35. This comment was submitted as confidential by the stakeholder. 36. IRSG 1.11. Under f) last line: “Articles 89 and 90…” Amended Under k):”policyholders within the meaning of Article 268 (g) of Directive 2009/138/EC” Under n) intro: “means any claim which….insurance undertaking ranks…” 37. This comment was submitted as confidential by the stakeholder. 38. This comment was submitted as confidential by the stakeholder. 39. IRSG Guideline 1 - First line: “of a branch of a third-country…” Noted 1.13 Fifth line:” need for supervisory purposes…” 40. ABIR Guideline 1 - Guideline 1 requires the third-country undertaking to have an Partially agreed 1.13 adequate solvency margin under its home jurisdiction rules, not Please see answer to under Solvency II rules. In this regard, third-country jurisdictions comment 1. having been deemed equivalent should automatically be deemed as having an adequate solvency margin. This comment was submitted as confidential by the stakeholder. 41. 42. Insurance Europe Guideline 1 - The conditions that a third country undertaking must meet in order Disagreed 1.13 for its branch to be granted an authorisation are specified in Article These draft guidelines 162(2) of the Solvency II Directive. As noted earlier, we have intend to develop a concerns over whether it is appropriate for EIOPA to add to this list – comprehensive supervisory framework agreed by EU institutions – by way of Guidelines. If, nevertheless, for branches consistent EIOPA is determined to pursue this course of action the paragraph with Solvency II and in should read less ambiguously. We suggest the following: large part are therefore When authorising or continuing authorisation of a branch of a directed at supervisory insurance undertaking, a host supervisory authority should be
35. This comment was submitted as confidential by the stakeholder. 36. IRSG 1.11. Under f) last line: “Articles 89 and 90…” Under k):”policyholders within the meaning of Article 268 (g) of Directive 2009/138/EC” Under n) intro: “means any claim which….insurance undertaking ranks…” Amended 37. This comment was submitted as confidential by the stakeholder. 38. This comment was submitted as confidential by the stakeholder. 39. IRSG Guideline 1 - 1.13 First line: “of a branch of a third-country…” Fifth line:” need for supervisory purposes…” Noted 40. ABIR Guideline 1 - 1.13 Guideline 1 requires the third-country undertaking to have an adequate solvency margin under its home jurisdiction rules, not under Solvency II rules. In this regard, third-country jurisdictions having been deemed equivalent should automatically be deemed as having an adequate solvency margin. Partially agreed Please see answer to comment 1. 41. This comment was submitted as confidential by the stakeholder. 42. Insurance Europe Guideline 1 - 1.13 The conditions that a third country undertaking must meet in order for its branch to be granted an authorisation are specified in Article 162(2) of the Solvency II Directive. As noted earlier, we have concerns over whether it is appropriate for EIOPA to add to this list – agreed by EU institutions – by way of Guidelines. If, nevertheless, EIOPA is determined to pursue this course of action the paragraph should read less ambiguously. We suggest the following: When authorising or continuing authorisation of a branch of a insurance undertaking, a host supervisory authority should be Disagreed These draft guidelines intend to develop a comprehensive supervisory framework for branches consistent with Solvency II and in large part are therefore directed at supervisory
Final%20Report%20on%20the%20public%20consulation%20CP-14-048%20Guidelines%20on%20third%20country%20branches.docx