Solvency II News: one amendment tabled ahead of Omnibus II vote

The GUE/NGL Group tabled an amendment to the Solvency II Directive calling for an exclusion of certain health insurance providers from the scope of Solvency II. The vote in the European Parliament is scheduled for the morning of Tuesday 11 March 2014 and will be preceded by a debate. The amendment, tabled on behalf of the group by two MEPs, Marie-Christine Vergiat and Jacky Hénin, proposes a change to Article 4, which covers exclusion from scope due to size. The 2009 Directive text (Article 4, paragraph 1, point (a)) excludes undertakings with less than a €5m annual gross written premium income from the scope of Solvency II. The amendment proposes adding the following to the exclusion (emphasis added), “the undertaking’s annual gross premium income does not exceed EUR 5 million, or EUR 50 million in the case of health organisations offering primarily insurance guarantees in respect of annual care costs.” An EP source said the GUE/NGL amendment was unlikely to be adopted as they understood that the majority would be against it. The two other amendments to the Directive, listed in the Reports section of the Séance en direct on the Parliament website, are the 2012 ECON Omnibus II text (001) and the agreed trilogue text of 13 November 2013 (002). It is widely expected that the trilogue text will be adopted by the Parliament, paving the way for a vote in the council. — To subscribe to the Solvency II Wire mailing list for free click here.]]>

2 thoughts on “Solvency II News: one amendment tabled ahead of Omnibus II vote

  1. I assume the first amendment – the 2012 ECON compromise text – is intended to be rejected? Otherwise it’s going to be a bit of a mess as that has the old version of the matching adjustment, a temporary CCP rather than the Vol Adjuster etc.

    1. Yes, they vote on amendment 2 (the final trilogue text) which means that ammendment 1 (ECON text) falls automatically.

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