What changed, Directive 2009/138/EC

− (a) to the following life insurance activities where they are on a contractual basis:
− (i) life insurance which comprises assurance on survival to a stipulated age only, assurance on death only, assurance on survival to a stipulated age or on earlier death, life assurance with return of premiums, marriage assurance, birth assurance;
− (ii) annuities;
− (iii) supplementary insurance underwritten in addition to life insurance, in particular, insurance against personal injury including incapacity for employment, insurance against death resulting from an accident and insurance against disability resulting from an accident or sickness;
− (iv) types of permanent health insurance not subject to cancellation currently existing in Ireland and the United Kingdom;
− (b) to the following operations, where they are on a contractual basis, in so far as they are subject to supervision by the authorities responsible for the supervision of private insurance:
− (i) operations whereby associations of subscribers are set up with a view to capitalising their contributions jointly and subsequently distributing the assets thus accumulated among the survivors or among the beneficiaries of the deceased (tontines);
− (ii) capital redemption operations based on actuarial calculation whereby, in return for single or periodic payments agreed in advance, commitments of specified duration and amount are undertaken;
− (iii) management of group pension funds, comprising the management of investments, and in particular the assets representing the reserves of bodies that effect payments on death or survival or in the event of discontinuance or curtailment of activity;
− (iv) the operations referred to in point (iii) where they are accompanied by insurance covering either conservation of capital or payment of a minimum interest;
− (v) the operations carried out by life insurance undertakings such as those referred to in Chapter 1, Title 4 of Book IV of the French ‘Code des assurances’;
− (b) the liability for the assistance is limited to the following operations:
− (i) an on-the-spot breakdown service for which the undertaking providing cover uses, in most circumstances, its own staff and equipment;
− (ii) the conveyance of the vehicle to the nearest or the most appropriate location at which repairs may be carried out and the possible accompaniment, normally by the same means of assistance, of the driver and passengers to the nearest location from where they may continue their journey by other me…
− (iii) where provided for by the home Member State of the undertaking providing cover, the conveyance of the vehicle, possibly accompanied by the driver and passengers, to their home, point of departure or original destination within the same State; and
− (2) in Germany, the following semi-public institutions:
− (a) Postbeamtenkrankenkasse,
− (b) Krankenversorgung der Bundesbahnbeamten;
− (3) the pension activities of pension insurance undertakings prescribed in the Employees Pension Act (TyEL) and other related Finnish legislation provided that:
− (a) pension insurance companies which already under Finnish law are obliged to have separate accounting and management systems for their pension activities, as from 1 January 1995, set up separate legal entities for pursuing those activities; and
− (b) the Finnish authorities allow, in a non-discriminatory manner, all nationals and companies of Member States to perform according to Finnish legislation the activities specified in Article 2 related to *that* exemption whether by means of ownership or participation in an existing insurance compan…
− (7) ‘reinsurance’ means one of the following:
− (a) the activity consisting in accepting risks ceded by an insurance undertaking or third-country insurance undertaking, or by another reinsurance undertaking or third-country reinsurance undertaking;
− (b) in the case of the association of underwriters known as Lloyd's, the activity consisting in accepting risks, ceded by any member of Lloyd's, by an insurance or reinsurance undertaking other than the association of underwriters known as Lloyd's; or
− (c) the provision of cover by a reinsurance undertaking to an institution that falls within the scope of Directive (EU) 2016/2341 of the European Parliament and of the Council (1);
− (8) ‘home Member State’ means any of the following:
− (a) for non-life insurance, the Member State in which the head office of the insurance undertaking covering the risk is situated;
− (b) for life insurance, the Member State in which the head office of the insurance undertaking covering the commitment is situated; or
− (c) for reinsurance, the Member State in which the head office of the reinsurance undertaking is situated;
− (13) ‘Member State in which the risk is situated’ means any of the following:
+ (a) to the following life insurance activities where they are on a contractual basis: (i) life insurance which comprises assurance on survival to a stipulated age only, assurance on death only, assurance on survival to a stipulated age or on earlier death, life assurance with return of premiums, mar…
+ (b) to the following operations, where they are on a contractual basis, in so far as they are subject to supervision by the authorities responsible for the supervision of private insurance: (i) operations whereby associations of subscribers are set up with a view to capitalising their contributions …
+ (b) the liability for the assistance is limited to the following operations: (i) an on-the-spot breakdown service for which the undertaking providing cover uses, in most circumstances, its own staff and equipment; (ii) the conveyance of the vehicle to the nearest or the most appropriate location at …
+ (2) in Germany, the following semi-public institutions: (a) Postbeamtenkrankenkasse, (b) Krankenversorgung der Bundesbahnbeamten;
+ (3) the pension activities of pension insurance undertakings prescribed in the Employees Pension Act (TyEL) and other related Finnish legislation provided that: (a) pension insurance companies which already under Finnish law are obliged to have separate accounting and management systems for their pe…
+ (7) ‘reinsurance’ means one of the following: (a) the activity consisting in accepting risks ceded by an insurance undertaking or third-country insurance undertaking, or by another reinsurance undertaking or third-country reinsurance undertaking; (b) in the case of the association of underwriters kn…
+ (8) ‘home Member State’ means any of the following: (a) for non-life insurance, the Member State in which the head office of the insurance undertaking covering the risk is situated; (b) for life insurance, the Member State in which the head office of the insurance undertaking covering the commitment…
+ (13) ‘Member State in which the risk is situated’ means any of the following: (a) the Member State in which the property is situated, where the insurance relates either to buildings or to buildings and their contents, in so far as the contents are covered by the same insurance policy; (b) the Member…
+ (14) ‘Member State of the commitment’ means the Member State in which either of the following is situated: (a) the habitual residence of the policy holder; (b) if the policy holder is a legal person, that policy holder’s establishment, to which the contract relates;
+ (22) ‘regulated market’ means either of the following: (a) in the case of a market situated in a Member State, a regulated market as defined in Article 4(1)(14) of Directive 2004/39/EC; or (b) in the case of a market situated in a third country, a financial market which fulfils the following conditi…
+ (25) ‘financial undertaking’ means any of the following entities: (a) a credit institution, a financial institution or an ancillary banking services undertaking within the meaning of Article 4(1), (5) and (21) of Directive 2006/48/EC respectively; (b) an insurance undertaking, or a reinsurance under…
+ (27) ‘large risks’ means: (a) risks classified under classes 4, 5, 6, 7, 11 and 12 in Part A of Annex I; (b) risks classified under classes 14 and 15 in Part A of Annex I, where the policy holder is engaged professionally in an industrial or commercial activity or in one of the liberal professions a…
+ (e) in regard to non-life insurance and reinsurance, also the following: (i) estimates of management expenses other than installation costs, in particular current general expenses and commissions; (ii) estimates of premiums or contributions and claims;
+ (a) to determine the nature, the scope and the format of the information referred to in paragraph 1 which they require insurance and reinsurance undertakings to submit at the following points in time: (i) at predefined periods; (ii) upon occurrence of predefined events; (iii) during enquiries regard…
+ (a) the supervisory authority concludes that the risk profile of the insurance or reinsurance undertaking deviates significantly from the assumptions underlying the Solvency Capital Requirement, as calculated using the standard formula in accordance with Chapter VI, Section 4, Subsection 2 and: (i) …
+ (b) where the matching adjustment referred to in Article 77b is applied: (i) the sensitivity of their technical provisions and eligible own funds to the assumptions underlying the calculation of the matching adjustment, including the calculation of the fundamental spread referred to in Article 77c(1…
+ (c) where the volatility adjustment referred to in Article 77d is applied: (i) the sensitivity of their technical provisions and eligible own funds to the assumptions underlying the calculation of the volatility adjustment and the possible effect of a forced sale of assets on their eligible own fund…
+ (e) a description of the capital management, including at least the following: (i) the structure and amount of own funds, and their quality; (ii) the amounts of the Solvency Capital Requirement and of the Minimum Capital Requirement; (iii) the option set out in Article 304 used for the calculation o…
+ (a) the average capital add-on per undertaking and the distribution of capital add-ons imposed by the supervisory authority during the previous year, measured as a percentage of the Solvency Capital Requirement, shown separately for: (i) insurance and reinsurance undertakings; (ii) life insurance un…
+ (a) for all Member States together, the total distribution of capital add-ons, measured as a percentage of the Solvency Capital Requirement, for each of the following: (i) insurance and reinsurance undertakings; (ii) life insurance undertakings; (iii) non-life insurance undertakings; (iv) insurance …
+ (b) the exchange of information, in the discharge of their supervisory functions, between supervisory authorities and any of the following which are situated in the same Member State: (i) authorities responsible for the supervision of credit institutions and other financial organisations and the aut…
+ (a) the matching adjustment must be equal to the difference of the following: (i) the annual effective rate, calculated as the single discount rate that, where applied to the cash flows of the portfolio of insurance or reinsurance obligations, results in a value that is equal to the value in accorda…
+ (a) equal to the sum of the following: (i) the credit spread corresponding to the probability of default of the assets; (ii) the credit spread corresponding to the expected loss resulting from downgrading of the assets;
+ 4. ►M9 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-correc…
+ (a) participations which insurance and reinsurance undertakings hold in: (i) credit institutions and financial institutions within the meaning of Article 4(1) and (5) of Directive 2006/48/EC, (ii) investment firms within the meaning of point 1 of Article 4(1) of Directive 2004/39/EC;
+ 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 …
+ (d) it shall have an absolute floor of: (i) EUR 2 500 000 for non-life insurance undertakings, including captive insurance undertakings, save in the case where all or some of the risks included in one of the classes 10 to 15 listed in Part A of Annex I are covered, in which case it shall be no less …
+ ## 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 th…