On 22 September 2021, European Commission published the Proposal for a Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2009/138/EC, (EU) 2017/1132 and Regulations (EU) No 1094/2010 and (EU) No 648/2012 (COM(2021) 582 final / 2021/0296 (COD)) to amend the Solvency II Directive.
The condensed Solvency II Directive text below shows the proposed amendments from the COM(2021) 582 final / 2021/0296 (COD) for affected provisions only.
Provisions amended
- Article 267. Scope of this Title.
- Article 268. Definitions.
Provisions replaced
- Article 141. Supervisory powers in deteriorating financial conditions.
Article 141 Supervisory powers in deteriorating financial conditions
Notwithstanding Articles 138 and 139, where the solvency position of the undertaking continues to deteriorate, the supervisory authorities shall have the power