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

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42. Federal Act to amend the Insurance Supervision Act and the Operational Staff and Selfemployment Pension Act

The National Council has decided:

table of contents

Article 1

Amendment of the Insurance Supervision Act

Article 2

Change of company employee and self-employment law

Article 1

Amendment of the Insurance Supervision Act

The Insurance Supervision Act, BGBl. No 569/1978, as last amended by the Federal Law BGBl. I No 184/2013, shall be amended as follows:

1. In § 2 paragraph 2 Z 1, after the reference "§ 118i (1), (1) to (3) and (1a)," the reference "§ 130c," inserted.

2. In Section 118 (2), the following Z 7a shall be inserted after Z 7:

" 7a.

information which is appropriate in order to enable or facilitate the supplementary supervision referred to in Directive 98 /78/EC, "

3. In Section 118a (1), the phrase "at their request" is deleted.

4. In Section 118g (1), the phrase "at their request" is deleted.

5. In § 119i, the following paragraph 37 is added:

" (37) § 118 sec. 2 Z 7a, § 118a (1), § 118g para. 1, § 130c and § 130d in the version of the Federal Law BGBl. I n ° 42/2014 will enter into force on 1 July 2014. "

6. In § 129l (1), the reference " pursuant to Directive 2009 /138/EC, OJ L 376, 27.12.2009 No. OJ L 335/1 of 17.12.2009 (Solvency II) " by reference " pursuant to Directive 2009 /138/EC on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II), OJ L 376, 27.12.2009, p. No. 1, as last amended by Directive 2013 /58/EU amending Directive 2009 /138/EC (Solvency II) as regards the date of its implementation and the date of its application and the date of its repeal. Certain Directives (Solvency I), OJ L 327, 22. No. OJ L 341, 18.12.2013 p. 1 " replaced.

7. According to § 130b, § 130c and § 130d are inserted together with the title:

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

§ 130c. (1) Innational insurance and reinsurance undertakings which have not fallen under the derogation under Article 4 of Directive 2009 /138/EC at the end of 31 December 2013 shall be prepared to do so at the latest with the first of the 1. Jänner 2016 may comply with the requirements of this Directive. The insurance and reinsurance undertakings shall:

1.

prepare a governance system that

a)

complies with the requirements of Articles 41, 42, 44, 46 to Article 49 (1) and (2) of Directive 2009 /138/EC, in particular:

aa)

the establishment of the risk management function, the compliance function, the internal audit function and the actuarial function,

bb)

the establishment of a structure and management organisation in support of strategic objectives and business activities; and

cc)

the drawing up of the guidelines and contingency plans required for the governance system;

b)

implement the principle of business prudence in accordance with Article 132 of Directive 2009 /138/EC, and

c)

includes a capital management strategy and a medium-term capital management plan;

2.

a forward-looking assessment of their own risks pursuant to Article 45 of Directive 2009 /138/EC consisting of:

a)

the assessment, collection and assessment of the overall solvency requirement,

b)

an analysis of whether the solvency and minimum capital requirement laid down in Directive 2009 /138/EC would be continuously met and

c)

an assessment as to whether the risk profile of the undertaking differs from the assumptions underlying the calculation of the Solvency Capital Requirement;

and draw up a report on the preliminary assessment of its own risks, which shall at least result in the qualitative and quantitative results and the conclusions drawn from these results by the undertaking has to contain the methods and main assumptions used and, where appropriate in accordance with the established thresholds, a comparison between the total solvency requirement, the solvency and minimum capital requirements and the own resources. This report shall be published by the Management Board or approve the Board of Directors and Executive Directors. The lit. a is for the first time until 31 December 2014 and the lit. b and c are to be carried out for the first time until 31 December 2015.

3.

to submit the following information in electronic form to the FMA:

a)

Annual quantitative information in accordance with Article 35 of Directive 2009 /138/EC,

b)

quarterly quantitative information in accordance with Article 35 of Directive 2009 /138/EC and

c)

qualitative information on governance system, capital management and assessment for solvency purposes in accordance with Article 35 of Directive 2009 /138/EC.

In order to ensure the continued relevance of the information provided, the insurance and reinsurance undertakings shall establish written guidelines in accordance with Article 35 of Directive 2009 /138/EC. The insurance and reinsurance undertakings shall have the information referred to in lit. a and c concerning the financial year ending on 31 December 2014 shall be transmitted no later than 22 weeks after the end of this financial year. The insurance and reinsurance undertakings shall have the information referred to in lit. b on the quarter ending on 30 September 2015, not later than 8 weeks after the end of this quarter.

(2) At the level of the Group, the competent company shall:

1.

prepare a governance system in accordance with paragraph 1 Z 1 in conjunction with Article 246 of Directive 2009 /138/EC at the group level;

2.

to carry out a forward-looking assessment of their own risks at the level of the group referred to in paragraph 1 (2) in conjunction with Article 246 of Directive 2009 /138/EC;

3.

to submit the information referred to in paragraph 1 Z 3 in electronic form to the FMA in conjunction with Article 254 of Directive 2009 /138/EC. In order to ensure the continuous relevance of the information provided, the competent company shall establish written guidelines in accordance with Article 35 of Directive 2009 /138/EC. The competent company shall have the information referred to in paragraph 1 lit. a and c concerning the financial year ending on 31 December 2014 shall be transmitted no later than 28 weeks after the end of this financial year. The competent company shall have the information referred to in paragraph 1 lit. b on the quarter ending on 30 September 2015, not later than 14 weeks after the end of this quarter.

In the case of supervision within the meaning of Art. 213 (2) (lit). (a) Directive 2009 /138/EC, in compliance with Articles 212 to 215 of Directive 2009 /138/EC, is the top national insurance or reinsurance undertaking responsible for the insurance or reinsurance undertaking concerned, within the meaning of this paragraph. In the case of supervision within the meaning of Art. 213 (2) (lit). (b) Directive 2009 /138/EC is the competent company in the case of Z 1 of that insurance or reinsurance undertaking which has designated the supreme domestic insurance holding company or mixed financial holding company; and in the case of Z 2 and 3, the supreme insurance holding company or mixed financial holding company shall be the competent company in charge of Directive 2009 /138/EC, in compliance with Articles 212 to 215 of Directive 2009 /138/EC.

(3) In the preparation of approval procedures for internal models in accordance with Art. 112 and Art. 113 as well as in accordance with Art. 230 (2) and Article 231 of Directive 2009 /138/EC, the FMA has to apply the guidelines published by EIOPA. The FMA may derogate from these guidelines, provided there are legitimate reasons for this, in particular contradiction to federal regulations. In this case, the FMA has to inform the EIOPA of its reasons for non-application or deviation from the guidelines concerned.

(4) In monitoring the preparation and activities referred to in paragraphs 1 and 2, the FMA has to apply the guidelines published by the EIOPA and other measures adopted by EIOPA. The FMA has to take due account of the nature, scope and complexity of the risks associated with the operations of insurance and reinsurance undertakings. The FMA may derogate from these guidelines and measures, provided there are legitimate reasons for this, in particular contradiction to federal regulations. In this case, the FMA has to inform the EIOPA of its reasons for non-application or deviation from the guidelines and measures concerned.

(5) By 30 September 2014, the FMA has to lay down the information to be transmitted pursuant to paragraphs 1, Z 2 and 3 and 2 (2) and (3) of the Regulation, taking into account the final EIOPA-BoS-13/415 report of 27 September 2013.

(6) Rights and obligations which are provided to the administrative, management or supervisory body shall be the responsibility of the Management Board and/or the Management Board for domestic insurance and reinsurance undertakings. the Board of Directors and the Executive Directors, as regards guidelines 3, 7, 8 and 11 of the governance guidelines, EIOPA-CP-13/08 DE of 31 December 2002, October 2013, also to the Supervisory Board.

(7) Insurance and reinsurance undertakings, as well as the competent undertakings referred to in paragraph 2, have quarterly quantitative information in accordance with paragraph 1 (1) (3) (lit). b or (2) only if the thresholds are set out in guidelines 4 and 4, respectively. 10 of the guidelines for the transmission of information to the competent national authorities, EIOPA-CP-13/010 DE of 31 December 2001. October 2013 will be reached. The FMA has to communicate to the companies concerned in accordance with guidelines 8 and 11 EIOPA-CP-13/010 DE.

§ 130d. (1) The FMA may, under its chairmanship, establish colleges of supervisors in accordance with Article 248 (2) and (3) of Directive 2009 /138/EC as the competent authority of the group supervisor under Article 247 of Directive 2009 /138/EC, and which may be responsible for preparing the implementation of Directive 2009 /138/EC. FMA may conclude coordination agreements in accordance with Article 248 (4) of Directive 2009 /138/EC as well as arrangements for the exchange of information within the colleges of supervisors for the establishment and regulation of the functioning of supervisory colleges. The coordination arrangements may contain the content and contingency plans for crisis situations referred to in Article 248 (5) of Directive 2009 /138/EC. The FMA shall, in so far as it makes use of its powers under this paragraph, include the EIOPA in accordance with the provisions of Article 21 (1) and (2) of Regulation (EU) No 1094/2010 and to assist them in the performance of their tasks.

(2) FMA may be a member of a supervisory board or a co-operating supervisory authority in accordance with the second subparagraph of Article 248 (3) of Directive 2009 /138/EC or as a co-operating supervisory authority pursuant to the last subparagraph of Article 248 (5). (b) to participate in the necessary preparations for the implementation of Directive 2009 /138/EC in colleges of supervisors and to conclude coordination agreements in accordance with the conditions laid down in paragraph 1 of Directive 2009 /138/EC.

(3) The FMA may cooperate with the other supervisory authorities in the colleges of supervisors in accordance with Article 249 (1) of Directive 2009 /138/EC and can process and transmit all information necessary to ensure compliance with the other supervisory authorities. of their supervisory duties under Directive 2009 /138/EC, and in so far as this is necessary in order to prepare the implementation of Articles 248 to 253 of Directive 2009 /138/EC.

(4) The transmission of information to third country authorities shall be permitted only if these authorities are subject to a confidentiality obligation corresponding to the obligation of professional secrecy laid down in Article 64 of Directive 2009 /138/EC, or to such an obligation, have committed. In addition, the transmission is permitted only on the basis of a reciprocity declaration or reciprocity actually provided. Where information submitted to the FMA by the supervisory authority of another Contracting State is concerned, such information may be disclosed only with the express consent of that supervisory authority and only for the purposes for which it has been provided by the supervisory authority of another Contracting State. Supervisory authority has agreed. "

Article 2

Change of company employee and self-employment law

The company employee and self-employment pension law-BMSVG, BGBl. No 100/2002, as last amended by the Federal Law of the Federal Republic of Germany (BGBl). I No 184/2013, shall be amended as follows:

1. In the table of contents, after the entry § § 43. up to 45. Procedural and criminal provisions " the entry " § 45a. Cost " inserted.

2. In § 17 paragraph 1 Z 4 lit. b becomes after the quote "§ 15 para. 3 Z 10 PKG" the phrase "or to the establishment of supplementary pension insurance in accordance with § 479 of the ASVG, in which the accused person is insured" inserted.

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

" By way of derogation from Article 28 (1) and (2), the assets allocated to an investment community may be managed by the other BV cashier in a separate investment community. The conclusion of new accession treaties in accordance with Article 11 (1) is not allowed for this assessment community; however, the inclusion of new eligible applicants for accession treaties which have already been concluded at the time of the transfer is not permitted. continue to be permitted. "

(4) The following paragraph 24 is added to § 73:

" (24) § 41 (4) in the version of the Federal Law BGBl. I No 42/2014 shall apply to financial years beginning after 31 December 2013. "

Fischer

Faymann