Amendments to Directive 2009/138/EC
Article 2
Directive 2009/138/EC is amended as follows: (1) in Article 77d(4), the first sentence is replaced by the following: ‘For each relevant country, the volatility adjustment to the risk-free interest rates referred to in paragraph 3 for the currency of that country shall, before the application of the 65 % factor, be increased by the difference between the risk-corrected country spread and twice the risk-corrected currency spread whenever that difference is positive and the risk-corrected country spread is higher than 85 basis points.’; (2) in Article 112, the following paragraph is inserted: ‘3a. Supervisory authorities shall inform EIOPA in accordance with Article 35(1) of Regulation (EU) No 1094/2010 of any applications to use or change an internal model. Upon the request of one or more supervisory authorities concerned, EIOPA may provide technical assistance, pursuant to point (b) of Article 8(1) of that Regulation, to the supervisory authority or authorities which requested the assistance, with respect to the decision on the application.’; (3) in Title I, Chapter VIII, the following section is inserted: ‘Section 2A Notification and collaboration platforms Article 152a Notification 1. Where the supervisory authority of the home Member State intends to authorise an insurance or reinsurance undertaking whose scheme of operations indicates that a part of its activities will be based on the freedom to provide services or the freedom of establishment in another Member State, and that scheme of operations also indicates that those activities are likely to be of relevance with respect to the host Member State’s market, the supervisory authority of the home Member State shall notify EIOPA and the supervisory authority of the relevant host Member State thereof. 2. The supervisory authority of the home Member State shall, in addition to the notification provided for in paragraph 1, also notify EIOPA and the supervisory authority of the relevant host Member State where it identifies deteriorating financial conditions or other emerging risks 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 may also notify the supervisory authority of the relevant home Member State where it has serious and reasoned concerns with regard to consumer protection. The supervisory authorities may refer the matter to EIOPA and request its assistance in cases where no bilateral solution can be found. 3. The notifications referred to in paragraphs 1 and 2 shall be sufficiently detailed to allow for a proper assessment. 4. The notifications referred to in paragraphs 1 and 2 are without prejudice to the supervisory mandate of the supervisory authorities of the home Member State and host Member State provided for in this Directive. Article 152b Collaboration platforms 1. EIOPA may, in the case of justified concerns about negative effects on policy holders, on its own initiative or at the request of one or more of the relevant supervisory authorities, set up and coordinate a collaboration platform to strengthen the exchange of information and 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 and where: (a) such activities are of relevance with respect to the host Member State’s market; (b) a notification by the supervisory authority of the home Member State has been made under Article 152a(2) of deteriorating financial conditions or other emerging risks; or (c) the matter has been referred to EIOPA under Article 152a(2). 2. Paragraph 1 is without prejudice to the right of the relevant supervisory authorities to set up a collaboration platform where they all agree to do so. 3. The setting up of a collaboration platform pursuant to paragraphs 1 and 2 is without prejudice to the supervisory mandate of the supervisory authorities of the home Member State and host Member State provided for in this Directive. 4. Without prejudice to Article 35 of Regulation (EU) No 1094/2010, at the request of EIOPA, the relevant supervisory authorities shall provide all necessary information in a timely manner to allow for the proper functioning of the collaboration platform.’; (4) Article 231 is amended as follows: (a) in paragraph 1, the third subparagraph is replaced by the following: ‘The group supervisor shall inform the other members of the college of supervisors, including EIOPA, of the receipt of the application and shall forward the complete application, including the documentation submitted by the undertaking, to those members, without delay. Upon the request of one or more supervisory authorities concerned, EIOPA may provide technical assistance, pursuant to point (b) of Article 8(1) of Regulation (EU) No 1094/2010, to the supervisory authority or authorities which requested the assistance, with respect to the decision on the application.’; (b) in paragraph 3, third subparagraph, the first sentence is replaced by the following: ‘Where EIOPA does not take a decision as referred to in the second subparagraph of this paragraph in accordance with Article 19(3) of Regulation (EU) No 1094/2010, the group supervisor shall take the final decision.’; (5) in Article 237(3), third subparagraph, the first sentence is replaced by the following: ‘Where EIOPA does not take a decision as referred to in the second subparagraph of this paragraph in accordance with Article 19(3) of Regulation (EU) No 1094/2010, the group supervisor shall take the final decision.’; (6) in Article 248(4), the third subparagraph is deleted.