Changes between two versions
What changed between the plenary report and the adopted text
From · plenary report· 26 Jul 2023
on the proposal for a directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2009/138/EC, (EU) 2017/1132 and Regulations (EU) No 1094/2010 and (EU) No 648/2012
To · adopted text· 23 Apr 2024
Establishing a framework for the recovery and resolution of insurance and reinsurance undertakings
These two texts have too little in common to compare paragraph by paragraph: they are different documents rather than versions of one (for example one group’s motion and the joint text that was adopted).
+8 added · −1,337 removed · 1 changed paragraphs, packaging included.
Part 22 of 23: Paragraphs 1261–1320
Removed:______________________________________________________________
Removed:*2 Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).
Removed:*3 Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (OJ L 22, 22.1.2021, p. 1).
Removed:*4 [PO, please insert reference to the IRRD].’;
Removed:(2) Article 9a is replaced by the following:
Removed:‘Article 9a
Removed:Directive 2008/48/EC, Directive 2014/59/EU, Directive (EU) xx/xx and Regulation (EU) 2021/23
Removed:This Directive shall be without prejudice to Directive 2008/48/EC, Directive 2014/59/EU, Directive (EU) xx/xx of the European Parliament and of the Council*5 [PO, please insert the number of the IRRD] and Regulation (EU) 2021/23.
Removed:_______________________________________________________
Removed:*5 Directive xx/xx/EU of the European Parliament and of the Council [PO, please insert reference to the IRRD]’.
Removed:Amendment to Directive 2004/25/EC
Removed:In Article 4(5) of Directive 2004/25/EC, the following subparagraph is added:
Removed:‘Member States shall ensure that Article 5(1) of this Directive does not apply in the case of application of resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU, in Title V of Regulation (EU) 2021/23 of the European Parliament and of the Council*6 or in Title III of Directive (EU) xx/xx of the European Parliament and of the Council*7 [PO, please insert the number of the IRRD].
Removed:___________________________________________________________
Removed:*6 Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (OJ L 22, 22.1.2021, p. 1).
Removed:*7 Directive xx/xx/EU of the European Parliament and of the Council [PO, please insert reference to the IRRD]’.
Removed:Amendments to Directive 2007/36/EC
Removed:In Article 1 of Directive 2007/36/EC, paragraph 4 is replaced by the following:
Removed:‘4. Member States shall ensure that this Directive does not apply in the case of the use of resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU of the European Parliament and of the Council*8, in Title V of Regulation (EU) 2021/23 of the European Parliament and of the Council*9 or in Title III of Directive (EU) xx/xx of the European Parliament and of the Council*10 [PO, please insert the number of the IRRD].
Removed:______________________________________________________
Removed:*8 Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).
Removed:*9 Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (OJ L 22, 22.1.2021, p. 1).
Removed:*10 Directive XX/XX/EU of the European Parliament and of the Council [PO, please insert reference to the IRRD]’.’
Removed:Amendment to Directive (EU) 2017/1132
Removed:Directive (EU) 2017/1132 is amended as follows:
Removed:(1) in Article 84, paragraph 3 is replaced by the following:
Removed:‘3. Member States shall ensure that Article 49, Article 58(1), Article 68(1), (2) and (3), the first subparagraph of Article 70(2), Articles 72 to 75, 79, 80 and 81 of this Directive do not apply in the case of application of the resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU of the European Parliament and of the Council*11, in Title V of Regulation (EU) 2021/23 of the European Parliament and of the Council*12 or in Title III of Directive (EU) xx/xx of the European Parliament and of the Council*13.
Removed:______________________________________________________
Removed:*11 Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).
Removed:*12 Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (OJ L 22, 22.1.2021, p. 1).
Removed:*13 Directive (EU) XX/XX of the European Parliament and of the Council [PO, please insert reference to the IRRD].’;
Removed:(2) Article 86a is amended as follows:
Removed:(a) in paragraph 3, point (b) is replaced by the following:
Removed:‘(b) the company is subject to resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU, in Title V of Regulation (EU) 2021/23 or in Title III of Directive (EU) xx/xx [PO, please insert the number of the IRRD].’;
Removed:(b) in paragraph 4, point (c) is replaced by the following:
Removed:‘(c) the subject of crisis prevention measures as defined in point (101) of Article 2(1) of Directive 2014/59/EU, in point (48) of Article 2 of Regulation (EU) 2021/23 or in point (75) of Article 2(2) of Directive (EU) xx/xx [PO, please insert the number of the IRRD].’;
Removed:(3) in Article 87, paragraph 4 is replaced by the following:
Removed:‘4. Member States shall ensure that this Chapter does not apply to companies which are the subject of the application of resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU, in Title V of Regulation (EU) 2021/23 or in Title III of Directive (EU) xx/xx [PO, please insert the number of the IRRD].’;
Removed:(4) Article 120 is amended as follows:
Removed:(a) in paragraph 4, point (b) is replaced by the following:
Removed:‘(b) the company is subject to resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU, in Title V of Regulation (EU) 2021/23 or in Title III of Directive (EU) xx/xx [PO, please insert the number of the IRRD].’;
Removed:(b) in paragraph 5, point (c) is replaced by the following:
Removed:‘(c) the subject of crisis prevention measures as defined in point (101) of Article 2(1) of Directive 2014/59/EU, in point (48) of Article 2 of Regulation (EU) 2021/23 or in point (75) of Article 2(2) of Directive (EU) xx/xx [PO, please insert the number of the IRRD].’;
Removed:(5) Article 160a is amended as follows:
Removed:(a) in paragraph 4, point (b) is replaced by the following:
Removed:‘(b) the company is subject to resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU, in Title V of Regulation (EU) 2021/23 or in Title III of Directive (EU) xx/xx [PO, please insert reference to the IRRD].’;
Removed:(b) in paragraph 5, point (c) is replaced by the following:
Removed:‘(c) the subject of crisis prevention measures as defined in point (101) of Article 2(1) of Directive 2014/59/EU, in point (48) of Article 2 of Regulation (EU) 2021/23 or in point (75) of Article 2(2) of Directive (EU) xx/xx [PO, please insert reference to the IRRD].’.
Removed:Amendment to Regulation (EU) No 1094/2010
Removed:Regulation (EU) No 1094/2010 is amended as follows:
Removed:(1) in Article 4, in point (2), point (i) is replaced by the following:
Removed:‘(i) supervisory authorities as defined in Article 13, point (10) of Directive 2009/138/EC, resolution authorities as defined in Article 2, point (7), of Directive (EU) xx/xx of the European Parliament and of the Council*14, and competent authorities as defined in Article 6, point (8), of Directive (EU) 2016/2341 of the European Parliament and of the Council*15 and as referred to in Directive (EU) 2016/97 of the European Parliament and of the Council*16;’
Removed:(2) in Article 40(6), the following subparagraph is added:
Removed:‘For the purposes of acting within the scope of Directive (EU) xx/xx [PO, please insert the number of the IRRD], the member of the Board of Supervisors referred to in point (b) of paragraph 1 may, where appropriate, be accompanied by a representative from the resolution authority in each Member State, who shall be non-voting.
Removed:_________________________________________________________________
Removed:*14 [PO, please insert the reference to the IRRD].
Removed:*15 Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37).
Removed:*16 Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (OJ L 26, 2.2.2016, p. 19).’.
Removed:Amendment to Regulation (EU) No 648/2012
Removed:In Article 81(3) of Regulation (EU) No 648/2012, the following point is added: