What changed between the plenary report and the adopted text

Removed:(a) during a period of 18 months preceding the approval, the rules of this Directive applied for the first time to the insurance or reinsurance undertaking requesting the approval after being exempted from the scope of this Directive pursuant to Article 4;

Removed:(b) during a period of six months preceding the approval, the insurance or reinsurance undertaking requesting the approval received authorisation to accept a portfolio of contracts, pursuant to Article 39, where the transferring insurance or reinsurance undertaking applied the transitional adjustment to the relevant risk-free interest rate term structure with respect to that portfolio of contracts prior to the transfer.’;

Removed:(b) in paragraph 4, point (c) is replaced by the following:

Removed:‘(c) within the part of their report on their solvency and financial condition consisting of information addressed to other market participants referred to in Article 51(1b), publicly disclose all of the following:

Removed:(i) the fact that they apply the transitional risk-free interest rate term structure;

Removed:(ii) the quantification of the impact of not applying this transitional measure on their financial position;

Removed:(iii) where the undertaking would comply with the Solvency Capital Requirement without application of this transitional measure, the reasons for the application of this transitional measure;

Removed:(iv) an assessment of the dependency of the undertaking on this transitional measure and, where applicable, a description of the measures taken or planned by the undertaking to reduce or remove the dependency.’;

Removed:(96) Article 308d is amended as follows:

Removed:(a) the following paragraph 1a is inserted:

Removed:‘1a. After [OP please insert date = date of application of this amending Directive], supervisory authorities shall only approve a transitional deduction to technical provisions in the following cases:

Removed:(a) during a period of 18 months preceding the approval, the rules of this Directive applied for the first time to the insurance or reinsurance undertaking requesting the approval after being exempted from the scope of this Directive pursuant to Article 4;

Removed:(b) during a period of six months preceding the approval, the insurance or reinsurance undertaking requesting the approval accepted a portfolio of contracts, pursuant to Article 39, where the transferring insurance or reinsurance undertaking applied the transitional adjustment to the relevant risk-free interest rate term structure with respect to that portfolio of contracts prior to the transfer.’;

Removed:(b) in paragraph 5, point (c) is replaced by the following:

Removed:‘(c) within the part of their report on their solvency and financial condition consisting of information addressed to other market participants referred to in Article 51(1b), publicly disclose all of the following:

Removed:(i) the fact that they apply the transitional deduction to the technical provisions;

Removed:(ii) the quantification of the impact of not applying that transitional deduction on their financial position;

Removed:(iii) where the undertaking would comply with the Solvency Capital Requirement without application of this transitional measures, the reasons for the application of this transitional measure;

Removed:(iv) an assessment of the dependency of the undertaking on this transitional measure and, where applicable, a description of the measures taken or planned by the undertaking to reduce or remove the dependency.’;

Removed:(97) in Article 309(1), the fourth subparagraph is deleted;

Removed:(98) in Article 311, the second paragraph is deleted;

Removed:(99) Annex III is amended in accordance with the Annex to this Directive;

Removed:Amendment to Directive 2013/34/EU

Removed:In Article 19a of Directive 2013/34/EU, paragraph 6 is replaced by the following:

Removed:‘6. By way of derogation from paragraphs 2 to 4 of this Article, and without prejudice to paragraphs 9 and 10 of this Article, small and medium-sized undertakings referred to in paragraph 1 of this Article, small and non-complex institutions defined in point (145) of Article 4(1) of Regulation (EU) No 575/2013, captive insurance undertakings defined in point (2) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council, captive reinsurance undertakings defined in point (5) of Article 13 of that Directive, and low-risk profile undertakings as defined in point (10a) of that Directive may limit their sustainability reporting to the following information:

Removed:(a) a brief description of the undertaking’s business model and strategy;

Removed:(b) a description of the undertaking’s policies in relation to sustainability matters;

Removed:(c) the principal actual or potential adverse impacts of the undertaking on sustainability matters, and any actions taken to identify, monitor, prevent, mitigate or remediate such actual or potential adverse impacts;

Removed:(d) the principal risks to the undertaking related to sustainability matters and how the undertaking manages those risks;

Removed:(e) key indicators necessary for the disclosures referred to in points (a) to (d).

Removed:Small and medium-sized undertakings, small and non-complex institutions, captive insurance and reinsurance undertakings and low-risk profile undertakings that rely on the derogation referred to in the first subparagraph shall report in accordance with the sustainability reporting standards for small and medium-sized undertakings referred to in Article 29c.’

Removed:1. Member States shall adopt and publish, by 30 June 2025, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall immediately communicate the text of those measures to the Commission.

Removed:They shall apply those measures from 1 January 2026.

Removed:When Member States adopt those measures, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. Member States shall determine how such reference is to be made.

Removed:2. Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.

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

Removed:This Directive is addressed to the Member States.

Removed:Done at Brussels,

Removed:For the European Parliament For the Council

Removed:The President The President

Removed:(1) in section A. “Forms of non-life insurance undertaking”, point (27) is deleted;

Removed:(2) in section B. “Forms of life insurance undertaking”, point (27) is deleted;

Removed:(3) in section C. “Forms of reinsurance undertaking”, point (27) is deleted.