Riigikogu made amendments to Insurance Activities Act

The Riigikogu passed with 80 votes in favour the Act on Amendments to the Insurance Activities Act and Other Associated Acts (349 SE), initiated by the Government. It raises the minimum rate of own funds of insurance undertakings and takes into account the judgment of the European Court of Justice according to which the premiums and benefits may not differ in life insurance, sickness insurance and accident insurance contracts of men and women concluded on the same terms. The Act authorises the Financial Supervision Authority to exercise supervision over the settlement of short sale transactions and over-the-counter derivatives, and determines penalties for the violation of the requirements arising from directly applicable Regulations of the European Union. The Act brings the Paying Authorities and Electronic Money Institutions Act and the Securities Market Act into conformity with European Union law. 

On the motion of the Constitutional Committee, the Riigikogu rejected the Bill on Amendments to the Constitution of the Republic of Estonia for Changing the Procedure for the Election of the President of the Republic (378 SE), initiated by Members of the Riigikogu Priit Toobal, Aadu Must, Viktor Vassiljev, Yana Toom, Ester Tuiksoo, Mailis Reps, Aivar Riisalu, Marika Tuus-Laul, Heimar Lenk, Mihhail Stalnuhhin, Lauri Laasi, Enn Eesmaa, Peeter Võsa, Tarmo Tamm, Olga Sõtnik, Kalev Kallo, Valeri Korb, Vladimir Velman, Eldar Efendijev, Kadri Simson and Jüri Ratas. It envisaged direct election of the President and amendment of the relevant constitutional regulation. Voting on the rejection: 41 votes in favour, 18 votes against, 9 abstentions. The Bill was dropped from the legislative proceeding. 

The Riigikogu Press Service