: opinion, report: CES5378/2021
- Committee draft report: PE732.668
- Amendments tabled in committee: PE732.669
- Amendments tabled in committee: PE735.620
- Amendments tabled in committee: PE735.621
- Amendments tabled in committee: PE736.375
- Contribution: COM(2021)0581
| Amendments | Dossier |
| 600 |
2021/0295(COD)
2022/08/01
ECON
599 amendments...
Amendment 206 #
Proposal for a directive Recital 2 (2) The Covid-19 pandemic has caused tremendous socio-economic damage and left the EU economy in need of a sustainable, inclusive and fair recovery. Likewise, the economic and social consequences of the Russian war are still unfolding. This has made the work on the Union’s political priorities even more urgent, in particular ensuring that the economy works for people and attaining the objectives of the European Green Deal. The insurance and reinsurance sector can provide private sources of financing to European businesses and can make the economy more resilient by supplying protection against a wide range of risks. With this dual role, the sector has a great potential to contribute to the achievement of the Union’s priorities.
Amendment 207 #
Proposal for a directive Recital 3 (3) As underlined in the Commission’s Communication of 24 September 2020 ‘A Capital Markets Union for people and businesses’
Amendment 208 #
Proposal for a directive Recital 3 (3) As underlined in the Commission’s Communication of 24 September 2020 ‘A Capital Markets Union for people and businesses’18 , incentivising institutional investors, in particular insurers, to make more long-term investments will be instrumental in supporting re-equitisation in the corporate sector. To facilitate insurers’ contribution to the financing of the economic recovery of the Union, the prudential framework should be adjusted to
Amendment 209 #
Proposal for a directive Recital 3 (3) As underlined in the Commission’s Communication of 24 September 2020 ‘A Capital Markets Union for people and businesses’18 , incentivising institutional investors, in particular insurers, to make more long-term investments will be instrumental in supporting re-equitisation in the corporate sector. To facilitate insurers’ contribution to the financing of the economic recovery of the Union, the prudential framework should be adjusted to better take into account the long-term nature of the insurance business. In particular, when calculating the Solvency Capital Requirement under the standard formula, the possibility to use a more favourable standard parameter for equity investments which are held with a long- term perspective should be facilitated, provided that insurance and reinsurance undertakings comply with sound and robust criteria, that preserve policyholder protection and financial stability. Such criteria should aim to ensure that insurance and reinsurance undertakings are able to avoid forced selling of equities intended to be held for the long term, including under stressed market conditions. As insurance and reinsurance undertakings have a wide range of risk-management tools to avoid such forced selling, the criteria should recognise such variety and not require the legal or contractual ring- fencing of long-term investment assets in order to benefit from the more favourable standard parameter for equity investments. __________________ 18 COM/2050/590 final
Amendment 210 #
Proposal for a directive Recital 3 (3) As underlined in the Commission’s Communication of 24 September 2020 ‘A Capital Markets Union for people and businesses’18 , incentivising institutional investors, in particular insurers, to make more long-term investments will be instrumental in supporting re-equitisation in the corporate sector. To facilitate insurers’ contribution to the financing of the economic recovery of the Union, the prudential framework should be adjusted to better take into account the long-term nature of the insurance business. In particular, when calculating the Solvency Capital Requirement under the standard formula, the possibility to use a more favourable standard parameter for equity investments which are held with a long- term perspective should be facilitated, provided that insurance and reinsurance undertakings comply with sound and robust criteria, that preserve policyholder protection and financial stability. Such criteria should aim to ensure that insurance and reinsurance undertakings are able to avoid forced selling of equities intended to be held for the long term, including under stressed market conditions, irrespective of the line of business and the duration of the insurance obligations in order to preserve the level playing field throughout the Union. __________________ 18 COM/2050/590 final
Amendment 211 #
Proposal for a directive Recital 3 a (new) (3 a) The need to properly reflect extremely low and negative interest rates in the insurance regulation has arisen due to what has been witnessed in recent years on the markets; this has to be achieved via a recalibration of the Interest Rate Risk sub-module to reflect the existence of a negative yield environment. At the same time, the methodology to be used shall not result in unrealistically large decreases in the liquid part of the curve; this can be avoided by foreseeing an explicit floor to represent a lower bound of interest rates. In line with interest rates dynamics, the floor should not be flat but term-dependent.
Amendment 212 #
Proposal for a directive Recital 3 a (new) (3 a) The need to properly reflect extremely low and negative interest rates in the insurance regulation has arisen due to what has been witnessed in recent years on the markets; this has to be achieved via a recalibration of the Interest Rate Risk sub-module to reflect the existence of a negative yield environment. At the same time, the methodology to be used shall not result in unrealistically large decreases in the liquid part of the curve; this can be avoided by foreseeing an explicit floor to represent a lower bound of interest rates. In line with interest rates dynamics, the floor should not be flat but term-dependent.
Amendment 213 #
Proposal for a directive Recital 3 a (new) (3 a) The need to properly reflect extremely low and negative interest rates in the insurance regulation has arisen due to what has been witnessed in recent years on the markets; this has to be achieved via a recalibration of the Interest Rate Risk sub-module to reflect the existence of a negative yield environment. At the same time, the methodology to be used shall not result in unrealistically large decreases in the liquid part of the curve; this can be avoided by foreseeing an explicit floor to represent a lower bound of interest rates. In line with interest rates dynamics, the floor should not be flat but term-dependent.
Amendment 214 #
Proposal for a directive Recital 3 a (new) (3 a) The need to properly reflect extremely low and negative interest rates in the insurance regulation has arisen due to what has been witnessed in recent years on the markets; this has to be achieved via are calibration of the Interest Rate Risk sub-module to reflect the existence of a negative yield environment. At the same time, the methodology to be used shall not result in unrealistically large decreases in the liquid part of the curve; this can be avoided by foreseeing an explicit floor to represent a lower bound of interest rates. In line with interest rates dynamics, the floor should not be flat but term-dependent.
Amendment 215 #
Proposal for a directive Recital 4 Amendment 216 #
Proposal for a directive Recital 4 (4) In its Communication of 11 December 2019 on the European Green Deal19 , the Commission made a commitment to integrate better into the Union’s prudential framework the management of climate and environmental risks. The European Green Deal is the Union’s new growth strategy, which aims to transform the Union into a modern, resource-efficient and competitive economy with no net emissions of greenhouse gases by 2050. It will contribute to the objective of building an economy that works for the people,
Amendment 217 #
Proposal for a directive Recital 5 Amendment 218 #
Proposal for a directive Recital 5 (5) The
Amendment 219 #
Proposal for a directive Recital 5 (5) The EU sustainable finance framework will play a key role in meeting the targets of the European Green Deal and environmental regulation should be complemented by a sustainable finance framework which channels finance to investments that reduce exposure to these climate and environmental risks. In its Communication of 6 July 2021 on a Strategy for Financing the Transition to a Sustainable Economy22 , the Commission committed to propose amendments to Directive 2009/138/EC to consistently integrate sustainability risks in risk management of insurers by requiring climate change scenario analysis by insurers. As a result, sustainability risks should be reflected in underwriting and investment decisions. __________________ 22 COM(2021)390
Amendment 220 #
Proposal for a directive Recital 5 a (new) (5 a) According to the International Energy Agency, to reach the carbon neutrality objective by 2050, no new fossil fuel exploration and expansion can take place. This means that fossil fuel exposures represent a higher risk both at micro level, as the value of such assets is set to decrease over time, and at macro level as financing fossil fuel activities jeopardises the objective of maintaining the global rise of temperature below 1.5°C and therefore threatens the financial stability. The higher risks embedded in such exposure should be reflected in the prudential framework, as of now.
Amendment 221 #
Proposal for a directive Recital 5 a (new) (5 a) Recent geopolitical developments emphasised the necessity of an open strategic autonomy of the European Union. The insurance industry is a key facilitator of economic activity in the Union, and particularly small and medium sized entities, as well as social wellbeing for EU citizens. Safeguarding the competitiveness of the EU insurance market and should be an objective of the review of Directive 2009/138/EC, its transposition, implementation and the supervision in accordance with the regime.
Amendment 222 #
Proposal for a directive Recital 5 b (new) (5 b) The further integration of the single market for insurance is a key objective of this review of Directive 2009/138/EC. The integration of the EU single market for insurance increases competition and the availability of insurance products across Member States to the benefit of businesses and consumers. Insurance failures in the single market for insurance since the application of Solvency II emphasise the need for more consistency and convergence of supervision across the EU. The supervision of insurance undertakings operating under the freedom to provide services and the freedom of establishment should be further improved without undermining the objective of further integrating the single market for insurance to ensure consistent consumer protection and safeguarding fair competition across the EU single market.
Amendment 223 #
Proposal for a directive Recital 6 a (new) (6 a) To ensure an orderly transition towards the objective of carbon neutrality as established in Regulation (EU) 2021/1119(European Climate Law), insurance and reinsurance undertakings in the scope of Directive (EU) 2021/0104 (COD) [CSRD Directive], as regards corporate sustainability reporting shall develop and adopt a transition plan to ensure that their business model and strategy are compatible with the transition to a sustainable economy and with the limiting of global warming to 1.5 °C in line with the Paris Agreement.
Amendment 224 #
Proposal for a directive Recital 9 (9)
Amendment 225 #
Proposal for a directive Recital 9 (9) Prior to the granting of authorisation, the supervisory authority of the home Member State should consult the supervisory authorities of any Member States concerned. In view of increased cross-border insurance activities, it is necessary to enhance the convergent application of Union law in cases of cross- border insurance activity and the exchange of information between the supervisory authorities, in
Amendment 226 #
Proposal for a directive Recital 10 (10) Directive 2009/138/EC should be applied in accordance with the proportionality principle. To facilitate the proportionate and homogeneous application of the Directive to undertakings presenting a lower risk profile than the average undertaking, and to ensure that they are not subject to disproportionately burdensome requirements, it is necessary to provide risk-based criteria that allow for their identification.
Amendment 227 #
Proposal for a directive Recital 11 a (new) (11 a) By way of derogation from the automatic benefit from proportionality measures, where supervisory authorities have concerns in relation to the risk profile of an individual low-risk profile undertaking, the supervisory authorities should have the power to request the undertaking concerned to refrain from using one or several proportionality measures. Such power could be used where they identify that the risk profile of an undertaking changes significantly, as a result of a material deterioration of its solvency position, a deficiency in the functioning of its governance or a material change in the activities of the undertaking.
Amendment 228 #
Proposal for a directive Recital 11 a (new) (11 a) Member States could make insurance undertakings that are excluded from the scope of Directive 2009/138/EC subject to provisions that are similar or identical to the ones provided for in that Directive.
Amendment 229 #
Proposal for a directive Recital 14 (14) Captive insurance undertakings and captive reinsurance undertakings which only cover risks associated with the industrial or commercial group to which they belong, present a particular risk profile that should be taken into account when defining some requirements, in particular on own-risk and solvency assessment, disclosures and the related empowerments for the Commission to
Amendment 230 #
Proposal for a directive Recital 15 a (new) (15 a) The lack of diversity in the administrative, management or supervisory bodies could lead to 'groupthink' phenomenon. This phenomenon is at the roots of ineffective decisions and systematic bias. Therefore, diversity should be one of the criteria for the composition of administrative, management or supervisory bodies. To facilitate independent opinions and critical challenges, administrative, management or supervisory bodies should be sufficiently diverse as regards age, gender, geographical provenance and educational and professional background to present a variety of views and experiences. Gender balance is of particular importance to ensure adequate representation of the population. Insurance and reinsurance undertaking shall set target and define measures to increase the representation of the underrepresented gender in the administrative, management or supervisory body. Employee representation in management bodies could also, by adding a key perspective and genuine knowledge of the internal workings of institutions, be seen as a positive way of enhancing diversity. Diversity should also be addressed in institutions' recruitment policy more generally. Such a policy should, for instance, encourage institutions to select candidates from shortlists including both genders.
Amendment 231 #
Proposal for a directive Recital 15 b (new) (15 b) The effectiveness of a prudential framework relies on the ability of the responsible supervisor to conduct its task in an objective and impartial manner. To avoid that any conflict of interest jeopardises the supervision of insurance and reinsurance undertakings, supervisors shall meet high-level independence criteria. Supervisors must not be allowed to trade any securities issued by a supervised entity and an appropriate cooling-off period shall be defined before a supervisor takes a position in a supervised entity or other related entity.
Amendment 232 #
Proposal for a directive Recital 16 (16) Cooperation between the supervisory authority of the home Member State that granted authorisation to an insurance or reinsurance undertaking and the supervisory authorities of the Member States where that undertaking pursues activities by establishing branches or by providing services, should be strengthened in order to better prevent potential problems and to enhance the protection of policyholders across the Union. This cooperation should inc
Amendment 233 #
Proposal for a directive Recital 17 (17) Supervisory authorities should be entitled to receive from each supervised insurance and reinsurance undertaking and their groups, at least every t
Amendment 234 #
Proposal for a directive Recital 19 (19) Reporting and disclosure deadlines should be clearly laid down in Directive 2009/138/EC. However, it should be recognised that extraordinary circumstances such as sanitary emergencies, natural catastrophes and other extreme events could make it impossible for insurance and reinsurance undertakings to submit such reports and disclosures, within the established deadlines. To this end,
Amendment 235 #
Proposal for a directive Recital 20 a (new) (20 a) Cyber risks remain top global risks for the financial sector and the economy and have increased during the Covid pandemic. Following the adoption of the Regulation 2020/0266 on digital operational resilience for the financial sector [DORA Regulation], cyber risks need to be better taken into account by insurers as part of their operational risks to prevent damages resulting from cyber- attacks. EIOPA should also consider how the insurance market could improve the coverage of cyber risks.
Amendment 236 #
Proposal for a directive Recital 21 (21) As insurance activities
Amendment 237 #
Proposal for a directive Recital 21 (21) As insurance activities
Amendment 238 #
Proposal for a directive Recital 22 (22)
Amendment 239 #
Proposal for a directive Recital 22 (22) Insurance and reinsurance undertakings should factor any relevant macroprudential information provided by the supervisory authorities in their own- risk and solvency assessment
Amendment 240 #
Proposal for a directive Recital 22 a (new) (22 a) Supervisory authorities should have the power to set a capital add-on to address one or more entity, activity-, or behaviour-based sources of systemic risk. Supervisory authorities should have the discretion to make use of this tool, whenever they deem it necessary to mitigate an identified systemic risk or the build-up thereof. They should clearly document the rationale for the add-on, apply it in a proportionate way and only as long as the conditions that lead to the application of the add-on remain in force. Supervisory authorities must also take into account procyclical effects when considering the use of this tool. In order to assist consistent conditions of application and avoid inconsistent use across the Union, the Commission should adopt a delegated act on the procedures for decisions to trigger, set, calculate and remove capital add-on for systemic risk.
Amendment 241 #
Proposal for a directive Recital 24 (24) Authorities with a macroprudential mandate are in charge of the macroprudential policy for their national insurance and reinsurance market. The macroprudential policy can be pursued by the supervisory authority or by another authority
Amendment 242 #
Proposal for a directive Recital 25 (25) Good coordination between supervisory authorities and the relevant
Amendment 243 #
Proposal for a directive Recital 26 Amendment 244 #
Proposal for a directive Recital 26 (26) Directive 2009/138/EC requires insurance and reinsurance undertakings to have, as an integrated part of their business strategy, a periodic own-risk and solvency assessment.
Amendment 245 #
Proposal for a directive Recital 26 (26) Directive 2009/138/EC requires insurance and reinsurance undertakings to have, as an integrated part of their business strategy, a periodic own-risk and solvency assessment. Some risks, such as climate
Amendment 246 #
Proposal for a directive Recital 26 (26) Directive 2009/138/EC requires insurance and reinsurance undertakings to have, as an integrated part of their business strategy, a periodic own-risk and solvency assessment. Some risks, such as climate change risks, are difficult to quantify or they materialise over a period that is longer than the one used for the calibration of the Solvency Capital Requirement (SCR). Those risks can be better taken into account in the own-risk and solvency assessment. Where insurance and reinsurance undertakings
Amendment 247 #
Proposal for a directive Recital 27 (27) Directive 2009/138/EC requires the disclosure, at least, annually, of essential information through the solvency and financial condition report. That report has two main types of addressees: policyholders and beneficiaries on the one hand, and analysts and other market participants on the other hand. In order to address the needs and the expectations of those two different groups, the content of the report should be divided into two parts. The first part, addressed mainly to policyholders and beneficiaries, should contain the key information on business, performance, capital management and risk profile, including in relation to sustainability risks. The second part, addressed to analysts and other market participants, should contain detailed information on the system of governance, including the role of the administrative, management and supervisory body with regard to sustainability risks, specific information
Amendment 248 #
Proposal for a directive Recital 27 a (new) (27 a) EIOPA is required to initiate and coordinate Union-wide assessments of the resilience of financial institutions to adverse market developments according to Article 32 of Regulation (EU) No 1094/2010. A first IORP stress test was launched in April 2022 with results expected in December 2022. Similarly, national supervisory authorities should perform stress tests on climate but also on environmental and social risks.
Amendment 249 #
Proposal for a directive Recital 28 a (new) (28 a) The European Insurance and Occupational Pensions Authority (EIOPA) noted in its holistic impact assessment that certain changes would result in significant increases in certain provisions for insurance undertakings in some Member States, due to different characteristics in government bond and swap markets. Therefore, differences in currencies and national characteristics should be taken into account when determining the starting point for the extrapolation of risk-free interest rates and the appropriate convergence period to the ultimate forward rate.
Amendment 250 #
Proposal for a directive Recital 30 (30) In order to guarantee the highest degree of accuracy of the information disclosed to the public, a substantial part of the solvency and financial condition report should be subject to audit. Such
Amendment 251 #
Proposal for a directive Recital 31 Amendment 252 #
Proposal for a directive Recital 31 (31) The burden of the auditing requirement does not seem to be justified for low-risk profile undertakings, which are not expected to be relevant for the financial stability of the Union and whose policyholders are not numerous. One of the criteria that low-risk profile undertakings are required to meet is that they be small in size. To alleviate this burden, an exclusion from this requirement should be granted. However, as some Member States have already implemented audit requirements encompassing all undertakings and other parts of the solvency and financial condition report, they should have the possibility to apply auditing to all undertakings and other parts of the solvency and financial condition report.
Amendment 253 #
Proposal for a directive Recital 31 (31) The burden of the auditing requirement does not seem to be justified for low-risk profile undertakings, which are not expected to be relevant for the financial stability of the Union and whose policyholders are not numerous. One of the criteria that low-risk profile undertakings are required to meet is that they be small in size. To alleviate this burden, an exclusion from this requirement should be granted, unless decided otherwise by the competent authority.
Amendment 254 #
Proposal for a directive Recital 32 Amendment 255 #
Proposal for a directive Recital 34 (34) The determination of the relevant risk-free interest rate term structure should balance the use of information derived from relevant financial instruments with the ability of insurance and reinsurance undertakings to hedge interest rates derived from financial instruments. In particular, it can happen that smaller insurance and reinsurance undertakings do not have the capacities to hedge interest rate risk with instruments other than bonds, loans or similar assets with fixed cash-flows. The relevant risk-free interest rate term structure should therefore be extrapolated for maturities where the markets for bonds are no longer deep, liquid and transparent. However, the method for the extrapolation should make use of information derived from relevant financial instruments other than bonds, where such information is available from deep, liquid and transparent markets for maturities where the bond markets are no longer deep, liquid and transparent. To ensure certainty and harmonised application while also allowing for timely reaction to changes in market conditions, the Commission should adopt delegated acts to specify how the new extrapolation method should apply. Under market conditions similar to those at the date of entry into force of this Directive, the starting point for the extrapolation of risk-free interest rates, in particular for the euro, should be at a maturity of 20 years. In addition, the extrapolated part of the relevant risk-free interest rate term structure, in particular for the euro, should converge so that for maturities40 years past the starting point of the extrapolation, the extrapolated forward rates do not differ more than seven basis points from the ultimate forward rate.
Amendment 256 #
Proposal for a directive Recital 36 (36) Directive 2009/138/EC provides for a volatility adjustment, which seeks to mitigate the effect of exaggerations of bond spreads and is based on reference portfolios for the relevant currencies of insurance and reinsurance undertakings and, in the case of the euro, on reference portfolios for national insurance markets. The use of a uniform volatility adjustment for entire currencies or countries can lead to benefits in excess of a mitigation of exaggerated bond spreads, in particular where the sensitivity of relevant assets of those undertakings to changes in credit spreads is lower than the sensitivity of the relevant best estimate to changes in interest rates. In
Amendment 257 #
Proposal for a directive Recital 36 (36) Directive 2009/138/EC provides for a volatility adjustment, which seeks to mitigate the effect of exaggerations of bond spreads and is based on reference portfolios for the relevant currencies of insurance and reinsurance undertakings and, in the case of the euro, on reference portfolios for national insurance markets. The use of a uniform volatility adjustment for entire currencies or countries can lead
Amendment 258 #
Proposal for a directive Recital 36 a (new) (36 a) Where the undertaking invests in debt instruments which have a better credit quality than the debt instruments contained in the representative portfolio for the calculation of the volatility adjustment, the volatility adjustment may overcompensate the loss of own funds caused by widening bond spreads and may lead to undue volatility in the own funds. Alternatively, where the undertaking invests in debt instruments which are underrepresented in the representative portfolio for the calculation of the volatility adjustment, the volatility adjustment may underestimate the loss of own funds caused by widening bond spreads and may lead to undue volatility in the own funds. With the objective to offset the artificial volatility caused by such inappropriate corrections, in these cases undertakings should be able to apply for a modification of the volatility adjustment that takes into account information on the undertaking specific investments in debt instruments.
Amendment 259 #
Proposal for a directive Recital 36 a (new) (36 a) Where the undertaking invests in debt instruments which have a better credit quality than the debt instruments contained in the representative portfolio for the calculation of the volatility adjustment, the volatility adjustment may overcompensate the loss of own funds caused by widening bond spreads and may lead to undue volatility in the own funds. With the objective to offset the artificial volatility caused by such overcompensations, in these cases undertakings should be able to apply for a modification of the volatility adjustment that takes into account information on the undertaking specific investments in debt instruments.
Amendment 260 #
Proposal for a directive Recital 36 a (new) (36 a) Where the undertaking invests in debt instruments which have a better credit quality than the debt instruments contained in the representative portfolio for the calculation of the volatility adjustment, the volatility adjustment may overcompensate the loss of own funds caused by widening bond spreads and may lead to undue volatility in the own funds. With the objective to offset the artificial volatility caused by such over compensations, in these cases undertakings should be able to apply for a modification of the volatility adjustment that takes into account information on the undertaking specific investments in debt instruments.
Amendment 261 #
Proposal for a directive Recital 37 (37) Directive 2009/138/EC provides for a country component in the volatility adjustment that aims to ensure that exaggerations of bond spreads in a specific country are mitigated. However, the activation of the country component is based on an absolute threshold and a
Amendment 262 #
Proposal for a directive Recital 37 a (new) (37 a) The Review of Directive 2009/138/EC should aim at granting the highest level of protection towards policy holders all over the Union. In the framework of its review, measurement methodologies and tools on illiquidity should be refrained from being used, when their design could have unintended consequences, being detrimental for the policy holders protection, or when they are not based on valid empirical analysis and data.
Amendment 263 #
Proposal for a directive Recital 39 a (new) (39 a) Directive 2009/138/EC requires that the amount of eligible own funds necessary to support the insurance and reinsurance obligations be determined for the purpose of the risk margin calculation and that the Cost-of-Capital rate is equal to the additional rate, above the relevant risk-free interest rate, that an insurance or reinsurance undertaking would incur holding that amount of eligible own funds. Directive 2009/138/EC also requires that the Cost-of-Capital rate be reviewed periodically. For that purpose, the reviews should ensure that the Cost- of-Capital rate remains risk-based and is not set at an overly conservative level. In addition, the projection of future capital requirements for that purpose should take into account the time-dependence of risks in the aggregation of projected future capital requirements. In particular, projected future capital requirements for later years should have a lesser contribution to the risk margin than projected capital requirements of the same level pertaining to earlier years. The determination of the risk margin should take diversification effects at group level into account to reflect the positive impact of effective risk management of insurance and reinsurance groups.
Amendment 264 #
Proposal for a directive Recital 39 a (new) (39 a) Directive 2009/138/EC requires that the amount of eligible own funds necessary to support the insurance and reinsurance obligations be determined for the purpose of the risk margin calculation and that the Cost-of-Capital rate is equal to the additional rate, above the relevant risk-free interest rate, that an insurance or reinsurance undertaking would incur holding that amount of eligible own funds. Directive 2009/138/EC also requires that the Cost-of-Capital rate be reviewed periodically. For that purpose, the reviews should ensure that the Cost- of-Capital rate remains risk-based and is not set at an overly conservative level. In addition, the projection of future capital requirements for that purpose should take into account the time-dependence of risks in the aggregation of projected future capital requirements. In particular, projected future capital requirements for later years should have a lesser contribution to the risk margin than projected capital requirements of the same level pertaining to earlier years.
Amendment 265 #
Proposal for a directive Recital 40 (40) For the purposes of calculating their own funds under Regulation (EU) No 575/2013 of the European Parliament and of the Council23 , institutions which belong to financial conglomerates that are subject to Directive 2002/87/EC of the European Parliament and of the Council24 may be
Amendment 266 #
Proposal for a directive Recital 40 (40) For the purposes of calculating their own funds under Regulation (EU) No 575/2013 of the European Parliament and of the Council23
Amendment 267 #
Proposal for a directive Recital 40 (40) For the purposes of calculating their own funds under Regulation (EU) No 575/2013 of the European Parliament and of the Council23 , institutions which belong to financial conglomerates that are subject to Directive 2002/87/EC of the European Parliament and of the Council24 may be permitted not to deduct their significant investments in insurance or reinsurance undertakings, provided that certain criteria are met. There is a need to ensure that prudential rules applicable to insurance or reinsurance undertakings and credit institutions allow for an appropriate level- playing field between banking-led and insurance-led financial groups. Therefore, insurance or reinsurance undertakings should also be permitted not to deduct from their eligible own funds participations in credit and financial institutions, subject to similar conditions and to apply a capital requirement factor based on the market risk module, calculated in accordance with Directive 2009/138/EC, to the participations in credit and financial institutions. In particular, either group supervision in accordance with Directive 2009/138/EC or supplementary supervision in accordance with Directive 2002/87/EC should apply to a group encompassing both the insurance or reinsurance undertaking and the related institution. In addition, the institution should be an equity investment of strategic nature for the insurance or reinsurance undertaking and supervisory authorities should be satisfied as to the level of integrated management, risk management and internal controls regarding the entities in the scope of group supervision or supplementary supervision. __________________ 23 Regulation (EU) No 575/2013 of the
Amendment 268 #
Proposal for a directive Recital 40 (40) For the purposes of calculating their own funds under Regulation (EU) No 575/2013 of the European Parliament and of the Council23 , institutions which belong to financial conglomerates that are subject to Directive 2002/87/EC of the European Parliament and of the Council24 may be permitted not to deduct their significant investments in insurance or reinsurance undertakings, provided that certain criteria are met. There is a need to ensure that prudential rules applicable to insurance or reinsurance undertakings and credit institutions allow for an appropriate level- playing field between banking-led and insurance-led financial groups. Therefore, insurance or reinsurance undertakings should also be permitted not to deduct from
Amendment 269 #
Proposal for a directive Recital 40 (40) For the purposes of calculating their own funds under Regulation (EU) No 575/2013 of the European Parliament and of the Council23 , institutions which belong to financial conglomerates that are subject to Directive 2002/87/EC of the European Parliament and of the Council24 may be permitted not to deduct their significant investments in insurance or reinsurance undertakings, provided that certain criteria are met. There is a need to ensure that prudential rules applicable to insurance or reinsurance undertakings and credit institutions allow for an appropriate level- playing field between banking-led and insurance-led financial groups. Therefore, insurance or reinsurance undertakings should also be permitted not to deduct from their eligible own funds participations in credit and financial institutions and to apply a risk-weighted adjustment factor to the non-deducted participations, subject to similar conditions. In particular, either group supervision in accordance with Directive 2009/138/EC or supplementary supervision in accordance with Directive 2002/87/EC should apply to a group encompassing both the insurance or reinsurance undertaking and the related institution. In addition, the institution should be an equity investment of strategic nature for the insurance or reinsurance undertaking and supervisory authorities should be satisfied as to the level of integrated management, risk management and internal controls regarding the entities in the scope of group supervision or supplementary supervision. __________________ 23 Regulation (EU) No 575/2013 of the
Amendment 270 #
Proposal for a directive Recital 41 (41) The existing limits imposed on the level of the symmetric adjustment restrict the ability of this adjustment to mitigate potential pro-cyclical effects of the financial system and to avoid a situation in which insurance and reinsurance undertakings are unduly forced to raise additional capital or sell their investments as a result of unsustained adverse movements in financial markets, such as the ones triggered by the Covid-19 pandemic. Therefore, the symmetric adjustment should be amended so that it allows for larger changes to the standard equity capital charge and further mitigates the impact of sharp increases or decreases
Amendment 271 #
Proposal for a directive Recital 44 (44) As part of the supervisory review process, it is important for supervisory authorities to be able to compare information across the companies they supervise.
Amendment 272 #
Proposal for a directive Recital 44 (44) As part of the supervisory review process, it is important for supervisory authorities to be able to compare information across the companies they supervise. Partial and full internal models allow to capture the individual risk of a
Amendment 273 #
Proposal for a directive Recital 45 Amendment 274 #
Proposal for a directive Recital 47 (47) National supervisory authorities should be able to collect relevant macroprudential information on the investment strategy of undertakings, analyse it together with other relevant information that might be available from other market sources, and incorporate a macroprudential perspective in the
Amendment 275 #
Proposal for a directive Recital 54 (54) Supervisory authorities should have the necessary powers to preserve the solvency position of specific insurance or reinsurance undertakings during exceptional situations such as adverse economic or
Amendment 276 #
Proposal for a directive Recital 54 (54) Supervisory authorities should have the necessary powers to preserve the solvency position of specific insurance or reinsurance undertakings during exceptional situations such as adverse economic or market events affecting a large part or the totality of the insurance and reinsurance market, in order to protect policyholders and preserve financial stability. Those powers should include the possibility to restrict or suspend distributions to shareholders and other subordinated lenders of a given insurance or reinsurance undertaking before an actual breach of the Solvency Capital Requirement (SCR) occurs. Those powers should be applied on a case-by-case basis, respect common risk-based criteria and not undermine the functioning of the internal market.
Amendment 277 #
Proposal for a directive Recital 56 a (new) (56 a) Despite the limited number of failures in the EU internal market for insurance, EIOPA found that particular unsustainable business models operating regulatory arbitrage caused consumer detriment. The supervisory authority granting authorisation to an insurance or reinsurance undertaking should particularly assess if the business model and the scheme of planned activity might pose particular risks to consumers in a specific Member State or across the EU internal market for insurance. Where the business plan of an insurance undertaking, which is seeking authorisation, includes activities carried out under the freedom to provide services or the freedom of establishment, the supervisory authority should notify all concerned supervisory authorities about the outcome of its assessment. Where the activities of an insurance undertaking carried out under the freedom to provide services or the freedom of establishment are considered to present a specific risk to consumers or the functioning of the internal market for insurance, these activities should be considered “significant cross-border activity”. A reassessment should be carried out where the insurance undertaking notifies the supervisory authority, granting the authorisation, that it intends to carry out activities in another Member State or where the risk profile of the undertaking changes materially .
Amendment 278 #
Proposal for a directive Recital 57 (57) Under Directive 2009/138/EC, as amended by Directive (EU) 2019/2177 of the European Parliament and of the Council25, EIOPA has the power to set up and coordinate collaboration platforms to enhance collaboration between the relevant supervisory authorities where an insurance or reinsurance undertaking carries out, or intends to carry out, activities which are based on the freedom to provide services or the freedom of establishment.
Amendment 279 #
Proposal for a directive Recital 58 (58) Under Directive 2009/138/EC, insurance or reinsurance undertakings are not required to provide information on the conduct of their business to the supervisory authorities of the host Member States in a timely manner.
Amendment 280 #
Proposal for a directive Recital 59 (59) Where an insurance or reinsurance undertaking carries out significant cross- border activities
Amendment 281 #
Proposal for a directive Recital 61 Amendment 282 #
Proposal for a directive Recital 63 (63) Group supervisors may decide to exclude an undertaking from group supervision, in particular when such an undertaking is deemed of negligible interest with respect to the objectives of group supervision. EIOPA has noted diverging interpretations on the criterion of negligible interest, and has identified that, in some cases, such exclusions result in complete waivers of group supervision or in supervision at the level of an intermediate parent company. It is therefore necessary to clarify that such cases should only occur in very exceptional circumstances and that group supervisors should consult EIOPA before making such decisions. Criteria should also be introduced so that there is more clarity as to what should be deemed as negligible interest with respect to the objectives of group supervision. EIOPA shall issue guidelines to further specify such exceptional circumstances and the cases where an exclusion may be justified. The group supervisor shall reassess at least annually whether its decision remains appropriate.
Amendment 283 #
Proposal for a directive Recital 63 a (new) (63 a) Before excluding the ultimate parent undertaking from group supervision, the group supervisor should consult EIOPA, and where applicable, other supervisory authorities concerned, and should assess the impact of exercising group supervision at the level of an intermediate participating undertaking on the solvency position of the group. In this assessment on the features of the group, the group supervisor should consider the qualitative and quantitative risks, including those stemming from intragroup transactions, and the risks that the ultimate parent undertaking poses or may pose to the whole group. Any supervisory decision to exclude the top holding from scope of group supervision and to apply the group supervision at an intermediate level should carefully consider any potential impact on the solvency position of the group and fully overview of the risks the group faces or may face.
Amendment 284 #
Proposal for a directive Recital 64 (64) There is a lack of clarity regarding the types of undertakings for which Method 2, namely a deduction and aggregation method as defined in Article 233 of Directive 2009/138/EC, may be applied when calculating group solvency,
Amendment 285 #
Proposal for a directive Recital 64 (64) There is a lack of clarity regarding the types of undertakings for which Method 2, namely a deduction and aggregation method as defined in Article 233 of Directive 2009/138/EC, may be applied when calculating group solvency, which is detrimental to the level-playing field in the Union and in third countries. Therefore, it should be clearly specified which undertakings may be included in the group solvency calculation through Method 2. Such method should only apply to insurance and reinsurance undertakings, third-country insurance and reinsurance undertakings, undertakings belonging to other financial sectors, mixed financial holding companies, insurance holding companies, and other parent undertakings the main business of which is to acquire and hold participations in subsidiary undertakings, where those subsidiary undertakings are exclusively or mainly insurance or reinsurance undertakings, or third-country insurance or reinsurance undertakings.
Amendment 286 #
Proposal for a directive Recital 64 (64) There is a lack of clarity regarding the types of undertakings for which Method 2, namely a deduction and aggregation method as defined in Article 233 of Directive 2009/138/EC, may be applied when calculating group solvency,
Amendment 287 #
Proposal for a directive Recital 67 (67) Under current rules, participating insurance and reinsurance undertakings are granted limited possibilities to use simplified calculations for the purpose of determining their group solvency when method 1,
Amendment 288 #
Proposal for a directive Recital 72 (72) There is no legal provision specifying how to calculate group solvency when a combination of Method 1 and Method 2 is used. This leads to inconsistent practices and uncertainties, in particular in relation to the way of calculating the contribution to the group Solvency Capital Requirement of insurance and reinsurance undertakings included through Method 2. Therefore, it should be clarified how group solvency is to be calculated when a combination of methods is used. In order to avoid material increases and double counting in capital requirements as well as to preserve a level playing field for insurance and reinsurance groups at global level, it should be clarified that, for the purpose of calculating the consolidated group Solvency Capital Requirement, no equity risk capital charge is to be applied to such holdings. For the same reason, and because currency risk c
Amendment 289 #
Proposal for a directive Recital 72 (72) There is no legal provision specifying how to calculate group solvency when a combination of Method 1 and Method 2 is used. This leads to inconsistent practices and uncertainties, in particular in relation to the way of calculating the contribution to the group Solvency Capital Requirement of insurance and reinsurance undertakings included through Method 2. Therefore, it should be clarified how group solvency is to be calculated when a combination of methods is used. In order to avoid material increases in capital requirements, it should be clarified that, for the purpose of calculating the consolidated group Solvency Capital Requirement, no equity risk capital charge is to be applied to such holdings. For the same reason, and because currency risk c
Amendment 290 #
Proposal for a directive Recital 77 a (new) (77 a) When adopting the Delegated Act on the Preferential treatment for long- term investments in equity, the Commission shall ensure that this treatment is granted only under strict conditions in terms of fight against money laundering, terrorist financing and tax evasion, aiming at protecting the Union financial system and the proper functioning of the internal market. Therefore, a sub-set of equity investments may be treated as long term equity investments provided that this equity is not issued by companies which have the parent company, subsidiaries or branches in a third country, which is mentioned in Annex I or Annex II to the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes, or in the Delegated Regulation in relation to third countries which have strategic deficiencies in their AML/CFT regimes that pose significant threats to the financial system of the Union ('high-risk third countries'), stemming from Article 9 of Directive (EU) 2015/849.
Amendment 291 #
Proposal for a directive Recital 78 Amendment 292 #
Proposal for a directive Recital 78 (78) Achieving the environmental and climate ambitions of the Green Deal requires the channelling of large amounts of investments from the private sector, including from insurance and reinsurance companies, towards sustainable investments. The provisions of Directive 2009/138/EC on the capital requirements should not impede sustainable investments by insurance and reinsurance undertakings but should reflect the full risk of investments in environmentally harmful activities. While there is not sufficient evidence at this stage on risk differentials between environmentally or socially harmful and other investments, such evidence may become available over the next years. I
Amendment 293 #
Proposal for a directive Recital 78 (78) Achieving the environmental and climate ambitions of the Green Deal requires the channelling of large amounts of investments from the private sector, including from insurance and reinsurance companies, towards sustainable investments. The provisions of Directive 2009/138/EC on the capital requirements should not impede sustainable investments by insurance and reinsurance undertakings but should reflect the full risk of investments in environmentally harmful activities.
Amendment 294 #
Proposal for a directive Recital 78 (78) Achieving the environmental and climate ambitions of the Green Deal requires the channelling of large amounts of investments from the private sector, including from insurance and reinsurance companies, towards sustainable investments. The provisions of Directive 2009/138/EC on the capital requirements should not impede sustainable investments by insurance and reinsurance undertakings but should reflect the full risk of investments in environmentally harmful activities. While there is not sufficient evidence at this stage on risk differentials between environmentally or socially harmful and other investments, such evidence may become available over the next years. In order to ensure an appropriate assessment of the relevant evidence, EIOPA should monitor and report by June 2023 on the evidence on the risk profile of environmentally or socially harmful investments. The report should assess whether a dedicated prudential treatment of exposures related to assets or insurance liabilities associated substantially with environmental or social objectives would be justified. Where appropriate, EIOPA’s report should advise on changes to Directive 2009/138/EC and to the delegated and implementing acts adopted pursuant to that Directive. EIOPA may also inquire whether it would be appropriate that certain environmental risks, other than climate change, including biodiversity loss-related, should be taken into account and how. For instance, if evidence so suggests, EIOPA could analyse the need for extending scenario analyses as introduced by this Directive in the context of climate change-related risks to other environmental risks. Prior to the publication of such a report, undertakings’ assessment of market risk should already reflect sustainability risks stemming from climate change. The assessment should include the impact of such risk on the undertaking, its customers and on the assets the undertaking has invested in. To that end, undertakings should consider any exposure to fossil fuel sectors as an exposure to the most volatile asset of each category.
Amendment 295 #
Proposal for a directive Recital 78 (78) Achieving the environmental and climate ambitions of the Green Deal requires the channelling of large amounts of investments from the private sector, including from insurance and reinsurance companies, towards sustainable investments. The provisions of Directive 2009/138/EC on the capital requirements should not impede sustainable investments by insurance and reinsurance undertakings but should reflect the full risk of investments in environmentally harmful activities. While there is not sufficient evidence at this stage on risk differentials between environmentally or socially harmful and other investments, such evidence may become available over the next years. In order to ensure an
Amendment 296 #
Proposal for a directive Recital 78 (78) Achieving the environmental and climate ambitions of the Green Deal requires the channelling of large amounts of investments from the private sector, including from insurance and reinsurance companies, towards sustainable investments. The provisions of Directive 2009/138/EC on the capital requirements should not impede sustainable investments by insurance and reinsurance undertakings but should reflect the full risk of investments in environmentally harmful
Amendment 297 #
Proposal for a directive Recital 78 a (new) (78 a) With the aim of achieving climate neutrality by 2050 at the latest and in line with the broader transition towards a sustainable economy, insurance and reinsurance undertakings should draw up transition plans, including a comprehensive strategy and operational actions to reach the carbon neutrality objective by 2050 as well as science-based and quantifiable targets and milestones to monitor and address risks arising the short, medium and long-term. Supervisory authorities should approve such transition plans and verify that the investment policy of insurance and reinsurance undertakings is aligned with the objectives and targets set out in these plans.
Amendment 298 #
Proposal for a directive Recital 78 b (new) (78 b) Remuneration policies which encourage excessive risk-taking behaviour can endanger sound and effective risk management. Therefore, Member States should ensure that written policies on remuneration promote sound and effective risk management, including in relation to sustainability risks. The Commission should adopt delegated acts to specify remuneration schemes, including variable remuneration components linked to the achievement of targets set out in the transition plan of the undertaking.
Amendment 299 #
Proposal for a directive Recital 79 Amendment 300 #
Proposal for a directive Recital 79 (79) Climate change is affecting and will affect at least over the next decades the frequency and severity of natural catastrophes which are likely to further aggravate due to rising temperatures, environmental degradation and pollution. This may also change the exposure of insurance and
Amendment 301 #
Proposal for a directive Recital 79 a (new) (79 a) Stewardship policies are a very effective way to align the activity of an investee company with the long-term interests of the policy holders of an insurance undertaking. As such, insurance undertakings should develop and report on their stewardship policies.
Amendment 302 #
Proposal for a directive Recital 82 a (new) (82 a) The supervision of phasing-in plans for the transitional measures on risk-free interest rates and on technical provisions should be improved, in particular by strengthening the power of the supervisor to withdraw those transitional measures where progress towards compliance with the Solvency Capital Requirement at the end of the transitional period is not achieved or where such compliance is unrealistic. In particular, the compliance could be considered unrealistic where it is based on the assumption that the situation of financial markets at the end of the transitional period is improved compared to the situation at the time of the assessment.
Amendment 303 #
Proposal for a directive Recital 82 a (new) (82 a) The supervision of phasing-in plans for the transitional measures on risk-free interest rates and on technical provisions should be improved, in particular by strengthening the power of the supervisor to withdraw those transitional measures where progress towards compliance with the Solvency Capital Requirement at the end of the transitional period is not achieved or where such compliance is unrealistic. In particular, the compliance could be considered unrealistic where it is based on the assumption that the situation of financial markets at the end of the transitional period is improved compared to the situation at the time of the assessment.
Amendment 304 #
Proposal for a directive Recital 82 a (new) (82 a) The risks, and the risk-weights, associated with securitisation products, and in particular those adhering to the principles of simple, transparent and standardized securitisation, deserve proper re-evaluation. Therefore based on a study by EIOPA the Commission should re-calibrate the risk-weights associated with securitisation investments.
Amendment 305 #
Proposal for a directive Recital 82 a (new) (82 a) Article 19a(5) of Directive 2013/34/EU should be amended so that low-risk profile undertakings as defined in Article 29a may limit their sustainability reporting according to the simplified SME sustainability reporting standards.
Amendment 306 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2009/138/EC Article 4 – paragraph 1 – points a and b Amendment 307 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2009/138/EC Article 4 – paragraph 1 – point a (a) the undertaking’s annual gross written premium does not exceed EUR
Amendment 308 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2009/138/EC Article 4 – paragraph 1 – point a (a) the undertaking’s annual gross written premium does not exceed EUR 1
Amendment 309 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2009/138/EC Article 4 – paragraph 1 – point b (b) the total of the undertaking’s technical provisions, gross of the amounts recoverable from reinsurance contracts and special purpose vehicles, as referred in Article 76, does not exceed EUR 65
Amendment 310 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2009/138/EC Article 4 – paragraph 1 – point b (b) the total of the undertaking’s technical provisions, gross of the amounts recoverable from reinsurance contracts and special purpose vehicles, as referred in Article 76, does not exceed EUR
Amendment 311 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2009/138/EC Article 4 – paragraph 1 – point c (c) where the undertaking belongs to a group, the total of the technical provisions of the group defined as gross of the amounts recoverable from reinsurance
Amendment 312 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2009/138/EC Article 4 – paragraph 1 – point c (c) where the undertaking belongs to a group, the total of the technical provisions of the group defined as gross of the amounts recoverable from reinsurance contracts and special purpose vehicles does not exceed EUR
Amendment 313 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2009/138/EC Article 4 – paragraph 1 – point c (c) where the undertaking belongs to a group, the total of the technical provisions of the group defined as gross of the amounts recoverable from reinsurance contracts and special purpose vehicles does not exceed EUR
Amendment 314 #
Proposal for a directive Article 1 – paragraph 1 – point 2 Directive 2009/138/EC Article 4 – paragraph 1 – point c (c) where the undertaking belongs to a group, the total of the technical provisions of the group defined as gross of the amounts recoverable from reinsurance contracts and special purpose vehicles does not exceed EUR
Amendment 315 #
Proposal for a directive Article 1 – paragraph 1 – point 2 a (new) Directive 2009/138/EC Article 4 – paragraph 1 – subparagraph 1 a (new) (2a) in Article 4(1), the following subparagraph is added: 'Member States may define a threshold different to that laid down in point (a) of the first subparagraph if that different threshold applies to a material number of insurance and reinsurance undertakings with low risk profile and representing a residual market share. Such a threshold shall not exceed EUR 25 000 000.';
Amendment 316 #
Proposal for a directive Article 1 – paragraph 1 – point 2 a (new) Directive 2009/138/EC Article 4 – paragraph 4 – subparagraph 1 – introductory part Amendment 317 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point b Directive 2009/138/EC Article 13 – paragraph 1 – point 10a (10a) ‘low-risk profile undertaking’ means an insurance and reinsurance undertaking that meets the conditions set out in Article 29a and has been classified as such in accordance with Article 29b as well as a captive insurance undertaking and a captive reinsurance undertaking;
Amendment 318 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point b Directive 2009/138/EC Article 13 – paragraph 1 – point 10a (10a) ‘low-risk profile undertaking’ means an insurance and reinsurance undertaking that meets the conditions set out in Article 29a and has been classified as such in accordance with Article 29b and captive insurance and reinsurance undertakings;
Amendment 319 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point b Directive 2009/138/EC Article 13 – paragraph 1 – point 10a a (new) (10aa) ‘significant cross-border activities’ means insurance and reinsurance activities carried out by an insurance or reinsurance undertaking under the right of establishment and those carried out under the freedom to provide services in a given host Member State, which has been identified by the relevant supervisory authority of the home Member State and the supervisory authorities of any Member State the undertaking intends to carry-out its business on the basis of its nature, scale and complexity of risk inherent in the business model and pursuant to Article 26(5);
Amendment 320 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point b Directive 2009/138/EC Article 13 – paragraph 1 – point 10a a (new) Amendment 321 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point c a (new) Directive 2009/138/EC Article 13 – paragraph 1 – point 17 (c b) Article 13(17) is replaced by the following: "‘close links’ means a situation in which two or more natural or legal persons are linked by
Amendment 322 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point h a (new) Directive 2009/138/EC Article 13 – paragraph 1 – point 36 a (new) (ha) the following point is inserted: ‘(36a) ‘climate change risk’ means the risk of any financial negative impact on the undertaking stemming from the current or prospective impacts of climate change factors, including factors related to the climate change mitigation or climate change adaptation objectives;’
Amendment 323 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 – subparagraph 1 a (new) For the purposes of Article 212(1)(f) ‘regulated undertaking’ means also an undertaking with no authorization in accordance with Article 14 and subject to supervision under the law of the Member State by the ‘supervisory authority’ within the meaning of Article 13(10);
Amendment 324 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 a (new) (41a) 'science-based target' means a target defined on the basis of conclusive scientific evidence and with independent scientific validation, that when achieved by the undertaking ensures that the undertaking's impacts on sustainability matters, as referred to in Articles 132 and 44(2), will be aligned with the sustainability goals and criteria of the European Union for the specific sustainability matters;
Amendment 325 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 a (new) (41a) ‘science-based target’ is a target defined on the basis of conclusive scientific evidence and with independent scientific validation, that when achieved by the undertaking ensures that the undertaking’s impacts on sustainability matters, as referred to in Articles 132 and 44(1), will be aligned with the sustainability goals and criteria of the European Union for the specific sustainability matters;
Amendment 326 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 a (new) (41a) ‘fossil fuel sectors’ means sectors of the economy which produce, process, store or use fossil fuels as defined in Article 2(62) of Regulation EU 2018/1999 of the European Parliament and the Council;
Amendment 327 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 a (new) (41a) ‘gender neutral remuneration policy’ means a remuneration policy based on equal pay for male and female workers for equal work or work of equal value;
Amendment 328 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41(a) (new) (41a) ‘science-based target’ means a target defined on the basis of conclusive scientific evidence and with independent scientific validation, that when achieved by the undertaking ensures that the undertaking’s impacts on sustainability matters, as referred to in Articles 132 and 44(1), will be aligned with the sustainability goals and criteria of the European Union for the specific sustainability matters;
Amendment 329 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 b (new) (41b) ‘crypto-assets’ means an asset- reference token, an e-money token or other crypto-asset as defined in [insert reference to MICA regulation];
Amendment 330 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 b (new) (41b) 'climate neutrality' shall be read in accordance with Article 2(1) of the Regulation (EU) 2021/1119 ("European Climate Law");
Amendment 331 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 b (new) (41b) ‘climate neutrality’ shall be read in accordance with the Article 2 of the Regulation (EU) 2021/1119 (“European Climate Law”);
Amendment 332 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41(b) (new) (41b) ‘climate neutrality’ shall be read in accordance with the Article 2(1) of the Regulation (EU) 2021/1119 (“European Climate Law”);
Amendment 333 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 c (new) Amendment 334 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 c (new) (41c) ‘fossil fuel sectors’ are sectors of the economy which produce, process, store or use fossil fuels as defined in Article 2(62) of Regulation (EU) 2018/1999 of the European Parliament and of the Council;
Amendment 335 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – points 41(c) (new) (41c) ‘fossil fuel sectors’ means upstream sectors of the economy which produce, process, store or use fossil fuels as defined in Article 2(62) of Regulation(EU) 2018/1999 of the European Parliament and of the Council1a ; __________________ 1a Regulation (EU) 2018/1999 of the European Parliament and of the Council of 11 December 2018 on the Governance of the Energy Union and Climate Action
Amendment 336 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 d (new) (41d) ‘sustainability risk’ means: (a) as regards investments, sustainability risk as defined in Article 2, point (22), of Regulation (EU) 2019/2088 of the European Parliament and of the Council; (b) as regards liabilities, an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the liability;
Amendment 337 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/128/EC Article 13 – paragraph 1 – point 41 d (new) Amendment 338 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – points 41(d) (new) (41d) ‘sustainability risk’ means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential negative impact on the value of the investment or on the value of the liability in line with Article 2(22) Regulation (EU)2019/20881b; __________________ 1b Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability- related disclosures in the financial services sector
Amendment 339 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – points 41(e) (new) (41e) ‘sustainability factors’ means sustainability factors as defined in Article 2, point (24), of Regulation (EU) 2019/2088 of the European Parliament and of the Council.
Amendment 340 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 e (new) (41e) 'sustainability factors' means sustainability factors as defined in Article 2, point (24) of Regulation (EU) 2019/2088 of the European Parliament and of the Council1a; __________________ 1a Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability- related disclosures in the financial services sector
Amendment 341 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 e (new) (41e) ‘sustainability factor’ means sustainability factor as defined in Article 2, point (24), of Regulation (EU) 2019/2088;
Amendment 342 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 f (new) (41f) 'transition plan' is the plan of an insurance or reinsurance undertaking to ensure that its business model and strategy are compatible with the transition to a sustainable economy and with the goals of the Paris Agreement to limit global warming to 1.5°C with no or limited overshoot, including plans to address the greenhouse gas emissions associated directly or indirectly with its asset and insurance portfolios;
Amendment 343 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 f (new) (41f) ‘stewardship’ is the engagement strategy of the insurance or reinsurance undertaking to steer the activities of the assets it is holding (where its shareholders’ rights allow) and to influence the strategy and business of the firms in which it is investing, in order to progress towards sustainable economic activities and towards a more positive impact on sustainability factors;
Amendment 344 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point i Directive 2009/138/EC Article 13 – paragraph 1 – point 41 g (new) (41g) 'stewardship' is the engagement strategy of the insurance or reinsurance undertaking to steer the activities of the assets it holds, as its shareholders' rights allow, and to influence the strategy and business of the firms in which it invests, in order to progress towards sustainable economic activities and towards a more positive impact on sustainability factors;
Amendment 345 #
Proposal for a directive Article 1 – paragraph 1 – point 6 Directive 2009/138/EC Article 18 – paragraph 1 – point i a (new) (i a) to show evidence that it will not be significantly exposed to money laundering and terrorist financing risks;
Amendment 346 #
Proposal for a directive Article 1 – paragraph 1 – point 6 Directive 2009/138/EC Article 18 – paragraph 1 – subparagraph 1 a (new) For the purpose of assessing the criterion referred to in point (i a) (new) of this paragraph, supervisory authorities shall consult the authorities competent for the supervision of the undertakings in line with Directive (EU) 2015/849.
Amendment 347 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2009/138/EC Article 25 – paragraph 3 a (new) and 3 b (new) Supervisory authorities shall refuse authorisation of the insurance or reinsurance undertaking at least where there are reasonable grounds to suspect that: a) the management body of the applicant insurance or reinsurance undertaking poses a threat toits effective, sound and prudent management and business continuity, and to the adequate consideration of the interest of policyholders and the integrity of the market, or exposes the insurance or reinsurance undertaking to a serious risk of money laundering or terrorism financing; b) the applicant is likely to fail to meet any requirements of this Directive; c) the authorisation of an undertaking would lead to money laundering of terrorist financing activities For the purpose of assessing the aspects related to money laundering or terrorism financing risks referred to in points a) and c) of the previous paragraph, supervisory authorities shall consult competent authorities for AML/CFT supervision as defined in [insert reference to AMLD]. An objection in writing by the authorities competent for the supervision of the obliged entities in accordance with[insert reference to AMLD] shall constitute reasonable grounds for refusal.
Amendment 348 #
Proposal for a directive Article 1 – paragraph 1 – point 11 Directive 2009/138/EC Article 26 – paragraph 4 4. Where several supervisory authorities need to be consulted pursuant to paragraph 1, any supervisory authority concerned may request additional information from the supervisory
Amendment 349 #
Proposal for a directive Article 1 – paragraph 1 – point 11 Directive 2009/13/8/EC Article 26 – paragraph 4 4. Where several supervisory authorities need to be consulted pursuant to paragraph 1, any supervisory authority concerned may request additional information from the supervisory authority of the home Member State to jointly assess the application for authorisation. The supervisory authority of the home Member State shall consider the conclusions of the joint assessment when taking its final decision and report the outcome and reason for its decision to all supervisory authorities consulted pursuant to paragraph 1 and to EIOPA.
Amendment 350 #
Proposal for a directive Article 1 – paragraph 1 – point 11 Directive 2009/138/EC Article 26 – paragraph 4 a (new) 4 a. The supervisory authority of the home Member State shall assess the nature, scale and complexity of the risks inherent in the business model of the insurance undertaking for any of the markets in which the insurance undertaking seeks authorisation for carrying out its business. The home Member State may consult with the relevant supervisory authority of host Member States and shall inform the relevant supervisory authority and EIOPA about the conclusion of this assessment. Where the relevant supervisory authority disagrees with the assessment, EIOPA may, at the request of any relevant supervisory authority, assist the supervisory authorities in reaching an agreement.
Amendment 351 #
Proposal for a directive Article 1 – paragraph 1 – point 11 a (new) Directive 2009/138/EC Article 27 a (new) (11a) the following Article is inserted: ‘Article 27a Additional objectives of supervision Without prejudice to the main objective of supervision as set out in Article 27, Member States shall ensure that, in the exercise of their general duties, supervisory authorities shall duly consider the potential impact of their decisions on: (a) the competitiveness of the Union’s insurance and reinsurance undertakings in the global market and fair competition across the single market; (b) the stability of the financial systems concerned in the European Union, in particular in emergency situations, taking into account the information available at the relevant time. In times of exceptional movements in the financial markets, supervisory authorities shall take into account the potential pro- cyclical effects of their actions.’
Amendment 352 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2009/138/EC Article 29 – paragraph 6 6. In order to ensure consistent supervisory practices in the application of proportionality, EIOPA shall develop guidelines to facilitate common supervisory tools and further specifying the methodology to be used when classifying
Amendment 353 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a Amendment 354 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – introductory part 1. Member States shall ensure that insurance and reinsurance undertakings are classified as low-risk profile undertakings, according to the process set out in Article 29b, where, for two consecutive financial years prior to such classification, they meet all the following criteria:
Amendment 355 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point a – subparagraph 1 – point ii Amendment 356 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1– point a – subparagraph 1– point ii (ii) business underwritten in Member States other than the home Member State where the undertaking received its
Amendment 357 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1– point a – subparagraph 1– point iv (iv)
Amendment 358 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point a – subparagraph 1 – point iv (iv) investments in non-traditional investments do not represent more than
Amendment 359 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point a – subparagraph 1 – point iv (iv) investments in non-traditional investments do not represent more than
Amendment 360 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point a – subpargraph 1 – point v a (v a) the Solvency Capital Requirement is complied with and a capital add-on has not been set;
Amendment 361 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subpargraph 1 – point a – subparagraph 1 – point v b (v b) the insurance or reinsurance undertaking has not been convicted or been under investigations for committing or permitting money laundering or terrorist financing activities as defined in [insert reference to AMLD].
Amendment 362 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point b – subparagraph 1 – point ii Amendment 363 #
Proposal for a directive Article 1 – paragraph 1 – point 13 (ii) business underwritten in Member States other than the home Member State where the undertaking received its authorisation in accordance with Article 14 is
Amendment 364 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point b – subparagraph 1 –point iii (iii) the
Amendment 365 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point b – subparagraph 1 – point v (v) investments in non-traditional investments do not represent more than
Amendment 366 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point b – subparagraph 1 – point v (v) investments in non-traditional investments do not represent more than
Amendment 367 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point b – subparagraph 1 – point v (v)
Amendment 368 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paregraph 1 – subparagraph 1 – point b – subparagraph 1 – point vi a (new) (vi a) the Solvency Capital Requirement is complied with and a capital add-on has not been set;
Amendment 369 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point b – subparagraph 1 – point vi b (new) (vi b) the insurance or reinsurance undertaking has not been convicted or been under investigations for committing or permitting money laundering or terrorist financing activities as defined in [insert reference to AMLD].
Amendment 370 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point c – subparagraph 1 – point v Amendment 371 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point c – subparagraph 1 – point v (v) business underwritten in Member States other than the home Member State where the undertaking received its authorisation in accordance with Article 14 is
Amendment 372 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point c – subparagraph 1 – point vii (vii) investments in non-traditional investments do not represent more than
Amendment 373 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point c – subparagraph 1 – point vii (vii) investments in non-traditional investments do not represent more than
Amendment 374 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point c – subparagraph 1 – point vii (vii)
Amendment 375 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point c – subparagraph 1 – point viii a (new) (viii a) the Solvency Capital Requirement is complied with and a capital add-on has not been set;
Amendment 376 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 1 – point c – subparagraph 1 – point viii b (new) (viii b) the insurance or reinsurance undertaking has not been convicted or been under investigations for committing or permitting money laundering or terrorist financing activities as defined in [insert reference to AMLD].
Amendment 377 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 2 Amendment 378 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 1 – subparagraph 2 For the purpose of this Article, traditional investments shall consist of bonds, equities, real estate, loans including private loans, promissory notes and mortgages, cash and cash equivalents and deposits
Amendment 379 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29a – paragraph 3 – point a Amendment 380 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29b – paragraph 1 1. Member States shall ensure that insurance and reinsurance undertakings complying with the conditions set out in Article 29a(1) and (3) may notify the supervisory authority of such compliance
Amendment 381 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29b – paragraph 2 – point b Amendment 382 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29b – paragraph 2 – point b (b) a declaration that the undertaking does not plan any strategic change that would lead to non-compliance with the criteria set out in Article 29a within the next
Amendment 383 #
Proposal for a directive Article 1 – paragraph 1 – point 13 3. The supervisory authority may oppose the classification as low-risk profile undertaking within one month of receipt of the notification referred to in paragraph 1 of this Article on grounds related exclusively to the non-compliance with the conditions foreseen under Article 29a. A decision of the supervisory authority to oppose to the classification shall be done in writing and state the reasons of the supervisory authority’s disagreement. Absent such decision, the insurance undertaking shall not be classified as low- risk profile undertaking
Amendment 384 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29b – paragraph 3 3. The supervisory authority may oppose the classification as low-risk profile undertaking within one month of receipt of the notification referred to in paragraph 1 of this Article
Amendment 385 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29b – paragraph 5 – subparagraphs 1 a (new) and 1 b (new) When a low-risk profile undertaking no longer holds sufficient eligible own funds to cover the Solvency Capital Requirement, it shall cease to be classified as low-risk profile undertaking immediately. When a low-risk profile undertaking no longer holds sufficient eligible own funds to cover the Solvency Capital Requirement without the use of transitory measures, it shall cease to be classified as low-risk profile undertaking immediately.
Amendment 386 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29c – paragraph 1 1. Member States shall ensure that, without prejudice to specific requirements set out in each proportionality measure, insurance and reinsurance undertakings classified as low-risk profile undertakings may make use
Amendment 387 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29c – paragraph 2 Amendment 388 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29c – paragraph 2 2.
Amendment 389 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29c – paragraph 2 2. Where the supervisory authority has serious concerns in relation to the risk profile of a low-risk profile undertaking, the supervisory authority
Amendment 390 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29c – paragraph 2 2. Where the supervisory authority has serious concerns in relation to the risk profile of a low-risk profile undertaking, the supervisory authority may
Amendment 391 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29d – paragraph 2 2. The supervisory authority shall, within t
Amendment 392 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2009/138/EC Article 29d – paragraph 4 4. With respect to requests received by supervisory authorities within the first six months of [OP please insert date = date of application of this Directive], the period referred to in paragraph 2 shall be
Amendment 393 #
Proposal for a directive Article 1 – paragraph 1 – point 14 a (new) Directive 2009/138/EC Article 30a (new) Amendment 394 #
Proposal for a directive Article 1 – paragraph 1 – point 14 b (new) Directive 2009/138/EC Article 31 – paragraph 2 – point e a (new) (14b) in Article 31(2) the following point is added: ‘(e a) the number of the supervisory authority staff members that left the supervisory authority to join an undertaking supervised by the authority;’
Amendment 395 #
Proposal for a directive Article 1 – paragraph 1 – point 14 c (new) Directive 2009/138/EC Article 31 – paragraph 2 – subparagraph 3 (14c) subparagraph 3 of Article 31(2) is replaced by the following: "The disclosure shall be made in a common format and be updated regularly. The information referred to in points (a) to (ea) (new) of the first subparagraph shall be accessible at a single electronic location in each Member State.
Amendment 396 #
Proposal for a directive Article 1 – paragraph 1 – point 15 Directive 2009/138/EC Article 33a – paragraph 1 – subparagraph 1 1. In the event of significant cross- border activities
Amendment 397 #
Proposal for a directive Article 1 – paragraph 1 – point 15 Directive 2009/138/EC Article 33a – paragraph 1 – subparagraph 1 1. In the event of significant cross- border activities carried out by insurance and reinsurance undertakings under the right of establishment or the freedom to provide services, as part of the supervisory review process as determined by the home supervisor, the supervisory authority of the home Member State shall cooperate
Amendment 398 #
Proposal for a directive Article 1 – paragraph 1 – point 15 Directive 2009/138/EC Article 33a – paragraph 1 – subparagraph 1 1. In the event of significant cross- border activities carried out by insurance and reinsurance undertakings under the right of establishment or the freedom to provide services, the supervisory authority of the home Member State shall cooperate with the supervisory authority of the host Member State to assess whether the insurance undertaking has a clear understanding and a sound management of the risks that it faces, or may face, in the host Member State.
Amendment 399 #
Proposal for a directive Article 1 – paragraph 1 – point 15 Directive 2009/138/EC Article 33a – paragraph 1 – subparagraph 1 a (new) 1 a. The supervisory authority of the host Member State shall be obliged to cooperate with the supervisory authority of the home Member State.
Amendment 400 #
Proposal for a directive Article 1 – paragraph 1 – point 15 Directive 2009/138/EC Article 33a – paragraph 1 – subparagraph 2 – introductory part Th
Amendment 401 #
Proposal for a directive Article 1 – paragraph 1 – point 15 Directive 2009/138/EC Article 33a – paragraph 1 – subparagraph 2 – point b (b) outsourcing
Amendment 402 #
Proposal for a directive Article 1 – paragraph 1 – point 15 Directive 2009/138/EC Article 33a – paragraph 2 2. The supervisory authority of the home Member State shall, in a timely manner, inform the supervisory authority of the host Member State about the outcome of its supervisory review process related to the cross-border activity
Amendment 403 #
Proposal for a directive Article 1 – paragraph 1 – point 15 Directive 2009/138/EC Article 33a – paragraph 2 2. The supervisory authority of the home Member State shall, in a timely manner, inform the supervisory authority of the host Member State about the outcome of its supervisory review process related to the cross-border activity where potential issues of compliance with the provisions applicable in the host Member State have been identified. Supervisors should consider developing new tools and skills for the supervision of digitalised insurers and enhancing cooperation to ensure transparency as well as an efficient and timely exchange of information.
Amendment 404 #
Proposal for a directive Article 1 – paragraph 1 – point 15 Directive 2009/138/EC Article 33a – paragraph 3 3. For the purpose of this Article, ‘significant cross-border activities’ are insurance and reinsurance activities carried out by an insurance or reinsurance undertaking under the right of establishment and those carried out under the freedom to provide services in a given host Member State, which
Amendment 405 #
Proposal for a directive Article 1 – paragraph 1 – point 15 3. For the purpose of this Article, ‘significant cross-border activities’ are insurance and reinsurance activities carried out by an insurance or reinsurance undertaking under the right of establishment and those carried out under the freedom to provide services in a given host Member State
Amendment 406 #
Proposal for a directive Article 1 – paragraph 1 – point 15 Directive 2009/138/EC Article 33a – paragraph 3 3. For the purpose of this Article, ‘significant cross-border activities’ are insurance and reinsurance activities carried out by an insurance or reinsurance undertaking under the right of establishment and those carried out under the freedom to provide services in a given host Member State, which
Amendment 407 #
Proposal for a directive Article 1 – paragraph 1 – point 16 – point a Directive 2009/138/EC Article 35 – paragraph 1 Member States shall require insurance and reinsurance undertakings to submit to the supervisory authorities the information which is necessary for the purposes of supervision, taking into account the objectives of supervision laid down in Articles 27 and 28 and the general principles of supervision, in particular the principle of proportionality, laid down in Article 29.
Amendment 408 #
Proposal for a directive Article 1 – paragraph 1 – point 16 – point a Directive 2009/138/EC Article 35 – paragraph 1 Member States shall require insurance and reinsurance undertakings to submit to the supervisory authorities the information which is necessary for the purposes of supervision, taking into account the objectives of supervision laid down in Articles 27 and 28 and the general
Amendment 409 #
Proposal for a directive Article 1 – paragraph 1 – point 16 – point b Directive 2009/138/EC Article 35 – paragraph 5a – subparagraph 2 – point a (a) every
Amendment 410 #
Proposal for a directive Article 1 – paragraph 1 – point 16 – point b Directive 2009/138/EC Article 35a – paragraph 5a – subparagraph 2 – point a (a) every three years, for low-risk profile undertakings. In exceptional circumstances and based on duly justified reasons, a supervisory authority may require low risk profile undertakings to report more frequently;
Amendment 411 #
Proposal for a directive Article 1 – paragraph 1 – point 16 – point b Directive 2009/138/EC Article 35 – paragraph 5a – subparagraph 2 – point b (b) at least every t
Amendment 412 #
Proposal for a directive Article 1 – paragraph 1 – point 16 – point g Directive 2009/138/EC Article 35 – paragraph 12 – subparagraph 1 – point b a (new) (b a) reduce compliance costs, in particular for low-risk profile undertakings;
Amendment 413 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2009/138/EC Article 35a – paragraph 1 – subparagraph 2 That limitation to regular supervisory reporting shall be granted only to undertakings that collectively do not represent more than
Amendment 414 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2009/138/EC Article 35a – paragraph 1 – subparagraph 2 That limitation to regular supervisory reporting shall be granted only to undertakings that collectively do not represent more than 20 % of a Member State’s life and non-life insurance and reinsurance market respectively, where the non-life market share is based on gross written premiums and the life market share is based on gross technical provisions.
Amendment 415 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2009/138/EC Article 35a – paragraph 1 – subparagraph 2 That limitation to regular supervisory reporting shall be granted only to undertakings that do not represent more than
Amendment 416 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2009/138/EC Article 35a – paragraph 1 – subparagraph 3 When determining the eligibility of undertakings for those limitations, supervisory authorities
Amendment 417 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2009/138/EC Article 35a – paragraph 1 – subparagraph 3 a (new) The limitation to regular supervisory reporting shall not apply to undertakings to which a capital add-on has been set.
Amendment 418 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2009/138/EC Article 35a – paragraph 2 Amendment 419 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2009/138/EC Article 35a – paragraph 2 – subparagraph 3 The exemption from reporting on an item- by-item basis shall be granted only to undertakings that collectively do not represent more than
Amendment 420 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2099/138/EC Article 35a – paragraph 2 – subparagraph 3 The exemption from reporting on an item- by-item basis shall be granted only to undertakings that collectively do not represent more than 20 % of a Member State’s life and non-life insurance or reinsurance market respectively, where the non-life market share is based on gross written premiums and the life market share is based on gross technical provisions. When determining the eligibility of undertakings for those limitations or exemptions, supervisory authorities shall give priority to low-risk profile undertakings.
Amendment 421 #
Proposal for a directive Article 1 – paragraph 1 – point 17 Directive 2009/138/EC Article 35a – paragraph 2 – subparagraph 3 The exemption from reporting on an item- by-item basis shall be granted only to undertakings that do not represent more than
Amendment 422 #
Proposal for a directive Article 1 – paragraph 1 – point 18 Directive 2009/138/EC Article 35b – paragraph 2 2. Member States shall ensure that insurance and reinsurance undertakings submit the information referred to in Article 35(1) to (4) on a quarterly basis no later than
Amendment 423 #
Proposal for a directive Article 1 – paragraph 1 – point 18 Directive 2009/138/EC Article 35b – paragraph 4 4.
Amendment 424 #
Proposal for a directive Article 1 – paragraph 1 – point 19 a (new) Directive 2009/138/EC Article 36 – paragraph 2 – introductory part (19 a) in article 36(2), the introductory part is amended as follows: "The supervisory authorities shall in particular review
Amendment 425 #
Proposal for a directive Article 1 – paragraph 1 – point 20 – point a Directive 2009/138/EC Article 37 – paragraph 1 – point e (e) the insurance or reinsurance undertaking applies
Amendment 426 #
Proposal for a directive Article 1 – paragraph 1 – point 20 – point a Directive 2009/138/EC Article 37 – paragraph 1 – point e a (new) (e a) the supervisory authority concludes that one of the following is the case: - the insurance or reinsurance undertaking is exposed to material sustainability risks that are not adequately monitored, managed and mitigated; - the insurance or reinsurance undertaking is not complying with the targets and milestones established in its transitional plans referred to in Article 44a.
Amendment 427 #
Proposal for a directive Article 1 – paragraph 1 – point 20 a (new) Directive 2009/128/EC Article 37a (new) (20 a) the following Article 37a is inserted: ‘Article 37a Macroprudential capital add-on Member States shall ensure that supervisory authorities, in agreement with EIOPA, should be able to impose a capital add-on for system risk, when they assess activity or behaviour based sources of systemic risk. The Commission shall adopt a delegated act to define under which conditions supervisory authorities are empowered to impose this capital add- on, on the procedures for decisions to trigger, set, calculate and remove capital add-ons for systemic risk.’
Amendment 428 #
Proposal for a directive Article 1 – paragraph 1 – point 20 a (new) Directive 2009/138/EC Article 40 – paragraphs 1 a (new) and 2 a (new) (20 a) The following sub-paragraphs are added to Article 40: ‘Insurance and reinsurance undertakings shall ensure that members of the administrative, management and supervisory body are at all times of good repute and possess collectively sufficient knowledge, skills and experience to perform their duties. Members of the administrative, management and supervisory body shall not have been convicted of offences relating to money laundering or terrorist financing or other offences that would question their good repute.'
Amendment 429 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point a Directive 2009/138/EC Article 41 – paragraph 1 – subparagraph 3 The system of governance shall be subject to regular internal review. Such internal review shall include an assessment on the adequacy of the composition, effectiveness, expertise about sustainability risks and internal governance of the administrative, management or supervisory body taking into account the nature, scale and complexity of the risks inherent in the undertaking’s business.;
Amendment 430 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point a Directive 2009/138/EC Article 41 – paragraph 1 – subparagraph 3 a (new) Insurance and reinsurance undertakings shall set individual quantitative objectives in view of improving gender-balanced representation of both sexes within their governance structures.
Amendment 431 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point b Directive 2009/138/EC Article 41 – paragraph 2a – subparagraph 2 Amendment 432 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point b Directive 2009/138/EC Article 41 – paragraph 2a – subparagraph 2 – introductory part Whe
Amendment 433 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point c Directive 2009/138/EC Article 41 – paragraph 3 – subparagraph 1 3. Insurance and reinsurance undertakings shall have written policies in relation to at least risk management, internal control, internal audit, remuneration, stewardship and, where relevant,
Amendment 434 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point c Directive 2009/138/EC Article 41 – paragraph 3 – subparagraph 1 3. Insurance and reinsurance undertakings shall have written policies in relation to at least risk management, internal control, internal audit, remuneration, and, where relevant, outsourcing. They shall
Amendment 435 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point c Directive 2009/138/EC Article 41 – paragraph 3 – subparagraph 1 3. Insurance and reinsurance undertakings shall have written policies in relation to at least risk management, internal control, internal audit, remuneration and pay transparency, stewardship, and, where relevant, outsourcing. They shall
Amendment 436 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point c Directive 2009/138/EC Article 41 – paragraph 3 – subparagraph 1 3. Insurance and reinsurance undertakings shall have written policies in relation to at least risk management, internal control, internal audit, stewardship, remuneration and, where relevant, outsourcing. They shall ensure that those policies are implemented. The remuneration policy and its operational implementation shall address gender inequality.
Amendment 437 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point c Directive 2009/138/EC Article 41 – paragraph 3 – subparagraph 1 3. Insurance and reinsurance undertakings shall have written policies in relation to at least risk management, internal control, internal audit, remuneration, stewardship and, where relevant, outsourcing and a written transition plan as described in Article 44a. They shall ensure that those policies a
Amendment 438 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point c Directive 2009/138/EC Article 41 – point 3 – subparagraph 1 3. Insurance and reinsurance
Amendment 439 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point c Directive 2009/138/EC Article 41 – paragraph 3 – subparagraph 2 Those written policies shall be reviewed at least annually and include a report of the impact of the stewardship policy of the previous year. They shall be subject to prior approval by the administrative, management or supervisory body and be adapted in view of any significant change in the system or area concerned. Low-risk profile undertakings may perform a less frequent review, at least every three years, unless the supervisory authority concludes, based on the specific circumstances of that undertaking, that a more frequent review is needed.
Amendment 440 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point c Directive 2009/138/EC Article 41 – paragraph 3 a (new) 3a. The system of governance shall ensure that the administrative, management or supervisory body is directly responsible for the sustainability risk management system described under Article 44(3a), including the successful implementation of the transition plan described under Article 44a.
Amendment 441 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point c Directive 2009/138/EC Article 41 – paragraph 3 a (new) 3a. The system of governance shall ensure that the administrative, management or supervisory body is directly responsible for the sustainability risk management system described under Article 44(3a), including the successful implementation of the transition plan described under Article 44a.
Amendment 442 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point c a (new) Directive 2009/138/EC Article 41 – paragraph 3 a (new) 3a. The administrative, management or supervisory body shall be directly responsible for the sustainability risk management system described under Article 44(3a), including the successful implementation of the transition plan described under Article 44a.
Amendment 443 #
Proposal for a directive Article 1 – paragraph 1 – point 21 – point c a (new) Directive 2009/138/EC Article 41 – paragraph 5 a (new) Amendment 444 #
Proposal for a directive Article 1 – paragraph 1 – point 21 c a (new) Directive 2009/128/EC Article 41 – paragraphs 5 a (new), 5 b (new), 5 c (new), 5 d (new) Amendment 445 #
Proposal for a directive Article 1 – paragraph 1 – point - a (new) Directive 2009/138/EC Article 42 – paragraph 1 – point a (-a) paragraph 1, point (a) is replaced by the following: "(a) their professional qualifications, knowledge and experience, includingin the field of sustainability risks, are adequate to enable sound and prudent management (fit); and
Amendment 446 #
Proposal for a directive Article 1 – paragraph 1 – point 22 – point - a (new) Directive 2009/138/EC Article 42 – paragraph 1 – point a (-a) paragraph 1, point (a) is replaced by the following: "(a) their professional qualifications, knowledge and experience, including in the field of sustainability risks, are adequate to enable sound and prudent management (fit); and
Amendment 447 #
Proposal for a directive Article 1 – paragraph 1 – point 22 – point - a (new) Directive 2009/138/EC Article 42 – paragraph 1 – point a (-a) paragraph 1, point (a) is replaced by the following: "(a) their professional qualifications, knowledge and experience, including in the field of sustainability risks, are adequate to enable sound and prudent management (fit); and
Amendment 448 #
Proposal for a directive Article 1 – paragraph 1 – point 22 – point - a (new) Directive 2009/138/EC Article 42 – paragraph 1 – point a (-a) paragraph 1, point (a) is replaced by the following: "(a) their professional qualifications, knowledge and experience, including in the field of sustainability risk, are adequate to enable sound and prudent management (fit); and
Amendment 449 #
Proposal for a directive Article 1 – paragraph 1 – point 22 – point - a a (new) Directive 2009/138/EC Article 42 – paragraph 2 (-aa) paragraph 2 is replaced by the following: "2. Insurance and reinsurance undertakings shall notify the supervisory authority of any changes to the identity of the persons who effectively run the undertaking or are responsible for other key functions, along with the reasons for the changes and all information needed to assess whether any new persons appointed to
Amendment 450 #
Proposal for a directive Article 1 – paragraph 1 – point 22 – point -a a (new) Directive 2009/138/EC Article 42 – paragraph 1 – subparagraph 1 a (new) Amendment 451 #
Proposal for a directive Article 1 – paragraph 1 – point 22 – point b Directive 2009/138/EC Article 42 – paragraph 4 4. Where a person who effectively runs the undertaking or has other key functions does not fulfil the requirements set out in paragraph 1, the supervisory authorities shall
Amendment 452 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b – point i – indent 2 Directive 2009/138/EC Article 44 – paragraph 2a – subparagraph 1 – point b – point iii Amendment 453 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b – point i – indent 3 Directive 2009/138/EC Article 44 – paragraph 2a – subparagraph 1 – point c (c) where the volatility adjustment referred to in Article 77d is applied, the sensitivity of their technical provisions and eligible own funds to changes in the economic conditions that would affect the
Amendment 454 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b – point i a (new) Directive 2009/138/EC Article 44 – paragraph 2a – subparagraph 2 Insurance and reinsurance undertakings shall submit the assessments referred to in points (a), (b) and (c) of the first subparagraph, and paragraph 2b (new), annually to the supervisory authority as part of the information reported under Article 35. Where the reduction of the matching adjustment or the volatility adjustment to zero would result in non- compliance with the Solvency Capital Requirement, the undertaking shall also submit an analysis of the measures it could apply in such a situation to re-
Amendment 455 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b – point i a (new) Directive 2009/138/EC Article 44 – paragraph 2a – subparagraph 1 a (new) (i a) the following subparagraph is inserted after the first subparagraph: "As regards underwriting, reserving and investment, insurance and reinsurance undertakings shall perform a regular assessment and ensure that their business strategy and activities for underwriting and their whole portfolio of assets are aligned with the objective of achieving climate neutrality in the EU by 2050 at the latest, as set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 ("European Climate Law").";
Amendment 456 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b a (new) Directive 2009/138/EC Article 44 – paragraph 2 b (new) (ba) the following paragraph is inserted: "2b. As regards underwriting, reserving and investment, insurance and reinsurance undertakings shall perform a regular assessment and ensure that their business model, strategy and activities for underwriting portfolio and the whole portfolio of assets, are aligned with the objective to achieve climate neutrality by 2050 at the latest, as set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 (“European Climate Law”)."
Amendment 457 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b a (new) Directive 2009/138/EC Article 44 – paragraph 2 b (new) (ba) the following paragraph is inserted: "2b. As regards underwriting, insurance and reinsurance undertakings shall ensure that, in accordance with Article 44a, its business model and strategy for underwriting portfolio are aligned with the objective to achieve climate neutrality by 2050 at the latest, set out in Regulation (EU)2021/1119 of the European Parliament and of the Council of 30 June 2021(“European Climate Law”), as regards the undertaking’s operations and compatible with the transition to a sustainable economy and with the limiting of global warming to 1,5 °C in line with the Paris Agreement with no or limited overshoot and pursuant to the latest recommendations of the IPCC and the European Scientific Advisory Board on Climate Change."
Amendment 458 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b a (new) Directive 2009/138/EC Article 44 – paragraph 2 b (new) (ba) the following paragraph is added: "2b. As regards underwriting, insurance and reinsurance undertakings shall ensure that, in accordance with Article 44a, its business model and strategy for underwriting are aligned with the objective to achieve climate neutrality by 2050 at the latest, set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 (“European Climate Law”), as regards the undertaking’s operations and will reduce significantly by 2030 and completely eliminate by 2050 the supporting of economic activities that significantly harm environmental objectives as defined by article 17 of Regulation (EU) 2020/852."
Amendment 459 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b a (new) Directive 2009/138/EC Article 44 – paragraph 2 b (new) (ba) the following paragraph is inserted: "2b. As regards underwriting and investment, insurance and reinsurance undertakings shall perform a regular assessment and ensure that their business model, strategy and activities for underwriting portfolio and the whole portfolio of assets, are aligned with the objective to achieve climate neutrality by 2050 at the latest, as set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 (“European Climate Law”)."
Amendment 460 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b b (new) Directive 2009/138/EC Article 44 – paragraph 2 c (new) (bb) the following paragraph is inserted: "2c. In order to demonstrate alignment with the objectives as set out in paragraph 2b, insurance and reinsurance undertakings shall develop and adopt a transition plan no later than [1 year after the date of the application of this Directive], approved by the administrative, management or supervisory body of the insurance and reinsurance undertaking, which includes: - specific, science-based short-term, medium- and long-term targets, including absolute emission reduction targets for operational and attributable greenhouse gas (GHG) emissions for 2030; - implementing actions for the next five years. These plans shall insure the undertaking’s operations are compatible with the transition to a sustainable economy and with the limiting of global warming to 1,5 °C in line with the Paris Agreement with no or limited overshoot and pursuant to the latest recommendations of the IPCC and the European Scientific Advisory Board on Climate Change. This transition plan shall be reviewed at least every five years, up to 2050. The transition plans prepared by insurance and reinsurance undertakings in line with paragraphs 2a, 2b and 2c shall be used to fulfil the disclosure obligations referred to in Article 19a or Article 29a of Directive 2013/34/EU [CSRD]."
Amendment 461 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b b (new) Directive 2009/138/EC Article 44 – paragraph 2 c (new) (bb) the following paragraph is inserted: "2c. As regards investment, insurance and reinsurance undertakings shall ensure that, in accordance with Article 44a, its business model and strategy for investment portfolio are aligned with the objective to achieve climate neutrality by 2050 at the latest, set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 (“European Climate Law”), as regards the undertaking’s operations and compatible with the transition to a sustainable economy and with the limiting of global warming to 1,5 °C in line with the Paris Agreement with no or limited overshoot and pursuant to the latest recommendations of the IPCC and the European Scientific Advisory Board on Climate Change."
Amendment 462 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b b (new) Directive 2009/138/EC Article 44 – paragraph 2 c (new) (bb) the following paragraph is inserted: "2c. As regards investment, insurance and reinsurance undertakings shall ensure that, in accordance with Article44a, its business model and strategy for investment portfolio are aligned with the objective to achieve climate neutrality by 2050 at the latest, set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 (“European Climate Law”), as regards the undertaking’s operations and will reduce significantly by 2030 and completely eliminate by 2050 the financing of economic activities that significantly harm environmental objectives as defined by Article 17 of Regulation (EU) 2020/852."
Amendment 463 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b a (new) Directive 2009/138/EC Article 44 – paragraph 3 a (new) (ba) the following paragraph is inserted: "3a. The risk management system shall cover the sustainability risks to which the insurance or reinsurance undertaking is exposed within the areas set out in paragraph 2 and shall consider the principal adverse impacts of the insurance or reinsurance undertaking, including the principal adverse impacts of the companies and activities for which the undertaking provides finance or underwriting services within its asset portfolio and insurance portfolio, on sustainability factor."
Amendment 464 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b b (new) Directive 2009/138/EC Article 44 – paragraph 3 a (new) (bb) the following paragraph is inserted: "3a. The risk management system shall cover any sustainability risks to which the insurance or reinsurance undertaking is exposed within the areas set out at paragraph 2 above and shall consider the principal adverse impacts of the insurance or reinsurance undertaking, including the principal adverse impacts of the companies and activities for which the undertaking provides finance or underwriting services within its asset portfolio and insurance portfolio, on sustainability factors. The written policy on risk management referred to in Article 41(3) shall include policies relating to sustainability risks and sustainability factors, as well as a stewardship policy. The stewardship policy shall include a report of the impact of the policy in the last financial reporting period."
Amendment 465 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b b (new) Directive 2009/138/EC Article 44 – paragraph 3 b (new) (bb) the following paragraph is inserted: "3b. The written policy on risk management referred to in Article 41(3) shall include policies relating to sustainability risks and sustainability factors, as well as a stewardship policy that shall include a report on the impact of the policy in the last financial period, in particular the decisions taken by the insurance or reinsurance undertaking following the condition of climate change scenario analysis referred to in Article 45a to assess the risks referred to in Article 45(2)."
Amendment 466 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b c (new) Directive 2009/138/EC Article 44 – paragraph 4 a (new) (bc) the following paragraph is inserted: "4a. The risk management system shall cover any sustainability risks to which the insurance or reinsurance undertaking is exposed to."
Amendment 467 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b c (new) Directive 2009/138/EC Article 44 – paragraph 5 a (new) (bc) the following paragraph is added: "5a. The written policy on remuneration, including incentives schemes, shall promote sound and effective risk management, including the integration of sustainability risks in the risk management system and the adverse impacts of the insurance or reinsurance undertaking as referred to in the Regulation (EU) 2019/2088 considering sustainability factors. For undertakings subject to Articles 19a and 29a of Directive 2013/34/EU, where an undertaking’s remuneration schemes include both a fixed and a variable component, at least half of the variable component should be linked to the achievement of the sustainability target sand as set out in the transition plans implemented in accordance with Articles 44 and 132." The Commission shall adopt delegated acts in accordance with Article 301a in order to ensure uniform conditions of the application of subparagraph 2.
Amendment 468 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b a (new) Directive 2009/138/EC Article 44 – paragraph 5 a (new) (ba) the following paragraph is added: "5a. The written policy on remuneration referred to at Article 41(3) shall promote sound and effective risk management in line with the written policy on risk management referred to in Article 41(3), including in relation to sustainability risks and the adverse impacts of the insurance or reinsurance undertaking on sustainability factors. Where an undertaking's remuneration schemes include both fixed and variable components, the variable remuneration component should be not less than 50 percentage points linked to the achievement of the targets set as part of the transition plan of the undertaking, as referred to in Article 44a."
Amendment 469 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b c (new) Directive 2009/138/EC Article 44 – paragraph 5 a (new) (bc) the following paragraph is added: "5a. The written policy on remuneration referred to at Article 41(3) shall promote sound and effective risk management in line with the written policy on risk management referred to in Article 41(3), including in relation to sustainability risks and the adverse impacts of the insurance or reinsurance undertaking on sustainability factors. The Commission shall adopt delegated acts in accordance with Article 301a to specify that where undertaking’s remuneration schemes include both fixed and variable components, variable remuneration component should be not less than 50 percentage points linked to achievement of the targets set as part of the transition plan of the undertaking, implemented in accordance with Articles 44(2b), 44(2c) and 44a."
Amendment 470 #
Proposal for a directive Article 1 – paragraph 1 – point 23 – point b d (new) Directive 2009/138/EC Article 44 – paragraph 5 a (new) (bd) the following paragraph is added: ‘5a. As Covid 19 has shown an increased vulnerability of the insurance sector to cyber-attacks, as highlighted by the BIS study on Covid-19and cyber risk in the financial sector, EIOPA shall monitor and publish a report by 2024 on how to improve: i) the resilience of the insurance sector against cyber and ICT related risks; and ii) the coverage of policyholders against cyber-related risks.’
Amendment 471 #
Proposal for a directive Article 1 – paragraph 1 – point 23 a (new) Directive 2009/138/EC Article 44 a (new) Amendment 472 #
Proposal for a directive Article 1 – paragraph 1 – point 23 a (new) Directive 2009/138/EC Article 44 a (new) (23a) the following Article is inserted: ‘Article 44a Transition plan 1. Member States shall ensure that the administrative, management or supervisory body approves specific plans and science-based quantifiable targets to monitor and address the risks arising in the short, medium and long-term from the misalignment of the business model, strategy and activities of the insurance or reinsurance undertaking, with the relevant Union policy objectives, including the objectives to: i) achieve climate neutrality by 2050 at the latest, as set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021, or broader transition trends towards a sustainable economy in relation to environmental, social and governance factors; ii) halt biodiversity loss, by achieving the goals of the UN Convention of Biological Diversity, and to align with the restoration objectives of the [nature restoration law 2022/0195 (COD)] . The targets and measures included in the transition plans shall take into account the latest reports and measures prescribed by the European Scientific Advisory Board on Climate Change. The plans referred to in the first sub- paragraph shall at least include all the following elements: (i) A comprehensive strategy and operational actions to reach the objectives of the climate law [Regulation (EU) 2021/1119] and restore biodiversity; (ii) Specific, science-based intermediate quantifiable targets and milestones with horizons of 5 and 10 years. 2. The transition plans shall adopt a holistic approach and cover all insurance activities, including investment and underwriting activities. 3. The transition plans shall be regularly updated, and at least every three years, and be adapted in view of any significant changes affecting the transition plan or its implementation. 4. The transition plan shall be integrated into the risk management system required under Article 44, and particularly by identifying, measuring, monitoring, managing and reporting matters that pose a risk to the successful implementation of the transition plan.’
Amendment 473 #
Proposal for a directive Article 1 – paragraph 1 – point 23 a (new) Directive 2009/138/EC Article 44 a (new) (23a) the following Article is inserted: 'Article 44a Transition plans 1. Insurance and reinsurance undertakings shall have and shall implement a written transition plan covering both underwriting and investment activities, with intermediate implementing actions and specific science-based short-term, medium- and long-term targets, including absolute emission reduction targets for attributable greenhouse gas (GHG) emissions for 2025 and 2030, reviewed every year up to 2050 that are in line with the EU's ambitions under Regulation (EU) 2021/1119. The plans shall also outline the undertakings pathway to reduce and eliminate the financing of activities that cause significant harm to environmental objectives as outlined by Article 17 of Regulation (EU) 2019/852. They shall integrate their transition plan within their underwriting and investment strategy and decisions. 2. The transition plan shall be reviewed at least annually. It shall be subject to prior approval by the administrative, management or supervisory body and be adapted in view of any significant changes affecting the transition plan or its implementation. 3. The transition plan shall be well integrated into the organisational structure and in the decision-making processes of the insurance or reinsurance undertaking. The system of governance required under Article 41 shall include a clear allocation and appropriate segregation of responsibilities for implementing the transition plan and provide for proper consideration of the implementation of the transition plan by the persons who effectively run the undertaking or have other key functions. 4.The transition plan shall be integrated into the risk management system required under Article 44, and particularly under Article 44 (2b) and 44 (2c), including by identifying, measuring, monitoring, managing and reporting matters that pose a risk to the successful implementation of the transition plan.'
Amendment 474 #
Proposal for a directive Article 1 – paragraph 1 – point 23 a (new) Directive 2009/138/EC Article 44 a (new) (23a) the following Article is inserted: 'Article 44a Transition plan 1. Insurance and reinsurance undertakings shall have a written transition plan covering both underwriting and investment activities, with intermediate implementing actions and specific science-based short-term, medium- and long-term targets, including absolute emission reduction targets for attributable greenhouse gas (GHG)emissions for 2025 and 2030, reviewed every year up to 2050. They shall take reasonable steps to ensure that this transition plan is implemented. They shall integrate their transition plan within their underwriting and investment strategy and decisions. 2. The transition plan shall be reviewed at least annually. It shall be subject to prior approval by the administrative, management or supervisory body and be adapted in view of any significant changes affecting the transition plan or its implementation. 3. The transition plan shall be well integrated into the organisational structure and in the decision-making processes of the insurance or reinsurance undertaking. The system of governance required under Article 41 shall include a clear allocation and appropriate segregation of responsibilities for implementing the transition plan and provide for proper consideration of the implementation of the transition plan by the persons who effectively run the undertaking or have other key functions. 4. The transition plan shall be integrated into the risk management system required under Article 44, and particularly under Article 44 (2b) and 44 (2c), including by identifying, measuring, monitoring, managing and reporting matters that pose a risk to the successful implementation of the transition plan.'
Amendment 475 #
Proposal for a directive Article 1 – paragraph 1 – point 23 a (new) Directive 2009/138/EC Article 44 a (new) (23a) the following Article is inserted: 'Article 44a (new) Remuneration 1. Member States shall ensure that the written policy on remuneration, including incentive schemes, shall promote sound and effective risk management, including in relation to the integration of sustainability risks in the risk management system and the adverse impacts of the insurance or reinsurance undertaking considering sustainability factors. 2. For undertakings subject to Articles 19a and 29a of Directive 2013/34/EU, where an undertaking’s remuneration schemes include both a fixed and a variable component, at least half of the variable component should be linked to the achievements of the sustainability targets and as set out in the transition plans implemented in accordance with Articles 44 and 132. 3. The Commission shall adopt delegated acts in accordance with Article 301a in order to ensure uniform conditions of the application of paragraph 2.'
Amendment 476 #
Proposal for a directive Article 1 – paragraph 1 – point 23 a (new) Directive 2009/138/EC Article 44 a (new) (23a) The following article is inserted: 'Article 44a Transition plan 1. In order to demonstrate alignment with the Green Deal and the objective of carbon neutrality by 2050 at the latest as established in Regulation (EU) 2021/1119(European Climate Law),insurance and reinsurance undertakings in scope of Directive (EU)2021/0104 (COD) [CSRD Directive] shall develop and adopt a transition plan by no later than [1 year after the date of the application of the Directive]. 2. The plan shall be approved by the administrative, management or supervisory body of the insurance or reinsurance undertaking. The plan shall be reviewed at least every 2 years. 3. The plan shall be subject to the disclosure obligations referred to in article 19aand article 29a of the Directive amending Directive 2013/34/EU, Directive 2004/109/EC, Directive2006/43/EC and Regulation (EU) No 537/2014, as regards corporate sustainability reporting.'
Amendment 477 #
Proposal for a directive Article 1 – paragraph 1 – point 23 b (new) Directive 2009/138/EC Article 44 b (new) (23b) the following article is inserted: ‘Article 44b Remuneration policy 1. Member States shall ensure that the written policy on remuneration, including incentive schemes, shall promote sound and effective risk management, including in relation to the integration of sustainability risks in the risk management system and the adverse impacts of the insurance or reinsurance undertaking considering sustainability factors. 2. The Commission shall adopt delegated acts in accordance with Article 301a to specify that remuneration schemes that include both fixed and variable components, the variable remuneration component shall be linked to achievement of the targets set as part of the transition plan of the undertaking, implemented in accordance with Article 44a.’
Amendment 478 #
Proposal for a directive Article 1 – paragraph 1 – point 24 – point a Directive 2009/138/EC Article 45 – paragraph 1 – subparagraph 2 – point d (d) consideration and a
Amendment 479 #
Proposal for a directive Article 1 – paragraph 1 – point 24 – point a Directive 2009/138/EC Article 45– paragraph 1 – subparagraph 2 – point d (d) consideration and analysis of the macroeconomic situation, and possible or relevant macroeconomic and financial markets’ developments, and, upon a reasoned request of the supervisory authority, macroprudential concerns, that may affect the specific risk profile, the approved risk tolerance limits, the business strategy, the underwriting activities or the investment decisions, and the overall solvency needs referred to in point (a) of the undertaking;
Amendment 480 #
Proposal for a directive Article 1 – paragraph 1 – point 24 – point a Directive 2009/138/EC Article 45 – paragraph 1 – subparagraph 2 – point e (e) consideration and analysis of the activities of the undertaking that may affect
Amendment 481 #
Proposal for a directive Article 1 – paragraph 1 – point 24 – point a Directive 2009/138/EC Article 45 – paragraph 1 – subparagraph 2 – point e (e) consideration and analysis of the activities of the undertaking that
Amendment 482 #
Proposal for a directive Article 1 – paragraph 1 – point 24 – point b Directive 2009/138/EC Article 45 – paragraph 1a – subparagraph 1 – introductory part 1a. For the purpose of paragraph 1,
Amendment 483 #
Proposal for a directive Article 1 – paragraph 1 – point 24 – point b Directive 2009/138/EC Article 45 – paragraph 1a – subparagraph 1 – point e (e) climate change, biodiversity loss, pandemics, other mass-scale events and other catastrophes, which may affect insurance and reinsurance undertakings.
Amendment 484 #
Proposal for a directive Article 1 – paragraph 1 – point 24 – point b Directive 2009/138/EC Article 45 – paragraph 1a – subparagraph 1 – point e (e) climate change, global pandemics, other mass-scale events and other catastrophes, which may affect insurance and reinsurance undertakings.
Amendment 485 #
Proposal for a directive Article 1 – paragraph 1 – point 24 – point b Directive 2009/138/EC Article 45 – paragraph 1a – subparagraph 2 For the purpose of the paragraph 1, point (d), macroprudential concerns shall include, a
Amendment 486 #
Proposal for a directive Article 1 – paragraph 1 – point 24 – point b a (new) Directive 2009/138/EC Article 45 – paragraph 2 (ba) paragraph 2 is replaced by the following: "2. For the purposes of paragraph 1(a), the undertaking concerned shall have in place processes which are proportionate to the nature, scale and complexity of the risks inherent in its business and which enable it to properly identify and assess the risks it faces in the short and long term and to which it is or could be exposed, including sustainability risks. The undertaking shall demonstrate the methods used in that assessment.
Amendment 487 #
Proposal for a directive Article 1 – paragraph 1 – point 24 – point b a (new) Directive 2009/138/EC Article 45 – paragraph 2 (ba) paragraph 2 is replaced by the following: "2. For the purposes of paragraph 1(a), the undertaking concerned shall have in place processes which are proportionate to the nature, scale and complexity of the risks inherent in its business and which enable it to properly identify and assess the risks it faces in the short, medium and long term and to which it is or could be exposed, including sustainability risks. The undertaking shall demonstrate the methods used in that assessment.
Amendment 488 #
Proposal for a directive Article 1 – paragraph 1 – point 24 – point b a (new) Directive 2009/138/EC Article 45 – paragraph 2 (ba) paragraph 2 is replaced by the following: "2. For the purposes of paragraph 1(a), the undertaking concerned shall have in place
Amendment 489 #
Proposal for a directive Article 1 – paragraph 1 – point 24 – point b a (new) Directive 2009/138/EC Article 45 – paragraph 2 (ba) paragraph 2 is replaced by the following: "2. For the purposes of paragraph 1(a), the undertaking concerned shall have in place processes which are proportionate to the nature, scale and complexity of the risks inherent in its business and which enable it to properly identify and assess the risks it faces in the short and long term and to which it is or could be exposed, including sustainability risk. The undertaking shall demonstrate the methods used in that assessment.
Amendment 490 #
Proposal for a directive Article 1 – paragraph 1 – point 24 – point c a (new) Directive 2009/138/EC Article 45 – paragraph 4 (ca) paragraph 4 is replaced by the following: "4. The own-risk and solvency assessment shall be an integral part of the business strategy and shall be taken into account on an ongoing basis in the strategic decisions of the undertaking.
Amendment 491 #
Proposal for a directive Article 1 – paragraph 1 – point 24 – point e Directive 2009/138/EC Article 45 – paragraph 8 8. For the purpose of paragraph 1, points (d) and (e), of this Article, where authorities other than the supervisory authorities are entrusted with a macroprudential mandate, Member States shall ensure that the supervisory authorities share in due course the findings of their macroprudential assessments of the own- risk and solvency assessment by insurance and reinsurance undertakings, as referred to in Article 45,
Amendment 492 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a Amendment 493 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 1 1. For the purposes of the identification and assessment of risks referred to in Article 45(2), the undertaking concerned shall
Amendment 494 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 1 1. For the purposes of the identification and assessment of risks referred to in Article 45(2),
Amendment 495 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 2 – introductory part 2.
Amendment 496 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 2 – introductory part 2.
Amendment 497 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 2 – point a (a) a long-term 'orderly transition' climate change scenario where
Amendment 498 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 2 – point a (a) a
Amendment 499 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 2 – point a a (new) (a a) a ‘disorderly transition’ scenario where climate policies are delayed or divergent, resulting in later and sharper global greenhouse gas emissions reductions and the global temperature increase remaining below two degrees Celsius;
Amendment 500 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/139/EC Article 45a – paragraph 2 – point b (b) a long-term 'disorderly transition' climate change scenario where
Amendment 501 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 2 – point b (b) a
Amendment 502 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 2 – point b (b) a long-term climate change scenario where the global temperature increase is
Amendment 503 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 2 – point b a (new) (b a) a long-term climate change scenario where the global temperature increase is equal to or higher than two degrees Celsius.
Amendment 504 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 5 Amendment 505 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 5 5.
Amendment 506 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 5 5. By way of derogation from paragraph
Amendment 507 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 5 a (new) 5 a. By way of derogation from paragraphs 1, 2, 3 and 4, insurance undertakings that can demonstrate the they do not have any material exposure to climate change risks shall neither be required to specify climate change scenarios nor to assess their impact on the business of the undertaking.
Amendment 508 #
Proposal for a directive Article 1 – paragraph 1 – point 25 Directive 2009/138/EC Article 45a – paragraph 5 a (new) 5a. In order to ensure common, uniform and consistent application of this Article, EIOPA shall develop guidelines to facilitate common supervisory tools and specify the principles to be used when conducting long-term climate change scenario analyses referred to in Article 45a.
Amendment 509 #
Proposal for a directive Article 1 – paragraph 1 – point 25 a (new) Directive 2009/128/EC Article 50 – paragraph 1 (25a) paragraph 1 of Article 50 is replaced by the following: "1. The Commission shall adopt delegated acts in accordance with Article 301a to further specify the following: (a) the elements of the systems referred to in Articles 41, 44, 46 and 47, and in particular the areas to be covered by the asset–liability management and investment policy, as referred to in Article 44(2), of
Amendment 510 #
Proposal for a directive Article 1 – paragraph 1 – point 25 a (new) Directive 2009/138/EC Article 50 – paragraph 1 (25a) paragraph 1 of Article 50 is replaced by the following: "1. The Commission shall adopt delegated acts in accordance with Article 301a to further specify the following: (a) the elements of the systems referred to in Articles 41, 44, 46 and 47, and in particular the areas to be covered by the asset–liability management and investment policy, as referred to in Article 44(2), of insurance and reinsurance undertakings; (b) the functions referred to in Articles 44, 46, 47 and 48
Amendment 511 #
Proposal for a directive Article 1 – paragraph 1 – point 25 a (new) Directive 2009/138/EC Article 50 – paragraph 1 (25a) paragraph 1 of Article 50 is replaced by the following: "1. The Commission shall adopt delegated acts in accordance with Article 301a to further specify the following: (a) the elements of the systems referred to in Articles 41, 44, 46 and 47, and in particular the areas to be covered by the asset–liability management and investment policy, as referred to in Article 44(2), of insurance and reinsurance undertakings; (b) the functions referred to in Articles 44,
Amendment 512 #
Proposal for a directive Article 1 – paragraph 1 – point 25 a (new) Directive 2009/138/EC Article 50 – paragraph 1 (25a) Article 50, paragraph 1 is amended as follows: a) the following point is added: ‘c) minimum standards and reference methodologies for transition plans referred to in Article 44a;’ b) the following sub-paragraph is added: ‘For the adoption of the delegated acts referred to in point c) of this paragraph, the Commission shall take into consideration the technical advice of the European Financial Reporting Advisory Group (EFRAG).’
Amendment 513 #
Proposal for a directive Article 1 – paragraph 1 – point 25 a (new) Directive 2009/138/EC Article 45b (new) (25a) The following article is inserted : ‘Article 45b Stress tests of ESG risks 1. The national supervisory authorities shall carry out as appropriate but at least every two years supervisory stress tests of environmental, social and governance risks on institutions they supervise. 2. EBA,EIOPA and ESMA shall, through the Joint Committee referred to in Article 54 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010, develop guidelines to ensure that consistency, long-term considerations and common standards for assessment methodologies are integrated into the stress testing of environmental, social and governance risks.’
Amendment 514 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2009/138/EC Article 51 – paragraph 1a – point b (b) a brief description of the capital management and the risk profile of the undertaking, including in relation to sustainability risks and the principal adverse impacts of the insurance or reinsurance undertaking on sustainability factors, and with reference to how the undertaking’s stewardship policy has contributed to addressing these impacts.
Amendment 515 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2009/128/EC Article 51 – paragraph 1a – point b (b) a brief description of the capital management and the risk profile of the undertaking
Amendment 516 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2009/138/EC Article 51 – paragraph 1a – point b (b) a
Amendment 517 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2009/138/EC Article 51 – paragraph 1a – point b (b) a brief description of the capital management and the risk profile of the undertaking, including in relation to sustainability risks.;
Amendment 518 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2009/138/EC Article 51 – paragraph 1a – point b (b) a brief description of the capital management and the risk profile of the undertaking
Amendment 519 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2009/138/EC Article 51 – paragraph 1a – points b a (new) and b b (new) (b a) where the undertaking conducts a climate scenario analysis described in Article 45a, a description of the latest results; (b b) a description of the implementation of the transition plan described in Article 44a.
Amendment 520 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2009/138/EC Article 51 – paragraph 1a – point b a (new) (b a) where the undertaking conducts a climate change scenario analysis, a description of the results of the latest climate change scenario analysis as described in Article 45a, and a description of how the transition plan of the undertaking described in Article 44a is addressing and reducing the undertaking's exposure to climate change risks;
Amendment 521 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point b Directive 2009/138/EC Article 51 – paragraph 1a – point b a (new) (b a) where the undertaking conducts a climate change scenario analysis, a description of the results of the latest climate change scenario analysis described in Article 45a, and a description of how the transition plan of the undertaking described at Article 44a is addressing and reducing its exposure to climate change risks;
Amendment 522 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point a (a) a description of the system of governance, including a description of the role of the administrative, management and supervisory bodies with regard to sustainability risks in line with Article 41;
Amendment 523 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point a (a) a description of the system of governance; including a description of the role of the administrative, management and supervisory bodies with regard to sustainability risks in line with article 41.
Amendment 524 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point c (a) a description of the system of governance, including the role of the administrative, management and supervisory body with regard to sustainability risks;
Amendment 525 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b a (new) For the purposes of paragraph 1a, insurance and reinsurance undertakings may describe sustainability risks and the principal adverse impacts of the insurance or reinsurance undertaking on sustainability factors by clear cross- reference to sections of their management report containing relevant information.
Amendment 526 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point c – point ii a (new) (ii a) for undertakings using internal models, the amount of the Solvency Capital Requirement that would have resulted from the application of the standard formula;
Amendment 527 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point c – point iii (iii) for insurance and reinsurance undertakings relevant for the financial stability of the financial systems in the Union, information on risk sensitivity, including in relation to sustainability risks;
Amendment 528 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point c – point vi a (new) (vi a) climate and other sustainability targets and transition plan targets of the undertaking, including absolute carbon emission reduction targets for its underwriting and investment portfolios, submitted in accordance with Articles 44(2b) (new), 44(2c) (new) and 44a (new), and the progress made towards implementing them;
Amendment 529 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 (1) – paragraph 1b – point c – point vi a (new) (vi a) climate and other sustainability targets and transition plans of the undertaking, including absolute emission reduction targets for operational and attributable greenhouse gas emissions for underwriting and investment portfolios, submitted in accordance with Articles 44(2b) (new) and 44(2c) (new) and 132(2b) (new), and the progress made towards implementing them;
Amendment 530 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point c – point vi a (new) (vi a) climate and other sustainability targets and transition plan targets of the undertaking, including absolute carbon emission reduction targets for its underwriting and investment portfolios, submitted in accordance with Articles 44(2a) (new) and 44a (new), and the progress made towards implementing them;
Amendment 531 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point c – point vi a (new) (vi a) the targets and milestones defined in the undertaking’s transition plan;
Amendment 532 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point c – point vi b (new) (vi b) the adaptation of business model and strategy decided by the undertaking to cope with the sustainability risks it faces.
Amendment 533 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point c – point vi b (new) (vi b) how the undertaking’s business model and strategy take account of sustainability risks faced by the undertaking.
Amendment 534 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point c – point vi b (new) (vi b) how the undertaking's business model and strategy take account of sustainability risks faced by the undertaking.
Amendment 535 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point c – point vi b (new) (vi b) how the undertaking’s business model and strategy take account of sustainability risks faced by the undertaking;
Amendment 536 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point c – point vi c (new) (vi c) the role of the administrative, management and supervisory bodies with regard to sustainability risks.
Amendment 537 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point c a (new) (c a) where the undertaking conducts a climate change scenario analysis, a description of the results of the latest climate change scenario analysis as described in Article 45a, and a description of how the transition plan of the undertaking described in Article 44a (new) is addressing and reducing the undertaking's exposure to climate change risks.
Amendment 538 #
Proposal for a directive Article 1 – paragraph 1 – point 26 – point c Directive 2009/138/EC Article 51 – paragraph 1b – point c a (new) (c a) the result of the latest Union-wide assessment of the resilience of financial institutions.
Amendment 539 #
Proposal for a directive Article 1 – paragraph 1 – point 27 Directive 2009/138/EC Article 51a – paragraph 1 1.
Amendment 540 #
Proposal for a directive Article 1 – paragraph 1 – point 27 Directive 2009/138/EC Article 51a – paragraph 1 1. For insurance and reinsurance undertakings
Amendment 541 #
Proposal for a directive Article 1 – paragraph 1 – point 27 Directive 2009/138/EC Article 51a – paragraph 1 1. For insurance and reinsurance undertakings other than low-risk profile undertakings and captive insurance undertakings and captive reinsurance undertakings, the balance sheet disclosed as part of the solvency and financial condition report or as part of the single solvency and financial condition report shall be subject to an audit requirement.
Amendment 542 #
Proposal for a directive Article 1 – paragraph 1 – point 27 Directive 2009/138/EC Article 51a – paragraph 2 Amendment 543 #
Proposal for a directive Article 1 – paragraph 1 – point 27 Directive 2009/138/EC Article 51a – paragraph 2 2.
Amendment 544 #
Proposal for a directive Article 1 – paragraph 1 – point 27 2. Member States may extend the obligation laid down in paragraph 1 to captive insurance undertakings
Amendment 545 #
Proposal for a directive Article 1 – paragraph 1 – point 27 Directive 2009/138/EC Article 51a – paragraph 3 3. The audit shall be carried out by a statutory auditor or an audit firm, in accordance with the applicable international standards, unless this Directive, or delegated acts adopted pursuant to it establish other principles and requirements for the assessment of any item of the balance sheet. Statutory auditors and audit firms, when performing this task, shall comply with the duties of auditors set out in Article 72 and will not provide any service as foreseen under Article 5 of Regulation (EU) No 537/2014, during the period the audit services are provided.
Amendment 546 #
Proposal for a directive Article 1 – paragraph 1 – point 27 Directive 2009/138/EC Article 51a – paragraph 3 a (new) 3 a. Member States may extend the scope of the audit requirement to other elements of the solvency and financial condition report.
Amendment 547 #
Proposal for a directive Article 1 – paragraph 1 – point 28 – point c a (new) Directive 2009/138/EC Article 52 – paragraph 3 a (new) (ca) the following paragraph is added: ‘3a. EIOPA shall monitor the appropriateness and soundness of the criteria for identifying low-risk profile undertakings and groups and assess the effects of applying those criteria, at least with respect to the objectives of policyholders’ protection, financial stability and level playing field. EIOPA shall submit a report on its findings to the Commission by [OP please insert date = three years after entry into application].’;
Amendment 548 #
Proposal for a directive Article 1 – paragraph 1 – point 31 a (new) Directive 2009/138/EC Article 59 – paragraph 1 – subparagraph 1 a (new) and paragraph 2 – subparagraps 1 a (new) and 1 b (new) (31a) Article 59 is amended as follows: a) the following subparagraph is added to paragraph 1: ‘For the purposes of assessing the criterion laid down in point (e), supervisory authorities shall consult the authorities competent for the supervision of the obliged entities in accordance with Directive (EU) 2015/849.’ b) the followings subparagraphs are added to paragraph 2: 'For the purpose of this paragraph and with regard to the criterion laid down in point (e) of paragraph 1 of this Article, an objection in writing by the authorities competent for the supervision of the obliged entities in accordance with Directive (EU) 2015/849 shall constitute reasonable grounds for opposition. In any event, competent authorities shall be able to object to the acquisition when the proposed acquirer is located in a country on the EU list of third-countries with strategic deficiencies or compliance weaknesses in their AML/CFT regime or in a country subject to EU restrictive measures.'
Amendment 549 #
Proposal for a directive Article 1 – paragraph 1 – point 34 a (new) Directive 2009/138/EC Article 64 – paragraph 3 a (new) (34a) in Article 64, the following paragraph is added: 'Paragraphs 1 to 3 of this Article shall not prevent the competent authorities from publishing the outcome of stress tests carried out in accordance with Article 34(4) of this Directive or Article 32 of Regulation (EU) No 1094/2010 or from transmitting the outcome of stress tests to EIOPA for the purpose of the publication by EIOPA of the results of Union-wide stress tests.'
Amendment 550 #
Proposal for a directive Article 1 – paragraph 1 – point 34 a (new) Directive 2009/138/EC Article 64 – paragraph 3 a (new) (34a) in Article 64, the following paragraph is added: "Paragraphs 1 to 3 of this Article shall not prevent the competent authorities from publishing the outcome of stress tests carried out in accordance with Article 34(4) of this Directive or Article 32 of Regulation (EU) No 1094/2010 or from transmitting the outcome of stress tests to EIOPA for the purpose of the publication by EIOPA of the results of Union-wide stress tests. "
Amendment 551 #
Proposal for a directive Article 1 – paragraph 1 – point 36 Directive 2009/138/EC Article 77 – paragraph 3 a (new) 3a. The risk margin for the entire portfolio of insurance and reinsurance obligations shall be calculated using the following formula: RM = CoC * Σt≥0 (0.9t*SCR(t)/((1+r(t+1))t+1) where (a) CoC denotes the Cost-of-Capital rates (b) the sum covers all integers including zero (c) SCR(t) denotes the Solvency Capital Requirement after t years (d) r(t+1) denotes the basic risk-free interest rate for the maturity of t+1 years.
Amendment 552 #
Proposal for a directive Article 1 – paragraph 1 – point 36 Amendment 553 #
Proposal for a directive Article 1 – paragraph 1 – point 36 – point a (new) Directive 2009/138/EC Article 77 – paragraph 3 a (new) 3a. The risk margin for the entire portfolio of insurance and reinsurance obligations shall be calculated using the following formula: RM = CoC * Σt≥0 (0.995t*SCR(t)/((1+r(t+1))t+1) where (a) CoC denotes the Cost-of-Capital rates and shall be assumed to be equal to 6%. (b) the sum covers all integers including zero (c) SCR(t) denotes the Solvency Capital Requirement after t years (d) r(t+1) denotes the basic risk-free interest rate for the maturity of t+1 years.
Amendment 554 #
Proposal for a directive Article 1 – paragraph 1 – point 36 a (new) Directive 2009/138/EC Article 77 – paragraph 3 a (new) 3a. The risk margin for the entire portfolio of insurance and reinsurance obligations shall be calculated using the following formula: RM = CoC * Σt≥0 (0.9t*SCR(t)/((1+r(t+1))t+1) Where (a) CoC denotes the Cost-of-Capital rates (b) the sum covers all integers including zero (c) SCR(t) denotes the Solvency Capital Requirement after t years (d) r(t+1) denotes the basic risk-free interest rate for the maturity of t+1 years.
Amendment 555 #
Proposal for a directive Article 1 – paragraph 1 – point 36 Directive 2009/138/EC Article 77 – paragraph 5 – subparagraph 3 a (new) The calibration of the cost-of-capital rate to be used in accordance with previous sub-paragraphs, shall be based on empirical evidence, including market data covering a sufficiently long period. The Commission shall set the cost-of-capital to be used, based on an EIOPA opinion.
Amendment 556 #
Proposal for a directive Article 1 – paragraph 1 – point 36 Directive 2009/138/EC Article 77 – paragraph 5 a (new) 5a. The Cost-of-Capital rate referred to in paragraph 5 shall be assumed to be equal to 4,5%.
Amendment 557 #
Proposal for a directive Article 1 – paragraph 1 – point 36 a (new) Directive 2009/138/EC Article 77 – paragraph 5 a (new) 5a. The Cost-of-Capital rate referred to in paragraph 5 shall be assumed to be equal to 4%.
Amendment 558 #
Proposal for a directive Article 1 – paragraph 1 – point 36 a (new) Directive 2009/138/EC Article 77 – paragraph 5 a (new) 5a. The Cost-of-Capital rate referred to in paragraph 5 shall be assumed to be equal to 4 %.
Amendment 559 #
Proposal for a directive Article 1 – paragraph 1 – point 36 a (new) Directive 2009/138/EC Article 77 – paragraph 5 a (new) 5a. The Cost-of-Capital rate referred to in paragraph 5 shall be assumed to be equal to 6%.
Amendment 560 #
Proposal for a directive Article 1 – paragraph 1 – point 37 Directive 2009/138/EC Article 77a – paragraph 1 – subparagaph 1 – introductory part 1. The determination of the relevant risk-free interest rate term structure referred to in Article 77(2) shall make use of, and be consistent with, information derived from relevant financial instruments. That determination shall take into account relevant financial instruments of those maturities where the markets for those financial instruments are deep, liquid and transparent. The relevant risk-free interest rate term structure shall be extrapolated for maturities longer than the first smoothing point. The first smoothing point for a currency, such as the euro, shall be the longest maturity for which all of the following conditions are met:
Amendment 561 #
Proposal for a directive Article 1 – paragraph 1 – point 37 Directive 2009/138/EC Article 77a – paragraph 1 – subparagaph 1 – introductory part 1. The determination of the relevant risk-free interest rate term structure referred to in Article 77(2) shall make use of, and be consistent with, information
Amendment 562 #
Proposal for a directive Article 1 – paragraph 1 – point 37 Directive 2009/138/EC Article 77a – paragraph 1 – subparagaph 1 – point 1a a (new) (a a) the portfolio of assets assigned to cover the best estimate of the portfolio of insurance or reinsurance obligations does not include assets with exposure to the fossil sectors;
Amendment 563 #
Proposal for a directive Article 1 – paragraph 1 – point 37 Directive 2009/138/EC Article 77a – paragraph 2 – subparagraph 1 2.
Amendment 564 #
Proposal for a directive Article 1 – paragraph 1 – point 37 Directive 2009/138/EC Article 77a – paragraph 2 – subparagraph 1 2.
Amendment 565 #
Proposal for a directive Article 1 – paragraph 1 – point 37 Directive 2009/138/EC Article 77a – paragraph 2 – subparagraph 1 2.
Amendment 566 #
Proposal for a directive Article 1 – paragraph 1 – point 37 Directive 2009/138/EC Article 77a – paragraph 2 – subparagraph 1 2.
Amendment 567 #
Proposal for a directive Article 1 – paragraph 1 – point 37 Directive 2009/138/EC Article 77a – paragraph 2 – subparagaph 1 2. For the purpose of paragraph 1, second subparagraph, any parameters determining the speed of the convergence of the forward rates towards the ultimate forward rate of the extrapolation may be chosen such that on [OP please insert date = application date] the risk-free interest rate term structure is sufficiently similar to the risk-free interest rate term structure on that date determined in line with the rules for the extrapolation applicable on [OP please insert date = one day before date of application]. Those parameters of the extrapolation shall be decreased linearly at the beginning of each calendar year, during a transitional period. The parameters determining the speed of convergence of the forward rates towards the ultimate forward rate shall take into account the level of the interest rates at the first smoothing point. The final parameters of the extrapolation shall be applied as of 1 January 203
Amendment 568 #
Proposal for a directive Article 1 – paragraph 1 – point 37 Directive 2009/138/EC Article 77a – paragraph 2 – subparagraph 1 2. For the purpose of paragraph 1, second subparagraph, any parameters determining the speed of the convergence of the forward rates towards the ultimate forward rate of the extrapolation may be chosen such that on [OP please insert date = application date] the risk-free interest rate term structure is sufficiently similar to the risk-free interest rate term structure on that date determined in line with the rules for the extrapolation applicable on [OP please insert date = one day before date of application]. Those parameters of the extrapolation shall be decreased linearly at the beginning of each calendar year, during a transitional period. The final parameters of the extrapolation shall
Amendment 569 #
Proposal for a directive Article 1 – paragraph 1 – point 37 Directive 2009/138/EC Article 77a – paragraph 2 – subparagraph 1 2. For the purpose of paragraph 1, second subparagraph, any parameters determining the speed of the convergence of the forward rates towards the ultimate forward rate of the extrapolation may be chosen such that on [OP please insert date
Amendment 570 #
Proposal for a directive Article 1 – paragraph 1 – point 37 Directive 2009/138/EC Article 77a – paragraph 2 a (new) 2a. Undertakings should disclose in their public reporting the impact of the convergence speed parameter at 5% on their financial position. Undertakings that would not meet their Solvency Capital Requirement with a convergence speed parameter at 5%, should provide evidence to their supervisory authority and EIOPA that their dividend payments or other voluntary capital distribution do not put at risk the protection of policyholders and beneficiaries.
Amendment 571 #
Proposal for a directive Article 1 – paragraph 1 – point 37 Directive 2009/138/EC Article 77a – paragraph 2 a (new) 2a. As part of the assessment mentioned in Article 111(3), EIOPA shall verify whether market conditions have materially changed since the last recalculation of the speed of convergence of the extrapolated risk-free rate.
Amendment 572 #
Proposal for a directive Article 1 – paragraph 1 – point 37 a (new) Directive 2009/138/EC Article 77b – paragraph 1 – subparagraph 1 – point a (37a) in subparagraph 1 of Article 77b(1) point (a) is replaced by the following: ‘the insurance or reinsurance undertaking has assigned a portfolio of assets, consisting of bonds and other assets with similar cash-flow characteristics, and excluding any assets in fossil fuel companies, activities, reserves and fossil fuel power plants, to cover the best estimate of the portfolio of insurance or reinsurance obligations and maintains that assignment over the lifetime of the obligations, except for the purpose of maintaining the replication of expected cash flows between assets and liabilities where the cash flows have materially
Amendment 573 #
Proposal for a directive Article 1 – paragraph 1 – point 37 a (new) Directive 2009/138/EC Article 77b – paragraph 1 – subparagraph 1 – point a a (new) (37a) in subparagraph 1 of Article 77b(1) the following point is inserted: '(aa) the portfolio of assets assigned to cover the best estimate of the portfolio of insurance or reinsurance obligations does not include assets with exposure to the fossil sectors nor crypto-assets;'
Amendment 574 #
Proposal for a directive Article 1 – paragraph 1 – point 37 a (new) Directive 2009/138/EC Article 77b – paragraph 1 – subparagraph 1 – point a a (new) (37a) in subparagraph 1 of Article 77b(1) the following point is inserted: ‘(aa) the portfolio of assets assigned to cover the best estimate of the portfolio of insurance or reinsurance obligations does not include assets with exposure to the fossil sectors;’
Amendment 575 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point a Directive 2009/138/EC Article 77d – paragraph 1 1.
Amendment 576 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point b Directive 2009/138/EC Article 77d – paragraph 1 c (new) 1c. Insurance and reinsurance undertakings may, subject to prior approval by the supervisory authority, apply an undertaking-specific adjustment to this risk-corrected spread of the currency referred to in paragraph 3, under the condition that the information that is inherent to the relevant assets of the undertaking and that is reported by the undertaking in line with Article 35, paragraphs 1 to 4 is of sufficient quality to allow a robust and reliable calculation. This adjustment shall correspond to the lowest between 100% and the ratio of the risk-corrected spread calculated based on the undertaking’s portfolio of investments in debt instruments and the risk-corrected spread calculated based on the reference portfolio for the relevant currency. The risk-corrected spread based on the undertaking’s portfolio of investments in debt instruments shall be calculated in the same manner as the risk-corrected spread based on the reference portfolio for the relevant currency, but using undertaking- specific data on the weights and the average duration of the relevant sub- classes within the undertaking’s portfolio of investments in debt instruments for the relevant currency. Where the adjustment is lower than 100%, the volatility adjustment shall not be increased by a macro volatility adjustment as referred to in paragraph 4;
Amendment 577 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point b Directive 2009/138/EC Article 77d – paragraph 1 c (new) 1c. Insurance and reinsurance undertakings may, subject to prior approval by the supervisory authority, apply an undertaking-specific adjustment to this risk-corrected spread of the currency referred to in paragraph 3, under the conditions that: (i) This risk-corrected spread exceeded, during the four previous quarterly reporting periods prior to the application date, the risk-corrected spread calculated based on the undertaking’s portfolio of investments in debt instruments; and (ii) The information that is inherent to the relevant assets of the undertaking and that is reported by the undertaking in line with Article 35(1) to (4) is of sufficient quality to allow a robust and reliable calculation of this adjustment. This adjustment shall correspond to the lowest between 150% and the ratio of the risk-corrected spread calculated based on the undertaking’s portfolio of investments in debt instruments and the risk-corrected spread calculated based on the reference portfolio for the relevant currency. The risk-corrected spread based on the undertaking’s portfolio of investments in debt instruments shall be calculated in the same manner as the risk-corrected spread based on the reference portfolio for the relevant currency, but using undertaking- specific data on the weights and the average duration of the relevant sub- classes within the undertaking’s portfolio of investments in debt instruments for the relevant currency. Where the adjustment is applied, the volatility adjustment shall not be increased by a macro volatility adjustment as referred to in paragraph 4. Insurance and reinsurance undertakings shall immediately stop applying this adjustment when it increases the risk- correction spread of the currency referred to in paragraph 3 for four consecutive quarterly reporting periods.
Amendment 578 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point b (new) Directive 2009/138/EC Article 77d – paragraph 1 c (new) 1c. Insurance and reinsurance undertakings may, subject to prior approval by the supervisory authority, apply an undertaking-specific adjustment to this risk-corrected spread of the currency referred to in paragraph 3, under the condition that the information that is inherent to the relevant assets of the undertaking and that is reported by the undertaking in line with Article 35(1) to (4) is of sufficient quality to allow a robust and reliable calculation. This adjustment shall correspond to the lowest between 100% and the ratio of the risk- corrected spread calculated based on the undertaking’s portfolio of investments in debt instruments and the risk-corrected spread calculated based on the reference portfolio for the relevant currency. The risk-corrected spread based on the undertaking’s portfolio of investments in debt instruments shall be calculated in the same manner as the risk-corrected spread based on the reference portfolio for the relevant currency, but using undertaking- specific data on the weights and the average duration of the relevant sub- classes within the undertaking’s portfolio of investments in debt instruments for the relevant currency. Where the adjustment is lower than 100%, the volatility adjustment shall not be increased by a macrovolatility adjustment as referred to in paragraph 4.;
Amendment 579 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 2 – subparagraphs 2 a (new) and 2 b (new) For each currency and each country, the spread referred to in paragraph (2) shall be equal to the following: S = wgov * max (Sgov, 0) + wcorp * max(Scorp, 0) where: (a) wgov denotes the ratio of the value of government bonds included in the reference portfolio of assets for that currency or country and the value of all the assets included in that reference portfolio; (b) Sgov denotes the average currency spread on government bonds included in the reference portfolio of assets for that currency or country; (c) wcorp denotes the ratio of the value of bonds other than government bonds, loans and securitisations included in the reference portfolio of assets for that currency or country and the value of all the assets included in that reference portfolio; (d) Scorp denotes the average currency spread on bonds other than government bonds, loans and securitisations included in the reference portfolio of assets for that currency or country. For the purposes of this paragraph, ‘government bonds’ means exposures to central governments and central banks.
Amendment 580 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 2 – subparagraph 2 a (new) and 2 b (new) For each currency and each country, the spread referred to in paragraph 2 shall be equal to the following: S = Wgov * max (Sgov,0) + Wcorp * max(Scorp,0) where: (a) Wgov denotes the ratio of the value of government bonds included in the reference portfolio of assets for that currency or country and the value of all the assets included in that reference portfolio; (b) Sgov denotes the average currency spread on government bonds included in the reference portfolio of assets for that currency or country; (c) Wcorp denotes the ratio of the value of bonds other than government bonds, loans and securitisations included in the reference portfolio of assets for that currency or country and the value of all the assets included in that reference portfolio; (d) Scorp denotes the average currency spread on bonds other than government bonds, loans and securitisations included in the reference portfolio of assets for that currency or country. For the purposes of this paragraph, ‘government bonds’ means exposures to central governments and central banks.
Amendment 581 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 2 a (new) and 2 b (new) Amendment 582 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 3 3. The amount of the volatility adjustment to risk-free interest rates for a currecny
Amendment 583 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 3 3. The amount of the volatility adjustment to risk-free interest rates for a currecny shall be calculated as follows: 𝑉𝐴𝑐𝑢 = 85% ∙ 𝐶𝑆𝑆𝑅𝐶𝑈 ∙ 𝑅𝐶𝑆𝐶𝑈
Amendment 584 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 3 – subparagraph 1 3. The amount of the volatility adjustment to risk-free interest rates for a currecny shall be calculated as follows: 𝑉𝐴𝑐𝑢 = 85% ∙ 𝐶𝑆𝑆𝑅𝐶𝑈 ∙ 𝑰𝑳𝑹𝒄𝒖 ∙ ∙ 𝑅𝐶𝑆𝐶𝑈
Amendment 585 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 3 – subparagraph 1 – point b a (new) (b a) IRcu is the illiquidity ratio of an insurance or reinsurance undertaking for the currency cu;
Amendment 586 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d– paragraph 3 – subparagraph 2 a (new) IRcu measures the degree of illiquidity of the liabilities of an insurance or reinsurance undertaking for the currency cu. It is determined on the basis of the mortality risk and the lapse risk inherent to the liabilities. It shall not be lower than 60% and not higher than 100%.
Amendment 587 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 3 a (new) 3a. The portion of the spread that is attributable to a realistic assessment of expected losses, unexpected credit risk or any other risk shall be calculated in the same manner as the fundamental spread referred to in Article 77c(2). More in detail, the amount resulting from this assessment, denoted RCeu for the risk correction for the currency cu, shall be calculated as follows: for government bonds: RCgov_eu = max(PD + CoD, 30% * LTAS) (b) for corporate bonds: RCcorp_eu = max (PD + CoD, 35% * LTAS) where: (i) PD is the credit spread corresponding to the probability of default on the assets; (ii) CoD is the credit spread corresponding to the expected loss resulting from downgrading of the assets; (iii) LTAS is the long-term average of the spread over the risk-free interest rate of assets of the same duration, credit quality and asset class.
Amendment 588 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 3 a (new) 3a. The portion of the spread that is attributable to a realistic assessment of expected losses, unexpected credit risk or any other risk shall be calculated in the same manner as the fundamental spread referred to in Article 77c(2).
Amendment 589 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 3 a (new) 3a. The portion of the spread that is attributable to a realistic assessment of expected losses, unexpected credit risk or any other risk shall be calculated as a function of the long-term average spread and the level of the spread.
Amendment 590 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 3 a (new) Amendment 591 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 4 – subparagraph 1 4. For the euro, the volatility adjustment shall be increased by a macro volatility adjustment. The macro volatility adjustment
Amendment 592 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 4 – subparagraph 1 – point b a (new) (b a) IReuro is the illiquidity ratio of an insurance or reinsurance undertaking for the euro
Amendment 593 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 4 – subparagraph 2 a (new) IReuro shall be calculated as the illiquidity ratio of an insurance or reinsurance undertaking for the euro in accordance with paragraph 3.
Amendment 594 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 4 – subparagraph 5 – part 2 Amendment 595 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 4 – subparagraph 5 The country adjustment factor referred to in point (e) shall be calculated as follows:
Amendment 596 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 4 – subparagraph 5 The country adjustment factor referred to in point (e) shall be calculated as follows:
Amendment 597 #
Proposal for a directive Article 1 – paragraph 1 – point 39 a (new) Directive 2009/138/EC Article 78 – point 3 a (new) (39a) in Article 78 the following point is added: ‘(43a) quantitative and qualitative estimates of risk of loss or of adverse change in the values of insurance and reinsurance liabilities, resulting from inadequate pricing and provisioning assumptions due to internal or external factors, including sustainability risks;’
Amendment 598 #
Proposal for a directive Article 1 – paragraph 1 – point 39 a (new) Directive 2009/138/EC Article 78 – point 3 a (new) (39a) in Article 78, the following point is added: ‘(43a) quantitative and qualitative estimates of risk of loss or of adverse change in the values of insurance and reinsurance liabilities, resulting from inadequate pricing and provisioning assumptions due to internal or external factors, including sustainability risks;’
Amendment 599 #
Proposal for a directive Article 1 – paragraph 1 – point 39 a (new) Directive 2009/138/EC Article 78 – point 3 a (new) (39a) in Article 78 the following point is added: ‘(43a) quantitative and qualitative estimates of risk of loss or of adverse change in the values of insurance and reinsurance liabilities, resulting from inadequate pricing and provisioning assumptions due to internal or external factors, including sustainability risks;
Amendment 600 #
Proposal for a directive Article 1 – paragraph 1 – point 39 a (new) Directive 2009/138/EC Article 78 – point 3 a (new) Amendment 601 #
Proposal for a directive Article 1 – paragraph 1 – point 40 – point a – point ii Directive 2009/138/EC Article 86 – paragraph 1 – point b – point i (i) the formula for the extrapolation referred to in Article 77a(1), including the parameters that determine the convergence speed of the extrapolation
Amendment 602 #
Proposal for a directive Article 1 – paragraph 1 – point 40 – point a – point ii a (new) Directive 2009/138/EC Article 86 – paragraph 1 – point d (iia) in Article 86, paragraph 1, point (d) is replaced by the following: "(d) the methods and assumptions to be used in the calculation of the risk margin including the determination of the amount of eligible own funds necessary to support
Amendment 603 #
Proposal for a directive Article 1 – paragraph 1 – point 40 – point a – point iii Directive 2009/138/EC Article 86 – paragraph 1 – point i – point iii Amendment 604 #
Proposal for a directive Article 1 – paragraph 1 – point 40 – point a – point iii Directive 2009/138/EC Article 86 – paragraph 1 – point i – point iii Amendment 605 #
Proposal for a directive Article 1 – paragraph 1 – point 40 – point a – point iii Directive 2009/138/EC Article 86 – paragraph 1 – point i – point iii Amendment 606 #
Proposal for a directive Article 1 – paragraph 1 – point 40 – point a – point iii Directive 2009/138/EC Article 86 – paragraph 1 – point i – point iii Amendment 607 #
Proposal for a directive Article 1 – paragraph 1 – point 40 – point a – point iii Directive 2009/138/EC Article 86 – paragraph 1 – point i – point iii (iii) for each relevant asset class, the percentage of the long-term average spread that represents the portion attributable to a realistic assessment of expected losses or unexpected credit or other risks of the assets as referred to in Article 77d(3), and that is consistent with the definition of the fundamental spread referred to in Article 77c(2);
Amendment 608 #
Proposal for a directive Article 1 – paragraph 1 – point 41 – point a Directive 2009/138/EC Article 92 – paragraph 1a – subparagraph 1 1a. The Commission shall adopt delegated acts in accordance with Article 301a specifying the treatment of participations, within the meaning of Article 212(2), third subparagraph, in financial and credit institutions with respect to the determination of own funds, including: (i) approaches to deductions from the basic own funds of an insurance or reinsurance undertaking of material participations in credit and financial institutions
Amendment 609 #
Proposal for a directive Article 1 – paragraph 1 – point 41 – point a Directive 2009/138/EC Article 92 – paragraph 1a – subparagraph 1 1a. The Commission shall adopt delegated acts in accordance with Article 301a specifying the treatment of participations, within the meaning of Article 212(2), third subparagraph, in financial and credit institutions with respect to the determination of own funds, including: (i) approaches to deductions from the basic own funds of an insurance or reinsurance undertaking of material participations in credit and financial institutions; (ii) the market risk module to be applied by insurance and reinsurance undertakings and groups to the participations in credit and financial institutions pursuant to this Article.
Amendment 610 #
Proposal for a directive Article 1 – paragraph 1 – point 41 – point a Directive (EU) 138/2009 Article 92 – paragraph 1a – subparagraph 1 1a. The Commission shall adopt delegated acts in accordance with Article 301a specifying the treatment of participations, within the meaning of Article 212(2), third subparagraph, in financial and credit institutions with respect to the determination of own funds, including: (i) approaches to deductions from the basic own funds of an insurance or reinsurance undertaking of material participations in credit and financial institutions; (ii) the market risk module to be applied by insurance and reinsurance undertakings and groups to the participations in credit and financial institutions pursuant to this Article.
Amendment 611 #
Proposal for a directive Article 1 – paragraph 1 – point 41 – point a Directive 2009/138/EC Article 92 – paragraph 1a – subparagraph 1 1a. The Commission shall adopt delegated acts in accordance with Article 301a specifying the treatment of participations, within the meaning of
Amendment 612 #
Proposal for a directive Article 1 – paragraph 1 – point 41 – point a Directive 2009/138/EC Article 92 – paragraph 1a – subparagraph 1 1a. The Commission shall adopt delegated acts in accordance with Article 301a specifying the treatment of participations, within the meaning of Article 212(2), third subparagraph, in financial and credit institutions with respect to the determination of own funds, including: (i) approaches to deductions from the basic own funds of an insurance or reinsurance undertaking of material participations in credit and financial institutions
Amendment 613 #
Proposal for a directive Article 1 – paragraph 1 – point 41 – point a Directive 2009/138/EC Article 92 – paragraph 1a – subparagraph 2 – point (i) (i) the credit or financial institution and the insurance or reinsurance undertaking belong to the same group, as defined in Article 212, to which group supervision applies in accordance with Article 213(2), points (a), (b) and (c), and the related credit or financial institution is not subject to the deduction referred to in Article 228(
Amendment 614 #
Proposal for a directive Article 1 – paragraph 1 – point 41 – point a a (new) Directive 2009/138/EC Article 92 – paragraph 1b (new) (aa) the following paragraph is inserted: ‘1b. Notwithstanding paragraph 1a, the insurance and reinsurance undertaking shall be allowed not to deduct its participation in the credit or financial institution, provided that all the following conditions are met: (i) the participation represents less than 20% of the capital or voting rights of the credit or financial institution; (ii) the credit or financial institution is an entity whose transferable securities are admitted to trading on a regulated market.’
Amendment 615 #
Proposal for a directive Article 1 – paragraph 1 – point 43 a (new) Directive 2009/138/EC Article 101 – paragraph 4 – subparagraph 2 a (new) (43a) in paragraph 4 of Article 101 the following subparagraph is added: ‘Market risk as referred to in point (d) of the first subparagraph shall include sustainability risks stemming from the current or prospective impacts of climate- related factors on the undertaking, its clients or invested assets, specifically covering risks related to the fossil fuel sector. Climate-related risks include both physical risk and transition risk.’
Amendment 616 #
Proposal for a directive Article 1 – paragraph 1 – point 43 a (new) (43a) in paragraph 4 of Article 101 the following subparagraph is added: ‘Market risk as referred to in point (d) of the first subparagraph shall include sustainability risks stemming from the current or prospective impacts of climate- related factors on the undertaking, its clients or invested assets, specifically covering risks related to the fossil fuel sector. Such risks can stem from a high prospect of assets becoming stranded due to the global transition away from fossil fuels, or from an increase risks of climate-related events such as forest fires or floods. Climate-related risks shall be deemed to be especially high when the undertaking fails to adhere to its transition plan as defined by Article 44b (new).’
Amendment 617 #
Proposal for a directive Article 1 – paragraph 1 – point 43 a (new) Directive 2009/138/EC Article 101 – paragraph 4 – subparagraph 2 a (new) Amendment 618 #
Proposal for a directive Article 1 – paragraph 1 – point 43 a (new) Directive 2009/138/EC Article 105 – paragraph 5 – subparagraph 1 a (new) (43a) in paragraph 5 of Article 105 the following subparagraph is inserted: ‘The market risk shall also reflect the sustainability risks stemming from climate change. It shall include the impact of such risk on the undertaking, its customers and on the assets the undertaking has invested in. Climate- related risk shall include both physical and transition risks.’
Amendment 619 #
Proposal for a directive Article 1 – paragraph 1 – point 43 b (new) Directive 2009/138/EC Article 105 – paragraph 5 – subparagraph 2 a (new) (43b) in paragraph 5 of Article 105 the following subparagraph is added: ‘For the purpose of calculating the sensitivity of the values of assets referred to in points b) and d), the undertaking shall consider any exposure to fossil fuel sectors as an exposure to the most volatile asset of each category.’
Amendment 620 #
Proposal for a directive Article 1 – paragraph 1 – point 43 b (new) Directive 2009/138/EC Article 105 – paragraph 5 – subparagraph 2 a (new) (43b) in paragraph 5 of Article 105 the following subparagraph is added: ‘Equity and spread risk sub-modules referred to in points (a) and (d) of subparagraph 2 shall consider climate- related financial risks associated with fossil fuel sector exposures.’
Amendment 621 #
Proposal for a directive Article 1 – paragraph 1 – point 43 b (new) Directive 2009/138/EC Article 105 – paragraph 5 – subparagraph 2 a (new) (43b) in paragraph 5 of Article 105 the following subparagraph is added: ‘Equity and spread risk sub-modules referred to in points (a) and (d) of subparagraph 2 shall consider climate- related financial risks associated with fossil fuel sector exposures and exposures to economic activities that significantly harm environmental objectives as defined in Article 17 of Regulation (EU) 2019/852. Climate-related risks shall be deemed to be especially high when the undertaking fails to adhere to its transition plan as defined by Article 44b (new).’
Amendment 622 #
Proposal for a directive Article 1 – paragraph 1 – point 43 b (new) Directive 2009/138/EC Article 105 – paragraph 5 – subparagraph 2 a (new) (43b) in paragraph 5 of Article 105 the following subparagraph is added: ‘Equity and spread risk sub-modules referred to in points (a) and (d) of subparagraph 2 shall consider climate- related financial risks associated with fossil fuel sector exposures.’
Amendment 623 #
Proposal for a directive Article 1 – paragraph 1 – point 43 b (new) Directive 2009/138/EC Article 105 – paragraph 6 a (new) (43b) in Article 105 the following paragraph is added: '6a. The Commission is empowered to adopt a Delegated Act, in accordance with Article 301a, to reflect the risk posed by crypto-assets in the market risk sub module referred to in paragraph 5 and in the counterparty risk sub-module referred to in paragraph 6.'
Amendment 624 #
Proposal for a directive Article 1 – paragraph 1 – point 43 a (new) Directive 2009/138/EC Article 105 a (new) Amendment 625 #
Proposal for a directive Article 1 – paragraph 1 – point 43 a (new) Directive 2009/138/EC Article 105 a (new) Amendment 626 #
Proposal for a directive Article 1 – paragraph 1 – point 43 a (new) Directive 2009/138/EC Article 105 a (new) Amendment 627 #
Proposal for a directive Article 1 – paragraph 1 – point 43 a (new) Directive 2009/138/EC Article 105 a (new) Amendment 628 #
Proposal for a directive Article 1 – paragraph 1 – point 43 a (new) Directive 2009/138/EC Article 105 a (new) Amendment 629 #
Proposal for a directive Article 1 – paragraph 1 – point 43 a (new) Directive 2009/138/EC Article 105 a (new) (43a) the following Article is inserted: ‘Article 105a Long-term equity investments The European Commission shall adopt a delegated defining the criteria for the treatment of equity investments as long term equity investments. In order to benefit of a preferential treatment over these investments, criteria shall ensure a safe risk-management, that the investments take place in the Union, and that this equity is not issued by companies which have the parent company, subsidiaries or branches in a third country, which is mentioned in Annex I or Annex II to the Council conclusions of 2020 on the revised EU list on non- cooperative jurisdictions for tax purposes, or in the Delegated Regulation in relation to third countries which have strategic deficiencies in their AML/CFT regimes that pose significant threats to the financial system of the Union ('high-risk third countries'), stemming from Article 9 of Directive (EU) 2015/849.’
Amendment 630 #
Proposal for a directive Article 1 – paragraph 1 – point 44 Directive 2009/138/EC Article 106 – paragraph 3 3. The symmetric adjustment made to the standard equity capital charge covering the risk arising from changes in the level of equity prices in relation to equities not covering liabilities from unit-linked life insurance policies and other similar insurance policies where the policyholders choose what to invest in and bear the investment risk shall not result in an equity capital charge being applied that is more than 1
Amendment 631 #
Proposal for a directive Article 1 – paragraph 1 – point 44 Directive 2009/138/EC Article 106 – paragraph 3 a (new) 3a. The final capital charge resulting from the application of the symmetric adjustment should not lead to a capital charge lower than the one which would have resulted from the application of an instantaneous decrease equal to 20% in the value of the equity investment.
Amendment 632 #
Proposal for a directive Article 1 – paragraph 1 – point 45 Directive 2009/138/EC Article 109 – paragraph 1 – subparagraph 1 1. Insurance and reinsurance undertakings may use a simplified calculation for a specific sub-module or risk module where the nature, scale and complexity of the risks they face justifies it
Amendment 633 #
Proposal for a directive Article 1 – paragraph 1 – point 45 Directive 2009/138/EC Article 109 – paragraph 1 – subparagraph 1 a (new) Notwithstanding the first subparagraph, low-risk profile undertakings may use a simplified calculation for a specific sub- module or risk module.
Amendment 634 #
Proposal for a directive Article 1 – paragraph 1 – point 45 Directive 2009/138/EC Article 109 – paragraph 2 2. Without prejudice to paragraph 1 of this Article and to Article 102(1), where an insurance or reinsurance undertaking calculates the Solvency Capital Requirement and a risk module or sub- module does not represent a share of more than 5 % of the Basic Solvency Capital Requirement referred to in Article 103, point (a), the undertaking may use a simplified calculation for that risk module or sub-module during a period of no more than t
Amendment 635 #
Proposal for a directive Article 1 – paragraph 1 – point 45 Directive 2009/138/EC Article 109 – paragraph 3 a (new) 3a. Notwithstanding paragraphs 2 and 3 of this Article, low-risk profile undertakings shall be considered eligible to use a simplified calculation for a specific sub-module or risk module.
Amendment 636 #
Proposal for a directive Article 1 – paragraph 1 – point 46 – point a Directive 2009/138/EC Article 111 – paragraph 1 – point m (m) the approach to be used with respect to qualifying holdings within the meaning of Article 13(21) in the calculation of the Solvency Capital Requirement, in particular the calculation of the equity risk sub-module referred to in Article 105(5), taking into account the
Amendment 637 #
Proposal for a directive Article 1 – paragraph 1 – point 46 – point a (ma) the conditions that should be met by insurance and reinsurance undertakings in order to identify equity investments which are held with a long- term perspective to be used when calculating the Solvency Capital Requirement, in particular the calculation of the equity risk sub-module referred to in Article 105(5). These conditions should be set in a manner that allows to encompass insurance obligations with at least a 5 year duration, taking into account an holding period of 5 years on average for the equity in the relevant sub- set.
Amendment 638 #
Proposal for a directive Article 1 – paragraph 1 – point 46 – point a Directive 2009/138/EC Article 111 – paragraph 1 – point m a (new) (ma) the method and parameters to be used when assessing the capital requirement for climate-related financial risk in the case of exposures to fossil fuel assets referred to in Articles 101(4) and 105(5).
Amendment 639 #
Proposal for a directive Article 1 – paragraph 1 – point 46 – point a Directive 2009/138/EC Article 111 – paragraph 1 – point m a (new) (ma) the method and parameters to be used when assessing the capital requirement for climate-related financial risk in the case of exposures to fossil fuel assets referred to in Articles 101(4) and 105(5).
Amendment 640 #
Proposal for a directive Article 1 – paragraph 1 – point 46 – point a Directive 2009/138/EC Article 111 – paragraph 1 – point m a (new) (ma) the method and parameters to be used when assessing the capital requirement for climate-related financial risk in the case of exposures to fossil fuel assets and activities that cause significant harm to environmental objectives referred to in Articles 101(4) and 105(5).
Amendment 641 #
Proposal for a directive Article 1 – paragraph 1 – point 46 – point b Directive 2009/138/EC Article 111 – paragraph 1 – subparagraph 1 a (new) Where the Commission adopts delegated acts pursuant to point (c) of the first subparagraph to specify the methods, assumptions and standard parameters to be used for calculating the basic Solvency Capital Requirements, including the interest rates risk sub-module, it shall take duly into account the economic, financial and market environment and ensure that the assumptions used are robust and realistic.
Amendment 642 #
Proposal for a directive Article 1 – paragraph 1 – point 46 – point b Directive 2009/138/EC Article 111 – paragraph 1 – subparagraph 2 a (new) For the purpose of the first subparagraph, point (c), the methods, assumptions and standard parameters for the interest rate risk sub-module referred to in Article 105(5)(a) shall reflect the risk that low or negative interest rates may fall below their current level. By way of derogation from the previous sentence, the calculation of the interest rate risk sub-module shall not be required to take into account the risk of interest rates falling to levels below a negative floor where a negative floor can be determined such that the likelihood of interest rates across relevant currencies and across maturities not being at all times above the negative floor is sufficiently small. Having this in mind and inline with interest rates dynamics, the explicit floor identified should be increasing and term-dependent.
Amendment 643 #
Proposal for a directive Article 1 – paragraph 1 – point 46 – point b Directive 2009/138/EC Article 111 – paragraph 1 – subparagraph 2 a (new) For the purpose of the first subparagraph, point (c), the methods, assumptions and standard parameters for the interest rate risk sub-module referred to in Article 105(5)(a) shall reflect the risk that low or negative interest rates may fall below their current level. By way of derogation from the previous sentence, the calculation of the interest rate risk sub-module shall not be required to take into account the risk of interest rates falling to levels below a negative floor where a negative floor can be determined such that the likelihood of interest rates across relevant currencies and across maturities not being at all times above the negative floor is sufficiently small. Having this in mind and inline with interest rates dynamics, the explicit floor identified should be increasing and term-dependent.
Amendment 644 #
Proposal for a directive Article 1 – paragraph 1 – point 46 – point b Directive 2009/138/EC Article 111 – paragraph 1 – subparagraph 2 a (new) For the purpose of the first subparagraph, point (c), the methods, assumptions and standard parameters for the interest rate risk sub-module referred to in Article 105(5)(a) shall reflect the risk that low or negative interest rates may fall below their current level. By way of derogation from the previous sentence, the calculation of the interest rate risk sub-module shall not be required to take into account the risk of interest rates falling to levels below a negative floor where a negative floor can be determined such that the likelihood of interest rates across relevant currencies and across maturities not being at all times above the negative floor is sufficiently small. Having this in mind and in line with interest rates dynamics, the explicit floor identified should be increasing and term-dependent.
Amendment 645 #
Proposal for a directive Article 1 – paragraph 1 – point 46 – point b Directive 2009/138/EC Article 111 – paragraph 1 – subparagraph 2 a (new) Where the Commission adopts delegated acts pursuant to point (c) of the first subparagraph to specify the methods, assumptions and standard parameters to be used for calculating the interest rate risk sub-module referred to in Article 105(5)(a) with the objective to improve the sensitivity of capital requirements in line with developments in interest rates, insurance or reinsurance undertakings may phase in such adjustments to the interest rate risk sub-module over a transitional period of up to five years.
Amendment 646 #
Proposal for a directive Article 1 – paragraph 1 – point 46 – point b Directive 2009/138/EC Article 111 – paragraph 1 – subparagraph 2 a (new) For the purpose of the first subparagraph, point (c), the methods, assumptions and standard parameters for the interest rate risk sub-module referred to in Article 105(5)(a) shall reflect the risk that low or negative interest rates may fall below their current level. By way of derogation from the previous sentence, the calculation of the interest rate risk sub-module shall not be required to take into account the risk of interest rates falling to levels below a negative floor where a negative floor can be determined such that the likelihood of interest rates across relevant currencies and across maturities not being at all times above the negative floor is sufficiently small. Having this in mind and in line with interest rates dynamics, the explicit floor identified should be increasing and term-dependent.
Amendment 647 #
Proposal for a directive Article 1 – paragraph 1 – point 46 – point b Directive 2009/138/EC Article 111 – paragraph 1 – subparagraph 2 a (new) For the purpose of the first subparagraph, point (c), the calculation of the interest rate risk sub-module referred to in Article 105(5)(a) shall be fully consistent with the extrapolation of interest rates according to Article 77a.
Amendment 648 #
Proposal for a directive Article 1 – paragraph 1 – point 46 a (new) Directive 2009/138/EC Article 111 – paragraph 3 Amendment 649 #
Proposal for a directive Article 1 – paragraph 1 – point 47 Directive 2009/138/EC Article 112 – paragraph 7 Amendment 650 #
Proposal for a directive Article 1 – paragraph 1 – point 47 Directive 2009/138/EC Article 112 – paragraph 7 7. After having received approval from supervisory authorities to use an internal model, and each time they report the result of a calculation of the Solvency Capital Requirement pursuant to Article 102(1), insurance and reinsurance undertakings shall provide the supervisory authorities with an estimate of the Solvency Capital Requirement determined in accordance with the standard formula, as set out in Subsection 2 as well as an explanation on possible divergence between both calculations.
Amendment 651 #
Proposal for a directive Article 1 – paragraph 1 – point 47 Directive 2009/138/EC Article 112 – paragraph 7 7. After having received approval from supervisory authorities to use an
Amendment 652 #
Proposal for a directive Article 1 – paragraph 1 – point 47 Directive 2009/138/EC Article 112 – paragraph 7 a (new) 7a. Where the Solvency Capital Requirements resulting from the application of an internal model is 25% lower than the one that would have been determined by the application of the standard formula, the insurance or reinsurance undertaking shall provide a detailed and empirical based justification of this difference. Where the supervisory authority is not convinced by the justification provided by the insurance or reinsurance undertaking it may set a capital add-on, in accordance with Article 37.
Amendment 653 #
Proposal for a directive Article 1 – paragraph 1 – point 48 Directive 2009/138/EC Article 122 – paragraph 5 Amendment 654 #
Proposal for a directive Article 1 – paragraph 1 – point 48 Directive 2009/138/EC Article 122 – paragraph 5 Amendment 655 #
Proposal for a directive Article 1 – paragraph 1 – point 48 Directive 2009/138/EC Article 122 – paragraph 5 Amendment 656 #
Proposal for a directive Article 1 – paragraph 1 – point 48 Directive 2009/138/EC Article 122 – paragraph 5 Amendment 657 #
Proposal for a directive Article 1 – paragraph 1 – point 49 – point - a (new) Directive 2009/138/EC Article 132 – paragraphs 1, 2, 2 a (new) and 2 b (new) (-a) paragraphs 1 and 2 are replaced by the following: "1. Member States shall ensure that insurance and reinsurance undertakings invest all their assets in accordance with the prudent person principle, as specified in
Amendment 658 #
Proposal for a directive Article 1 – paragraph 1 – point 49 – point -a (new) Directive 2009/138/EC Article 132 – paragraph 1 (-a) paragraph 1 is replaced by the following: '1. Member States shall ensure that insurance and reinsurance undertakings invest all their assets in accordance with the prudent person principle, as specified in paragraphs 2, 2a (new), 2b (new), 3 and 4.'
Amendment 659 #
Proposal for a directive Article 1 – paragraph 1 – point 49 – point -a a (new) Directive 2009/138/EC Article 132 – paragraph 2a and 2b (new) Amendment 660 #
Proposal for a directive Article 1 – paragraph 1 – point 49 – point - a (new) Directive 2009/138/EC Article 132 – paragraphs 2 a (new) and 2 b (new) (-a) the following paragraphs are inserted: ‘2a. Insurance and reinsurance undertakings shall take into account the potential long-term impact of their investment strategy and decisions on sustainability factors. Where relevant, that strategy and those decisions shall reflect the sustainability preferences of its customers taken into account in the produce approval process as referred to in Article 4 of Commission Delegated Regulation (EU) 2017/2358. 2b. Insurance and reinsurance undertakings shall have and shall publicly disclose a written policy in relation to their approach to stewardship including a summary of how the undertaking has taken steps to achieve the goals of the policy in the preceding year. The stewardship policy must be subject to prior approval by the administrative, management or supervisory body and shall be reviewed at least annually. Insurance and reinsurance undertakings shall integrate their transition plan within their investment strategy and decisions.’
Amendment 661 #
Proposal for a directive Article 1 – paragraph 1 – point 49 – point b Directive 2009/138/EC Article 132 – paragraph 5 5. Member States shall ensure that insurance and reinsurance undertakings take account of possible macroeconomic and financial markets’ developments, including developments related to climate change and pandemics, and, at the request of the supervisory authority, macroprudential concerns when they decide on their investment strategy.
Amendment 662 #
Proposal for a directive Article 1 – paragraph 1 – point 49 – point b Directive 2009/138/EC Article 132 – paragraph 5 5. Member States shall ensure that insurance and reinsurance undertakings take account of possible macroeconomic and financial markets’ developments including developments related to climate change and pandemics and, at the request of the supervisory authority, macroprudential concerns when they decide on their investment strategy.
Amendment 663 #
Proposal for a directive Article 1 – paragraph 1 – point 49 – point b Directive 2009/138/EC Article 132 – paragraph 5 5. Member States shall ensure that insurance and reinsurance undertakings take account of possible macroeconomic and financial markets’ developments, including developments related to climate change, and, at the request of the supervisory authority, macroprudential concerns when they decide on their investment strategy.
Amendment 664 #
Proposal for a directive Article 1 – paragraph 1 – point 49 – point b Directive 2009/138/EC Article 132 – paragraph 6 6. Insurance and reinsurance undertakings shall assess the extent to which their investment strategy may affect macroeconomic and financial markets’ developments, including developments related to climate change, and have the potential to turn into sources of systemic risk
Amendment 665 #
Proposal for a directive Article 1 – paragraph 1 – point 49 – point b Directive 2009/138/EC Article 132 – paragraph 6 6. Insurance and reinsurance undertakings shall assess the extent to which their investment strategy may affect macroeconomic and financial markets’ developments including developments related to climate change and pandemics and have the potential to turn into sources of systemic risk, and
Amendment 666 #
Proposal for a directive Article 1 – paragraph 1 – point 49 – point b Directive 2009/138/EC Article 132 – paragraph 6 6. Insurance and reinsurance undertakings shall assess the extent to which their investment strategy may affect macroeconomic and financial markets’ developments, including developments related to climate change and have the potential to turn into sources of systemic risk, and incorporate such considerations as part of their investment decisions.
Amendment 667 #
Proposal for a directive Article 1 – paragraph 1 – point 49 – point b Directive 2009/138/EC Article 132 – paragraph 6 6. Insurance and reinsurance undertakings shall assess the extent to which their investment strategy may affect macroeconomic and financial markets’ developments and have the potential to
Amendment 668 #
Proposal for a directive Article 1 – paragraph 1 – point 49 – point b Directive 2009/138/EC Article 132 – paragraph 7 a (new) 7a. Supervisory authorities shall verify that the investment policy of the insurance or reinsurance undertaking is aligned with the objectives and targets set in its transition plan in accordance with Article 44a (new).
Amendment 669 #
Proposal for a directive Article 1 – paragraph 1 – point 51 – point a Directive 2009/138/EC Article 138 – paragraph 4 – subparagraph 1 In the event of exceptional adverse situations affecting insurance and reinsurance undertakings representing a significant share of the market or of the affected lines of business, as declared by EIOPA, the supervisory authority may extend, for affected undertakings, the period set out in paragraph 3, second
Amendment 670 #
Proposal for a directive Article 1 – paragraph 1 – point 52 Directive 2009/138/EC Article 139 – paragraph 3 3. If a winding-up proceeding is not opened within two months of receipt of the information referred to in paragraph 1, the supervisory authority of the home Member State shall
Amendment 671 #
Proposal for a directive Article 1 – paragraph 1 – point 52 Directive 2009/138/EC Article 139 – paragraph 4 4. EIOPA
Amendment 672 #
Proposal for a directive Article 1 – paragraph 1 – point 52 a (new) Directive 2009/138/EC Article 144 – paragraph 1 – point c a (new) and subparagraph 1 a (new) (52a) paragraph 1 of Article 144 is amended as follows: a) The following point is added: ‘ca) the undertaking has infringed the national law transposing Directive (EU) 2015/849 in respect of money laundering or terrorist financing'; b) the following subparagraph is inserted: ‘For the purpose of the criterion defined in point (ca) (new), supervisory authorities shall consult authorities competent for the supervision of the obliged entities in accordance with Directive (EU) 2015/849.'
Amendment 673 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144a – paragraph 2 2. For the purpose of paragraph 1, Member States shall ensure that insurance and reinsurance undertakings draw up and maintain a liquidity risk management plan projecting the incoming and outgoing cash flows in relation to their assets and liabilities. Member States shall ensure that insurance and reinsurance undertakings develop and keep up to date a set of liquidity risk indicators to identify, monitor and address potential liquidity stress.
Amendment 674 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144a – paragraph 6 – subparagraph 1 6. In order to ensure consistent application of this Article, EIOPA shall develop draft regulatory technical standards to further specify the content, the format and the frequency of update of the liquidity risk management plan.
Amendment 675 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144b – paragraph 2 – subparagraph 2 The measures taken by supervisory authorities on the basis of this paragraph shall be reviewed at least once a year by the supervisory authority and be removed when the undertaking has taken effective remedies. Where relevant, the supervisory authority shall share the evidence of liquidity risk and vulnerabilities with the EIOPA.
Amendment 676 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144b – paragraph 3 – subparagraph 1 3. Member States shall ensure that
Amendment 677 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144b – paragraph 3 – subparagraph 2 Such a power shall only be exercised in exceptional circumstances, as a last resort measure and where this is in the collective interest of policy holders. Before exercising such a power, the supervisory authority shall take into account potential unintended effects on financial markets and on the rights of policyholders, including in a cross-border context. Supervisory authorities shall duly justify the application of those powers in writing.
Amendment 678 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144b – paragraph 3 – subparagraph 3 The application of the measure referred to in the first subparagraph shall last no more than three months. Member States shall ensure that the measure can be renewed if the underlying reasons that justify it are still present and it is no longer applied when those reasons are no longer present.
Amendment 679 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144b – paragraph 3 – subparagraph 4 a (new) Member States will ensure that supervisory authorities have the necessary powers for this purpose.
Amendment 680 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144b – paragraph 3 – subparagraph 5 Member States shall ensure that authorities with a macroprudential mandate, where different from the supervisory authorities, are duly and timely informed of the supervisory authority's intention to make use of the power referred to in this paragraph, and are
Amendment 681 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144b – paragraph 3 – subparagraph 6 Member States shall ensure that supervisory authorities shall notify EIOPA and ESRB in due time whenever the power referred to in paragraph 3 is exercised to address a risk for the stability of the financial system.
Amendment 682 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144b – paragraph 3 – subparagraph 6 a (new) Where the EIOPA and the ESRB consider that the exercise of the power referred to in paragraph 3 by the competent authority is excessive, they shall issue an opinion and recommend the supervisory authority concerned to review its decision.
Amendment 683 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144b – paragraph 4 – subparagraph 1 4. The power referred to in paragraph 3 may be exercised in relation to
Amendment 684 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144b – paragraph 5 – subparagraph 1 5. Member States shall ensure that the authority referred to in paragraph 4, second subparagraph, shall notify in due time EIOPA and, where the measure is taken to address a risk to the stability of the financial system, the ESRB of the use of the power referred to in paragraph 4.
Amendment 685 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144b – paragraph 6 – point a (a)
Amendment 686 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144c – paragraph 1 1. Without prejudice to Article 141, Member States shall ensure that supervisory authorities have the power to take measures to preserve the financial position of
Amendment 687 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144c – paragraph 2 – subparagraph 1 – introductory part 2. During periods of exceptional sector-wide shocks, supervisory authorities shall have the power to require undertakings with a particularly vulnerable risk profile or especially vulnerable to an exceptional market-wide shock to take at least the following measures:
Amendment 688 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144c – paragraph 2 – subparagraph 1 – introductory part 2. During periods of exceptional sector-wide shocks, supervisory authorities shall have the power to require undertakings
Amendment 689 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144c – paragraph 3 3. The application of the measures referred to in paragraph 2 of this Article shall duly take into account the proportionality criteria referred to in Article 29(3)
Amendment 690 #
Proposal for a directive Article 1 – paragraph 1 – point 54 Directive 2009/138/EC Article 144c – paragraph 6 6. For the purpose of this Article, significant intra-group transactions referred to in Article 245(2) including intra-group dividend distributions, shall
Amendment 691 #
Proposal for a directive Article 1 – paragraph 1 – point 56 Directive 2009/138/EC Article 149 – paragraph 2 2. Where there is a change in the business pursued by the insurance undertaking under the freedom to provide services that is materially affecting its risk profile or materially influencing the insurance activities in one or more host Member States, the insurance undertaking shall inform the supervisory authority of the home Member State
Amendment 692 #
Proposal for a directive Article 1 – paragraph 1 – point 57 Directive 2009/138/EC Article 152a – paragraph 2 2. The supervisory authority of the home Member State shall notify EIOPA and the supervisory authority of the relevant host Member State if it identifies deteriorating financial conditions or other emerging risks, including those concerning consumer protection, posed by an insurance or reinsurance undertaking carrying out activities which are based on the freedom to provide services or the freedom of establishment and which may have a cross-border effect. The supervisory authority of the host Member State
Amendment 693 #
Proposal for a directive Article 1 – paragraph 1 – point 57 Directive 2009/138/EC Article 152a – paragraph 2 2. The supervisory authority of the home Member State shall notify
Amendment 694 #
Proposal for a directive Article 1 – paragraph 1 – point 58 Directive 2009/138/EC Article 152b – paragraph 1 1. EIOPA
Amendment 695 #
Proposal for a directive Article 1 – paragraph 1 – point 58 Amendment 696 #
Proposal for a directive Article 1 – paragraph 1 – point 58 Directive 2009/138/EC Article 152b – paragraph 3 3. The setting up of a collaboration platform pursuant to paragraph
Amendment 697 #
Proposal for a directive Article 1 – paragraph 1 – point 58 4. Without prejudice to Article 35 of Regulation(EU) No 1094/2010,
Amendment 698 #
Proposal for a directive Article 1 – paragraph 1 – point 58 Directive 2009/138/EC Article 152b – paragraph 5 5. Where two or more relevant authorities of a collaboration platform disagree about the procedure or content of an action to be taken, or inaction, in relation to an insurance or reinsurance undertaking, EIOPA
Amendment 699 #
Proposal for a directive Article 1 – paragraph 1 – point 58 Directive 2009/138/EC Article 152b – paragraph 5 5. Where two or more relevant authorities of a collaboration platform disagree about the procedure or content of an action to be taken, or inaction, in relation to an insurance or reinsurance undertaking, EIOPA
Amendment 700 #
Proposal for a directive Article 1 – paragraph 1 – point 58 Directive 2009/138/EC Article 152b – paragraph 5 a (new) 5a. In case the supervisory authorities concerned fail to reach a common view in the collaboration platform within a time limit established by EIOPA, EIOPA may, in accordance with Article 16 of Regulation (EU) No 1094/2010 issue a recommendation to the supervisory authority concerned.
Amendment 701 #
Proposal for a directive Article 1 – paragraph 1 – point 58 Directive 2009/138/EC Article 152b – paragraph 5 b (new) 5b. Where the supervisory authority concerned does not comply with that recommendation within two months, it shall state the reasons including the steps it has taken or intends to take in order to address the concerns of the other supervisory authorities involved. EIOPA shall assess those steps and decide whether they are sufficient and appropriate. In case they are not deemed appropriate, EIOPA shall make its recommendation public, including the name of the undertaking(s) concerned, with those reasons and proposed steps.
Amendment 702 #
Proposal for a directive Article 1 – paragraph 1 – point 58 Directive 2009/138/EC Article 152b – paragraph 6 6. In the event of disagreement within the collaboration platform and where there are serious concerns about negative effects on policyholders or about the content of an action or inaction to be taken in relation to an insurance or reinsurance undertaking,
Amendment 703 #
Proposal for a directive Article 1 – paragraph 1 – point 59 Directive 2009/138/EC Article 153 – paragraph 1 The supervisory authority of the host Member State may require the information which it is entitled to request with regard to the business of an insurance undertaking operating in the territory of that Member State
Amendment 704 #
Proposal for a directive Article 1 – paragraph 1 – point 59 Directive 2009/138/EC Article 153 – paragraph 1 The supervisory authority of the host Member State may require the information which it is entitled to request with regard to the business of an insurance undertaking operating in the territory of that Member State
Amendment 705 #
Proposal for a directive Article 1 – paragraph 1 – point 59 Directive 2009/138/EC Article 153 – paragraph 1 The supervisory authority of the host Member State may require the information which it is entitled to request with regard to the business of an insurance undertaking operating in the territory of that Member
Amendment 706 #
Proposal for a directive Article 1 – paragraph 1 – point 60 Directive 2009/138/EC Article 159a Amendment 707 #
Proposal for a directive Article 1 – paragraph 1 – point 60 Directive 2009/138/EC Article 159a – paragraph 1 – subparagraph 1 – introductory part 1. The supervisory authority of the home Member State shall, upon the request of the supervisory authority of a host Member State, submit within a month following the request, all of the following information received in accordance with Article 35, in relation to insurance or reinsurance undertakings with significant cross-border activities in the territory of that host Member State:
Amendment 708 #
Proposal for a directive Article 1 – paragraph 1 – point 60 Directive 2009/138/EC Article 159a – paragraph 1 – subparagraph 2 For the purposes of this Article, ‘significant cross-border activities’ means insurance and reinsurance activities carried out under the right of establishment and those carried out under the freedom to provide services in a Member State
Amendment 709 #
Proposal for a directive Article 1 – paragraph 1 – point 60 Directive 2009/138/EC Article 159a – paragraph 1 – subparagraph 2 For the purposes of this Article, ‘significant cross-border activities’ means insurance and reinsurance activities carried out under the right of establishment and those carried out under the freedom to provide services in a Member State
Amendment 710 #
Proposal for a directive Article 1 – paragraph 1 – point 60 Directive 2009/138/EC Article 159a – paragraph 2 – subparagraph 1 2. Where an insurance or reinsurance undertaking does not comply with or is likely not to comply with the Minimum Capital Requirement in the following three months,
Amendment 711 #
Proposal for a directive Article 1 – paragraph 1 – point 60 Directive 2009/138/EC Article 159a – paragraph 3 – subparagraph 2 After the conclusion of the joint on-site inspection, the supervisory authorities concerned shall reach joint conclusions, including the recommended supervisory actions, within two months. The supervisory authority of the home Member State shall take into account such joint conclusions when deciding on the adequate supervisory responses.
Amendment 712 #
Proposal for a directive Article 1 – paragraph 1 – point 60 Directive 2009/138/EC Article 159a – paragraph 3 – subparagraph 3 Where the supervisory authorities disagree on the conclusions of the
Amendment 713 #
Proposal for a directive Article 1 – paragraph 1 – point 60 Directive 2009/138/EC Article 159a – paragraph 3 – subparagraph 4 Amendment 714 #
Proposal for a directive Article 1 – paragraph 1 – point 60 a (new) Directive 2009/138/EC Article 186 – paragraph 1 (60a) in paragraph 1 of Article 186, the following subparagraphs are added: ‘The right of cancellation shall expire no later than twelve months after the cancellation period provided for in the first subparagraph expired. If the insurance undertaking has provided the policyholder with the information required for the commencement of the cancellation period within twelve months from the day referred to in the first subparagraph, pursuant to the first subparagraph, the cancellation period shall commence on the day upon which the policyholder receives that information.’
Amendment 715 #
Proposal for a directive Article 1 – paragraph 1 – point 61 – point a – point iv Directive 2009/138/EC Article 212 – paragraph 1 – point f (f) ‘insurance holding company’ means
Amendment 716 #
Proposal for a directive Article 1 – paragraph 1 – point 61 – point c Directive 2009/138/EC Article 212 – paragraphs 3 to 6 Amendment 717 #
Proposal for a directive Article 1 – paragraph 1 – point 61 – point c Directive 2009/138/EC Article 212 – paragraph 3 – subparagraph 1 a (new) Where the undertakings referred to in the first subparagraph do not have their head office in the same Member State, Member States shall ensure that only the national supervisory authority acting as group supervisor in accordance with Article 247 may conclude, after consulting other supervisory authorities concerned, that such undertakings form a group based on its opinion that those undertakings are managed on a unified basis.
Amendment 718 #
Proposal for a directive Article 1 – paragraph 1 – point 61 – point c Directive 2009/138/EC Article 212 – paragraph 3 – subparagraph 1 a (new) Where the undertakings referred to in the first subparagraph do not have their head office in the same Member State, Member States shall ensure that only the national supervisory authority acting as group supervisor in accordance with Article 247 may conclude, after consulting other supervisory authorities concerned, that such undertakings form a group based on its opinion that those undertakings are managed on a unified basis.
Amendment 719 #
Proposal for a directive Article 1 – paragraph 1 – point 61 – point c Directive 2009/138/EC Article 212 – paragraph 3 – subparagraph 1 a (new) Where the undertakings referred to in the first subgraph do not have their head office in the same Member State, Member States shall ensure that only national supervisory authority acting as group supervisor in accordance with Article 247 may conclude, after consulting other supervisory authorities concerned, that such undertaking form a group based on its opinion that those undertakings are managed on a unified basis.
Amendment 720 #
Proposal for a directive Article 1 – paragraph 1 – point 61 – point c Directive 2009/138/EC Article 212 – paragraph 5 – point c a (new) (ca) evidence of coordinated and consistent strategies, operations or processes between two or more undertakings, including in relation to insurance distribution channels, insurance products or brands, communication or marketing.
Amendment 721 #
Proposal for a directive Article 1 – paragraph 1 – point 61 – point c Directive 2009/138/EC Article 212 – paragraph 5 – point c a (new) (ca) evidence of coordinated and consistent strategies, operations or processes between two or more undertakings, including in relation to insurance distribution channels, insurance products or brands, communication or marketing.
Amendment 722 #
Proposal for a directive Article 1 – paragraph 1 – point 61 – point c Directive 2009/138/EC Article 212 – paragraph 5 a (new) 5a. In order to ensure consistent application of this Article, EIOPA shall develop regulatory technical standards to supplement or further specify the factors that supervisory authorities shall consider to identify a relationship between at least two undertakings referred to in paragraphs 2 and 3 of this Article. EIOPA shall submit those draft regulatory technical standards to the Commission by 12 months after entry into force]. Power is conferred on the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1094/2010.
Amendment 723 #
Proposal for a directive Article 1 – paragraph 1 – point 61 – point c Directive 2009/138/EC Article 212 – paragraph 6 – subparagraph 1 (new) 6. Where the group fails to designate a parent undertaking in accordance with paragraph 3, second subparagraph, the supervisory authorit
Amendment 724 #
Proposal for a directive Article 1 – paragraph 1 – point 61 – point c Directive 2009/138/EC Article 212 – paragraph 6 – subparagraph 1 6. Where the group fails to designate a parent undertaking in accordance with paragraph 3, second subparagraph, the supervisory authorit
Amendment 725 #
Proposal for a directive Article 1 – paragraph 1 – point 61 – point c Directive 2009/138/EC Article 212 – paragraph 6 – subparagraph 2 – introductory part When designating a parent undertaking in accordance with the first subparagraph, the supervisory authorit
Amendment 726 #
Proposal for a directive Article 1 – paragraph 1 – point 61 – point c Directive 2009/138/EC Article 212 – paragraph 6 – subparagraph 3 Amendment 727 #
Proposal for a directive Article 1 – paragraph 1 – point 62 – point c Directive 2009/138/EC Article 213 – paragraphs 3a to 3c Amendment 728 #
Proposal for a directive Article 1 – paragraph 1 – point 62 – point c Directive 2009/138/EC Article 213 – paragraph 3b – subparagraph 2 Where the conditions set out in paragraph 3a, point (b), are not satisfied, the insurance holding company or mixed financial holding company shall be subject to appropriate supervisory measures by the group supervisor to ensure or restore, as the case may be, continuity and integrity of group supervision and compliance with the requirements laid down in this Title. In particular, Member States shall ensure that supervisory authorities when acting as group supervisors in accordance with Article 247 have the power to require the insurance holding company or mixed financial holding company to structure the group in a way which enables the relevant supervisory authority to effectively exercise group supervision. Such a power shall only be exercised in exceptional circumstances, after consulting EIOPA and, where applicable, other supervisory authorities concerned and shall be duly justified to the group.
Amendment 729 #
Proposal for a directive Article 1 – paragraph 1 – point 63 Directive 2009/138/EC Article 213a – paragraph 1 – point c Amendment 730 #
Proposal for a directive Article 1 – paragraph 1 – point 63 Directive 2009/138/EC Article 213a – paragraph 1 – point c (c) business underwritten by all insurance and reinsurance undertakings in the scope of the group which have their head offices in Member States other than the Member State of the group supervisor is not higher in aggregate than 5 % of the total annual gross written premium of the group;
Amendment 731 #
Proposal for a directive Article 1 – paragraph 1 – point 63 Directive 2009/138/EC Article 213a – paragraph 1 – point d Amendment 732 #
Proposal for a directive Article 1 – paragraph 1 – point 63 Directive 2009/138/EC Article 213a – paragraph 1 – point e (e) investments in non-traditional investments do not represent more than
Amendment 733 #
Proposal for a directive Article 1 – paragraph 1 – point 63 Directive 2009/138/EC Article 213a – paragraph 1 – point f a (new) (fa) The group Solvency Capital Requirement is complied with and a capital add on has not been set;
Amendment 734 #
Proposal for a directive Article 1 – paragraph 1 – point 63 Directive 2009/138/EC Article 213a – paragraph 1 – point f b (new) (fb) The group has not been convicted or been under investigations for committing or permitting money laundering or terrorist financing activities as defined in [insert reference to AMLD]
Amendment 735 #
Proposal for a directive Article 1 – paragraph 1 – point 63 Directive 2009/138/EC Article 213a – paragraph 4 a (new) 4a. The following groups shall never be classified as small and non-complex groups: (a) groups which are financial conglomerates within the meaning of Article 2, point 14 of Directive 2002/87/EC; (b) groups where at least one subsidiary undertaking is an undertaking referred to in Article 228(1).
Amendment 736 #
Proposal for a directive Article 1 – paragraph 1 – point 64 – point a Directive 2009/138/EC Article 214 – paragraph 1 – subparagraph 1 a (new) For the sole purpose of ensuring compliance with this Title, the exercise of group supervision may imply direct supervision and the exercise of supervisory powers over insurance holding companies and mixed financial holding companies by supervisory authorities.
Amendment 737 #
Proposal for a directive Article 1 – paragraph 1 – point 64 – point b Directive 2009/138/EC Article 214 – paragraph 2 – subparagraph 2 – point ii Amendment 738 #
Proposal for a directive Article 1 – paragraph 1 – point 64 – point b Directive 2009/138/EC Article 214 – paragraph 2 – subparagraph 2 – point ii Amendment 739 #
Proposal for a directive Article 1 – paragraph 1 – point 64 – point b Directive 2009/138/EC Article 214 – paragraph 2 – subparagraph 2 – point ii Amendment 740 #
Proposal for a directive Article 1 – paragraph 1 – point 64 – point b Directive 2009/138/EC Article 214 – paragraph 2 – subparagraph 2 – point ii Amendment 741 #
Proposal for a directive Article 1 – paragraph 1 – point 64 – point c Directive 2009/138/EC Article 214 – paragraph 3 – subparagraph 2 Before excluding the ultimate parent undertaking from group supervision pursuant to paragraph 2, point (b), the group supervisor shall consult EIOPA, and where applicable, other supervisory authorities concerned, and shall assess the impact of exercising group supervision at the level of an intermediate participating undertaking on the solvency position of the group. In particular, such an exclusion shall not be possible if it would result in a material improvement in the solvency position of the group
Amendment 742 #
Proposal for a directive Article 1 – paragraph 1 – point 64 – point c Directive 2009/138/EC Article 214 – paragraph 3 – subparagraph 2 Before excluding the ultimate parent undertaking from group supervision
Amendment 743 #
Proposal for a directive Article 1 – paragraph 1 – point 64 – point c Directive 2009/138/EC Article 214 – paragraph 3 – subparagraph 2 Before excluding the ultimate parent undertaking from group supervision pursuant to paragraph 2, point (b), the group supervisor shall consult EIOPA, and where applicable, other supervisory authorities concerned, and shall assess the impact of exercising group supervision at the level of an intermediate participating undertaking on the solvency position of the group.
Amendment 744 #
Proposal for a directive Article 1 – paragraph 1 – point 64 – point c Before excluding the ultimate parent undertaking from group supervision pursuant to paragraph 2, point (b), the group supervisor shall consult EIOPA, and where applicable, other supervisory authorities concerned, and shall assess the impact of exercising group supervision at the level of an intermediate participating undertaking on the solvency position of the group.
Amendment 745 #
Proposal for a directive Article 1 – paragraph 1 – point 64 – point c Directive 2009/138/EC Article 214 – paragraph 3 – subparagraph 2 Before excluding the ultimate parent undertaking from group supervision pursuant to paragraph 2, point (b), the group supervisor shall consult EIOPA, and where applicable, other supervisory authorities concerned, and shall assess the impact of exercising group supervision at the level of an intermediate participating undertaking on the solvency position of the group. In particular, such an exclusion shall not be possible if it would result in a material improvement in the solvency position of the group.
Amendment 746 #
Proposal for a directive Article 1 – paragraph 1 – point 64 – point c Directive 2009/138/EC Article 214 – paragraph 3 – subparagraph 2 a (new) In order to enhance a coherent and consistent application of this paragraph, EIOPA shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1094/2010 to further specify the exceptional circumstances referred to in the first subparagraph of this paragraph or the cases where it may be justified to exclude the ultimate parent undertaking, including insurance holding companies, from the scope of group supervision.
Amendment 747 #
Proposal for a directive Article 1 – paragraph 1 – point 70 Directive 2009/138/EC Article 228 – paragraph 1 – introductory part 1. Irrespective of the method used in accordance with Article 220 of this Directive, for the purpose of calculating the group solvency, when participations in related undertakings from other financial sectors represent 20% or more of the voting rights or capital of the undertakings, the participating insurance or reinsurance undertaking shall take into account the contribution to the group
Amendment 748 #
Proposal for a directive Article 1 – paragraph 1 – point 70 Directive 2009/138/EC Article 228 – paragraph 1 – introductory part 1. Irrespective of the method used in accordance with Article 220 of this Directive, for the purpose of calculating the group solvency, when participations in related undertakings from other financial sectors represent 20 % or more of the voting rights or capital of the undertaking, the participating insurance or reinsurance undertaking shall take into account the contribution to the group eligible own funds and to the group Solvency Capital Requirement of the following undertakings:
Amendment 749 #
Proposal for a directive Article 1 – paragraph 1 – point 70 Directive 2009/138/EC Article 228 – paragraph 1 – introductory part 1. Irrespective of the method used in accordance with Article 220 of this Directive, for the purpose of calculating the group solvency, when participations in related undertakings from other financial sectors represent 20% or more of the voting rights or capital of the undertaking, the participating insurance or reinsurance undertaking shall take into account the contribution to the group eligible own funds and to the group Solvency Capital Requirement of the following undertakings:
Amendment 750 #
Proposal for a directive Article 1 – paragraph 1 – point 70 Directive 2009/138/EC Article 228 – paragraph 3 – point g (g) for each related undertaking referred to in paragraph 1, point (e), of this Article, the higher of the required solvency margin calculated in accordance with Article 17
Amendment 751 #
Proposal for a directive Article 1 – paragraph 1 – point 70 Directive 2009/138/EC Article 228 – paragraph 5 a (new) 5a. Notwithstanding paragraphs 1 to 5, the participating undertaking shall apply a capital requirement according to the market risk module approach to its participations in related undertakings from other financial sectors, provided that all the following conditions are met: (i) the participation represents less than 20% of the capital or voting rights of the related undertaking from other financial sectors; (ii) the related undertaking from other financial sectors is an entity whose transferable securities are admitted to trading on a regulated market.
Amendment 752 #
Proposal for a directive Article 1 – paragraph 1 – point 70 Directive (EU) 138/2009 Article 228 – paragraph 5 a (new) 5a. For participations in related undertakings from other financial sectors different to those referred to in paragraph 1, participating undertakings shall apply a capital requirement according to a market risk module approach.
Amendment 753 #
Proposal for a directive Article 1 – paragraph 1 – point 70 Directive 2009/138/EC Article 228 – paragraph 5 a (new) 5a. For participations in related undertakings from other financial sectors different to those referred to in paragraph 1, participating undertakings shall apply a capital requirement according to a market risk module approach.
Amendment 754 #
Proposal for a directive Article 1 – paragraph 1 – point 70 Directive 2009/138/EC Article 228 – paragraph 5 a (new) 5a. For participations in related undertakings from other financial sectors different to those referred to in paragraph 1, participating undertakings shall apply a capital requirement according to a market risk module approach.
Amendment 755 #
Proposal for a directive Article 1 – paragraph 1 – point 70 Directive 2009/138/EC Article 228 – paragraph 5 b (new) 5b. The Commission shall adopt delegated acts in accordance with Article 301a specifying the market risk module to be applied pursuant to paragraph 5a (new) of this Article.
Amendment 756 #
Proposal for a directive Article 1 – paragraph 1 – point 72 – point a Directive 2009/138/EC Article 203 – paragraph 1 – subparagraph 4 Title I, Chapter VI, Section 3, Subsections 1, 2 and 3 and Title I, Chapter VI, Section 4, Subsections 1, 2 and 3 shall apply for the calculation of the own funds eligible for the Solvency Capital Requirement and of the Solvency Capital Requirement at group level based on consolidated data.
Amendment 757 #
Proposal for a directive Article 1 – paragraph 1 – point 72 – point b – point i Directive 2009/138/EC Article 230 – paragraph 2 – subparagraph 2 – point d Amendment 758 #
Proposal for a directive Article 1 – paragraph 1 – point 72 – point b – point i Directive 2009/138/EC Article 230 – paragraph 2 – subparagraph 2 – point d Amendment 759 #
Proposal for a directive Article 1 – paragraph 1 – point 72 – point b – point ii Directive 2009/138/EC Article 230 – paragraph 2 – subparagraph 3 Amendment 760 #
Proposal for a directive Article 1 – paragraph 1 – point 72 – point b – point ii Directive 2009/138/EC Article 230 – paragraph 2 – subparagraph 3 Amendment 761 #
Proposal for a directive Article 1 – paragraph 1 – point 72 – point b – point iii Directive 2009/138/EC Article 230 – paragraph 2 – subparagraph 4 Amendment 762 #
Proposal for a directive Article 1 – paragraph 1 – point 72 – point c Amendment 763 #
Proposal for a directive Article 1 – paragraph 1 – point 75 Directive 2009/138/EC Article 233a – paragraph 3 – subparagraph 2 For the purposes of paragraph 1, point (b) (i), of this Article, the
Amendment 764 #
Proposal for a directive Article 1 – paragraph 1 – point 75 Directive 2009/138/EC Article 233a – paragraph 3 – subparagraph 2 For the purposes of paragraph 1, point (b) (i), of this Article, the
Amendment 765 #
Proposal for a directive Article 1 – paragraph 1 – point 79 Directive 2009/138/EC Article 246 – paragraph 1, 2(2), 2(3), 4(1) second sentence and 5 Amendment 766 #
Proposal for a directive Article 1 – paragraph 1 – point 79 – point a Directive 2009/138/EC Article 246 – paragraph 1 – subparagraph 4 The risk management system shall cover at least all insurance and reinsurance activities conducted within the group, as well as material non-insurance activities. It shall also cover the risks stemming from those activities to which the group is or could be exposed, including sustainability risks, and their interdependencies.
Amendment 767 #
Proposal for a directive Article 1 – paragraph 1 – point 79 – point c a (new) Directive 2009/138/EC Article 246 – paragraph 4 – first sentence (new) (ca) in Article 246, the first sentence of paragraph 4 is replaced by the following: "Member States shall require the participating insurance under
Amendment 768 #
Proposal for a directive Article 1 – paragraph 1 – point 79 – point d Directive 2009/138/EC Article 246 – paragraph 5 – subparagraph 4 a (new) The participating undertaking shall ensure that those persons have sufficient time and resources to perform all their tasks adequately. A policy on the management of the possible conflict of interests emerging from these situations should be established by the participating undertaking.
Amendment 769 #
Proposal for a directive Article 1 – paragraph 1 – point 80 Directive 2009/138/EC Article 246a – paragraph 2 – subparagraph 1 a (new) Where the subsidiaries are located in another Member State than the Member State of the participating undertaking, the group supervisor shall transmit the liquidity management plan to the supervisors of the subsidiaries.
Amendment 770 #
Proposal for a directive Article 1 – paragraph 1 – point 80 Directive 2009/138/EC Article 246a – paragraph 3 3. Notwithstanding paragraph 2, supervisory authorities
Amendment 771 #
Proposal for a directive Article 1 – paragraph 1 – point 80 Directive 2009/138/EC Article 246a – paragraph 4 – subparagraph 1 4. In order to ensure consistent application of this Article, EIOPA shall develop regulatory technical standards to further specify the content, the format and frequency of update of the liquidity risk management framework plan at group level.
Amendment 772 #
Proposal for a directive Article 1 – paragraph 1 – point 82 Directive 2009/138/EC Article 254 – paragraph 3 3. The participating insurance and reinsurance undertaking, the insurance holding company and the mixed financial holding company shall submit to the group supervisor the information referred to in this Article on an annual basis within 20 weeks after the undertaking's financial year end, and, when the information referred to in this Article is required on quarterly basis, within 1
Amendment 773 #
Proposal for a directive Article 1 – paragraph 1 – point 84 Directive 2009/138/EC Article 256b – paragraph 1 a (new) The Commission may adopt delegated acts in accordance with Article 301a to change the deadline laid down in paragraph 1, provided that the change is necessary due to sanitary emergencies, natural catastrophes or other extreme events.
Amendment 774 #
Proposal for a directive Article 1 – paragraph 1 – point 84 Directive 2009/138/EC Article 256c – paragraph 1 1. Member States shall require a participating insurance or reinsurance undertaking, an insurance holding company or a mixed financial holding company of a group, to be subject to an audit requirement for the consolidated balance sheet disclosed as part of the group solvency and financial condition report or as part of the single solvency and financial condition report.
Amendment 775 #
Proposal for a directive Article 1 – paragraph 1 – point 86 – point b Directive 2009/138/EC Article 258 – paragraph 2 c (new) 2c. EIOPA shall issue guidelines in order to ensure a harmonised application of the measures in paragraph 2b.
Amendment 776 #
Proposal for a directive Article 1 – paragraph 1 – point 86 – point b Directive 2009/138/EC Article 258 – paragraph 2 d (new) Amendment 777 #
Proposal for a directive Article 1 – paragraph 1 – point 89 – point c Directive 2009/138/EC Article 301a – paragraph 5 5. A delegated act adopted pursuant to Article 17, 29, 31, 35, 35b, 37, 44, 44a, 50, 56, 75, 86, 92, 97, 99, 109a, 111, 114, 127, 130, 135, 143, 172, 210, 211, 216, 217, 227, 234, 241, 244, 245, 247, 248, 256, 256b, 258, 260 or 308b shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of three months of notification of that act to the European Parliament and to the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or of the Council.;
Amendment 778 #
Proposal for a directive Article 1 – paragraph 1 – point 89 – point c Directive 2009/138/EC Article 301a – paragraph 5 5. A delegated act adopted pursuant to Article 17, 29, 31, 35, 35b, 37, 44, 50, 56, 75, 86, 92, 97, 99, 109a, 111, 114, 127, 130, 135, 143, 172, 210, 211, 216, 217, 227, 234, 241, 244, 245, 247, 248, 256, 256b, 258, 260 or 308b shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of three months of notification of that act to the European Parliament and to the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or of the Council.;
Amendment 779 #
Proposal for a directive Article 1 – paragraph 1 – point 89 – point c Directive 2009/138/EC Article 301a – paragraph 5 5. A delegated act adopted pursuant to Article 17, 29, 31, 35, 35b, 37, 44, 50, 56, 75, 86, 92, 97, 99, 109a, 111, 114, 127, 130, 135, 143, 172, 210, 211, 216, 217, 227, 234, 241, 244, 245, 247, 248, 256, 256b, 258, 260 or 308b shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of three months of
Amendment 780 #
Proposal for a directive Article 1 – paragraph 1 – point 90 Directive 2009/138/EC Article 304 – paragraph 1 1. Member States may authorise life insurance
Amendment 781 #
Proposal for a directive Article 1 – paragraph 1 – point 90 Directive 2009/138/EC Article 304 – paragraph 2 Amendment 782 #
Proposal for a directive Article 1 – paragraph 1 – point 91 Directive 2009/138/EC Article 304a – paragraph 1 – subparagraph 1 1. EIOPA, after consulting the ESRB, shall assess, on the basis of available data and the findings of the Platform on Sustainable Finance referred to in Article 20 of Regulation (EU) 2020/852 of the European Parliament and of the Council* and the EBA in the context of its work under the mandate set out in Article 501c, point (c), of Regulation (EU) 575/2013 whether a dedicated prudential treatment of exposures related to assets or activities associated substantially with environmental or social objectives would be justified. In particular, EIOPA shall assess the potential effects of a dedicated prudential treatment of exposures related to assets and activities which are associated substantially with environmental and/or social objectives or which are associated substantially with harm to such objectives on the protection of policy holders and financial stability in the Union, including fossil fuel related- assets.
Amendment 783 #
Proposal for a directive Article 1 – paragraph 1 – point 91 1. EIOPA, after consulting the ESRB, shall assess, on the basis of available data and the findings of the Platform on Sustainable Finance referred to in Article 20 of Regulation (EU) 2020/852 of the European Parliament and of the Council* and the EBA in the context of its work under the mandate set out in Article 501c, point (c), of Regulation (EU) 575/2013 whether a dedicated prudential treatment of exposures related to assets or activities associated substantially with environmental or social objectives would be justified. In particular, EIOPA shall assess the potential effects of a dedicated prudential treatment
Amendment 784 #
Proposal for a directive Article 1 – paragraph 1 – point 91 Directive 2009/138/EC Article 304a – paragraph 1 – subparagraph 1 1. EIOPA, after consulting the ESRB, shall assess, on the basis of available data and the findings of the Platform on Sustainable Finance referred to in Article 20 of Regulation (EU) 2020/852 of the European Parliament and of the Council*
Amendment 785 #
Proposal for a directive Article 1 – paragraph 1 – point 91 Directive 2009/138/EU Article 304a – paragraph 1 – subparagraph 1 1. EIOPA, after consulting the ESRB, shall assess, on the basis of available data and the findings of the Platform on Sustainable Finance referred to in Article 20 of Regulation (EU) 2020/852 of the European Parliament and of the Council* and the EBA in the context of its work under the mandate set out in Article 501c, point (c), of Regulation (EU) 575/2013 whether a dedicated prudential treatment of exposures related to assets or
Amendment 786 #
Proposal for a directive Article 1 – paragraph 1 – point 91 Directive 2009/138/EC Article 304a – paragraph 1 – subparagraph 2 EIOPA shall submit a report on its findings to the Commission by 28 June 2023. Where appropriate, the report shall consider a possible prudential treatment of exposures related to assets and
Amendment 787 #
Proposal for a directive Article 1 – paragraph 1 – point 91 Directive 2009/138/EC Paragraph 304a – paragraph 1 – subparagraphs 2 a (new) and 2 b (new) EIOPA shall review existing evidence and update the report every two years. EIOPA should also assess the impact that the proposed changes to the prudential framework would have on: (a) the underwriting and investment activities of undertaking that may affect the macroeconomic and financial markets' developments (in particular climate change) and have the potential to turn into sources of systemic risk; (b) advancing the objective to achieve climate neutrality in the EU by 2050 at the latest, as set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 ("European Climate Law"). By 31 December 2023, the Commission shall present a report to the European Parliament and the Council specifying how it will take into account EIOPA's report and findings. The Commission's report shall be accompanied, if appropriate, by a legislative proposal.
Amendment 788 #
Proposal for a directive Article 1 – paragraph 1 – point 91 Directive 2009/138/EC Article 304a – paragraph 1 a (new) 1a. By 28 June 2023, EIOPA, after consultation with stakeholders, shall publish guidelines for supervisory authorities on how insurance and reinsurance undertakings shall integrate sustainability risks and adverse impacts on sustainability factors into their risk management systems in accordance with Article 44, including in relation to the types of sustainability risks and sustainability factors that shall be considered by insurance and reinsurance undertakings and processes for identifying and managing adverse impacts on sustainability factors.
Amendment 789 #
Proposal for a directive Article 1 – paragraph 1 – point 91 Directive 2009/138/EC Article 304a – paragraph 2 – subparagraph 1 2. EIOPA shall review at least every three years, with respect to natural catastrophe risk, the scope and the calibration of the standard parameters of the non-life catastrophe sub-module of the Solvency Capital Requirement (SCR) referred to in Article 105(2) , third subparagraph, point (b). For the purpose of those reviews, EIOPA shall take into account the latest available relevant evidence on climate science and the relevance of risks in terms of the risks underwritten by insurance and reinsurance companies that use the standard formula for the calculation of the non-life catastrophe sub-module of the Solvency Capital Requirement.
Amendment 790 #
Proposal for a directive Article 1 – paragraph 1 – point 91 Directive 2009/138/EC Article 304a – paragraph 2 a (new) 2a. EIOPA shall evaluate whether and to what extent insurance and reinsurance undertakings assess their material exposure to risks related to biodiversity loss as part of the assessment referred to in Article 45(1). EIOPA shall subsequently assess which actions could be taken in order to ensure that insurance and reinsurance undertakings do so, where necessary, taking into account existing measurement tools. EIOPA shall assess to what extent insurance and reinsurance undertakings’ activities affect biodiversity, including through their investment and underwriting policies. EIOPA shall submit a report on its findings to the Commission by [one year after the entry into force of this amending Directive].
Amendment 791 #
Proposal for a directive Article 1 – paragraph 1 – point 91 Directive 2009/138/EC Article 304a – paragraph 2 a (new) 2a. EIOPA shall evaluate whether and to what extent insurance and reinsurance undertakings assess their material exposure to risks related to biodiversity loss as part of the assessment referred to in Article 45(1). EIOPA shall subsequently assess which actions could be taken in order to ensure that insurance and reinsurance undertakings do so, where necessary, taking into account existing measurement tools. EIOPA shall submit a report on its findings to the Commission by [one year after the entry into force of this amending Directive].
Amendment 792 #
Proposal for a directive Article 1 – paragraph 1 – point 91 Directive 2009/138/EC Article 304a – paragraph 2 a (new) 2a. EIOPA shall evaluate whether and to what extent insurance and reinsurance undertakings assess their material exposure to biodiversity-related risks as part of the assessment referred to in Article 45(1). EIOPA shall subsequently assess which actions should be taken to ensure that insurance and reinsurance undertakings dully consider these risks. EIOPA shall submit a report on its findings to the Commission by 28 June 2023.
Amendment 793 #
Proposal for a directive Article 1 – paragraph 1 – point 91 Directive 2009/138/EC Article 304a – paragraph 2 b (new) 2b. EIOPA, EBA and ESMA shall, through the Joint Committee referred to in Article 54 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010, develop guidelines to ensure that consistency, long-term considerations and common standards for assessment methodologies are integrated into the stress testing of environmental, social and governance risks. Supervisory stress testing of environmental, social and governance risks should start with environmental-related factors. EIOPA, EBA and ESMA shall, through the Joint Committee referred to in Article 54 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010, explore how social and governance related risks can be integrated into stress testing.
Amendment 794 #
Proposal for a directive Article 1 – paragraph 1 – point 91 a (new) Directive 2009/138/EC Article 304b (new) (91a) The following Article is inserted: 'Article 304b Prudential treatment of securitisation By 31 December 2024 EIOPA shall report to the European Commission on a more appropriate calibration of capital requirements for investments in securitisation tranches, including senior STS, non-senior STS and non-STS. In particular, EIOPA shall take into consideration: (a) data relating to risk of STS securitisations since 2019 and proxy data for securitisations with similar characteristics prior to 2019; (b) data relating to risk of securitisations generally for non-STS securitisations; (c) the creation of a proportionate set of capital requirements between different asset classes that provides for a level playing field between asset classes and reduces regulatory arbitrage. Having taken into account the EIOPA report referred to in subparagraph 1 of this article, the Commission is empowered to amend Delegated Regulation (EU) 2015/35 with regard to the capital treatment of securitisation by adopting a delegated act in accordance with Article 301a.'
Amendment 795 #
Proposal for a directive Article 1 – paragraph 1 – point 91 a (new) Directive 2009/138/EC Article 304b (new) (91a) the following Article is inserted: ‘Article 304b Profit sharing reserve schemes The Commission shall publish a report on the use of profit sharing reserve schemes in the Member States, analysing their impact on the balance sheet of the insurance and reinsurance undertakings, break down per Member States, within 12 months from the entry into force of the Directive. This report shall assess the risks of these schemes in terms of financial stability and policyholder protection, their impact on the level playing field among undertakings in the Union, and the legislations adopted in the Member States in this regard. On the basis of this report, the Commission shall adopt a legislative proposal to phase-out these schemes over a defined transitional period, and to adopt safeguards in order to limit the risks during this transitional period stemming from them the financial stability and policyholder protection.’
Amendment 796 #
Proposal for a directive Article 1 – paragraph 1 – point 91 a (new) Directive 2009/138/EC Article 304b (new) (91a) The following Article is inserted: ‘Article 304b Review as regards the separation of life and non-life insurance business EIOPA shall assess whether the requirement on the separation of life and non-life insurance business referred to in Article 73 paragraph (1) would be still justified. In particular, EIOPA shall assess the effects of maintaining and the potential effects of lifting the composite ban with respect to policyholder protection, potential cross-subsidisation between life and non-life activities, market efficiency and competitiveness. For the purpose of the assessment, EIOPA shall take into account the supervisory experiences with composite undertakings. EIOPA shall submit a report on its findings to the Commission by 28 June 2024.’
Amendment 797 #
Proposal for a directive Article 1 – paragraph 1 – point 94 – point c Directive 2009/138/EC Article 308b – paragraph 17 – subparagraphs 1a and 1b Amendment 798 #
Proposal for a directive Article 1 – paragraph 1 – point 94 – point c Directive 2009/138/EC Article 308b – paragraph 17 – subparagraph 1b Where an insurance or reinsurance group materially relies on the use of the transitional measures referred to in Articles 308c and 308d in such a manner that it misrepresents the actual solvency position of the group, even where the group Solvency Capital Requirement would be complied with without the use of those transitional measures, the group supervisor shall
Amendment 799 #
Proposal for a directive Article 1 – paragraph 1 – point 95 – point a a (new) Directive 2009/138/EC Article 308c – paragraph 2 (aa) in paragraph 2 the third subparagraph is replaced by: "The portion referred to in the first subparagraph shall decrease linearly at the end of each year from 100 % during the year starting from 1 January 2016 to 0 % on 1 January 203
Amendment 800 #
Proposal for a directive Article 1 – paragraph 1 – point 95 – point b Directive 2009/138/EC Article 308c – paragraph 4 – point c – point iv (iv) an assessment of the dependency of the undertaking on this transitional measure and, where applicable, a description of the measures taken or planned by the undertaking as well as a concrete timing in which these measures have effect, to reduce or remove the dependency.;
Amendment 801 #
Proposal for a directive Article 1 – paragraph 1 – point 96 – point b Directive 2009/138/EC Article 308c – paragraph 4 – point c – point iv (iv) an assessment of the dependency of the undertaking on this transitional measure and, where applicable, a description of the measures taken or planned by the undertaking as well as a concrete timing in which these measures have effect, to reduce or remove the dependency.;
Amendment 802 #
Proposal for a directive Article 1 – paragraph 1 – point 96 a (new) Directive 2009/138/EC Article 308e (96a) Article 308e is replaced by the following: " Insurance and reinsurance undertakings that apply the transitional measures
Amendment 803 #
Proposal for a directive Article 1 – paragraph 1 – point 96 a (new) Directive 2009/138/EC Article 308e (96a) Article 308e is replaced by the following: "Article 308e Phasing
Amendment 804 #
Proposal for a directive Article 1 a (new) Article 1 a Transitional provisions 1. With regard to contracts that have been concluded prior to [enter date of implementation for Member States of the changes to the Directive 2009/138/EC], the Member States may determine that a continuing right of cancellation that does not expire earlier shall expire twelve months after the end of the cancellation period referred to in Article 186 (1) (1). Member States which make use of this option shall ensure that the right of cancellation pursuant to this provision does not expire prior to [enter date 12 months after the date of implementation for Member States of the changes to the Directive 2009/138/EC]. 2. Member States which make use of the option provided for in the first paragraph shall notify the Commission accordingly.
source: 732.669
2022/09/07
ECON
1 amendments...
Amendment Amendment805 #
Proposal for a directive Article 1 – paragraph 1 – point 38 – point c Directive 2009/138/EC Article 77d – paragraph 4 – subparagraph 5 The country adjustment factor referred to in point (e) shall be calculated as follows:
source: 736.375
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2023-03-27Show (1) Changes | Timetravel
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2023-03-20Show (7) Changes | Timetravel
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2023-03-18Show (7) Changes | Timetravel
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2023-03-07Show (5) Changes | Timetravel
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2023-03-01Show (5) Changes | Timetravel
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2023-02-28Show (5) Changes | Timetravel
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2023-02-24Show (5) Changes | Timetravel
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2023-02-23Show (5) Changes | Timetravel
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2023-02-20Show (1) Changes | Timetravel
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2023-02-16Show (5) Changes | Timetravel
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2023-02-14Show (5) Changes | Timetravel
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