Proposal for a Directive of the European Parliament and of the Council Amending Directive 2005/68/EC relating to reinsurance, as regards the implementing powers conferred on the Commission
Date: 2006-12-22
Institutions: European Commission
Subjects: EU law, approximation of laws, financial control, financial solvency, freedom to provide services, insurance company, insurance law, operation of the Institutions, reinsurance, right of establishment

COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 22.12.2006 
COM(2006) 905 final 

2006/0280 (COD) 

Proposal for a 

DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL  

Amending 

Directive 2005/68/EC relating to reinsurance, as regards the implementing powers 
conferred on the Commission 

(presented by the Commission) 

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2006/0280 (COD) 

Proposal for a 

DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL  

Amending 

Directive 2005/68/EC relating to reinsurance, as regards the implementing powers 
conferred on the Commission 

(Text with EEA relevance) 

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, 

Having regard to the Treaty establishing the European Community, and in particular Article 
47(2) and 55 thereof, 

Having regard to the proposal from the Commission1, 

Having regard to the opinion of the European Economic and Social Committee2, 

Acting in accordance with the procedure laid down in Article 251 of the Treaty3, 

Whereas: 

(1) 

(2) 

Directive 2005/68/EC of the European Parliament and of the Council of 16 November 
2005  on  reinsurance  and  amending  Council  Directives  73/239/EEC,  92/49/EEC  as 
well as Directives 98/78/EC and 2002/83/EC4 provides that certain measures are to be 
adopted  in  accordance  with  Council  Decision  1999/468/EC  of  28  June  1999  laying 
down  the  procedures  for  the  exercise  of  implementing  powers  conferred  on  the 
Commission5. 

Decision 1999/468/EC has been amended by Decision 2006/512/EC, which introduced 
a regulatory procedure with scrutiny for measures of general scope designed to amend 
non-essential elements of a basic instrument adopted in accordance with the procedure 
referred to in Article 251 of the Treaty, including by deleting some of those elements 
or by supplementing the instrument by the addition of new non-essential elements.  

(3) 

In accordance with the joint statement of the European Parliament, the Council and the 
Commission6 on Decision 2006/512/EC, instruments which are already in force must 

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2 
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5 

6 

OJ C […], […], p. […]. 
OJ C […], […], p. […]. 
OJ C […], […], p. […]. 
OJ L 323, 9.12.2005, p. 1. 
OJ  L  184,  17.7.1999,  p.  23.  Decision  as  amended  by  Decision  2006/512/EC  (OJ  L  200,  22.7.2006, 
p.11). 
OJ C 255, 21.10.2006, p. 1. 

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be  adjusted  in  accordance  with  the  applicable  procedures.  That  statement  indicates  a 
list  of  instruments  which  should  be  adjusted  as  a  matter  of  urgency,  including 
Directive  2005/1/EC.  To  align  this  Directive,  Directive  2005/68/EC  should  be 
amended. 

(4) 

 In  particular  power  should  be  conferred  on  the  Commission  to  adopt  the  measures 
necessary for the implementation of Directive 2005/68/EC in order to take account of 
technical developments in the insurance sector or on financial markets and to ensure 
uniform application of that Directive. More particularly, those measures are designed 
to extend  the  list  of legal  forms, clarify  or adjust the items constituting the solvency 
margin,  increase  the  premiums  or  claims  amounts  used  for  the  calculation  of  the 
solvency margin for certain reinsurance activities or contract types, alter the minimum 
guarantee fund and clarify the definitions. Since those measures are of general scope 
and  are  designed  to  amend  non-essential  elements  of  Directive  2005/68/EC,  they 
should be adopted in accordance with the regulatory procedure with scrutiny provided 
for in Article 5a of Decision 1999/468/EC. 

(5) 

Directive 2005/68/EC should therefore be amended accordingly. 

(6) 

Since  the  amendments  to  be  made  to  Directive  2005/68/EC  by  this  Directive  are 
adjustments of a technical nature which only concern the committee procedure they do 
not  need  to  be  transposed  by  the  Member  States.  It  is  therefore  not  necessary  to  lay 
down provisions to that effect, 

HAVE ADOPTED THIS DIRECTIVE: 

Article 1 

Directive 2005/68/EC is amended as follows: 

(1) 

Article 55 is amended as follows: 

(a) 

Paragraph 2 is replaced by the following: 

"2. Where reference is made to this paragraph, Article 5a(1) to (4) and Article 7 of 
Decision  1999/468/EC  shall  apply,  having  regard  to  the  provisions  of  Article  8 
thereof." 

(b) 

Paragraph 3 is deleted. 

(2) 

In Article 56, the introductory phrase is replaced by the following :  

'The following implementing measures designed to amend non-essential elements of 
this  Directive,  shall  be  adopted  in  accordance  with  the  regulatory  procedure  with 
scrutiny referred to in Article 55(2).' 

This  Directive  shall  enter  into  force  on  the  [..]  day  following  that  of  its  publication  in  the 
Official Journal of the European Union. 

Article 2 

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Article 3 

This Directive is addressed to the Member States. 

Done at Brussels,  

For the European Parliament 
The President 

For the Council 
The President 

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