natgillin/translations-raw huggingface dataset:
Utemeljevanje se nadaljuje z izjavo, da če bi organi Združenega kraljestva upoštevali svojo obveznost, da zagotovijo spoštovanje razumnih pričakovanj zavarovancev, bi to povzročilo bolj konservativno oceno odgovornosti podjetja in bi lahko preprečilo posledice odločitve zgornjega doma v zadevi Hyman , ki je sprožila krizo družbe ELAS, kot je bilo omenjeno.
The reasoning continues by saying that if the UK authorities had followed through with their obligation to ensure the respect of PRE, this would have led to a more conservative estimation of the company’s liabilities and might have avoided the consequences of the ruling of the House of Lords on the Hyman case, which was the event that sparked ELAS’ misfortune, as mentioned previously.
To je z drugimi besedami izrazila priča JOSEPHS v H2, ki trdi, da je „ družba Equitable vztrajala pri enakopravni obravnavi vseh polic, ne glede na to, ali so bile napisane kot pogodbe z določenim prejemkom ali v poznejši obliki kot naložbene pogodbe “.
This is expressed in another way by witness Mr. JOSEPHS in H2, who claims that " Equitable insisted on treating all policies alike, whether they were written as ‘defined benefit’ contracts, or in the later form as ‘investment’ contracts ."
Pogodbe „ so bile napisane tako, da so imetnikom dale absolutno pravico do deleža pri dobičku od naložb družbe, sorazmerno z vplačanimi neto premijami “.
The contracts " were written so as to give their holders the absolute right to share in the investment return of the Society pro rata to net premiums paid ."
Glede na to razlago bi člen 18 zahteval, da se ta pravica kaže v izračunanih obveznostih za te police, kar se po navedbah JOSEPHSA ni zgodilo.
According to his interpretation, Article 18 would have required that this right be reflected in the calculated liabilities for those policies, which, according to Mr. JOSEPHS, was not the case.
Ali so bili diskrecijski in nepogodbeni bonusi vključeni v razumna pričakovanja zavarovancev?
Were discretionary and non-contractual bonuses perceived to be included in PRE?
Kot je bilo podrobno razloženo v oddelku o členu 8, zakonodajalci Združenega kraljestva tega niso verjeli.
As has been explained at length in the section on Article 8, the UK regulators did not believe so.
Kljub temu je iz številnih dokazov, ki jih je prejel odbor, najprej iz Penrosovega poročila (WE 16), mogoče sklepati, da so bili diskrecijski in nepogodbeni bonusi celosten del paketa, ponujenega zavarovancem, ki so zato pričakovali, da bodo ti bonusi izplačani v višini, ki bo odvisna le od stanja na trgu v času izstopa (glej WE 26 Burgess Hodgson, WE 52-54 Seymour, H5 Lloyd).
However, from numerous pieces of evidence received by this committee, and starting with the Penrose report (WE 16), it is possible to infer that discretionary and non-contractual bonuses were an integral part of the package offered to policyholders, who had been led to expect that these bonuses would be paid depending only on the state of the markets at the time of exiting (see WE 26 Burgess Hodgson, WE 52-54 Seymour, H5 Lloyd).
Za zaključek, ta utemeljitev je v smislu člena 18 naslednja: če so morali organi Združenega kraljestva upoštevati razumna pričakovanja zavarovancev, bi morali prav tako zagotoviti, da bi rezerve družbe ELAS krile diskrecijske in končne bonuse.
To conclude, the argument in terms of Article 18 goes as follows: if the UK authorities were obliged to respect PRE, they should also have made sure that ELAS’ reserves covered discretionary and final bonuses.
Ker diskrecijskih bonusov niso upoštevali kot celostnega dela vsega poslovanja podjetja in od družbe ELAS niso zahtevali, da zagotovi ustrezne zavarovalno-tehnične rezervacije zanje, so zakonodajalci Združenega kraljestva neposredno prispevali h krizi družbe ELAS ob odločitvi zgornjega doma in zato niso ustrezno upoštevali razumnih pričakovanj zavarovancev, ki bi jih morali braniti, s čimer so morda kršili obliko in vsebino člena 18 tretje direktive o življenjskem zavarovanju.
By not considering discretionary bonuses as an integral part of the company’s ‘entire business’ and not obliging ELAS to provide adequate technical provisions for them, the UK regulators indirectly contributed to ELAS’ downfall at the time of the House of Lords ruling and therefore did not pay due regard to the PRE they were supposed to defend, possibly breaching the letter and spirit of Article 18 of the 3LD.
Za dodatne informacije glej del III o zakonodajnih ukrepih.
For further information on this point, see Part III on Regulatory Action.
Člen 21 – Naložbe, ki so vključene v zavarovalno-tehnične rezervacije ali izključene iz njih (člen 23 kodificirane direktive)
Article 21 - Assets included/excluded in technical provisions (Article 23 of CD)
Ta člen določa vrsto naložb, s katerimi se lahko krijejo zavarovalno-tehnične rezervacije (člen 18), in določa nekatera načela o vrednotenju dovoljenih naložb.
This article prescribes the type of assets that can be authorised to cover technical provisions (Article 18) and lays down some principles on the valuation of the authorised assets.
Prav tako pooblašča zakonodajalca, da v izjemnih okoliščinah in na prošnjo zavarovalnice sprejme druge vrste naložb kot kritje za zavarovalno-tehnične rezervacije.
It also gives power to the regulator to accept other categories of assets as cover for technical provisions in exceptional circumstances and at an assurance undertaking's request.
To mora biti začasno in s primerno utemeljeno odločbo.
This must be temporary and under a properly reasoned decision.
Domača država članica zavarovalnici ne sme dovoliti, da krije svoje zavarovalno-tehnične rezervacije z drugimi vrstami naložb, razen z naslednjimi:
The home Member State may not authorize assurance undertakings to cover their technical provisions with any but the following categories of assets:
(a) dolžniški vrednostni papirji, obveznice in drugi instrumenti denarnega in kapitalskega trga;
(a) debt securities, bonds and other money- and capital-market instruments;
(c) delnice in druge naložbe s spremenljivimi donosi;
(c) shares and other variable-yield participations;
(d) deleži v kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje in v drugih investicijskih skladih;
(d) units in undertakings for collective investment in transferable securities and other investment funds;
Dolgovi in terjatve
B. Debts and claims
(f) dolgovi pozavarovateljev, vključno z deleži pozavarovateljev v zavarovalno-tehničnih rezervacijah;
(f) debts owed by reassurers, including reassurers' shares of technical provisions;
(g) pologi in terjatve cedentov;
(g) deposits with and debts owed by ceding undertakings;
(h) dolgovi zavarovalcev in posrednikov, ki izhajajo iz neposrednih in pozavarovalnih poslov;
(h) debts owed by policy-holders and intermediaries arising out of direct and reassurance operations;
(i) avansi za police;
(i) advances against policies;
(j) povračila davkov;
(j) tax recoveries;
(k) terjatve do škodnih skladov;
(k) claims against guarantee funds;
(l) opredmetena osnovna sredstva, razen zemljišč in stavb, ki se vrednotijo glede na amortizacijo po načelu preudarnosti;
(l) tangible fixed assets, other than land and buildings, valued on the basis of prudent amortization;
(m) gotovina v banki in denarna sredstva, pologi v kreditnih institucijah in vseh drugih organih, ki so pooblaščeni za sprejemanje pologov;
(m) cash at bank and in hand, deposits with credit institutions and any other body authorized to receive deposits;
(n) časovno odloženi nabavni stroški;
(n) deferred acquisition costs;
(o) časovno razmejene obresti in najemnine, drugi časovno razmejeni prihodki in predplačila;
(o) accrued interest and rent, other accrued income and prepayments;
(p) pravica namestnega delovanja.
(p) reversionary interests.
V primeru združenja zavarovateljev, znanega pod imenom „Lloyd's“, kategorije naložb vključujejo tudi jamstva in akreditive, ki jih v smislu Direktive 77/780/EGS ( 1 ) izdajo kreditne institucije ali zavarovalnice, skupaj z dokazljivimi zneski iz življenjskih zavarovalnih polic, v obsegu, kot predstavljajo sredstva, ki pripadajo članom.
In the case of the association of underwriters known as Lloyd's, asset categories shall also include guarantees and letters of credit issued by credit institutions within the meaning of Directive 77/780/EEC (¹) or by assurance undertakings, together with verifiable sums arising out of life assurance policies, to the extent that they represent funds belonging to members.
Direktiva, kakor je bila nazadnje spremenjena z Direktivo 89/646/EGS (OJ No L 386, 30.
Directive as last amended by Directive 89/646/EEC (OJ No L 386, 30.
Vključitev katerekoli naložbe ali vrste naložb, navedene v prvem pododstavku, ne pomeni, da morajo biti vse vrste naložb avtomatsko sprejete kot kritje za zavarovalno-tehnične rezervacije.
The inclusion of any asset or category of assets listed in the first subparagraph shall not mean that all these assets should automatically be accepted as cover for technical provisions.
Domača država članica določi podrobna pravila glede pogojev za uporabo sprejemljivih naložb; v zvezi s tem lahko zahteva zanesljivo poroštvo ali jamstva, zlasti v primeru dolgov pozavarovateljev.
The home Member State shall lay down more detailed rules fixing the conditions for the use of acceptable assets; in this connection, it may require valuable security or guarantees, particularly in the case of debts owed by reassurers.
Domača država članica pri določanju in uporabi pravil, ki jih določi, zlasti zagovori skladnost z naslednjimi načeli:
In determining and applying the rules which it lays down, the home Member State shall, in particular, ensure that the following principles are complied with:
(i) kritno premoženje se vrednoti brez dolgov, ki so nastali pri njihovem pridobivanju;
(i) assets covering technical provisions shall be valued net of any debts arising out of their acquisition;
(ii) vse naložbe se vrednotijo preudarno, pri tem pa je treba upoštevati tveganje neunovčljivih zneskov.
(ii) all assets must be valued on a prudent basis, allowing for the risk of any amounts not being realizable.
Zlasti se opredmetena osnovna sredstva, razen zemljišč in stavb, lahko sprejmejo kot kritje za zavarovalno-tehnične rezervacije le tedaj, če se vrednotijo glede na amortizacijo po načelu preudarnosti;
In particular, tangible fixed assets other than land and buildings may be accepted as cover for technical provisions only if they are valued on the basis of prudent amortization;
(iii) posojila, ali podjetjem, državni ali mednarodni organizaciji, lokalnim ali regionalnim oblastem ali fizičnim osebam, se lahko sprejmejo kot kritje za zavarovalno-tehnične rezervacije le tedaj, če obstajajo zadostna jamstva glede njihove varnosti, bodisi da ta temeljijo na statusu posojilojemalca, hipotekah, bančnih garancijah ali garancijah, ki jih izdajo zavarovalnice, bodisi na drugih oblikah poroštva;
(iii) loans, whether to undertakings, to a State or international organization, to local or regional authorities or to natural persons, may be accepted as cover for technical provisions only if there are sufficient guarantees as to their security, whether these are based on the status of the borrower, mortgages, bank guarantees or guarantees granted by assurance undertakings or other forms of security;
(iv) izvedeni instrumenti, kot so opcije, terminski posli in zamenjave (swap), se lahko uporabijo kot kritno premoženje, če prispevajo k zmanjšanju naložbenega tveganja ali olajšajo učinkovito upravljanje s portfeljem.
(iv) derivative instruments such as options, futures and swaps in connection with assets covering technical provisions may be used in so far as they contribute to a reduction of investment risks or facilitate efficient portfolio management.
Vrednotiti jih je treba preudarno in lahko se upoštevajo pri vrednotenju temeljnih sredstev.
They must be valued on a prudent basis and may be taken into account in the valuation of the underlying assets;
(v) prenosljivi vrednostni papirji, s katerimi se ne trguje na urejenem trgu, se lahko sprejmejo kot kritje za zavarovalno-tehnične rezervacije, samo če se lahko unovčijo v kratkem roku ali če predstavljajo deleže v kreditnih institucijah, zavarovalnicah, v mejah, ki jih dovoljuje člen 8 Direktive št. 79/267/EGS, ali v investicijskih podjetjih s sedežem v državi članici;
(v) transferrable securities which are not dealt in on a regulated market may be accepted as cover for technical provisions only if they can be realized in the short term or if they are holdings in credits institutions, in assurance undertakings, within the limits permitted by Article 8 of Directive 79/267/EEC, or in investment undertakings established in a Member State;
(vi) terjatve do tretjih oseb se lahko sprejmejo kot kritje za zavarovalno-tehnične rezervacije samo potem, ko so bili odšteti vsi zneski, ki se dolgujejo isti tretji osebi;
(vi) debts owed by and claims against a third party may be accepted as cover for the technical provisions only after deduction of all amounts owed to the same third party;
(vii) vrednost vseh dolgov in terjatev, ki se sprejmejo kot kritje za zavarovalno-tehnične rezervacije, je treba izračunati preudarno, pri tem pa je treba upoštevati tveganje neunovčljivih zneskov.
(vii) the value of any debts and claims accepted as cover for technical provisions must be calculated on a prudent basis, with due allowance for the risk of any amounts not being realizable.
Zlasti se dolgovi zavarovalcev in posrednikov iz zavarovalnih in pozavarovalnih poslov lahko sprejmejo le tedaj, če niso poravnani dlje kakor tri mesece;
In particular, debts owed by policy-holders and intermediaries arising out of assurance and reassurance operations may be accepted only in so far as they have been outstanding for not more than three months;
(viii) če sredstva vključujejo naložbo v hčerinsko podjetje, ki v imenu zavarovalnice upravlja vse njene naložbe ali njihov del, mora domača država članica pri uporabi pravil in načel, opredeljenih v tem
(viii) where the assets held include an investment in a subsidiary undertaking which manages all or part of the assurance undertaking's investments on its behalf, the home Member State must, when applying the rules and principles laid down in this
členu, upoštevati temeljna sredstva, katerih imetnik je hčerinsko podjetje; domača država članica lahko sredstva drugih hčerinskih podjetij obravnava na isti način.
Article, take into account the underlying assets held by the subsidiary undertaking; the home Member State may treat the assets of other subsidiaries in the same way;
(ix) časovno odloženi nabavni stroški se lahko sprejmejo kot kritje za zavarovalno-tehnične rezervacije, kolikor je to v skladu z izračunom matematičnih rezervacij.
(ix) deferred acquisition costs may be accepted as cover for technical provisions only to the extent that this is consistent with the calculation of the mathematical provisions.
Ne glede na odstavek 1 lahko domača država članica v izjemnih okoliščinah in na prošnjo zavarovalnice začasno in s primerno utemeljeno odločbo, sprejme druge vrste naložb kot kritje za zavarovalno-tehnične rezervacije, ob upoštevanju člena 20.
Notwithstanding paragraph 1, in exceptional circumstances and at an assurance undertaking's request, the home Member State may, temporarily and under a properly reasoned decision, accept other categories of assets as cover for technical provisions, subject to Article 20.
Ta člen je povezan z zadevo v smislu odstavka 2, ki uvaja odstopno klavzulo k zaprtemu seznamu vrst naložb, naštetih pod točko 1.
This article is linked to the case within the terms of paragraph 2, which introduces an escape clause to the closed list of categories of assets enumerated in point 1.
Glede na to določbo lahko domača država članica „v izjemnih okoliščinah“ in „na prošnjo zavarovalnice“ „začasno“ in „s primerno utemeljeno odločbo“ sprejme druge vrste naložb kot kritje za zavarovalno-tehnične rezervacije.
According to this provision, “in exceptional circumstances” and “at an assurance undertaking’s request”, the home Member State may “temporarily” and “under a properly reasoned decision” accept other categories of assets as cover for technical provisions.
To je treba obravnavati v smislu člena 25 o minimalnem kapitalu.
This needs to be seen in the context of Article 25 on the Solvency margin.
Pri tem se postavlja vprašanje, ali zakonodaja Združenega kraljestva daje zakonodajalcu (ministrstvo) širša pooblastila od tistih, ki jih določa direktiva, za odstopanje od predpisov o sprejemljivosti naložb za zakonodajne namene.
The issue at hand is whether UK legislation gives the regulator (the Secretary of State) broader powers than those prescribed by the Directive to waive regulations on the admissibility of assets for regulatory purposes.
Na ravni Združenega kraljestva lahko ministrstvo na podlagi oddelka 68 Zakona o zavarovalnicah iz leta 1982 na zahtevo zavarovatelja ali z njegovim dovoljenjem med drugim odstopa od uporabe vrednotenja predpisov v zvezi z naložbami v tem podjetju.
At UK level, under section 68 of the 1982 ICA, the Secretary of State may, upon request or with the consent from an insurer, waive the application of, amongst other things, valuation of assets regulations to that particular company.
Izvajanje tega pooblastila ni omejeno s standardi iz direktive (tj. „v izjemnih okoliščinah“, „začasno“, „s primerno utemeljeno odločbo“).
The exercise of this power is not constrained by the standards mentioned in the Directive (i.e. “exceptional circumstances”, “temporarily”, “under properly reasoned decision”).
Določba določa, da je lahko odločitev ministrstva „odvisna od pogojev“, s čimer zakonodajalcu jasno daje diskrecijsko pravico, da se odloči, ali bo uveljavil te pogoje ali ne.
The provision stipulates that the Secretary of State’s decision “may be subject to conditions”, clearly attributing to the regulator the discretion to decide whether to impose those conditions or not.
Ta pooblastila so širša od pooblastil, ki jih predpisuje direktiva.
These powers seem to be broader than those prescribed by the Directive.
Takšne pristojnosti vsebujejo tveganje zelo popustljivega izvajanja, s čimer se ogrozi uporaba usklajenih standardov.
Such powers entail the risk of being exercised in a very lenient way, undermining the application of harmonized standards.
Zato obstaja zaskrbljenost v zvezi z združljivostjo oddelka 68 iz Zakona o zavarovalnicah s tretjo direktivo o življenjskem zavarovanju.
This raises some concerns as to the compatibility of section 68 of the ICA 1982 with the 3LD.
Glej dodatna pojasnila v delu, ki zajema člen 25 o minimalnem kapitalu.
See further arguments in the section covering Article 25 on the Solvency margin.
Člen 25 – Razpoložljivi minimalni kapital (člen 18 prve direktive o življenjskem zavarovanju in člen 27 kodificirane direktive, ki ju spreminja tudi člen 1.4 Direktive Solventnost I, 2002/12/ES)
Article 25 - Available solvency margin (Articles 18 of 1LD and 27 of CD, also amended by Article 1.4 of Solvency I Directive, 2002/12/EC)
Ta člen določa obveznost zahtevati od vsake zavarovalnice, da ima ves čas ustrezen razpoložljiv minimalni kapital glede na svojo celotno poslovno dejavnost.
This article imposes the obligation to require from every assurance company an adequate available solvency margin in respect of its entire business at all times.
Minimalni kapital je vrednost sredstev glede na višino predvidljivih obveznosti, minus vse neopredmetene postavke.
The solvency margin is the value of assets over the amount of foreseeable liabilities, less any intangible items.
Člen določa tudi nekatere pogoje glede vrste sredstev, ki zajemajo: vplačan osnovni kapital ali v primeru družb za vzajemno zavarovanje dejanski ustanovni kapital ter kateri koli članski račun, ki ustreza vsem naslednjim merilom: ena polovica neplačanega osnovnega kapitala ali ustanovnega kapitala; rezerve; preneseni dobiček; po želji kumulativni prednostni osnovni kapital in podrejeni dolžniški kapital, vendar le do 50 % minimalnega kapitala; vrednostni papirji, pri katerih dospelost ni določena, in drugi instrumenti.
The article also lays down some conditions on the types of assets, which shall include: the paid-up share capital or, in the case of a mutual, the effective initial fund plus any members' accounts which must meet a series of criteria, viz.: one half of the unpaid share capital or initial fund; reserves; profits brought forward; the cumulative preferential share capital and subordinated loan capital, on an optional basis, and only up to 50 % of the margin; securities with no specified maturity date and other instruments.
Točka 1 drugega pododstavka člena 18 Direktive 79/267EGS se nadomesti z naslednjim:
Article 18, second subparagraph, point 1 of Directive 79/267/EEC shall be replaced by the following:
'1. sredstev zavarovalnice, prostih vseh predvidljivih obveznosti, minus vse neopredmetene postavke.
'1. the assets of the undertaking free of any foreseeable liabilities, less any intangible items.
Zlasti se vključi naslednje:
In particular the following shall be included:
– vplačanim osnovnim kapitalom ali v primeru družb za vzajemno zavarovanje dejanskim ustanovnim kapitalom ter katerimi koli članskimi računi, ki ustrezajo vsem naslednjim merilom:
- the paid-up share capital or, in the case of a mutual assurance undertaking, the effective initial fund plus any members' accounts which meet all the following criteria:
(a) akt o ustanovitvi družbe in statut morata določati, da je plačila članom iz teh računov možno opraviti le tedaj, ko to ne povzroči, da minimalni kapital pade pod zahtevano raven, ali po prenehanju podjetja, ko so poravnani vsi drugi dolgovi podjetja;
(a) the memorandum and articles of association must stipulate that payments may be made from these accounts to members only in so far as this does not cause the solvency margin to fall below the required level, or, after the dissolution of the undertaking, if all the undertaking's other debts have been settled;
(b) akt o ustanovitvi družbe in statut morata določati glede vseh plačil, ki se opravijo v namene razen posameznega prenehanja članstva, pristojne organe obvestiti najmanj en mesec vnaprej, ti pa lahko v tem obdobju prepovejo plačilo;
(b) the memorandum and articles of association must stipulate, with respect to any such payments for reasons other than the individual termination of membership, that the competent authorities must be notified at least one month in advance and can prohibit the payment within that period;
(c) ustrezne določbe akta o ustanovitvi družbe in statuta je mogoče spremeniti šele potem, ko so pristojni organi izjavili, da ne nasprotujejo spremembi, brez poseganja v merila, navedena v (a) in (b),
(c) the relevant provisions of the memorandum and articles of association may be amended only after the competent authorities have declared that they have no objection to the amendment, without prejudice to the criteria stated in (a) and (b),
– ena polovica neplačanega osnovnega kapitala ali ustanovnega kapitala, potem ko vplačani del doseže 25 % navedenega osnovnega kapitala ali sklada,
- one half of the unpaid share capital or initial fund, once the paid-up part amounts to 25 % of that share capital or fund,
– rezerve (obvezne in prostovoljne rezerve), ki ne ustrezajo obveznostim iz zavarovalnih pogodb,
- reserves (statutory reserves and free reserves) not corresponding to underwriting liabilities,
– kakršenkoli preneseni dobiček;
- any profits brought forward,
– kumulativni prednostni osnovni kapital in podrejeni dolžniški kapital sta lahko vključena, vendar v primeru vključitve samo do 50 % minimalnega kapitala, od katerega podrejeni dolžniški kapital z določeno dospelostjo ne smejo predstavljati več kakor 25 %, ali kumulativni prednostni osnovni kapital na določeni rok, če so izpolnjena naslednja minimalna merila:
- cumulative preferential share capital and subordinated loan capital may be included but, if so, only up to 50 % of the margin, no more than 25 % of which shall consist of subordinated loans with a fixed maturity, or fixed-term cumulative preferential share capital, if the following minimum criteria are met: