Strasbourg, 12/07/2007 (Agence Europe) - On Tuesday 10 July, the European Parliament adopted, without debate, three reports on financial services by French Socialist MEP Pervenche Berès.
The first was on the amendment of directive 92/49/EEC on direct insurance other than life insurance as regards the implementing powers conferred on the Commission. The Commission is to take the measures necessary (amend the list of legal forms, amend the list of classes of insurance or adapt the terminology used in that list, clarify the items constituting the solvency margin, alter the minimum guarantee fund), to take account of technical developments in the insurance sector or on financial markets.
The second report was on the amendment of directive 2005/68/EC on reinsurance. Here, too, the Commission is authorised to adopt the necessary measures (to extend the list of legal forms, clarify or adjust the items constituting the solvency margin, increase the premiums or claims amounts used to calculate the solvency margin for certain reinsurance activities or contract types, alter the minimum guarantee fund) to take account of technical developments in the insurance sector or on financial markets.
The third report was on the amendment of directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS). The Commission is to adopt technical amendments to this directive to clarify definitions in order to ensure uniform application of the directive throughout the” Community and align terminology and the framing of definitions in accordance with subsequent acts on UCITS and related matters. (mb)