EC published, in the Official Journal of the European Union, as communicated by the respective member states, particulars that must be given in the certificate which a non-life insurance undertaking must issue to an insured person where that member state requires proof that the obligation to take out insurance has been complied with. The list was published pursuant to Article 179(4) of the Solvency II Directive (2009/138/EC). The information has been published for Belgium, Bulgaria, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden, and the UK.
As per Solvency II under the applicable law and conditions of direct insurance contracts, non-life insurance undertakings may offer and conclude compulsory insurance contracts under certain set conditions. Where a member state imposes an obligation to take out insurance, an insurance contract shall not satisfy that obligation unless it complies with the specific provisions relating to that insurance laid down by that member state. Where a member state imposes compulsory insurance and the insurance undertaking is required to notify the supervisory authorities of any cessation of cover, such cessation may be invoked against injured third parties only in the circumstances laid down by that member state. A member state may require that the particulars include a declaration by the insurance undertaking to the effect that the contract complies with the specific provisions relating to that insurance. Article 179 (4) of the Solvency II Directive states that each member state shall communicate to EC the risks against which insurance is compulsory under its legislation, stating the following:
(a) The specific legal provisions relating to that insurance
(b) The particulars which must be given in the certificate which a non-life insurance undertaking must issue to an insured person where that member state requires proof that the obligation to take out insurance has been complied with
A member state may require that the particulars referred to in point (b) of the first subparagraph include a declaration by the insurance undertaking to the effect that the contract complies with the specific provisions relating to that insurance. EC shall publish the particulars referred to in point (b) of the first subparagraph in the Official Journal of the European Union.
Keywords: Europe, EU, Insurance, Solvency II, Insurance Contracts, Non-Life Insurance, EC
Previous ArticleCBIRC Notice on Regulating Structured Deposit Business of Banks
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.
The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.
The Hong Kong Monetary Authority (HKMA) announced that the applicable jurisdictional countercyclical capital buffer (CCyB) ratio for Hong Kong remains unchanged at 1.0%
The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.
The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.