Review

1.  By 31 December 2017, the Commission shall make an assessment of the application of Title III, in particular as regards the cooperation of supervisory authorities within, and functionality of, the college of supervisors and the supervisory practices concerning setting the capital add-ons, and shall present a report to the European Parliament and to the Council accompanied, where appropriate, by proposals for the amendment of this Directive.

2.  By 31 December 2018, the Commission shall make an assessment of the benefit of enhancing group supervision and capital management within a group of insurance or reinsurance undertakings including a reference to COM(2008)0119 and the report of the Committee on Economic and Monetary Affairs of the European Parliament on this proposal of 16 October 2008 (A6-0413/2008). That assessment shall include possible measures to enhance a sound cross-border management of insurance groups notably of risks and asset management. In its assessment, the Commission shall, inter alia, take into account new developments and progress concerning:

(a) a harmonised framework on early intervention;

(b) practices in centralised group risk management and functioning of group internal models including stress testing;

(c) intra-group transactions and risk concentrations;

(d) the behaviour of diversification and concentration effects over time;

(e) a legally binding framework for the mediation of supervisory disputes;

(f) a harmonised framework on asset transferability, insolvency and winding-up procedures which eliminates the relevant national company or corporate law barriers to asset transferability;

(g) an equivalent level of protection of policy holders and beneficiaries of the undertakings of the same group particularly in crisis situations;

(h) a harmonised and adequately funded EU-wide solution for insurance guarantee schemes;

(i) a harmonised and legally binding framework between competent authorities, central banks and ministries of finance concerning crisis management, resolution and fiscal burden-sharing which aligns supervisory powers with fiscal responsibilities.

The Commission shall present a report to the European Parliament and the Council, accompanied, where appropriate, by proposals for the amendment of this Directive.