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
ESAs Issue Multiple Regulatory Updates for Financial Sector Entities
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
EBA Finalizes Methodology for Stress Tests, Issues Other Updates
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
OSFI Sets Out Work Priorities and Reporting Updates for Banks
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
APRA Finalizes Changes to Capital Framework, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
BIS Hub and Central Banks Conduct CBDC and DeFI Pilots
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.
ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations
The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.
ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector
Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)
EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation
The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)
