natgillin/translations-raw huggingface dataset:
В случай на съпоставим надзор, посочен в член 263, държавите-членки прилагат членове 216 до 262 към застрахователни и презастрахователни предприятия по аналогия.
In the event of equivalent supervision referred to in Article 263, Member States shall apply Articles 216 to 262 to insurance and reinsurance undertakings, by analogy.
Общите принципи и методи, определени в членове 216 до 262, се прилагат на равнище застрахователно холдингово дружество, застрахователно предприятие на трета страна или презастрахователно предприятие на трета страна.
The general principles and methods set out in Articles 216 to 262 shall apply at the level of the insurance holding company, third-country insurance undertaking or third-country reinsurance undertaking.
Единствено за целите на изчисляване на груповата платежоспособност предприятието-майка се разглежда като застрахователно или презастрахователно предприятие, подлежащо на същите изисквания, като тези изложени в дял I, глава VI, раздел 3, подраздели 1, 2 и 3 относно собствените средства, допустими за покриване на капиталовото изискване за платежоспособност, и на някое от следните изисквания:
For the sole purpose of the group solvency calculation, the parent undertaking shall be treated as if it were an insurance or reinsurance undertaking subject to the same conditions as laid down in Title I, Chapter VI, Section 3, Subsections 1, 2 and 3 as regards the own funds eligible for the Solvency Capital Requirement and to either of the following:
а) капиталово изискване за платежоспособност, определено в съответствие с принципите на член 224 в случаите на застрахователно холдингово дружество; или
(a) a Solvency Capital Requirement determined in accordance with the principles of Article 224 where it is an insurance holding company; or
б) капиталово изискване за платежоспособност, определено в съответствие с принципите на член 225, в случаите на застрахователно или презастрахователно предприятие от трета страна.
(b) a Solvency Capital Requirement determined in accordance with the principles of Article 225, where it is a third-country insurance undertaking or a third-country reinsurance undertaking.
The Directive is silent on the situation where equivalence has been established.
The Directive is silent on the situation where equivalence has been established.
This new Article clarifies the situation, in particular with regard to the use of group support, which should be possible unless effective transfer of funds from the third country to the Community cannot be guaranteed under all scenarios.
This new Article clarifies the situation, in particular with regard to the use of group support, which should be possible unless effective transfer of funds from the third country to the Community cannot be guaranteed under all scenarios.
Член 284 - параграф 2
Article 284 – paragraph 2
Вземанията на всички кредитори, посочени в параграф 1, се ползват със същото отношение и получават същото класиране като равностойните вземания, които могат да бъдат предявени от кредиторите, чието обичайно пребиваване, местоживеене или седалище е в държавата-членка по произход.
The claims of all creditors referred to in paragraph 1 shall be treated in the same way and given the same ranking as claims of an equivalent nature which may be lodged by creditors who have their habitual residence, domicile or head office in the home Member State.
Следователно водещите надзорни органи трябва да действат без дискриминация на равнището на Общността.
Lead supervisors must therefore operate without discrimination at the Community level.
По-специално, по отношение на уреждането на вземания и процедури по ликвидация при съществуващи споразумения за групова подкрепа, активите следва да се разпределят въз основа на принципа на равнопоставеност на всички съответни титуляри на полици, независимо от тяхната националност или местоживеене.
In particular, with regards to the settling of claims and winding-up situations where group support arrangements have been in place, assets should be distributed on an equitable basis to all relevant policy holders regardless of nationality or domicile.
Член 303
Article 303
По отношение на животозастрахователната дейност на всеки две години от влизането в сила на настоящата директива Комисията представя на Европейския парламент и на Съвета преглед на сумите, изразени в евро в настоящата директива, като отчита развитието на икономическата и парична ситуация в Общността и като прави, когато е целесъобразно, необходимите предложения.
As far as life insurance is concerned, every two years from the entry into force of this Directive, the Commission shall submit to the European Parliament and to the Council a review of the amounts expressed in euro in this Directive taking into account the evolution of the economic and monetary situation of the Community accompanied, where appropriate, by the necessary proposals
Считано от 1 януари 2012 г. сумите, изразени в евро в настоящата директива, се адаптират ежегодно с оглед отчитане на промените в основния хармонизиран индекс на потребителските цени за всички държави-членки във вида, публикуван от Евростат.
From 1 January 2012, the amounts expressed in euro in this Directive shall be adapted annually in order to take account of changes in the general Harmonised Indices of Consumer Prices of all Member States as published by Eurostat.
Сумите се адаптират автоматично, като се увеличи базовата сума в евро с процентната промяна на посочения индекс за периода от 1 януари 2012 г. до датата на преразглеждането, и се закръгли до число, кратно на 100 000 евро.
Those amounts shall be adapted automatically, by increasing the base amount in euro by the percentage change in that index from 1 January 2012 until the review date and rounded up to a multiple of EUR 100 000.
Размерите не се адаптират в случай, че процентното изменение след предишното адаптиране е под 5%.
In the event that the percentage change since the previous adaptation is less than 5 %, no adaptation shall take place.
Комисията информира ежегодно Европейския парламент и Съвета за актуализирането и адаптираните суми.
The Commission shall inform the European Parliament and the Council annually of the adaptation and the adapted amounts.
По отношение на общо застрахователната дейност на всеки пет години от влизането в сила на настоящата директива Комисията представя на Европейския парламент и на Съвета преглед на сумите, изразени в евро в настоящата директива, вземайки предвид промените в икономическата и монетарната ситуация в Общността , като прави, когато е целесъобразно, необходимите предложения .
As far as non-life insurance is concerned, every five years from the entry into force of this Directive, the Commission shall submit to the European Parliament and to the Council a review of the amounts expressed in euro in this Directive, taking into account changes in the economic and monetary situation of the Community accompanied, where appropriate, by the necessary proposals.
An automatic adaptation of amounts already exists in the present Directives and works satisfactorily.
An automatic adaptation of amounts already exists in the present Directives and works satisfactorily.
It avoids that undertakings are suddenly subject to higher minimum amounts, as from experience it is well known that review obligations by the Commission are not always executed.
It avoids that undertakings are suddenly subject to higher minimum amounts, as from experience it is well known that review obligations by the Commission are not always executed.
An automatic mechanism avoids this problem.
An automatic mechanism avoids this problem.
Член 304 - параграф 2
Article 304 – paragraph 2
При позоваване на настоящия параграф се прилагат членове 3 и 7 от Решение 1999/468/ЕО във връзка с разпоредбите на член 8 от него.
Where reference is made to this paragraph, Articles 3 and 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof.
Член 311 - параграф 1 а (нов)
Article 311 - paragraph 1 a (new)
По силата на дерогация от параграф 1, членове 27 и 28 от Директива 2002/83/ЕО остават в сила по отношение на институции за предоставяне на професионално пенсионно осигуряване в съответствие с член 17 от Директива 2003/41/ЕО.
By derogation from paragraph 1, Articles 27 and 28 of Directive 2002/83/EC shall remain in force as regards institutions for occupational retirement provision in accordance with Article 17 of Directive 2003/41/EC.
The new paragraph clarifies the intention of the Commission not to apply Solvency II at this stage to IORPs.
The new paragraph clarifies the intention of the Commission not to apply Solvency II at this stage to IORPs.
With this new solvency framework, as outlined in the proposal for a Directive ("draft Directive") on the taking up and pursuit of the business of Insurance and Reinsurance ( COM(2008)0119 final), also called Solvency II, the Commission intends to introduce a risk sensitive approach with incentives for risk management.
With this new solvency framework, as outlined in the proposal for a Directive ("draft Directive") on the taking up and pursuit of the business of Insurance and Reinsurance ( COM(2008)0119 final), also called Solvency II, the Commission intends to introduce a risk sensitive approach with incentives for risk management.
This approach will lead to a better (optimal) allocation of capital, taking into account market-consistent valuation of assets and liabilities.
This approach will lead to a better (optimal) allocation of capital, taking into account market-consistent valuation of assets and liabilities.
It also aligns solvency rules with a realistic valuation according to the present market assessment of assets and liabilities of a company.
It also aligns solvency rules with a realistic valuation according to the present market assessment of assets and liabilities of a company.
The legal form is one of the re-cast and codification with 80% of the old text being subject to a re-cast into the "new" language (subject to the review of the Legal Affairs Committee) and the rest being the new text, introducing the new Solvency II rules.
The legal form is one of the re-cast and codification with 80% of the old text being subject to a re-cast into the "new" language (subject to the review of the Legal Affairs Committee) and the rest being the new text, introducing the new Solvency II rules.
The new text is a principle based and Lamfalussy compliant approach, with the basis for adoption of implementing measures at Level 2 and with instructions for supervisory work at Level 3 of the Lamfalussy legislative process.
The new text is a principle based and Lamfalussy compliant approach, with the basis for adoption of implementing measures at Level 2 and with instructions for supervisory work at Level 3 of the Lamfalussy legislative process.
It is structured in the form of three pillars.
It is structured in the form of three pillars.
The main objective of pillar I requirements is to ensure that insurance and reinsurance companies are able to meet their obligations when due, with a 0.5% probability of ruin on a one year time horizon.
The main objective of pillar I requirements is to ensure that insurance and reinsurance companies are able to meet their obligations when due, with a 0.5% probability of ruin on a one year time horizon.
Therefore the Solvency II framework is structured on a holistic "total balance sheet approach", balancing all the liabilities with all assets the company needs to hold and not valuating balance sheet items in isolation.
Therefore the Solvency II framework is structured on a holistic "total balance sheet approach", balancing all the liabilities with all assets the company needs to hold and not valuating balance sheet items in isolation.
Companies thus need to hold enough assets to meet the following: solvency capital requirements (SCR), minimum capital requirements (MCR), and technical provisions (best estimate of future claims as well as a risk margin plus the risks that can be secured / assured (Hedgeable risks).
Companies thus need to hold enough assets to meet the following: solvency capital requirements (SCR), minimum capital requirements (MCR), and technical provisions (best estimate of future claims as well as a risk margin plus the risks that can be secured / assured (Hedgeable risks).
Pillar I
Pillar I
Minimum Capital Requirement (MCR)
Minimum Capital Requirement (MCR)
There are currently three different approaches when calculating the MCR, which are the modular approach, the compact approach and the linear approach.
There are currently three different approaches when calculating the MCR, which are the modular approach, the compact approach and the linear approach.
· The modular approach calculates the MCR by adding together different risk modules (market risk and insurance risk) to come up with an overall figure.
· The modular approach calculates the MCR by adding together different risk modules (market risk and insurance risk) to come up with an overall figure.
Essentially it is a significantly simplified version of the SCR, but it is an independent requirement calculation.
Essentially it is a significantly simplified version of the SCR, but it is an independent requirement calculation.
· The compact approach sets the MCR as a percentage of the SCR, it is simple, but fails to achieve the criteria of independent calculation of MCR, although it has not been proven that such independence is necessary to satisfy all the criteria defined in the current draft directive.
· The compact approach sets the MCR as a percentage of the SCR, it is simple, but fails to achieve the criteria of independent calculation of MCR, although it has not been proven that such independence is necessary to satisfy all the criteria defined in the current draft directive.
· The linear approach calculates the MCR as a fixed percentage of insurers' technical provisions.
· The linear approach calculates the MCR as a fixed percentage of insurers' technical provisions.
It is somewhere in between the two approaches described above.
It is somewhere in between the two approaches described above.
This approach is not risk sensitive; therefore it is inconsistent with the overall objective of the directive.
This approach is not risk sensitive; therefore it is inconsistent with the overall objective of the directive.
However, it will still be tested as part of fourth Quantitative Impact Study (QIS4) exercise undertaken during 2008 by Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).
However, it will still be tested as part of fourth Quantitative Impact Study (QIS4) exercise undertaken during 2008 by Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).
Solvency Capital Requirement
Solvency Capital Requirement
The group solvency (defined as the difference between eligible own funds and SCR (Solvency Capital Requirement) can be calculated in 3 ways :
The group solvency (defined as the difference between eligible own funds and SCR (Solvency Capital Requirement) can be calculated in 3 ways :
Accounting consolidation-based method (Method 1), where eligible own funds and consolidated SCR are based on consolidated accounts;
Accounting consolidation-based method (Method 1), where eligible own funds and consolidated SCR are based on consolidated accounts;
Deduction and aggregation method (Method 2), where the SCR is the sum of the SCR's of all group companies;
Deduction and aggregation method (Method 2), where the SCR is the sum of the SCR's of all group companies;
A combination of methods 1 and 2, where the exclusive application of method 1 would not be appropriate.
A combination of methods 1 and 2, where the exclusive application of method 1 would not be appropriate.
If supervisors do not decide differently, Method 1 has to be applied.
If supervisors do not decide differently, Method 1 has to be applied.
Method 2 does not provide diversification benefits to groups.
Method 2 does not provide diversification benefits to groups.
The methods itself are based on the existing legislation (Solvency I).
The methods itself are based on the existing legislation (Solvency I).
The consolidated SCR (Method 1) and the SCR's of group companies (Method 2) may be calculated either by the standard formula or by an approved (partial) internal model.
The consolidated SCR (Method 1) and the SCR's of group companies (Method 2) may be calculated either by the standard formula or by an approved (partial) internal model.
Capital add-ons are possible where the risk profile of the group is not adequately reflected in the standard formula or (partial) internal model.
Capital add-ons are possible where the risk profile of the group is not adequately reflected in the standard formula or (partial) internal model.
In case the group wants to use a (partial) internal model to calculate the consolidated group SCR, the supervisory authorities concerned shall cooperate to decide whether or not to grant permission.
In case the group wants to use a (partial) internal model to calculate the consolidated group SCR, the supervisory authorities concerned shall cooperate to decide whether or not to grant permission.
A joint decision should be reached within 6 months.
A joint decision should be reached within 6 months.
In the absence of a joint decision within this period, the group supervisor makes its own decision.
In the absence of a joint decision within this period, the group supervisor makes its own decision.
CEIOPS may be consulted at the request of the group or any of the concerned supervisors, which extends the period by 2 months.
CEIOPS may be consulted at the request of the group or any of the concerned supervisors, which extends the period by 2 months.
Pillar II
Pillar II
Pillar II defines a framework of supervisory control focusing on internal processes and aspects of operational risk including an effective internal control system, risk management systems, actuarial function, internal audit and rules on outsourcing.
Pillar II defines a framework of supervisory control focusing on internal processes and aspects of operational risk including an effective internal control system, risk management systems, actuarial function, internal audit and rules on outsourcing.
The proposal enhances tools for supervisory activities, including definition of supervisory powers, provisions for cooperation between supervisors as well as for supervisory convergence.
The proposal enhances tools for supervisory activities, including definition of supervisory powers, provisions for cooperation between supervisors as well as for supervisory convergence.
Given the bulk of work foreseen for the supervisory level (Level 3), the accountability of supervisors and transparency of their way of work need to be assured at Level 1.
Given the bulk of work foreseen for the supervisory level (Level 3), the accountability of supervisors and transparency of their way of work need to be assured at Level 1.
It is important for these provisions to be in line with the provisions in securities and banking sectors and hence to achieve the cross-sectoral consistency and convergence.
It is important for these provisions to be in line with the provisions in securities and banking sectors and hence to achieve the cross-sectoral consistency and convergence.
Pillar III
Pillar III
The main objective of Pillar III is the disclosure of information to underpin market discipline, supervisory reporting and transparency requirements.
The main objective of Pillar III is the disclosure of information to underpin market discipline, supervisory reporting and transparency requirements.
On the supervision side, it encourages supervisory cooperation and convergence, enhances the role of CEIOPS, introduces an early-warning mechanism and outlines a framework for a more effective Group supervision.
On the supervision side, it encourages supervisory cooperation and convergence, enhances the role of CEIOPS, introduces an early-warning mechanism and outlines a framework for a more effective Group supervision.
There is a need to converge the rules on supervisory reporting in order to deliver a comparable format and content, especially important when talking of Group supervision as well as reporting obligations via national authorities to CEIOPS.
There is a need to converge the rules on supervisory reporting in order to deliver a comparable format and content, especially important when talking of Group supervision as well as reporting obligations via national authorities to CEIOPS.
The proposal does not address this issue in detail and it remains to be seen whether sole guidance at Level 3 is a sufficient tool to guarantee such a convergence and even perhaps to lead to a common supervisory reporting data base.
The proposal does not address this issue in detail and it remains to be seen whether sole guidance at Level 3 is a sufficient tool to guarantee such a convergence and even perhaps to lead to a common supervisory reporting data base.
Group supervision and Group support
Group supervision and Group support
Group Supervision and group support are the most overriding elements in the draft framework directive.
Group Supervision and group support are the most overriding elements in the draft framework directive.
The local supervisor will play a vital role in the day-to-day supervision of a non-domestic company or subsidiary.
The local supervisor will play a vital role in the day-to-day supervision of a non-domestic company or subsidiary.
The group supervisor will be the "home regulator" for the group, which safeguards that the group holds capital and provides group support.
The group supervisor will be the "home regulator" for the group, which safeguards that the group holds capital and provides group support.
This will allow for a much more efficient and economic approach to the use of capital.
This will allow for a much more efficient and economic approach to the use of capital.
This is particularly important as it allows the freedom to exploit the diversification of assets.
This is particularly important as it allows the freedom to exploit the diversification of assets.
The parent undertaking shall have to make any required capital available as agreed between the local supervisor and the group supervisor, and certainty of this is essential.
The parent undertaking shall have to make any required capital available as agreed between the local supervisor and the group supervisor, and certainty of this is essential.
Moreover, the proposal foresees the possibility of providing to a subsidiary group support from funds present in another subsidiary.
Moreover, the proposal foresees the possibility of providing to a subsidiary group support from funds present in another subsidiary.
Company law aspects may imply that transfers may not be that easy to affect and also not as timely as requested.
Company law aspects may imply that transfers may not be that easy to affect and also not as timely as requested.
Insurance supervisors are not qualified to make a value judgement on the legal possibility to transfer funds between companies, possibly established in different jurisdictions.
Insurance supervisors are not qualified to make a value judgement on the legal possibility to transfer funds between companies, possibly established in different jurisdictions.
The rapporteur welcomes the Commission's proposal as a positive step towards bringing clarity and legal certainty between regulators and industry.
The rapporteur welcomes the Commission's proposal as a positive step towards bringing clarity and legal certainty between regulators and industry.
It will give a much more effective protection against the likelihood of failures by its principle and economic based approach that puts risk management up at the top of the chief tools to be used by companies in writing business.
It will give a much more effective protection against the likelihood of failures by its principle and economic based approach that puts risk management up at the top of the chief tools to be used by companies in writing business.