Changes from report parliamentary committee draft to plenary report

Added2. For the purposes of this Directive, EIOPA shall cooperate with EBA and ESMA within the framework of the Joint Committee of the European Supervisory Authorities established in Article 54 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010.

Added3. For the purposes of this Directive, EIOPA shall ensure structural separation between the resolution committee and other functions referred to in Regulation (EU) No 1094/2010. The resolution committee shall promote the development and coordination of resolution plans and develop methods for the resolution of entities as referred to in Article 1(1) of this Directive that are failing.

AddedCooperation with EIOPA

Added1. Member States shall ensure that the supervisory and resolution authorities cooperate with EIOPA for the purposes of this Directive in accordance with Regulation (EU) No 1094/2010.

Added2. Member States shall ensure that the supervisory and resolution authorities, without delay, provide EIOPA with all the information necessary to carry out its duties in accordance with Article 35 of Regulation (EU) No 1094/2010.

AddedInsurance Guarantee Schemes

AddedBy 1 January 2024, the Commission, after having consulted EIOPA, shall submit a report to the European Parliament and to the Council outlining the necessary steps to introduce minimum common standards for insurance guarantee schemes within the Union. That report shall at least:

Added(a) assess the state of play of insurance guarantee schemes in Member States (coverage level, types of insurances covered, triggers);

Added(b) discuss policy options;

Added(c) outline the necessary steps to introduce a minimum baseline for insurance guarantee schemes across the Union;

Added(d) analyse the corresponding necessary changes to other legislative acts.

AddedThe report shall be accompanied by a legislative proposal where appropriate.

AddedReview

AddedBy 1 January 2026, the Commission, after having consulted EIOPA, shall submit a report to the European Parliament and to the Council on the application of this Directive. The report shall in particular:

Addeda) evaluate whether, and to what extent, the objectives of this Directive have been achieved with regard to the functioning of the internal market; b) assess the state of play of resolution financing arrangements and insurance guarantee schemes in Member States;

Addedc) analyse the introduction of a minimum requirement on liabilities subject to the write-down and conversion powers under this Directive;

Addedd) outline the necessary steps to introduce minimum harmonised definitions on the level of covered policies and eligible claimants and policies;

Addede) analyse the merits of a further harmonisation of the crisis management framework for insurance and reinsurance undertakings;

Addedf) analyse the corresponding necessary changes to legislative acts.

AddedThe report shall be accompanied by a legislative proposal where appropriate.

AddedTransposition

Added1. Member States shall adopt and publish, by [PO – add 18 months after entry into force] at the latest, the laws, regulations and administrative provisions necessary to comply with Articles 1 to 87, 90 and 91 of this Directive. They shall forthwith communicate to the Commission the text of those provisions. Articles 88 and 89 shall, however, be binding in their entirety and directly applicable in all Member States.

AddedThey shall apply Articles 1 to 87, 90 and 91 from [PO – add 18 months and one day after entry into force].

AddedWhen Member States adopt Articles 1 to 87, 90 and 91, they shall include a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. Member States shall determine how such reference is to be made.

Added2. Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.

AddedEntry into force

AddedThis Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

AddedAddressees

AddedThis Directive is addressed to the Member States.

AddedDone at Brussels,

AddedFor the European Parliament For the Council

AddedThe President The President