Amendment Of The Insurance Supervision Law And The Operational Staff And Self-Employed Pension Act

Original Language Title: Änderung des Versicherungsaufsichtsgesetzes und des Betrieblichen Mitarbeiter- und Selbständigenvorsorgegesetzes

Read the untranslated law here: http://www.ris.bka.gv.at/Dokumente/BgblAuth/BGBLA_2014_I_42/BGBLA_2014_I_42.html

42. Federal law that modifies the insurance supervision law and the operational employees and self-employed persons Pension Act

The National Council has decided:

Table of contents



Article 1 amendment to the insurance supervision Act article 2 change of company employees and self-employed persons Pension Act article 1

Amendment of the insurance supervision Act

The insurance supervision Act, Federal Law Gazette No. 569/1978, amended by Federal Law Gazette I no. 184/2013, is amended as follows:

1. in article 2, par. 2 Z 1 is after the reference "section 118i para 1 No. 1 to 3 and par. 1a", the reference "§ 130c," added.

2. in article 118 par. 2, 7a is inserted after Z 7 following Z:



"7a. information that is useful to allow the supplementary supervision in accordance with Directive 98/78/EC or to facilitate," 3. In Article 118a, paragraph 1, the phrase "at their request" shall be deleted.

4. in article, the phrase is deleted 118 g para 1 "at their request".

5. in section 119i 37 the following paragraph is added:

"(37) article 118 par. 2 Z 7a, Article 118a, paragraph 1, § 118 g para 1, § 130c and 130 d article in the version of Federal Law Gazette I no. 42/2014 with 1 July 2014 into force."

6. in article 129, l 1 is the reference 'in accordance with Directive 2009/138/EC, OJ No. L 335/1 of December 17, 2009 (Solvency II) "by reference"pursuant to Directive 2009/138/EC relating to the taking up and pursuit of insurance and reinsurance (Solvency II), OJ " No. L 335 of December 17, 2009 p. 1, as last amended by the Directive 2013/58/EC amending Directive 2009/138/EC (Solvency II) with regard to the timing of their implementation and the timing of their application, as well as the date of the repeal of certain directives (solvency I), OJ No. L 341 of the 18.12.2013 p. 1 "replaced.

7 according to § 130b § 130 c and section 130 d along with heading shall be inserted:

"Preparation of the implementation of the directive 2009/138/EC (Solvency II)

§ 130c. (1) domestic insurance and reinsurance undertakings, that is 31 December 2013 not date have fallen under the exception referred to in article 4 of Directive 2009/138/EC, have to prepare so that they can comply with the requirements laid down in this directive at the latest with the 1 January 2016. The insurance and reinsurance undertakings have,



1. a governance system to prepare the a) the requirements of articles 41, 42, 44, 46 to article 49 paragraphs 1 and 2 of Directive 2009/138/EC meets; (this includes in particular aa) the establishment of the risk management function, the compliance function and the internal audit the actuarial function, bb) setting up an organizational structure and process to support the strategic objectives and the business activities and cc) creating the guidelines necessary for the governance system and contingency plans;.

b) the principle of entrepreneurial prudence in accordance with article 132 which transposes directive 2009/138/EC and c) includes a capital management strategy and a medium-term capital management plan;

2. a forward-looking assessment of the own risk in accordance with article 45 of the directive 2009/138/EC consisting of a) the valuation, acquisition and evaluation of Gesamtsolvabilitätsbedarfs, b) an analysis, if the solvency and minimum capital requirement would continuously be met in accordance with Directive 2009/138/EC and c) an assessment, whether the risk profile of the company from the assumptions underlying the calculation of the solvency capital requirement has been modified , annually and prepare a report on the pilot looking out own risk assessment, the at least the qualitative and quantitative results and the conclusions that pulled the company from these results, the used methods and key assumptions and, if applied in accordance with the established thresholds, a comparison between the Gesamtsolvabilitätsbedarf which has to contain solvency and minimum capital requirements and own funds. This report is to be approved by the Board of directors or the Board of Directors and the managing directors. The lit. a is for the first time until 31 December 2014 and she lit. b and c are carried out for the first time until 31 December 2015.

3. the following information in electronic form to the FMA to convey: a) annual quantitative information referred to in article 35 of Directive 2009/138/EC, b) quarterly quantitative information referred to in article 35 of Directive 2009/138/EC and c) qualitative information regarding governance system, capital management, and valuation for solvency purposes in accordance with article 35 of Directive 2009/138/EC.

To ensure the continuous relevance of the submitted information, the insurance and re-insurance companies have written guidelines referred to in article 35 of Directive 2009/138/EC establishing. The insurance and reinsurance undertakings have the information in accordance with letter. a and c relating to the fiscal year, which ends on December 31, 2014, to submit no later than 22 weeks after the end of this fiscal year. The insurance and reinsurance undertakings have the information in accordance with letter. (b) for the quarter that ends on September 30, 2015, to submit no later than 8 weeks after the end of this quarter.

(2) on the group level, the company responsible has:



1. a group level to prepare system of governance in accordance with para 1 No. 1 in conjunction with article 246 of the directive 2009/138/EC;

2. a forward-looking assessment of the own risk at the level of the group referred to in paragraph 1 carry no. 2 in conjunction with article 246 of the directive 2009/138/EC;

3. the information referred to in paragraph 1 No. 3 in conjunction with article 254 of the directive 2009/138/EC in electronic form to the FMA to transmit. To ensure the continuous relevance of the submitted information, the company responsible has written guidelines referred to in article 35 of Directive 2009/138/EC establishing. The company responsible has the information referred to in paragraph 1 lit. a and c relating to the fiscal year, which ends on December 31, 2014, to submit no later than 28 weeks after the end of this fiscal year. The company responsible has the information referred to in paragraph 1 lit. (b) for the quarter that ends on September 30, 2015, to submit no later than 14 weeks after the end of this quarter.

In the case of supervision within the meaning of article 213, paragraph 2 lit. of Directive 2009/138/EC is in accordance with article 212 to 215 of Directive 2009/138/EC the top domestic insurance or reinsurance undertakings took part in responsible company within the meaning of this paragraph. In the case of supervision within the meaning of article 213, paragraph 2 lit. (b) of Directive 2009/138/EC is responsible company that has determined the top domestic insurance holding company or mixed financial holding company to do so in the case of no. 1 of that insurance or reinsurance undertakings and in the case of the Nos. 2 and 3 is the ultimate insurance holding company or mixed financial holding company in compliance with responsible companies pursuant to section 212 to 215 of Directive 2009/138/EC.

(3) the preparation of approval process for internal models in accordance with articles 112 and 113, and in accordance with article 230 has (2) and article 231 of the directive 2009/138/EC to apply the guidelines published by EIOPA the FMA. The FMA can deviate from these guidelines, unless for legitimate reasons, in particular conflict with federal regulations, there are. In this case, the FMA has to inform the EIOPA about their reasons for non-application or deviation from the relevant guidelines.

(4) the FMA has to apply the guidelines published by the EIOPA and other measures adopted by the EIOPA in the monitoring of the preparation and activities referred to in paragraphs 1 and 2. The FMA has adequately here the nature, the size and the complexity of the risks that go along with the business of insurance and reinsurance companies, to take into account. The FMA can deviate from these guidelines and measures, unless for legitimate reasons, in particular conflict with federal regulations, there are. In this case, the FMA has to inform the EIOPA about their reasons for non-application or deviation from the relevant guidelines and measures.

(5) the FMA has until 30 September 2014 by regulation, taking into account the final report EIOPA-BoS-13/415 of 27 September 2013 pursuant to paragraph 1 Nos. 2 and 3 and par. 2 Nos. 2 and 3 to submit information to set.

(6) rights and obligations which accrue to the administrative, management or supervisory body, the Board of directors or the Supervisory Board and the managing directors, in relation to the guidelines of 3, 7, 8 and 11 of the guidance on the governance system, EIOPA-CP-13/08 hit with domestic insurance and reinsurance companies DE from the 31 October 2013, the Supervisory Board also to.


(7) insurance and reinsurance companies as well as company responsible according to para 2 No. 3 have quarter-way quantitative information referred to in paragraph 1 lit. b or para. 2 Z 3 only then to submit, if the threshold values in accordance with the guidelines 4 and 10 of the guidelines for the transmission of information to the competent national authorities, EIOPA-CP-13/010 DE be achieved by 31 October 2013. The undertakings concerned in accordance with the guidelines, the FMA is 8 and 11 EIOPA-CP-13/010 DE to communicate.

section 130 d. (1) the FMA can than those pursuant to article 247 of the directive the Group supervisor authority chaired by their supervisors in accordance with article 248 set 2009/138/EC (2) and (3) of Directive 2009/138/EC and to the preparation of the transposition of the directive 2009/138/EC responsibilities that required. The FMA can close to the establishment and control the functioning of colleges of supervisors coordination arrangements in accordance with article 248 2009/138/EC, as well as arrangements for the exchange of information within the colleges of supervisors in para 4 of the directive. The coordination arrangements may contain emergency plans and content referred to 248 paragraph 5 of Directive 2009/138/EC in article for crisis situations. The FMA has, insofar as it makes use of its powers under this paragraph, to support the EIOPA para 1 and 2 of the regulation to include no. (EU) 1094/2010 and they in the performance of its tasks pursuant to article 21.

(2) the FMA can second subparagraph of Directive 2009/138/EC as a member of a supervisory board or as acting with supervisory authority in accordance with article 248 paragraph 3 or as cooperative supervisory authority in accordance with article 248 paragraph 5, last subparagraph lit. (b) of Directive 2009/138/EC required preparation of the implementation of the directive 2009/138/EC in colleges of supervisors take part and close coordination arrangements provided for in paragraph 1.

(3) the FMA can in the colleges of supervisors paragraph 1 directive 2009/138/EC with other supervisory authorities cooperate and processing of all information and submit, are necessary in accordance with article 249, to allow the other fulfilling its supervisory duties in the framework of Directive 2009/138/EC and as far as this to prepare the implementation of articles is necessary 248 to 253 of the directive 2009/138/EC.

(4) the transmission of information to the authorities of third countries is permitted only if those authorities of a duty of confidentiality corresponding to the obligation of professional secrecy pursuant to article 64 of Directive 2009/138/EC are subject to or have committed to such a. The transmission only on basis of a declaration of reciprocity or indeed of reciprocity is also allowed. If information is affected, the FMA submitted by the supervisory authority of another Contracting State, shall be disclosed only with the express consent of the supervision authority and for purposes only, this authority has agreed to."

Article 2

Change of company employees and self-employed persons Pension Act

The operational staff and self-employed persons Pension Act - BMSVG, Federal Law Gazette I no. 100/2002, as last amended by Federal Law Gazette I no. 184/2013, is amended as follows:

1. in the table of contents is the entry "§ 45a. after the entry"§ § 43. up 45. procedural and penal provisions" Added costs".

2. in the section 17 para 1 No. 4 lit. b is for the quote "§ 15 para 3 Z 10 PKG" inserted the phrase "or facility of additional pension insurance according to § 479 ASVG, is assured of the Anwartschaftsberechtige in the".

The following records are added 3. section 41 (4):

"The assets allocated to a collective investment undertaking can be managed by way of derogation from article 28, paragraph 1 and 2 in an own collective investment undertaking by other BV checkout. For this collective investment undertaking, the conclusion of new treaties of accession in accordance with article 11, paragraph 1 is not allowed; for accession treaties already completed at the time of the transfer involving new Anwartschaftsberechtigter is still permitted."

4. § 73 24 the following paragraph is added:

"(24) section 41 (4) in the version of Federal Law Gazette I is no. 42/2014 to apply to financial years after 31 December 2013 start."

Fischer

Faymann