Directive 2008/37/EC of the European Parliament and of the Council of 11 March 2008 amending Directive 2005/68/EC on reinsurance, as regards the implementing powers conferred on the Commission (Text with EEA relevance)
Date: 2008-03-11
Institutions: Council of the European Union, European Parliament
Subjects: European Commission, approximation of laws, financial control, financial solvency, freedom to provide services, insurance company, insurance law, powers of the institutions (EU), reinsurance, right of establishment

20.3.2008

EN

Official Journal of the European Union

L 81/71

DIRECTIVE 2008/37/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 11 March 2008

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

(Text with EEA relevance)

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE
EUROPEAN UNION,

(4)

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

establishing the European

Having regard to the proposal from the Commission,

Having regard to the opinion of the European Economic and
Social Committee (1),

Acting in accordance with the procedure
Article 251 of the Treaty (2),

laid down in

Whereas:

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

calculation of

the

(1)

(2)

(3)

Directive 2005/68/EC of the European Parliament and of
the Council (3) provides that certain measures are to be
Council Decision
adopted
1999/468/EC of 28 June 1999 laying down the
procedures for
implementing powers
the exercise of
conferred on the Commission (4).

accordance with

in

the

introduced

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

and

the Council

In accordance with the statement by the European
the Commission (5)
Parliament,
for the regulatory
concerning Decision 2006/512/EC,
procedure with scrutiny to be applicable to instruments
adopted in accordance with the procedure referred to in
Article 251 of the Treaty which are already in force,
those instruments must be adjusted in accordance with
the applicable procedures.

(1) OJ C 161, 13.7.2007, p. 45.
(2) Opinion of

the European Parliament of 10 July 2007 (not yet
published in the Official Journal) and Council Decision of 3 March
2008.

(3) OJ L 323, 9.12.2005, p. 1. Directive as amended by Directive

2007/44/EC (OJ L 247, 21.9.2007, p. 1).

(4) OJ L 184, 17.7.1999, p. 23. Decision as amended by Decision

2006/512/EC (OJ L 200, 22.7.2006, p. 11).

(5) OJ C 255, 21.10.2006, p. 1.

(5)

(6)

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

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

It

HAVE ADOPTED THIS DIRECTIVE:

Article 1

Amendments

Directive 2005/68/EC is hereby amended as follows:

1. Article 55 shall be amended as follows:

(a) paragraph 2 shall be replaced by the following:

reference
to (4)

‘2. Where
Article 5a(1)
1999/468/EC shall
provisions of Article 8 thereof.’;

is made
to this paragraph,
and Article 7 of Decision
to the

apply, having

regard

(b) paragraph 3 shall be deleted;

L 81/72

EN

Official Journal of the European Union

20.3.2008

2.

in Article 56, the introductory phrase shall be replaced by
the following:

‘The following implementing measures designed to amend
non-essential elements of this Directive, inter alia, by supple-
menting it, shall be adopted in accordance with the regu-
latory procedure with scrutiny referred to in Article 55(2):’.

Article 3

Addressees

This Directive is addressed to the Member States.

Done at Strasbourg, 11 March 2008.

Article 2

Entry into force

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

For the European Parliament
The President

H.-G. PÖTTERING

For the Council
The President
J. LENARČIČ