On 10 December 2014, the European Parliament published a motion for a resolution to object to the European Commission's Delegated Regulation supplementing the Solvency II Directive, tabled pursuant to Rule 105(4) of the Parliament’s Rules of Procedure by Sven Giegold on behalf of the Greens/European Free Alliance (ALE).
Rule 105(4) stipulates that if, 10 working days prior to the start of the part-session the Wednesday of which falls before and closest to the day of expiry of the deadline referred to in paragraph 5 of that rule, the committee responsible has not tabled a motion for a resolution to object to a delegated act, a political group or at least 40 Members may table a motion for a resolution on the matter for inclusion on the agenda for the part-session referred to above. In this case, the Committee on Economic and Monetary Affairs had not tabled such a resolution by 5 December 2014 ahead of the Parliament's December plenary session.
The motion says that the basis of the group's objection is that the Delegated Regulation adopted by the Commission on 10 October 2014 covers many of the empowerments under Solvency II, which, in several important cases, deviate significantly from the technical advice submitted to the Commission by the European Insurance and Occupational Pensions Committee (EIOPA), resulting in significantly lower calibrations of risk factors used in the standard formula to calculate the Solvency Capital Requirement than recommended by EIOPA and its predecessor, the Committee of European Insurance and Occupational Pension Supervisors (CEIOPS).
The motion also says that the Commission has not formally provided any evidence that these calibrations are based on the principle laid out in Article 101 of Solvency II but has, instead, informally cited political reasons for deviating from the initial advice of CEIOPS/EIOPA on some of the measures.
On 28 November 2014, the Council of the European Union announced that it decided not to object to the Delegated Regulation. However, if the Parliament does object, it will not enter into force.