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DRAFT REPORT (COM(2021)0582 – C90365/2021 – 2021/0296(COD))

On the proposal for a directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2009/138/EC, (EU) 2017/1132 and Regulations (EU) No 1094/2010 and (EU) No 648/2012

ECON-PR-732670

Committee on Economic and Monetary Affairs · Rapporteur: Markus Ferber

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The draft report sets out the rapporteur's position on the proposed directive for the recovery and resolution of insurance and reinsurance undertakings. It proposes to delete the requirement for separate resolution authorities and to rely on supervisory authorities instead. It removes the market coverage thresholds of 80% for recovery planning and 70% for resolution planning, and automatically exempts low-risk profile undertakings from both. It excludes insurance and reinsurance claims from the write-down and conversion tool, and adds a new article allowing transfers to national protection schemes. It requires the Commission to report by 1 January 2024 on steps towards minimum common standards for insurance guarantee schemes, and changes the update frequency for recovery plans to every two years.

Committee position. The rapporteur proposes to amend the Commission proposal by relying on supervisory authorities instead of separate resolution authorities, removing market coverage thresholds, automatically exempting low-risk undertakings, excluding insurance claims from write-down, and requiring a report on insurance guarantee schemes.

Key points

  1. Member States should delegate resolution powers to the relevant insurance supervisory authorities instead of designating separate resolution authorities.
  2. Member States may exempt undertakings offering health insurance contracts as an alternative to social security, and may require national protection schemes for them.
  3. Simplified obligations should automatically apply to low-risk profile undertakings, which should not be subject to pre-emptive recovery or resolution planning requirements.
  4. The 80% market coverage threshold for pre-emptive recovery planning and the 70% threshold for resolution planning should be deleted.
  5. Pre-emptive recovery plans should be updated at least every two years, instead of annually.
  6. EIOPA should develop regulatory technical standards on the minimum list of indicators and the range of scenarios, instead of issuing guidelines.
  7. Resolution plans should not assume any extraordinary public financial support or the use of any financing arrangements.
  8. EIOPA should develop regulatory technical standards on the criteria for identifying critical functions, instead of issuing guidelines.
  9. Member States may transfer portfolios of undertakings offering health insurance contracts to national protection schemes instead of applying the resolution tools.
  10. Insurance and reinsurance claims should be excluded from the write-down and conversion tool.
  11. The Commission should report by 1 January 2024 on steps to introduce minimum common standards for insurance guarantee schemes, accompanied by a legislative proposal where appropriate.
  12. Solvency II should not be amended by this directive; the Shareholder Rights Directive should be added to the list of amended acts.

Who is affected

  • Insurance and reinsurance undertakings: low-risk profile undertakings would be automatically exempt from recovery and resolution planning.
  • National supervisory authorities: would take on resolution powers instead of separate resolution authorities.
  • Policyholders: insurance and reinsurance claims would be excluded from write-down and conversion.
  • Member States: may exempt health insurance schemes and transfer portfolios to national protection schemes.
  • The Commission and EIOPA: tasked with reporting on insurance guarantee schemes and developing technical standards.

Figures and deadlines

  • 80%: the market coverage threshold for pre-emptive recovery planning that the amendment deletes.
  • 70%: the market coverage threshold for resolution planning that the amendment deletes.
  • every two years: the frequency for updating pre-emptive recovery plans.
  • 1 January 2024: deadline for the Commission report on insurance guarantee schemes.

Legal basis: Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union.