RECOMMENDATION FOR A DECISION to raise no objections to the Commission delegated regulation of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to product oversight and governance requirements for insurance undertakings and insurance distributors

19.10.2017 - (C(2017)06218 – 2017/2854(DEA))

pursuant to Rule 105(6) of the Rules of Procedure
Committee on Economic and Monetary Affairs

Member responsible: Werner Langen

B8‑0572/2017

Draft European Parliament decision to raise no objections to the Commission delegated regulation of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to product oversight and governance requirements for insurance undertakings and insurance distributors

(C(2017)06218 – 2017/2854(DEA))

The European Parliament,

–  having regard to the Commission delegated regulation (C(2017)06218),

–  having regard to the letter from the Committee on Economic and Monetary Affairs to the Chair of the Conference of Committee Chairs of 16 October 2017,

–  having regard to Article 290 of the Treaty on the Functioning of the European Union,

–  having regard to Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution[1], and in particular Article 25(2) and Article 39(5) thereof,

–  having regard to the recommendation for a decision by the Committee on Economic and Monetary Affairs,

–  having regard to Rule 105(6) of its Rules of Procedure,

A.  whereas the delegated regulation should apply from 23 February 2018, the application date of Directive (EU) 2016/97, and full use of the three-month scrutiny period available to Parliament would not allow sufficient time for industry to implement the necessary technical and organisational changes;

B.  whereas swift publication of the delegated regulation in the Official Journal would allow timely implementation of and legal certainty concerning the provisions applicable to product oversight and governance;

C.  whereas Parliament considers that the deadline for transposition of Directive (EU)2016/97 should remain 23 February 2018, but asks the Commission to adopt a legislative proposal setting the application date at 1 October 2018;

1.  Declares that it has no objections to the delegated regulation;

2.  Instructs its President to forward this decision to the Council and the Commission.

• [1]  OJ L 26, 2.2.2016, p. 19.