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European Insurance and Occupational Pensions Authority

1706

Q&A

Question ID: 1706

Regulation Reference: (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance)

Topic: Other

Article: 13(27)

Status: Final

Date of submission: 26 Feb 2019

Question

Zur Einstufung ob ein Risiko ein Groß- oder Masserisiko ist findet sich in der Richtlinie 2009/138/EG des Europäischen Parlaments und des Rates vom 25. November 2009 betreffend die
Aufnahme und Ausübung der Versicherungs- und der Rückversicherungstätigkeit (Solvabilität II), Art 13, Z 27 iVm Anhang I unter Punkt 13. Allgemeine Haftpflicht und unter Punkt 16. Verschiedene finanzielle Verluste.
 
Bei der üblichen Privathaftpflichtversicherung, zB im Rahmen einer Haushaltsversicherung, ist im Rahmen der Allgemeinden Haftpflichtversicherung das Risiko aus Personen- und/oder Sachschäden abgedeckt - ebenso bei der Betriebshaftpflicht für einen Handwerker. Bei der Haftpflichtversicherung für Berufsrisiken (zB für einen Versicherungsvermittler oder eine Wertpapierfirma) handelt es sich um eine Haftpflichtversicherung für Berufsrisiken.
 
Ich würde daher die Berufshaftpflichtversicherung (für Vermögensschäden) gem. der oa RL unter dem Punkt 16. Verschiedene finanzielle Verluste aus Berufsrisiken einstufen und somit als Großrisiko behandeln, insbesondere wenn im Rahmen des Vertrages die Deckung für Vermögensschäden versichert ist. In der englischen Version der RL ist unter diesem Punkt „financial loss“ angeführt und dies ist im Englischen der Begriff für Vermögensschäden.

With regard to whether a risk is a major or mass risk, [ reference is made to the Solvency II Directive] art 13, para 27 connected to Annex I under point 13. General Liability and under point 16. Miscellaneous financial losses.
In the case of normal private liability insurance, e.g. in the context of a household insurance, the risk of personal injury and/or property damage is covered under the general liability scheme - as is the case for company liability for a craftsman. Professional indemnity/company liability insurance (e.g. for an insurance intermediary or an investment firm) is a liability insurance for professional risks.
I would therefore consider that professional indemnity insurance (for financial losses) would be covered under Annex I of the Solvency II directive, class 16 Miscellaneous financial losses from professional risks and thus treat them as a major risk, especially if the cover for financial losses is insured under the contract. In the English version of the Directive, this is listed under this point "financial loss" and this is in English the term for pecuniary damage.
I would apply the same approach for the new type of insurance for cyber crime, as it is a combination of a liability insurance and a "self-insurance" (including business interruption).
What is the legal view of the EIOPA?

Background of the question

Frage zur RICHTLINIE 2009/138/EG

EIOPA answer

EIOPA acknowledges that cyber risk covers a number of different parties and types of risk. It may cover third parties or not and as an example may cover different coverages such as third party loss – liability coverage, data restoration, system failure or network financial loss just to provide some examples.
The default approach should be to unbundle the contract into the different LoB covered.
EIOPA will consider the implications for reporting purposes in the course of the Solvency II 2020 review.
​Incidentally, professional indemnity insurance is class 13, not class 16, although it covers losses that a professional/business causes clients/customers. It is only "other financial losses", i.e. financial losses not covered by any other more specific classes, that are in class 16. As the term "miscellaneous" indicates, class 16 is a catchall class. Business interruption insurance is class 16.
Risks classified in the classes 13 and 16 are not per se large risks. They are only large where the policyholder meets at least two of the criteria set out in Art. 13(27) (c) (i) to (iii) of Directive 2009/138/EC.