EUROPEAN COMMISSION Brussels, XXX COM(2012) 360 ... - BVVM

implementation. Because of this integration, isolated national intervention would be
far less efficient and would lead to a fragmentation of markets, resulting in
regulatory arbitrage and distortion of competition.
EIOPA should play a key role in the implementation of the new EU-wide
framework. Specific competences for EIOPA are necessary in order to improve the
functioning of the insurance markets.
The proposal takes full account of the principle of proportionality, namely that EU
action should be adequate to reach the objectives and not go beyond what is
necessary. It is compatible with this principle, taking into account the right balance
of the public interest at stake and the cost-efficiency of the measures: in particular,
the need to balance customer protection, efficiency of the markets and costs for the
industry have been central in laying out these requirements.
In view of that principle the proposal differentiates between the different selling
channels for insurance products and imposes less burdensome registration and
professional qualification requirements on those selling simple insurance products.
For example, the sellers of ancillary insurance products of low risk, such as car
rentals and travel agents are subject to a simplified declaration procedure instead of
registration as insurance intermediaries. The proposal also differentiates between the
life insurance products and the general insurance products in respect of the
remuneration transparency requirements. These proportionality measures are taken in
view of the different levels of complexity and consumer risks related to the different
insurance products and also in view of the intention to reduce the administrative
burden for the SMEs selling insurance products.
3.3. Compliance with Articles 290 and 291 TFEU
On 23 September 2009, the Commission adopted proposals for Regulations
establishing EBA, EIOPA, and ESMA. In this respect, the Commission refers to the
Statements in relation to Articles 290 and 291 TFEU it made at the adoption of the
Regulations establishing the European Supervisory Authorities, according to which:
'As regards the process for the adoption of regulatory standards, the Commission
emphasises the unique character of the financial services sector, following from the
Lamfalussy structure and explicitly recognised in Declaration 39 to the TFEU.
However, the Commission has serious doubts whether the restrictions on its role
when adopting delegated acts and implementing measures are in line with Articles
290 and 291 TFEU.'
3.4. References to other directives
Since Directive 2009/138/EC on the taking-up and pursuit of the business of
insurance and reinsurance (Solvency II) is currently not yet applicable; this proposal
refers to the definitions as laid down in Directive 73/239/EEC, Directive 2002/83/EC
and Directive 2005/68/EC. Directives 73/239/EEC, 2002/83/EC and 2005/68/EC will
be repealed by Directive 2009/138/EC.
3.5. Detailed explanation of the proposal
Chapter I – Scope and Definitions
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