Search QAs

1) (Q&A ID 1794) Is Directive (EU) 2016/97 applicable to the process of marketing of the insurance included as an extra and unconditional benefit to the holders of some kind of credit cards when that coverage is free for the holders and the insurance contract is engaged between the issuer and the insurance undertaking?
In the case we are dealing with, the insurance is included in a group policy where the issuer of the credit card is the contractor, assuming the full payment of the premiums. The holders are the insured and have all the capacities of setting the claims directly with the insurance undertaking.

Which alternative investment fund managers (AIFMs) are captured within the scope of application of DORA under Articles 2(1)(k) and 2(3)(a) of DORA?

What is the level of engagement required for an ICT service to be considered as “support[ing] critical or important functions”?

Is the term “critical or important function” as defined in DORA to be understood as being equivalent to “critical or important functions or activities” under the Solvency II regime? If not, which functions are to be considered as critical or important for insurance companies?

Is it possible for an entity to have two different size classifications – one under DORA and one under Commission Recommendation 2002/361/EC? For example, an enterprise that employs 3 persons and has an annual turnover and/or annual balance sheet value of EUR 9 million would be considered as a medium enterprise in the DORA Regulation; whereas the same enterprise would be considered as a small enterprise under Commission Recommendation 2002/361/EC.

Can competent authorities in DORA publish decisions relating to administrative penalties and remedial measures, or can they only publish decisions on administrative penalties?

Part 1) As per previous answer, an insurance intermediary requesting to do cross-border insurance intermediation in FOS in a host-State, according to “the IDD […] shall communicate specific information […] notably the name of any insurance or reinsurance undertaking represented and the relevant insurance classes, if applicable”. What kind of ‘specific information’ is the home-State authority/regulatory body allowed to request, and what may it not (if any). For practicality, for e.g. can it request to provide the intermediary’s contract of intermediation with the mandatory Insurance undertaking (for the purpose of limiting its classes of activity in Freedom of Service), or providing its financial status, or reasons for wanting to enter another EU insurance market or its future plans thereof, or to require to compulsorily provide the name of the insurance undertaking represented –

Is there any law or rule prohibiting Private Equity funds who own an insurance company to distribute dividends prior 2 years from the purchase of the company? If yes, can you reference this rule?

With regard to S.04.04 Activity by country- location of underwriting. Previously business underwritten through FPS by the the undertaking (Ireland) into the UK was reported in 'Business underwritten in the home country, by the undertaking' C0010. Under taxonomy 2.8.0 can you confirm if this business should now be reported in 'business underwritten in the country of establishment'.