EC Covers in OJ Information Mandated Under Article 179 of Solvency II
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.
Related Links
Keywords: Europe, EU, Insurance, Solvency II, Insurance Contracts, Non-Life Insurance, EC
Previous Article
CBIRC Notice on Regulating Structured Deposit Business of BanksRelated Articles
EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
EBA Publishes Regulatory Standards to Identify Shadow Banking Entities
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance
The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
EC Publishes Results on Review of Web Accessibility Directive
The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.
NGFS Report Explores Quantification of Climate Risk Differentials
The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations
MAS Consults on Adjustment Spreads for Conversion of SOR Contracts
The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.