Database on German and European Economic Law

 Directive 2002/12/EC

I. Description

The Commission has prepared that report in the light of the recommendations of the report on the solvency of insurance undertakings prepared by the Conference of the Insurance Supervisory Authorities of the Member States of the European Union.

While the report concluded that the simple, robust nature of the current system has operated satisfactorily and is based on sound principles benefiting from wide transparency, certain weaknesses have been identified in specific cases.

There is a need to increase the existing minimum guarantee fund, in particular as a result of inflation in claim levels and operational expenses since that requirement was originally adopted.

To improve the quality of the solvency margin, the possibility of including future profits in the available solvency margin should be limited and subject to conditions and should in any case cease after 2009.

To avoid major and sharp increases in the amount of the minimum guarantee fund in the future, a mechanism should be established providing for its increase in line with the European index of consumer prices.

II. General Information

Title

Directive 2002/12/EC of the European Parliament and of the Council of 5 March 2002 amending Council Directive 79/267/EEC as regards the solvency margin requirements for life assurance undertakings

Status
Existing
Directive
2002/12/EC
Source
O.J. EC No L (Legislation), Edition 77, Year 2002, p.11
Adoption
03/05/2002
Promulgation
03/20/2002
Character
Regular Act
Legal Basis
Art. 47 Abs. 2 und 55 EC
Legislative Procedure
Codecision procedure
Background

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text :
Directive 2002/12/EC of the European Parliament and of the Council of 5 March 2002 amending Council Directive 79/267/EEC as regards the solvency margin requirements for life assurance undertakings

  2002/12/EC

Beschluss:
03/05/2002 (A)
Verkuendung:
03/20/2002 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
06/18/2001
Report of the European Parliament - 1st reading
A5-0211/2001
04/25/2001
Opinion of the European Economic and Social Committee
ABL. EC 200 No. C 193, p. 21
10/25/2000
Proposal
COM(2000)617

3. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Directive 79/267/EEC

Legend

Legislative Act Status

Documents

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
3. Legal Impact