What changed, Directive 2009/138/EC

− **3.** In regard to life insurance, this Directive shall apply:(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…
− **1.** Without prejudice to Article 3 and Articles 5 to 10, this Directive shall not apply to an insurance undertaking which fulfils all the following conditions:(a) the undertaking’s annual gross written premium income does not exceed ►M10 EUR 5 400 000 ** ◄ **;(b) the total of the undertaking’s te…
− **1.** This Directive shall not apply to an assistance activity which fulfils all the following conditions:(a) the assistance is provided in the event of an accident or breakdown involving a road vehicle when the accident or breakdown occurs in the territory of the Member State of the undertaking pr…
− **2.** In the cases referred to in points (i) and (ii) of paragraph 1(b), the condition that the accident or breakdown must have happened in the territory of the Member State of the undertaking providing cover shall not apply where the beneficiary is a member of the body providing cover and the brea…
− **3.** This Directive shall not apply in the case of operations referred to in point (iii) of paragraph 1(b), where the accident or the breakdown has occurred in the territory of Ireland or, in the case of the United Kingdom, in the territory of Northern Ireland and the vehicle, possibly accompanied…
− (3) in Ireland, the Voluntary Health Insurance Board;
− (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…
− (15) ‘parent undertaking’ means a parent undertaking within the meaning of Article 1 of Directive 83/349/EEC;
− (16) ‘subsidiary undertaking’ means any subsidiary undertaking within the meaning of Article 1 of Directive 83/349/EEC, including subsidiaries thereof;
− (18) ‘control’ means the relationship between a parent undertaking and a subsidiary undertaking, as set out in Article 1 of Directive 83/349/EEC, or a similar relationship between any natural or legal person and an undertaking;
− (19) ‘intra-group transaction’ means any transaction by which an insurance or reinsurance undertaking relies, either directly or indirectly, on other undertakings within the same group or on any natural or legal person linked to the undertakings within that group by close links, for the fulfilment o…
− (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…
− (32a) ‘qualifying central counterparty’ means a central counterparty that has been either authorised in accordance with Article 14 of Regulation (EU) No 648/2012 of the European Parliament and of the Council (3) or recognised in accordance with Article 25 of that Regulation;
− (40) ‘external credit assessment institution’ or ‘ECAI’ means a credit rating agency that is registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council (4) or a central bank issuing credit ratings which are exempt from the application of tha…
− **1.** The home Member State shall require every undertaking for which authorisation is sought:(a) in regard to insurance undertakings, to limit their objects to the business of insurance and operations arising directly therefrom, to the exclusion of all other commercial business;(b) in regard to re…
− **1.** The scheme of operations referred to in Article 18(1)(c) shall include particulars or evidence of the following:(a) the nature of the risks or commitments which the insurance or reinsurance undertaking concerned proposes to cover;(b) the kind of reinsurance arrangements which the reinsurance …
− **2.** For the purposes of paragraph 1, the voting rights referred to in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issues whose securities are admitte…
− Such provision shall also be made with regard to cases where the supervisory authorities have not dealt with an application for an authorisation within six months of the date of its receipt.
− Every authorisation or withdrawal of authorisation shall be notified to the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (‘EIOPA’) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council (6). The name of each insurance or r…
− **3.** Member States shall ensure that the requirements laid down in this Directive are applied in a manner which is proportionate to the nature, scale and complexity of the risks inherent in the business of an insurance or reinsurance undertaking.
− **4.** The delegated acts and the regulatory and implementing technical standards adopted by the Commission shall take into account the principle of proportionality, thus ensuring the proportionate application of this Directive, in particular in relation to small insurance undertakings.
− The draft regulatory technical standards submitted by EIOPA in accordance with Article 10 to 14 of Regulation (EU) No 1094/2010, the draft implementing technical standards submitted in accordance with Article 15 thereof and the guidelines and recommendations issued in accordance with Article 16 ther…
− **2.** Financial supervision pursuant to paragraph 1 shall include verification, with respect to the entire business of the insurance and reinsurance undertaking, of its state of solvency, of the establishment of technical provisions, of its assets and of the eligible own funds, in accordance with t…
− **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. Such information shall include at …
− **6.** Without prejudice to Article 129(4), where the predefined periods referred to in paragraph 2(a)(i) are shorter than one year, the supervisory authorities concerned may limit regular supervisory reporting, where:(a) the submission of that information would be overly burdensome in relation to t…
− Supervisory authorities shall not limit regular supervisory reporting with a frequency shorter than one year in the case of insurance or reinsurance undertakings that are part of a group within the meaning of Article 212(1)(c), unless the undertaking can demonstrate to the satisfaction of the superv…
− The limitation to regular supervisory reporting shall be granted only to undertakings that 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…
− Supervisory authorities shall give priority to the smallest undertakings when determining the eligibility of the undertakings for those limitations.
+ **3.** In regard to life insurance, this Directive shall apply:(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…
+ **1.** Without prejudice to Article 3 and Articles 5 to 10, this Directive shall not apply to an insurance undertaking which fulfils all the following conditions:▼M13(a) the undertaking’s annual gross written premium income does not exceed EUR 15 000 000 ;(b) the total of the undertaking’s technical…
+ **1.** This Directive shall not apply to an assistance activity which fulfils all the following conditions:▼M13(a) the assistance is provided in the event of an accident or breakdown involving a road vehicle when the accident or breakdown occurs in the territory of the Member State of the undertakin…
+ **2.** In the cases referred to in paragraph 1, points (b)(i) and (b)(ii), the condition that the accident or breakdown must have happened in the territory of the Member State of the undertaking providing cover shall not apply where the beneficiary is a member of the body providing cover and the bre…
+ (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; (c) the provision of cover by a reinsurance undertaki…
+ (10a) ‘small and non-complex undertaking’ means an insurance or reinsurance undertaking, including a captive insurance undertaking or a captive reinsurance undertaking, that meets the conditions set out in Article 29a and has been classified as such in accordance with Article 29b;
+ (10b) ‘small and non-complex group’ means a group that complies with the conditions laid down in Article 213a and has been classified as such by the group supervisor pursuant to paragraph 2 of that Article;
+ (10c) ‘statutory auditor’ means a statutory auditor within the meaning of Article 2, point (2), of Directive 2006/43/EC of the European Parliament and of the Council (2);
+ (10d) ‘audit firm’ means an audit firm within the meaning of Article 2, point (3), of Directive 2006/43/EC;
+ (15) ‘parent undertaking’ means a parent undertaking as referred to in Article 22(1) and (2) of Directive 2013/34/EU of the European Parliament and of the Council (3), or an undertaking which supervisory authorities consider as parent undertaking in accordance with Article 212(2) or Article 214(5) o…
+ (16) ‘subsidiary undertaking’ means a subsidiary undertaking as referred to in Article 22(1) and (2) of Directive 2013/34/EU, including subsidiaries thereof, or an undertaking which supervisory authorities are to consider as a subsidiary undertaking in accordance with Article 212(2) or Article 214(5…
+ (18) ‘control’ means the relationship between a parent undertaking and a subsidiary undertaking, as set out in ►M13 Article 22(1) and (2) of Directive 2013/34/EU** ◄ **, or a similar relationship between any natural or legal person and an undertaking;
+ (19) ‘intra-group transaction’ means any transaction by which an insurance or reinsurance undertaking, a third-country insurance or reinsurance undertaking, an insurance holding company or a mixed financial holding company relies, either directly or indirectly, on other undertakings within the same …
+ (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 ►M13 Article 4(1), point (21), of Directive 2014/65/EU of the European Parliament and of the Council (4)** ◄ **; or (b) in the case of a market situated in …
+ (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 ►M13 Article 4(1), points (1), (18) and (26), of Regulation (EU) No 575/2013 of the European Parliament and of the Co…
+ (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…
+ (32a) ‘qualifying central counterparty’ means a central counterparty that has been either authorised in accordance with Article 14 of Regulation (EU) No 648/2012 of the European Parliament and of the Council (6) or recognised in accordance with Article 25 of that Regulation;
+ (40) ‘external credit assessment institution’ or ‘ECAI’ means a credit rating agency that is registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council (7) or a central bank issuing credit ratings which are exempt from the application of tha…
+ (41) ‘regulated undertaking’ means a regulated entity within the meaning of Article 2, point (4), of Directive 2002/87/EC or an institution for occupational retirement provision within the meaning of Article 6, point (1), of Directive (EU) 2016/2341;
+ (42) ‘crypto-asset’ means a crypto-asset as defined in Article 3(1), point (5), of Regulation (EU) 2023/1114 of the European Parliament and of the Council (8);
+ (43) ‘proportionality measure’ means any of the measures provided for in Article 35(5a), Article 41, Article 45(1b), Article 45(5), Article 45a(5), Article 51(6), Article 51a(1), Article 77(8) and Article 144a(4) or any measure provided for in the delegated acts adopted pursuant to this Directive ex…
+ (44) ‘sustainability risk’ means an environmental, social or governance event or condition that, if it occurs, could cause an actual or potential negative impact on the value of the investment or on the value of the liability;
+ (45) ‘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 (9).
+ **1.** The home Member State shall require every undertaking for which authorisation is sought:(a) in regard to insurance undertakings, to limit their objects to the business of insurance and operations arising directly therefrom, to the exclusion of all other commercial business;(b) in regard to re…
+ **1.** The scheme of operations referred to in Article 18(1)(c) shall include particulars or evidence of the following:(a) the nature of the risks or commitments which the insurance or reinsurance undertaking concerned proposes to cover;(b) the kind of reinsurance arrangements which the reinsurance …
+ **2.** For the purposes of paragraph 1, the voting rights referred to in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issues whose securities are admitte…
+ Such provision shall also be made with regard to cases where the supervisory authorities have not dealt with an application for an authorisation within six months or, in cases of joint assessment pursuant to Article 26(4), within eight months of the date of its receipt.
+ Each refusal of an authorisation, including the identification of the applicant undertaking and the reasons for refusal shall be notified to the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (EIOPA) established by Regulation (EU) No 1094/2010 of the European…
+ Every authorisation or withdrawal of authorisation shall be notified to ►M13 EIOPA** ◄ **. The name of each insurance or reinsurance undertaking to which authorisation has been granted shall be entered on a list. EIOPA shall publish and keep up to date that list on its website.
+ **4.** Where several supervisory authorities need to be consulted pursuant to paragraph 1, any supervisory authority concerned may request, within one month of the date of receipt, the supervisory authority of the home Member State of the undertaking seeking authorisation to jointly assess the appli…