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xxxxxxx xxxxxxxxx xxxxxxxxx xx xx xxxxxxxx xxxx xx xxx xxxxxxxxxxxx xx xxxxx xxxxxxxxxxx xxx xxxxxxxxxxxxxx xxxxxxxxxx xxxxxxxx xx xxxxxx xxxx xxxurance and amending Directives 79/267/EEC and 90/619/EEC (third life assurance Directive)
THE COUNCIL OF THE EUROPEAN COMMUNITIES,
Having regaxx xx xxx xxxxxx xxxxxxxxxxxx xxx xxxxxxxx xxxxxxxx xxxxxxxxxx xxx xx xxxxxxxxxx xxxxxxxx xx xxx xxx xx xxxxxxxx
xxxxxx xxxxxx xx xxx xxxxxxxx xxxx xxe Commission (1),
In cooperation with the European Parliament (2),
Having regard to the opinion of the Economic and Social Committee (3),
1. Wherxxx xx xx xxxxxxxxx xx xxxxxxxx xxx xxxxxxxx xxxxxx xx xxxxxx xxxx xxxxxxxxxx xxxx xxx xxxxx xx xxxx xxxx xx xxx xxxxx xx xxxxxxxxxxxxx xxx xx xxx xxxxxxx xo provide services, to make it easier for assurance undertakings with head offices in the Community to cover commitments situated within the Communityx
xx xxxxxxx xxx xxxxxx xxxxxxx xxxxxxxxx xxxxxxxxxx xx x xxxxxxxx xxxx xx xxx xxxxxxxxxxxx xx xxxxx xxxxxxxxxxx xxx xxxxxxxxxxxxxx xxxxxxxxxx xxxxting to direct life assurance, laying down provisions to facilitate the effective exercise of freedom to provide services and amending Directive 79/2xxxxxx xxx xxx xxxxxxx xxxxxxxxxxx xxxxxxxxxxxxx xx xxx xxxxxxxxxxx xx xxx xxxxxxxx xxxxxx xx xxxxxx xxxx xxxxxxxxx xx xxxxxxxx xxxxxxxxxxxxxx xxxx xy virtue of the fact that they take the initiative in entering into a commitment with an assurance undertaking in another Member State, do not require spexxxx xxxxxxxxxx xx xxx xxxxxx xxxxx xx xxx xxxxxxxxxx xxxxxxxx xxxxxxx xx xxxxx xxxxxxxxxx xx xxx xxxxxx xxxxxxxx xxxx xxxxxxxxx xxxxxxx
xx xxxxxxx xirective 90/619/EEC therefore represents an important stage in the merging of national markets into an integrated market and that stage must be supplexxxxxx xx xxxxx xxxxxxxxx xxxxxxxxxxx xxxx x xxxx xx xxxxxxxx xxx xxxxxxxxxxxxxxx xxxxxxxxxxxx xx xxxxxxx xxxx xxxxxxxxxx xxxx xxx xxxxxxxxxxx xx xxxe recourse to any assurer with a head office in the Community who carries on business there, under the right of establishment or the freedom to provide serxxxxxx xxxxx xxxxxxxxxxxx xxxx xxxxxxxx xxxxxxxxxxx
xx xxxxxxx xxxx xxxxxxxxx xxxxx xxxx xx xxx xxxx xx xxxxxxxxx xxxxxxxxxxx xxxxxxx xxxxxxx xxxxh includes the First Council Directive 79/267/EEC of 5 March 1979 on the coordination of laws, regulations and administrative provisions relating to txx xxxxxx xx xxx xxxxxxx xx xxx xxxxxxxx xx xxxxxx xxxx xxxxxxxxx xxx xxx xxxxxxx xxxxxxxxx xxxxxxxxxx xx xx xxxxxxxx xxxx xx xxx xxxxxx xxxxxxxx xxx xxxxolidated accounts of insurance undertakings (6);
5. Whereas the approach adopted consists in bringing about such harmonization as is essential, nexxxxxxx xxx xxxxxxxxxx xx xxxxxxx xxx xxxxxx xxxxxxxxxxx xx xxxxxxxxxxxxxx xxx xxxxxxxxxx xxxxxxx xxxxxxxx xxxxxxx xxxxxx xx xxxxxxxx xx xxxxx x xxxxle authorization valid throughout the Community and apply the principle of supervision by the home Member State;
6. Whereas, as a result, the taking ux xxx xxx xxxxxxx xx xxx xxxxxxxx xx xxxxxxxxx xxx xxxxxxxxxx xx xx xxxxxxx xx xxx xxxxx xx x xxxxxx xxxxxxxx xxxxxxxxxxxxx xxxxxx xx xxx xxxxxxxxx xxxxxxities of the Member State in which an assurance undertaking has its head office; whereas such authorization enables an undertaking to carry on business xxxxxxxxxx xxx xxxxxxxxxx xxxxx xxx xxxxx xx xxxxxxxxxxxxx xx xxx xxxxxxx xx xxxxxxx xxxxxxxxx xxxxxxx xxx xxxxxx xxxxx xx xxx xxxxxx xx xx xxx xxxxxxxxn of services may no longer require assurance undertakings which wish to carry on assurance business there and which have already xxxx xxxxxxxxxx xx xxxxx xxxx xxxxxx xxxxx xx xxxx xxxxx xxxxxxxxxxxxxx xxxxxxx xxxxxxxxxx xxxxxxxxxx xxx xxxxxxxxxx xxxxxx xxxxxxxxx xx xxxxxxx xxxng those lines;
7. Whereas the competent authorities of home Member States will henceforth be responsible for monitoring the financial health of assxxxxxx xxxxxxxxxxxxx xxxxxxxxx xxxxx xxxxx xx xxxxxxxxx xxx xxxxxxxxxxxxx xx xxxxxxxx xxxxxxxxx xxxxxxxxxx xxx xxx xxxxxxxx xx xxxxx xxxxxxxxxx xx xatching assets;
8. Whereas the performance of the operations referred to in Article 1 (2) (c) of Directive 79/267/EEC cannot under any circumstances xxxxxx xxx xxxxxx xxxxxxxxx xx xxx xxxxxxxxxx xxxxxxxxxxx xxxx xxxxxx xx xxx xxxxxxxx xxxxxxx xxx xxxxxx xxxx xxxxx xxxx xxxxxxxxx xx xxxxxxxxxx
xx xhereas certain provisions of this Directive define minimum standards; whereas a home Member State may lay down stricter rules for assurance undertakixxx xxxxxxxxxx xx xxx xxx xxxxxxxxx xxxxxxxxxxxx
xxx xxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxxx xxxx xxxx xx xxxxx xxxxxxxx xxxx xxxxx xx supervision as are necessary to ensure the orderly pursuit of business by assurance undertakings throughout the Community whether carried on under thx xxxxx xx xxxxxxxxxxxxx xx xxx xxxxxxx xx xxxxxxx xxxxxxxxx xxxxxxxx xx xxxxxxxxxxx xxxx xxxx xx xxxx xx xxxxxxxxx xxxxxxxxxxx xxxxxxxxxx xx xxxxxx xxnctions aimed at preventing irregularities and infringements of the provisions on assurance supervision;
11. Whereas the provisions on transfers xx xxxxxxxxxx xxxx xx xxxxxxx xx xxxxx xxxx xxxx xxxx xxxx xxx xxxxxx xxxxx xxxxxxxxxxxxx xxxxxx xxxxxxxxxx xx xxxx xxxxxxxxxx
xxx xxxxxxx xxxxxxxxx should be made for the specialization rule laid down by Directive 79/267/EEC to be relaxed so that those Member States which so wish are able to grant the sxxx xxxxxxxxxxx xxxxxxxxxxxxxx xxx xxx xxxxxxx xxxxxxxx xx xx xxx xxxxx xx xxxxxxxxx xxxxxxxxxx xxx xxx xxxxxxxxx xxxxxxxx xxxxxx xxxxx xxxxxxx x xxx x in the Annex to Directive 73/239/EEC (7); whereas that possibility may, however, be subject to certain conditions as regards compliance with accountixx xxxxx xxx xxxxx xx xxxxxxxxxxx
xxx xxxxxxx xx xx xxxxxxxxx xxxx xxx xxxxx xx xxxx xx xxx xxxxxxxxxx xx xxxxx xxxxxxx xxxx xxxxx xxxxxxxxx xxxxxxxxxxg should establish adequate technical provisions; whereas the calculation of such provisions is based for the most part on actuarial principles; wherxxx xxxxx xxxxxxxxxx xxxxxx xx xxxxxxxxxxx xx xxxxx xx xxxxxxxxxx xxxxxx xxxxxxxxxxx xx xxx xxxxxxxxxx xxxxx xxxxxxxxxx xx xxx xxxxxxx xxxxxx xxxxxxx
14. Whereas it is desirable, in the interests of prudence, to establish a minimum of coordination of rules limiting the rate of interest used in calculxxxxx xxx xxxxxxxxx xxxxxxxxxxx xxxxxxxx xxx xxx xxxxxxxx xx xxxx xxxxxxxxxxx xxxxx xxxxxxxx xxxxxxx xxx xxx xxxxxxx xxxxxxxx xxxxxxxxxx xxx xxxxxxxent, it seems appropriate to leave Member States a free choice as to the method to be used;
15. Whereas the rules governing the spread, localization and xxxxxxxx xx xxx xxxxxx xxxx xx xxxxx xxxxxxxxx xxxxxxxxxx xxxx xx xxxxxxxxxxx xx xxxxx xx xxxxxxxxxx xxx xxxxxx xxxxxxxxxxx xx xxxxxx xxxxxxxxxxxx xxxes; whereas that coordination must take account of the measures on the liberalization of capital movements provided for in Council Directive 88/361/Exx xx xx xxxx xxxx xxx xxx xxxxxxxxxxxxxx xx xxxxxxx xx xx xxx xxxxxx xxx xxx xxx xxxxxxxx xxxx xx xxx xxxxxxxxx xxxxxxx xxxxxxxx xxx xxxxxxxx xxxxxx
xxx Whereas, however, the home Member State may not require assurance undertakings to invest the assets covering their technical provisions in particulax xxxxxxxxxx xx xxxxxxx xx xxxx x xxxxxxxxxxx xxxxx xx xxxxxxxxxxxx xxxx xxx xxxxxxxx xx xxx xxxxxxxxxxxxxx xx xxxxxxx xxxxxxxxx xxxxxxxx xxx xx xxxxxxxxx xxxxxxxxxxx
xxx xxxxxxxx xxxxxxx xxx xxxxxxxx xx x xxxxxxxxx xx xxxxxxxxxx xxxxxxxx xxxxxxxxxxx xxxer alia the definition of the concept of a regulated market, for the purposes of this Directive and without prejudice to such future harmonization that cxxxxxx xxxx xx xxxxxxx xxxxxxxxxxxxxx xx xx xxxxxxxx xx xxx xxxxxxxxxx xxxxxxxxxx xx xxxxxxxxx xxxxxx xxxxx xxxx xxxx xxx xxxx xxxxxx xxxxx xx xxx xxxxxt the responsibilities for these matters which this Directive transitionally gives to the assurance undertaking's home Member State;
18. Whexxxx xxx xxxx xx xxxxx xx xxxxx xxx xxxxxxxx xxxxxx xxxxxxxx xx xxxxxxxxx xxxxxxxxxx xxx xx xxxx xx xxxx xx xxxxxxxxxxxx xx xxxx xxxxxxx xx xxx xxxxxxxxx xnstruments and of the facilities granted to other financial institutions for the constitution of their own funds;
19. Whereas the harmonization of axxxxxxxx xxxxxxxx xxx xx xxx x xxxxx xxxxxxxxx xxx xxx xxxxxxxxxxx xx xxx xxxxxxxx xxxxxx xx xxxxxxxxxx xxxxxxxx xxxxxxxxxx xxx xxxxxxxxxxxx xxxxxxxx to the Member States of imposing the application of their law to assurance contracts covering commitments within their territories is likely to providx xxxxxxxx xxxxxxxxxx xxx xxxxxxxxxxxxxxx
xxx xxxxxxx xxxxxx xxx xxxxxxxxx xx xx xxxxxxxx xxxxxx xx xx xx xxx xxxxxxxxxxxxxxxxxxxx xxxxxxxx xxxx xx should have access to the widest possible range of assurance products available in the Community so that he can choose that which is best suited to his neexxx xxxxxxx xx xx xxx xxx xxxxxx xxxxx xx xxx xxxxxxxxxx xx xxxxxx xxxx xxxxx xx xxxxxxx xx xxxxxxx xxx xxxxxxxxx xxxxxx xxx xxxxxxxxx xx xxx xxx xxxxxxxxx products offered for sale in the Community as long as they do not conflict with the legal provisions protecting the general good in force in the Member Staxx xx xxx xxxxxxxxxx xxx xx xx xxx xx xxx xxxxxxx xxxx xx xxx xxxxxxxxxxx xx xxx xxxxx xx xxx xxxx xxxxxx xxxxxx xxxxxxxx xxxx xxxx xxxxxxxxxx xxxx xx xxxxxxd without discrimination to all undertakings operating in that Member State and be objectively necessary and in proportion to the objective pursued;
xxx xxxxxxx xxx xxxxxx xxxxxx xxxx xx xxxx xx xxxxxx xxxx xxx xxxxxxxxx xxxxxxxx xxx xxxxxxxx xxxxxxxxx xxxxx xxxxx xxx xxxxx xx xxxxxxxxxxxxx xx xxx xxeedom to provide services, to cover commitments within their territories comply with such specific legal provisions protecting the general good as arx xxxxxxxxxxx xxxxxxx xxx xxxxxxx xx xxxxxxxxxxx xx xx xxxxxxxx xxxx xxxx xxx xxxxxxxxxxxx xx xx xxxxxxxx xxxxxx xxx xxxxx xxxxxxxxxx xxx xxx xxxxxxxxxe a prior condition for carrying on assurance business; whereas, from this standpoint, systems for the prior approval of policy conditions do not appeax xx xx xxxxxxxxxx xxxxxxx xx xx xxxxxxxxx xxxxxxxxx xx xxxxxxx xxx xxxxx xxxxxxx xxxxxx xxxxxx xx xxx xxxxxxxxxxxx xx xx xxxxxxxx xxxxxx xxxxx xxxxxx xxery Member State to guarantee policy-holders adequate protection;
22. Whereas, for the purposes of implementing actuarial principles in conformixx xxxx xxxx xxxxxxxxxx xxx xxxx xxxxxx xxxxx xxx xxxxxxxxxxxx xxxxxxx xxxxxxxxxx xxxxxxxxxxxx xx xxx xxxxxxxxx xxxxx xxxx xxx xxxxxxxxxxx xxxxxx xx xremiums and technical provisions, with such notification of technical bases excluding notification of the general and special policy conditions and xxx xxxxxxxxxxxxxxxxxx xxxxxxxxxx xxxxxx
xxx xxxxxxx xx x xxxxxx xxxxxxxxx xxxxxx xxx xxxxxxxx xxxx xxxx x xxxxx xxx xxxx xxxxxx xxxxxx xx xxxxxxxxx; whereas, if he is to profit fully from this diversity and from increased competition, he must be provided with whatever information is necessary to enaxxx xxx xx xxxxxx xxx xxxxxxxx xxxx xxxxxx xx xxx xxxxxx xxxxxxx xxxx xxxxxxxxxxx xxxxxxxxxxx xx xxx xxx xxxx xxxxxxxxx xx xxx xxxxxxxx xx xxxxxxxxxxx xxn be very long; whereas the minimum provisions xxxx xxxxxxxxx xx xxxxxxxxxxx xx xxxxx xxx xxx xxxxxxxx xx xxxxxxx xxxxx xxx xxxxxxxx xxxxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxxxxxx xx xxx xxxxxxxx xxxposed to him as well as the particulars of the bodies to which any complaints of policy-holders, assured persons or beneficiaries of contracts may be addxxxxxxx
xxx xxxxxxx xxxxxxxxx xxx xxxxxxxxx xxxxxxxx xx xx xxxxxxxxx xxxxx xx xxxxxxxx xxxxxxxxx xxxxxxxx xx xx xxxxxxx xx xxxxxxxxxxx xxxxxx xxx xxmmunity; whereas it is necessary to leave open to assurance undertakings the use of all normal means of advertising in the Member State of the branch or of xxxxxxxxx xx xxxxxxxxx xxxxxxx xxxxxx xxxxxx xxx xxxxxxxxxxxx xxxxxxx xxxxxxxxxx xxxx xxxxx xxxxxxxx xxxxx xx xxx xxxx xxx xxxxxxx xx xxxxxxxxxxxx xxether laid down pursuant to Community legislation on advertising or adopted by Member States for reasons of the general good;
25. Whereas, within the xxxxxxxxx xx xxx xxxxxxxx xxxxxxx xx xxxxxx xxxxx xxx xxxxxxxx xx xxxxxxxx xxx xxxxxxxxxxxx xxxxxxxx xx xx xxxxxxxxx xxxxxxxx xxxxxx xxx xxxxxxxxx xxxer the right of establishment and the freedom to provide services; whereas the option granted to Member States in this connection by Directive 90/619/Exx xxxxxx xxxxxxxxx xx xxxxxxxxxx
xxx xxxxxxx xxxxxxxxx xxxxxx xx xxxx xxx x xxxxxx xx xxxxxxxxx xx xx xxxxxxx xxxxx xx xxx xxxxxx xxxxx xx xxxxx xxx xxxmitment is entered into, an assurance undertaking does not comply with those provisions protecting the general good that are applicable to it;
27. Whxxxxx xxxx xxxxxx xxxxxx xx xxx xxxxxxx xxxxxxxxx xxxxxxxxxxxx xx xxx xxxx xx xxxxxxxx xxxxxxxxx xxxxx xxx xxxxxxxx xxxxx xxxxxxx xxxxx xxx xxxxx xxxxx of contribution; whereas the structures and rates of such taxes and contributions vary considerably between the Member States in which they are appliexx xxxxxxx xx xx xxxxxxxxx xx xxxxxxx xxxxxxxx xxxxxxxxxxx xxxxxxx xx xxxxxxxxxxx xx xxxxxxxxxxx xx xxxxxxxxx xxxxxxxx xxxxxxx xxxxxx xxxxxxx xxxxxxs, pending subsequent harmonization, application of the tax systems and other forms of contribution provided for by the Member States in which commitmxxxx xxxxxxx xxxx xxx xxxxxx xx xxxxxx xxxx xxxxxxx xxx xx xx xxx xxx xxxxxx xxxxxx xx xxxx xxxxxxxxxxxx xx xxxxxx xxxx xxxx xxxxx xxx xxxxxxxxxxxxx xxx xxllected;
28. Whereas it is important to introduce Community coordination on the winding-up of assurance undertakings; whereas it is henceforth essxxxxxx xx xxxxxxxx xx xxx xxxxx xx xxx xxxxxxxxxx xx xx xxxxxxxxx xxxxxxxxxxxx xxxx xxx xxxxxx xx xxxxxxxxxx xx xxxxx xx xxxx xxxxxx xxxxx xxxx xxxxxxxxx equality of treatment for all assurance creditors, irrespective of nationality and of the method of entering into the commitment;
29. Whereas technxxxx xxxxxxxxxxx xx xxx xxxxxxxx xxxxx xxxx xxxx xx xxxx xxxxxxxxx xxx xx xxxxxxxxx xxxx xxxx xx xxxx xx xxxx xxxxxxx xx xxx xxxxxx xxxxxxxxxxx xx xxx xxxxrance industry; whereas the Commission will make such adjustments as and when necessary, after consulting the Insurance Committee set up by Directive xxxxxxxxxx xxxx xx xxx xxxxxxxx xx xxx xxxxxxxxxxxx xxxxxx xxxxxxxxx xx xx xx xxx xxxxxxx
xxx xxxxxxx xx xx xxxxxxxxx xx xxxxx xxxxxxxx xxxxxxxxxx xxxended to ensure smooth transition from the legal arrangements in existence when this Directive becomes applicable to those that it introduces; whereax xxxx xxxxxx xx xxxxx xx xxxx xxxxxxxxxx xxx xx xxxxx xx xxxxxxxxxx xxxxxxxx xx xxxxxx xxxxxxxxxxxx xxxxxxxxx xxxxxxxxxxxx
xxx xxxxxxxx xxxxxxxx xx Article 8c of the Treaty, account should be taken of the extent of the effort which must be made by certain economies at different stages of development; wxxxxxxx xxxxxxxxxx xxxxxxxxxxxx xxxxxxxxxxxx xxxxxx xx xxxxxxx xxx xxx xxxxxxx xxxxxxxxxxx xx xxxx xxxxxxxxx xx xxxxxxx xxxxxx xxxxxxx
xxx xxxxxxx xxxx xxxxxxxxxx
xxxxx x xxxxxxxxxxx xxx xxxxx
xxxxxxx x
xxx xxx xxxxxxxx xx xxxx xxxxxxxxxx
xxx xxxxxxxxx xxxxxxxxxxx xxxxx mean an undertaking which has received official authorization in accordance with Article 6 of Directive 79/267/EEC;
(b) branch shall mean an agency xx xxxxxx xx xx xxxxxxxxx xxxxxxxxxxxx xxxxxx xxxxxx xx xxxxxxx x xx xxxxxxxxx xxxxxxxxxxx
xxx xxxxxxxxxx xxxxx xxxx x xxxxxxxxxx xxxxxxxxxxx xx xxx of the kinds of insurance or operations referred to in Article 1 of Directive 79/267/EEC;
(d) home Member State shall mean the Member State in which the xxxx xxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xxxxxxxx xxx xxxxxxxxxx xx xxxxxxxxx
xxx xxxxxx xxxxx xx xxx xxxxxx xxxxx xxxx xxx xxxxxx xxxxx xx xxxxx xxx xranch covering the commitment is situated;
(f) Member State of the provision of services shall mean the Member State of the commitment, as defined in Axxxxxx x xxx xx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxxxxxx xx xxxxxxx xx xx xxxxxxxxx xxxxxxxxxxx xx x xxxxxx xxxxxxxx xx xxxxxxx xxxxxx xxxxxx
xxx xxxxxol shall mean the relationship between a parent undertaking and a subsidiary, as defined in Article 1 of Directive 83/349/EEC (), or a similar relationsxxx xxxxxxx xxx xxxxxxx xx xxxxx xxxxxx xxx xx xxxxxxxxxxxx
xx xxxxxxx xxxxxxx xxxxxxxxx xxxxxxxxxx xx xx xxxx xxxx xxxxx xx xxxxxxx xx xxx xxx xx xxx xxeaty on consolidated accounts (OJ No L 193, 18. 7. 1983, p. 1). Directive as last amended by Directive 90/605/EEC (OJ No L 317, 16. 11. 1990, p. 60).
(h) quxxxxxxxx xxxxxxx xxxxx xxxx x xxxxxx xx xxxxxxxx xxxxxxx xx xx xxxxxxxxxxx xxxxx xxxxxxxxxx xx x xx xxxx xx xxx xxxxxxx xx xx xxx xxxxxx xxxxxx xx xxxxx xxxes it possible to exercise a significant influence over the management of the undertaking in which a holding subsists.
For the purposes of this definixxxxx xx xxx xxxxxxx xx xxxxxxxx x xxx xx xxx xx xxx xxxxx xxxxxx xx xxxxxxx xxxxxxxx xx xx xxxxxxx xxx xxx xxxxxx xxxxxx xxxxxxxx xx xx xxxxxxx x xx xxxxxxxxe 88/627/EEC () shall be taken into consideration;
(i) parent undertaking shall mean a parent undertaking as defined in Articles 1 and 2 of Directive 8xxxxxxxxxx
xxx xxxxxxxxxx xxxxx xxxx x xxxxxxxxxx xxxxxxxxxxx xx xxxxxxx xx xxxxxxxx x xxx x xx xxxxxxxxx xxxxxxxxxxx xxx xxxxxxxxxx xx x xxxxxxxxxx undertaking shall also be regarded as a subsidiary of the undertaking which is those undertakings' ultimate parent undertaking;
(k) regulatex xxxxxx xxxxx xxxx x xxxxxxxxx xxxxxx xxxxxxxx xx xx xxxxxxxxxxxxxxxxxx xxxx xxxxxx xxxxx xx x xxxxxxxxx xxxxxx xxxxxxx xxx xxxxxxxx xx x xxxxxxxxxx xx a Directive on investment services and characterized by:
- regular operation, and
- the fact that regulations issued or approved by the appropriatx xxxxxxxxxxx xxxxxx xxx xxxxxxxxxx xxx xxx xxxxxxxxx xx xxx xxxxxxx xxx xxxxxxxxxx xxx xxxxxx xx xxx xxxxxx xxxx xxxxx xxxxxxx xxxxxxxxx xxxxxxxxxx xx 5 March 1979 coordinating the conditions for the admission of securities to official stock-exchange listing () applies, the conditions for admission xx xxxxxxx xxxxxxx xx xxxx xxxxxxxxx xxx xxxxx xxxx xxxxxxxxx xxxx xxx xxxxxx xxx xxxxxxxxxx xx xx xxxxxxxxx xx x xxxxxxxxx xxxxxxxxxx xx xxxxx xx xx xxxxctively dealt in on the market.
For the purposes of this Directive, a regulated market may be situated in a Member xxxxx xx xx x xxxxx xxxxxxxx xx xxx xxxxxx xxxxxx xxx xxxxxx xxxx xx xxxxxxxxxx xx xxx xxxxxxxxxxxxxxxxxx xxxx xxxxxx xxxxx xxx xxxx xxxxxxxxxx xxxxxxxxents. Any financial instruments dealt in must be of a quality comparable to that of the instruments dealt in on the regulated market or markets of the Membxx xxxxx xx xxxxxxxxx
xx xxxxxxx xxxxxxxxx xxxxxxxxxx xx xx xxxxxxxx xxxx xx xxx xxxxxxxxxxx xx xx xxxxxxxxx xxxx x xxxxx xxxxxxx xx x xxxxxx xxxxxxx xx acquired or disposed of (OJ No L 348, 17. 12. 1988, p. 62).
() OJ No L 66, 13. 3. 1979, p. 21. Directive as last amended by Directive 82/148/EEC (OJ No L 62, 5. xx xxxxx xx xxxx
xxx xxxxxxxxx xxxxxxxxxxx xxxxx xxxx xxx xxxxxxxx xxxxxxxxxxx xxxxx xxx xxxxxxxxx xx xxx xx xxxxxxxxxx xx xxxxxxxxx xxxxxxxxx xxxxxtakings.
Article 2
1. This Directive shall apply to the commitments and undertakings referred to in Article 1 of Directive 79/267/EEC.
2. In Arxxxxx x xxx xx xxxxxxxxx xxxxxxxxxx xxx xxxxx xxxxxxxxx xxx xxxxxxxxxx xx xxx xxxxxxx xxxxxxxxxxxxxxx xxxxx xx xxxxxxxx
xx xxxx xxxxxxxxx xxxxx xxxxy neither to classes of insurance or operations nor to undertakings or institutions to which Directive 79/267/EEC does not apply, nor shall it apply to txx xxxxxx xxxxxxxx xx xx xxxxxxx x xx xxxx xxxxxxxxxx
xxxxx xx xxx xxxxxxxxx xx xxx xxxxxxxx xx xxxx xxxxxxxxx
xxxxxxx x
xxxxxxx x
xx xxxective 79/267/EEC shall be replaced by the following:
'Article 6
The taking-up of the activities covered by this Directive shall be subject tx xxxxx xxxxxxxx xxxxxxxxxxxxxx
xxxx xxxxxxxxxxxxx xxxxx xx xxxxxx xxxx xxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxx
xxx xxx xxxxxxxxxxx xxxxx xxxablishes its head office in the territory of that State;
(b) any undertaking which, having received the authorization required in the first subparagxxxxx xxxxxxx xxx xxxxxxxx xx xx xxxxxx xxxxx xx xx xxxxx xxxxxxxxxxxxxx
xxxxxxx x
xxxxxxx x
xx xxxxxxxxx xxxxxxxxxx xxxxx xx xxxxxxxx xx xxx following:
'Article 7
1. Authorization shall be valid for the entire Community. It shall permit an undertaking to carry on business there, unxxx xxxxxx xxx xxxxx xx xxxxxxxxxxxxx xx xxxxxxx xx xxxxxxx xxxxxxxxx
xx xxxxxxxxxxxxx xxxxx xx xxxxxxx xxx x xxxxxxxxxx xxxxx xx xxxxxxxxx xx xxxxxx in the Annex. It shall cover the entire class, unless the applicant wishes to cover only some of the risks pertaining to that class.
The competent authoxxxxxx xxx xxxxxxxx xxxxxxxxxxxxx xxxxxxxxx xxx xxx xx xxx xxxxxxx xx xxx xxxxxxxxxx xxx xxx xx xxx xxxxxx xx xxxxxxxxxx xxxxxxxx xx xx xxxxxxx xx
xxxx Member State may grant authorization for two or more of the classes, where its national laws permit such classes to be carried on simultaneously.'
xxxxxxx x
xxxxxxx x
xx xxxxxxxxx xxxxxxxxxx xxxxx xx xxxxxxxx xx xxx xxxxxxxxxx
xxxxxxxxxxxxx x
xx xxx xxxx xxxxxx xxxxx xxxxx xxxxxxx xxxxx xxxxxxxxx xxxxxxxxxxx xxr which authorization is sought to:
(a) adopt one of the following forms:
- in the case of the Kingdom of Belgium: "société anonyme/naamloze vexxxxxxxxxxxxxxxxx xxxxxxxxxxxxx xx xxxxxxxxxx xxx xxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxx xx xxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxx mutuelle/onderlinge verzekeringsvereniging", "société coopérative/cooeperatieve vennootschap",
- in the case of the Kingdox xx xxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxx xxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxx xxxxxxxx xx xxx xx xxxxxxxxxxxxxxxxxxxxx xxxaergaaende pensionskasser)",
- in the case of the Federal Republic of Germany: "Aktiengesellschaft", "Versicherungsverexx xxx xxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
x xx xxx xxxx xx xxx xxxxxx xxxxxxxc: "société anonyme", "société d'assurance mutuelle", "institution de prévoyance régie par le code de la sécurité xxxxxxxxxxxxxx xxxxxxxxxxxxxxxxx xx xxxxxxxxxx xxxxx xxx xx xxxx xxxxxxxxxxx xxx xxxxxxxxxxxxxxx xxxxxx xxx xx xxxx xx xx xxxxxxxxxxxxxxxx
x xx xxe case of Ireland: incorporated companies limited by shares or by guarantee or unlimited, societies registered under the Industrial and Provident Socxxxxxx xxxx xxx xxxxxxxxx xxxxxxxxxx xxxxx xxx xxxxxxxx xxxxxxxxx xxxxx
x xx xxx xxxx xx xxx xxxxxxx xxxxxxxxx xxxxxxxxxxxxx xxx xxxxxxxxxxxxx xxxxt;societá cooperativa", "mutua di assicurazione",
- in the case of the Grand Duchy of Luxembourg: "société anonyme", &xxxxxxxxxxxx xx xxxxxxxxxx xxx xxxxxxxxxxxxxx xxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxx xxxxxxxxxxxxx xxxxxxxxxxxxxxxxxx
x xx xhe case of the Kingdom of the Netherlands: "naamloze vennootschap", "onderlinge waarborgmaatschappij",
- in the case of the xxxxxx xxxxxxxx xxxxxxxxxxxx xxxxxxxxx xxxxxxx xx xxxxxx xx xx xxxxxxxxx xx xxxxxxxxxx xxxxxxxxx xxxxxxxxxx xxxxx xxx xxxxxxxxxx xxx xxxxxxxxx xxxxeties Acts, societies registered or incorporated under the Friendly Societies Acts, the association of underwriters known as Lloyd's,
- in thx xxxx xx xxx xxxxxxxx xxxxxxxxx xxxxxxxxxxxxx xxxxxxxxxxxxxxxx
x xx xxx xxxx xx xxx xxxxxxx xx xxxxxx xxxxxxxxxxxxxx xxxxxxxxxxxxxx xxxxxxxxxxxxad mutua", "sociedad cooperativa",
- in the case of the Portuguese Republic: "sociedade anónima", "mútua de seguxxxxxxxxxx
xx xxxxxxxxx xxxxxxxxxxx xxx xxxx xxxxx xxx xxxx xx x xxxxxxxx xxxxxxx xxxx xxxx xxx xxxx xxxxxxxxxxxx
xxxxxxxxxxxx xxxxxx xxxxxx xxxx where appropriate, set up undertakings in any public-law form provided that such bodies have as their object insurance operations under conditions eqxxxxxxxx xx xxxxx xxxxx xxxxx xxxxxxxxxxx xxxxxxxxxxxx xxxxxxxx
xxx xxxxx xxx xxxxxxx xx xxx xxxxxxxx xxxxxxxx xxx xx xxxx xxxxxxxxx xxx xxxxxxxxxx directly arising therefrom, to the exclusion of all other commercial business;
(c) submit a scheme of operations in accordance with Article 9;
(d) xxxxxxx xxx xxxxxxx xxxxxxxxx xxxx xxxxxxxx xxx xx xxxxxxx xx xxxx
xxx xx xxxxxxxxxxx xxx xx xxxxxxx xx xxxx xxxxxx xxxx xxxxxxxxxxx xxxxxxxxxxxx xxxxxxxxxxxxxx xx xxxxxxxxxxx
xx xx xxxxxxxxxxx xxxxxxx xxxxxxxxxtion to extend its business to other classes or to extend an authorization covering only some of the risks pertaining to one class shall be required to subxxx x xxxxxx xx xxxxxxxxxx xx xxxxxxxxxx xxxx xxxxxxx xx
xx xxxxxx xxxxxxxxxxxx xx xxxxxxxx xx xxxx xxxxx xxxx xx xxxxxxxxx xxx xxxxxxxx xxxxxx xxxxxxed for in Article 19 and the guarantee fund referred to in Article 20 (1) and (2).
3. Member States shall not adopt provisions requiring the prior approvxx xx xxxxxxxxxx xxxxxxxxxxxx xx xxxxxxx xxx xxxxxxx xxxxxx xxxxxxxxxxx xx xxxxxx xx xxxxxxxxx xx xxx xxxxxxxxx xxxxxx xxxx xx xxxxxxxxxx xxx xxxxxxxxing scales of premiums and technical provisions or of forms and other printed documents which an assurance undertaking intends to use in its dealings wixx xxxxxxxxxxxxxxx
xxxxxxxxxxxxxxx xxx xxxxx xxxxxxxxxxxxx xxx xxx xxxx xxxxxxx xx xxxxxxxxx xxxxxxxxxx xxxx xxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxuarial principles, the home Member State may require systematic notification of the technical bases used for calculating scales of premiums and technxxxx xxxxxxxxxxx xxxxxxx xxxx xxxxxxxxxxx xxxxxxxxxxxx x xxxxx xxxxxxxxx xxx xx xxxxxxxxxxx xx xxxxx xx xxx xxxxxxxxx
xxxxxxx xx xxxx xxxxxxxxx xxxll prevent Member States from maintaining in force or introducing laws, regulations or administrative provisions requiring approval of the memorandxx xxx xxxxxxxx xx xxxxxxxxxxx xxx xxx xxxxxxxxxxxxx xx xxx xxxxx xxxxxxxxx xxxxxxxxx xxx xxx xxxxxx xxxxxxxx xx xxxxxxxxxxxx
xxx xxxxx xxxx xxxx xxxrs after the date of entry into force of Directive 92/96/EEC (*), the Commission shall submit a report to the Council on the implementation of this paragrxxxx
xx xxx xxxxxxxxxxxxxx xxxxxxxxxx xxx xxx xxxxxxx xxxx xxx xxxxxxxxxxx xxx xxxxxxxxxxxxx xx xxxxxxxxxx xx xxx xxxxx xx xxx xxxxxxxx xxxxxxxxxxxs of the market.
(*) OJ No L 360, 9. 12. 1992, p. 1.
Article 6
Article 9
of Directive 79/267/EEC shall be replaced by the following:
'Arxxxxx x
xxx xxxxxx xx xxxxxxxxxx xxxxxxxx xx xx xxxxxxx x xxx xxx xxx xxx xxxxx xxxxxxx xxxxxxxxxxx xx xxxxx xxxxxxxxxxx
xxx xxx xxxxxx xx xxx xxxxxxxents which the undertaking proposes to cover;
(b) the guiding principles as to reassurance;
(c) the items constituting the minimum guarantee fundx
xxx xxxxxxxxx xxxxxxxx xx xxx xxxxx xx xxxxxxx xx xxx xxxxxxxxxxxxxx xxxxxxxx xxx xxx xxxxxxxxxxxx xxx xxxxxxxx xxxxxxxx xxx xxx xxxxxxxxx xxxxxxxes intended to meet those costs;
in addition, for the first three financial years:
(e) a plan setting out detailed estimates of income and expendituxx xx xxxxxxx xx xxxxxx xxxxxxxxx xxxxxxxxxxx xxxxxxxxxxx xxx xxxxxxxxxxx xxxxxxxxx
xxx x xxxxxxxx xxxxxxx xxxxxx
xxx xxxxxxxxx xxxxxxxx xx xxx xinancial resources intended to cover underwriting liabilities and the solvency margin.'
Article 7
The competent authorities of the home xxxxxx xxxxx xxxxx xxx xxxxx xx xxxxxxxxxxx xxxxxxxxxxxxx xx xxxx xx xxx xxxxxxxx xx xxxxxxxxx xxxxxx xxxx xxxx xxxx xxxxxxxx xx xxx xxxxxxxxxx xx xxx xxxxxxxxxxxx xx xxxxxxxx xxxxxx xx xxxxxxxxx xxxxxxx xxxxxxx xx xxxxx xxxxxxxx xxx xxxx xxxxxxxxxx xxxdings in that undertaking and of the amounts of those holdings.
The same authorities shall refuse authorization if, taking into account the need to enxxxx xxx xxxxx xxx xxxxxxx xxxxxxxxxx xx xx xxxxxxxxx xxxxxxxxxxxx xxxx xxx xxx xxxxxxxxx xx xx xxx xxxxxxxxxxxxxx xx xxx xxxxxxxxxxxx xx xxxxxxxx
TITLE III HARMONIZATION OF CONDITIONS GOVERNING PURSUIT OF BUSINESS
Chapter 1
Article 8
Article 15
of Directive 79/267/EEC shall be replxxxx xx xxx xxxxxxxxxx
xxxxxxxxxxxxx xx
xx xxx xxxxxxxxx xxxxxxxxxxx xx xx xxxxxxxxx xxxxxxxxxxxx xxxxxxxxx xxxx xx xxx xxxxxxxx xx xxxxxxx xx xxxher through branches or under the freedom to provide services, shall be the sole responsibility of the home Member State. If the competent authorities ox xxx xxxxxx xxxxx xx xxx xxxxxxxxxx xxxx xxxxxx xx xxxxxxxx xxxx xxx xxxxxxxxxx xx xx xxxxxxxxx xxxxxxxxxxx xxxxx xxxxxx xxx xxxxxxxxx xxxxxxxxxx xxxx shall inform the competent authorities of the undertaking's home Member State. The latter authorities shall determine whether the undertaking xx xxxxxxxxx xxxx xxx xxxxxxxxxx xxxxxxxxxx xxxx xxxx xx xxxx xxxxxxxxxx
xx xxxx xxxxxxxxx xxxxxxxxxxx xxxxx xxxxxxx xxxxxxxxxxxxx xxxx xxxxxxx xx the assurance undertaking's entire business, of its state of solvency, the establishment of technical provisions, including mathematical proxxxxxxxx xxx xx xxx xxxxxx xxxxxxxx xxxxx xx xxxxxxxxxx xxxx xxx xxxxx xxxx xxxx xx xxxxxxxxx xxxxxxxx xx xxx xxxx xxxxxx xxxxx xxxxxxxx xx xxx xxxxxxxxxs adopted at Community level.
3. The competent authorities of the home Member State shall require every assurance undertaking to have sound administxxxxxx xxx xxxxxxxxxx xxxxxxxxxx xxx xxxxxxxx xxxxxxxx xxxxxxx xxxxxxxxxxxxxxxxx
xxxxxxx x
xxxxxxx xx
xx xxxxxxxxx xxxxxxxxxx xxxxx xx xeplaced by the following:
'Article 16
The Member State of the branch shall provide that, where an assurance undertaking authorized in anothex xxxxxx xxxxx xxxxxxx xx xxxxxxxx xxxxxxx x xxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxxx xxxxx xxxxxx xxxxx xxxxxxxx xxx xxxxxxxxx xuthorities of the Member State of the branch, carry out themselves, or through the intermediary of persons they appoint for that purpose, on-the-spot vxxxxxxxxxxx xx xxx xxxxxxxxxxx xxxxxxxxx xx xxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxxxxxxxx xxx xxxxxxxxxxx xx xxx xxxxxx xxxxx xx xxx xxxxxx xxx participate in that verification'.
Article 10
Article 23
(2) and (3) of Directive 79/267/EEC shall be replaced by the following:
&#xxxxxx xxxxxx xxxxxx xxxxx xxxxxxx xxxxxxxxx xxxxxxxxxxxx xxxx xxxx xxxxxxx xxxxxx xxxxx xxxxxxxxxxx xx xxxxxx xxxxxxxxxxxx xxx xxxxxxxx xxxxxxxx xith statistical documents, which are necessary for the purposes of supervision. The competent authorities shall provide each other with any documentx xxx xxxxxxxxxxx xxxx xxx xxxxxx xxx xxx xxxxxxxx xx xxxxxxxxxxxx
xx xxxxx xxxxxx xxxxx xxxxx xxxx xxx xxxxx xxxxxxxxx xx xxxxxx xxxx xxx xxxxxxxxx xxxxxxxxxxx xxxx xxx xxxxxx xxx xxxxx xxxxxxxxx xxx xxx xxxxxxxxxxx xx xxx xxxxxxxx xx assurance undertakings with head offices within their territories, including business carried on outside those territories, in accordance with the xxxxxxx xxxxxxxxxx xxxxxxxxx xxxxx xxxxxxxxxx xxx xxx xxx xxxxxxx xx xxxxxx xxxx xxxx xxx xxxxxxxxxxxx
xxxxx xxxxxx xxx xxxxx xxxxx xx xxxxxxxxxxx xnable the competent authorities to:
(a) make detailed enquiries regarding the undertaking's situation and the whole of its business, inter alxx xxx
x xxxxxxxxx xxxxxxxxxxx xx xxxxxxxxx xxx xxxxxxxxxx xx xxxxxxxxx xxxxxxxxxx xxx xxxxxxxxx xxxxxxxxx
x xxxxxxxx xxx xxxxxxxxxxx xxxxxxxgations at the undertaking's premises;
(b) take any measures, with regard to the undertaking, its directors or managers or the persons who contxxx xxx xxxx xxx xxxxxxxxxxx xxx xxxxxxxxx xx xxxxxx xxxx xxx xxxxxxxxxxxxxxxxxx xxxxxxxx xxxxxxxxx xx xxxxxx xxxx xxx xxxxx xxxxxxxxxxx xxx xxxxxxxxrative provisions with which the undertaking must comply in each Member State and in particular with the scheme of operations in so far as it remains mandxxxxxx xxx xx xxxxxxx xx xxxxxx xxx xxxxxxxxxxxxxx xxxxxxxxxxx xx xxx xxxxxxxxx xx xxx xxxxxxx xxxxxxxx
xxx xxxxxx xxxx xxxxx xxxxxxxx xxx xxxxxxx xxt, if need be by enforcement, where appropriate through judicial channels.
Member States may also make provision for the competent authorities to obxxxx xxx xxxxxxxxxxx xxxxxxxxx xxxxxxxxx xxxxx xxx xxxx xx xxxxxxxxxxxxxxxxxxxxx
xxxxxxx xx
xx xxxxxxx x xxx xx xxx xx xxxxxxxxx xxxxxxxxxx xxxll be deleted.
2. Under the conditions laid down by national law, each Member State shall authorize assurance undertakings with head offices within ixx xxxxxxxxx xx xxxxxxxx xxx xx xxxx xx xxxxx xxxxxxxxxx xx xxxxxxxxxx xxxxxxxxx xxxxx xxxxxx xxx xxxxx xx xxxxxxxxxxxxx xx xxx xxxxxxx xx xxxxxxx xxxxxces, to an accepting office established within the Community, if the competent authorities of the home Member State of the accepting office certify thax xxxxx xxxxxx xxx xxxxxxxx xxxx xxxxxxx xxx xxxxxx xxxxxxxxx xxx xxxxxxxxx xxxxxxxx xxxxxxx
xx xxxxx x xxxxxx xxxxxxxx xx xxxxxxxx xxx xx xxxx xx xxx xortfolio of contracts, concluded under either the right of establishment or the freedom to provide services, the Member State of the branch shall be conxxxxxxx
xx xx xxx xxxxxxxxxxxxx xxxxxxxx xx xx xxxxxxxxx x xxx xx xxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xx xxx xxxxxxxxxxxx xxxxxxxxxxx xxxxx xxxxxrize the transfer after obtaining the agreement of the competent authorities of the Member States of the commitment.
5. The competent authorities of xxx xxxxxx xxxxxx xxxxxxxxx xxxxx xxxx xxxxx xxxxxxx xx xxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xx xxx xxxxxxxxxxxx xxxxxxxxx xxxertaking within three months of receiving a request; the absence of any response within that period from the authorities consulted shall be considered xxxxxxxxxx xx x xxxxxxxxxx xxxxxxx xx xxxxx xxxxxxxx
xx x xxxxxxxx xxxxxxxxxx xx xxxxxxxxxx xxxx xxxx xxxxxxx xxxxx xx xxxxxxxxx xx xxxx xxxx xx xxxxxnal law in the Member State of the commitment. Such transfers shall automatically be valid against policy-holders, the assured persons and any other pexxxx xxxxxx xxxxxx xx xxxxxxxxxxx xxxxxxx xxx xx xxx xxxxxxxxx xxxxxxxxxxxx
xxxx xxxxxxxxx xxxxx xxx xxxxxx xxx xxxxxx xxxxxxxxxxxx xxxxxx xx xxxx xxxxxxxxxxxxxx xxx xxxxxx xx xxxxxxxxxx xxxxxxxxx xxxxxx x xxxxx xxxxxx xxxxx x xxxxxxxxx
xxxxxxx xx
xx xxxxxxx xx xx xxxxxxxxx xx/267/EEC shall be replaced by the following:
'Article 24
1. If an undertaking does not comply with Article 17, the competent authority of its hxxx xxxxxx xxxxx xxx xxxxxxxx xxx xxxx xxxxxxxx xx xxx xxxxxx xxxxx xxxxxx xxxxxxxxxxxx xxx xxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxxx of commitment.
2. For the purposes of restoring the financial situation of an undertaking the solvency margin of which has fallen below the minimum rexxxxxx xxxxx xxxxxxx xxx xxx xxxxxxxxx xxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxxxx xxxxxxx xxxx x xxxx xxx xxx xxxxxxxxxxx xx x xxxxx xxxxxxxxx xxxxxxxx xx xubmitted for its approval.
In exceptional circumstances, if the competent authority is of the opinion that the financial situation of the undertakixx xxxx xxxxxxx xxxxxxxxxxxx xx xxx xxxx xxxxxxxx xx xxxxxxxx xxx xxxx xxxxxxxx xx xxx xxxxxxxxxxxxxxxxxx xxxxxxx xx xxxxx xxxxxx xxx xxxxxxxxxxx xx xxher Member States within the territories of which the undertaking carries on business of any measures it has taken and the latter shall, at the request of xxx xxxxxxx xxxx xxx xxxx xxxxxxxxx
xx xx xxx xxxxxxxx xxxxxx xxxxx xxxxx xxx xxxxxxxxx xxxx xx xxxxxxx xx xxxxxxx xxx xxx xxxxxxxxx xxxxxxxxx xx xxx xxme Member State shall require the undertaking to submit a short-term finance scheme for its approval.
It may also restrict or prohibit the free disposxx xx xxx xxxxxxxxxxxxxxxxxx xxxxxxx xx xxxxx xxxxxx xxx xxxxxxxxxxx xx xxxxx xxxxxx xxxxxx xxxxxx xxx xxxxxxxxxxx xx xxxxx xxx xxxxxxxxxxx xxxxxxx xx business accordingly and the latter shall, at the request of the former, take the same measures.
4. The competent authorities may further take all meaxxxxx xxxxxxxxx xx xxxxxxxxx xxx xxxxxxxxx xx xxx xxxxxxx xxxxxxx xx xxx xxxxx xxxxxxxx xxx xx xxxxxxxxxx xx x xxx xx
xx xxxx xxxxxx xxxxx xxxxx xxxx xxx measures necessary to be able in accordance with its national law to prohibit the free disposal of assets located within its territory at the request, in xxx xxxxx xxxxxxxx xxx xx xxxxxxxxxx xx x xxx xx xx xxx xxxxxxxxxxxxxxxxxx xxxx xxxxxx xxxxxx xxxxx xxxxx xxxxxxxxx xxx xxxxxx xx xx xxxxxxx xx xxxx xxxxxres.'
Article 13
Article 26
of Directive 79/267/EEC shall be replaced by the following:
'Article 26
1. Authorization grantxx xx xx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxx xx xxxxxxxxx xx xxxx xxxxxxxxx xx xxxx xxxxxxxxxxxx
xxx xxxx xxx make use of the authorization within 12 months, expressly renounces it or ceases to carry on business for more than six months, unless the Member State coxxxxxxx xxx xxxx xxxxxxxxx xxx xxxxxxxxxxxxx xx xxxxx xx xxxx xxxxxx
xxx xx xxxxxx xxxxxxx xxx xxxxxxxxxx xxx xxxxxxxxxx
xxx xxx xxxx xxxxxxx xxxhin the time allowed, to take the measures specified in the restoration plan or finance scheme referred to in Article 24;
(d) fails seriously in its oblxxxxxxxx xxxxx xxx xxxxxxxxxxx xx xxxxx xx xx xxxxxxxx
xx xxx xxxxx xx xxx xxxxxxxxxx xx xxxxx xx xxx xxxxxxxxxxxxxx xxx xxxxxxxxx xxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxxxx xxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxx xxxxxx xxxxxx xxxxxxxxxxx xxx xxxx xxxxx xxxx xxxxxxxxxxx xxxxxxxx xx xxxxent the undertaking from commencing new operations within their territories, under either the freedom of establishment or the freedom to provide servxxxxx xxx xxxx xxxxxx xxxxxxxxxxxx xxxxxxxxx xxxxxxxxx xxxxxx xx xxxxxxxxxxx xxxx xxxxx xxxxxxxxxxxx xxxx xxx xxxxxxxxx xxxxxxxx xx xxxxxxxxx xxx xxterests of the assured persons and shall restrict, in particular, the free disposal of the assets of the undertaking in accordance with Article 24 (1), (xxx xxxxxx xxxxxxxxxxxxx xx xxxx xxxxxx xxxxxxxxxxxxx
xx xxx xxxxxxxx xx xxxxxxxx xx xxxxxxxxxxxxx xxxxx xx xxxxxxxxx xx xxxxxxx xxxxxxx xxx xxxxxxed to the undertaking in question.'
Article 14
1. Member States shall require any natural or legal person who proposes to acquire, directly xx xxxxxxxxxxx x xxxxxxxxxx xxxxxxx xx xx xxxxxxxxx xxxxxxxxxxx xxxxx xx xxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxxx xxxxxxxxxx xxx xxxe of the intended holding. Such a person must likewise inform the competent authorities of the home Member State if he proposes to increase his qualifyinx xxxxxxx xx xxxx xxx xxxxxxxxxx xx xxx xxxxxx xxxxxx xx xx xxx xxxxxxx xxxx xx xxx xxxxx xxxxx xx xxxxxx xxx xx xx xx x xx xx xxxx xxx xxxxxxxxx xxxxxxxxxxx xxuld become his subsidiary.
The competent authorities of the home Member State shall have a maximum of three months from the date of the notification prxxxxxx xxx xx xxx xxxxx xxxxxxxxxxxx xx xxxxxx xxxx x xxxx xxx xx xxxx xx xxx xxxx xx xxxxxx xxxxx xxx xxxxxxx xxxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxxx xxxy are not satisfied as to the qualifications of the person referred to in the first subparagraph. If they do not oppose the plan in question they may fix a maxxxxx xxxxxx xxx xxx xxxxxxxxxxxxxxx
xx xxxxxx xxxxxx xxxxx xxxxxxx xxx xxxxxxx xx xxxxx xxxxxx xxx xxxxxxxx xx xxxxxxxx xxxxxxxx xx xxxxxxxxxxx xx x qualifying holding in an assurance undertaking first to inform the competent authorities of the home Member State, indicating the size of his intended xxxxxxxx xxxx x xxxxxx xxxx xxxxxxxx xxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xx xxxxxxxx xx xxxxxx xxx xxxxxxxxxx xxxxxxx xx xxxx xxx xxxxxxxxxx xx xxx xxxxng rights or of the capital held by him would fall below 20, 33 or 50 % or so that the assurance undertaking would cease to be his subsidiary.
3. On becoming xxxxx xx xxxxx xxxxxxxxx xxxxxxxxxxxx xxxxx xxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxxxx xxxx xxxxxx xxxxxx xx xxx xxxxxxxxxxxx xx xxxxxxxxx xx xxxxxxxx in their capital that cause holdings to exceed or fall below one of the thresholds referred to in paragraphs 1 and 2.
They shall also, at least once a yearx xxxxxx xxxx xx xxx xxxxx xx xxxxxxxxxxxx xxx xxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxx xxx xxx xxxxx xx xxxx xxxxxxxx xx xxxxxx xxx xxxxxxxx xx xxx xxxxxxation received at the annual general meetings of shareholders and members or as a result of compliance with the regulations relating to companies listex xx xxxxx xxxxxxxxxx
xx xxxxxx xxxxxx xxxxx xxxxxxx xxxxx xx xxx xxxxxxxxx xxxxxxxxx xx xxx xxxxxxx xxxxxxxx xx xx xxxxxxxxx x xx xxxxxx xx xxxxxxx xx xhe detriment of the prudent and sound management of the assurance undertaking, the competent authorities of the home Member State shall take appropriaxx xxxxxxxx xx xxx xx xxx xx xxxx xxxxxxxxxx xxxx xxxxxxxx xxx xxxxxxxx xxx xxxxxxxx xx xxxxxxxxxxxx xxxxxxxxx xxxxxxx xxxxxxxxx xxx xxxxxxxxx xx xxx xxspension of the exercise of the voting rights attaching to the shares held by the shareholders or members in question.
Similar measures shall apply to xxxxxxx xx xxxxx xxxxxxx xxxxxxx xx xxxxxx xxxx xxx xxxxxxxxxx xx xxxxxxx xxxxx xxxxxxxxxxxx xx xxxx xxxx xx xxxxxxxxx xx xx x xxxxxxx xx xxxxxxxx xxxxxxx xxx xxxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxies, the Member States shall, regardless of any other sanctions to be adopted, provide either for exercise of the corresponding voting rights to be suspxxxxxx xx xxx xxx xxxxxxx xx xxxxx xxxx xx xxx xxx xxxxxxxxxxx xx xxxxx xxxxxxxxxx
xxxxxxx xx
xx xxx xxxxxx xxxxxx xxxxx xxxxxxx xxxx xxx xxxxxxx xxrking or who have worked for the competent authorities, as well as auditors or experts acting on behalf of the competent authorities, shall be bound by thx xxxxxxxxxx xx xxxxxxxxxxxx xxxxxxxx xxxx xxxxx xxxx xx xxxxxxxxxxxx xxxxxxxxxxx xxxxx xxxx xxx xxxxxxx xx xxx xxxxxx xx xxxxx xxxxxx xxx xx xxxxxxxx xo any person or authority whatsoever, except in summary or aggregate form, such that individual assurance undertakings cannot be identified, without xxxxxxxxx xx xxxxx xxxxxxx xx xxxxxxxx xxxx
xxxxxxxxxxxxx xxxxx xx xxxxxxxxx xxxxxxxxxxx xxx xxxx xxxxxxxx xxxxxxxx xx xx xxxxx xxxxxxxxxxxx xxxxx up, confidential information which does not concern third parties involved in attempts to rescue that undertaking may be divulged in civil or commercixx xxxxxxxxxxxx
xx xxxxxxxxx x xxxxx xxx xxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxxxxx xxxxxx xxxxxx xxxx xxxxxxxxxx xxxxxxxxxxx xx xxxxxxxxxe with the directives applicable to assurance undertakings. That information shall be subject to the conditions of professional secrecy indicated in xxxxxxxxx xx
xx xxxxxx xxxxxx xxx xxxxxxxx xxxxxxxxxxx xxxxxxxxxxx xxxxxxxxx xxx xxxxxxxxx xx xxxxxxxxxxxx xxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxxxd countries only if the information disclosed is subject to guarantees of professional secrecy at least equivalent to those referred to in this Articlex
xx xxxxxxxxx xxxxxxxxxxx xxxxxxxxx xxxxxxxxxxxx xxxxxxxxxxx xxxxx xxxxxxxxxx x xx x xxx xxx xx xxxx xx xxx xxxxxx xx xxxxx xxxxxxx
x xx xxxxx xxxx xhe conditions governing the taking-up of the business of assurance are met and to facilitate monitoring of the conduct of such business, especially witx xxxxxx xx xxx xxxxxxxxxx xx xxxxxxxxx xxxxxxxxxxx xxxxxxxx xxxxxxxx xxxxxxxxxxxxxx xxx xxxxxxxxxx xxxxxxxxxx xxx xxxxxxxx xxxxxxx xxxxxxxxxxx xx
- to impose sanctions, or
- in administrative appeals against decisions of the competent authority, or
- in court proceedings initiated pursuanx xx xxxxxxx xx xx xxxxx xxxxxxx xxxxxxxxxx xxxxxxxx xxx xx xxx xxxxxxxxxx xxxxxxx xx xxx xxxxx xx xxxxxxxxx xxxxxxxxxxxxx
xx xxxxxxxxxx x xxx x xxxxx xot preclude the exchange of information within a Member State, where there are two or more competent authorities in the same Member State, or, between Mexxxx xxxxxxx xxxxxxx xxxxxxxxx xxxxxxxxxxx xxxx
x xxxxxxxxxxx xxxxxxxxxxx xxx xxx xxxxxxxx xxxxxxxxxxx xx xxxxxx xxxxxxxxxxxx xxx xxxxx xxxxxxxxl organizations and the authorities responsible for the supervision of financial markets,
- bodies involved in the liquidation and bankruptcy of asxxxxxxx xxxxxxxxxxxx xxx xx xxxxx xxxxxxx xxxxxxxxxxx xxx
x xxxxxxx xxxxxxxxxxx xxx xxxxxxxx xxx xxxxxxxxx xxxxxx xx xxx xxxxxxxx xx xxxxxxxxx xxxxrtakings and other financial institutions,
in the discharge of their supervisory functions, and the disclosure, to bodies which administer (compuxxxxxx xxxxxxxxxx xxxxxxxxxxx xx xxxxxxxxx xxxxxx xx xxxxxxxxxxx xxxxxxxxx xx xxx xxxxxxxxxxx xx xxxxx xxxxxxx xxx xxxxxxxxxxx xxxxxxxx xx xxxxx xxxhorities, bodies and persons xxxxx xx xxxxxxx xx xxx xxxxxxxxxx xx xxxxxxxxxxxx xxxxxxx xxxx xxxx xx xxxxxxxxx xx
xx xx xxxxxxxxx xxxxxxxxxxxxxxx xxxxxxxxxx x xxx xx xxxxxx xxxxxs may, under provisions laid down by law, authorize the disclosure of certain information to other departments of their central government administraxxxxx xxxxxxxxxxx xxx xxxxxxxxxxx xx xxx xxxxxxxxxxx xx xxxxxx xxxxxxxxxxxxx xxxxxxxxx xxxxxxxxxxxxx xxxxxxxxxx xxxxxxxx xxx xxxxxxxxx xxxxxxxxxngs and to inspectors acting on behalf of those departments.
However, such disclosures may be made only where necessary for reasons of prudential conxxxxx
xxxxxxxx xxxxxx xxxxxx xxxxx xxxxxxx xxxx xxxxxxxxxxx xxxxxxxx xxxxx xxxxxxxxxx x xxx x xxx xxxx xxxxxxxx xx xxxxx xx xxx xxxxxxxxxxx xxxxxxxxtion referred to in Article 16 of Directive 79/267/EEC may never be disclosed in the cases referred to in this paragraph except with the express consent ox xxx xxxxxxxxx xxxxxxxxxxx xxxxx xxxxxxxxx xxx xxxxxxxxxxx xx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxx xx xxxxx xxxxxxxxxxx xxxxxxxxxxxx xxx carried out.
Article 16
Article 13
of Directive 79/267/EEC shall be replaced by the following:
'Article 13
1. Without prejudice tx xxxxxxxxxx x xxx xx xx xxxxxxxxxxx xxx xx xxxxxxxxxx xxxx xxxxxxxx xx xxxx xxxxxxxxx xxx xxxxxxxx xx xxxxxxxxx xxxxxxxxxxx
xx xxxxxxxx xxxxxx xxxxxs may provide that:
- undertakings authorized pursuant to this Directive may also obtain authorization, in accordance with Article 6 of Directive 73xxxxxxxx xxx xxx xxxxx xxxxxx xx xxxxxxx x xxx x xx xxx xxxxx xx xxxx xxxxxxxxxx
x xxxxxxxxxxxx xxxxxxxxxx xxxxxxxx xx xxxxxxx x xx xxxxxxxxx xxxxxxxxxC solely for the risks listed in classes 1 and 2 in the Annex to that Directive may obtain authorization pursuant to this Directive.
3. Subject to paragrxxx xx xxxxxxxxxxxx xxxxxxxx xx xx xxxxxxxxx x xxx xxxxx xxxxx xx xxx xxxx xx xxxxxxxxxxxx xx xxxx xxxxxxxxx xxxxx xx xxxxxxxxxxxxxx xxxx xx xxx xxxxxxxxes covered by this Directive and by Directive 73/239/EEC may continue to do so, provided that each activity is separately managed in accordance with Artxxxx xxx
xx xxxxxx xxxxxx xxx xxxxxxx xxxx xxx xxxxxxxxxxxx xxxxxxxx xx xx xxxxxxxxx x xxxxx xxxxxx xxxx xxx xxxxxxxxxx xxxxx xxxxxxxxx xxxxxxxxxxxx authorized pursuant to this Directive for all of their activities. Pending coordination in this respect, Member States may also provide that, with regxxx xx xxxxx xx xxxxxxxxxxx xxxxxxxxxx xxxxxxxx xx xxx xxxxx xxxxxx xx xxxxxxx x xxx x xx xxx xxxxx xx xxxxxxxxx xxxxxxxxxx xxxxxxx xx xx xxx xxxxxxxxxxxx referred to in paragraph 2 shall be governed by the rules applicable to life assurance activities.
5. Where an undertaking carrying on the activities xxxxxxxx xx xx xxx xxxxx xx xxxxxxxxx xxxxxxxxxx xxx xxxxxxxxxx xxxxxxxxxx xx xxxxxxxxxxxxxx xxxxx xxxx xx xxxxxxxxxxx xxxxxxxx xx xxx xxxxxxxxxx xxxered by this Directive, the supervisory authorities of the Member States within whose territories the head offices of those undertakings are situated xxxxx xxxxxx xxxx xxx xxxxxxxx xx xxx xxxxxxxxxxxx xx xxxxxxxx xxx xxx xxxxxxxxx xx xxxxxxxxxx xxxxxxx xxxxx xxxxxxxxxxxx xx xx xxx xxxxxxxxxxx xxxxx xould affect the apportionment of expenses and income.
6. Any Member State may require undertakings whose head offices are situated in its territory tx xxxxxx xxxxxx x xxxxxx xx xx xxxxxxxxxx xx xxx xxxxxx xxxxx xxxxxxxxxx xxx xxxxxxxxxxxx xxxxxxx xx xxxxxxxxxx xx xxxxx xxxx xxxx xxxxxxx xx xxx xxxx xx xxxxxxxxxxxx xx xxxx xxxxxxxxxx
xx xxx xxxxxxxxxx xx xxxx xxxxxxx xxxxx xx xxxxxxxx xx xxx xxxxx xx x xxxxxx xxxx xxx xxxxxxxion to the Council in the light of future harmonization of the rules on winding-up, and in any case before 31 December 1999.'
Article 17
Artxxxx xx
xx xxxxxxxxx xxxxxxxxxx xxx xxxxxxx xx xx xxxxxxxxx xxxxxxxxxx xxxxx xx xxxxxxxx
xxxxxxx x
xxxxxxx xx
xxxxxxx xx
xx xxxxxxxxx xx/267/EEC shall be replaced by the following:
'Article 17
1. The home Member State shall require every assurance undertaking to establish sufxxxxxxx xxxxxxxxx xxxxxxxxxxx xxxxxxxxx xxxxxxxxxxxx xxxxxxxxxxx xx xxxxxxx xx xxx xxxxxx xxxxxxxxx
xxx xxxxxx xx xxxx xxxxxxxxx xxxxxxxxxx xxxxl be determined according to the following principles:
A. (i) The amount of the technical life-assurance provisions shall be calculated by a sufficixxxxx xxxxxxx xxxxxxxxxxx xxxxxxxxx xxxxxxxxxx xxxxxx xxxxxxx xx xxx xxxxxx xxxxxxxxxxx xx xxxxxxxxxx xx xxx xxxxxx xxxxxxxxxx xxx xxxx xxxxxxxx xxxtract, including:
- all guaranteed benefits, including guaranteed surrender values,
- bonuses to which policy-holders are already either collexxxxxxx xx xxxxxxxxxxxx xxxxxxxxx xxxxxxx xxxxx xxxxxxx xxx xxxxxxxxx x xxxxxxx xxxxxxxx xx xxxxxxxxx
x xxx xxxxxxx xxxxxxxxx xx xxx xxxxxxxxxxxxx under the terms of the contract,
- expenses, including commissions;
taking credit for future premiums due;
(ii) the use of a retrospective methox xx xxxxxxxx xx xx xxx xx xxxxx xxxx xxx xxxxxxxxx xxxxxxxxx xxxxxxxxxx xxx xxx xxxxx xxxx xxxxx xx xxxxxxxx xxxxx x xxxxxxxxxxxx xxxxxxx xxxxxxxxxxx xxlculation or if a prospective method cannot be used for the type of contract involved;
(iii) a prudent valuation is not a "best estimate" vaxxxxxxxx xxx xxxxx xxxxxxx xx xxxxxxxxxxx xxxxxx xxx xxxxxxx xxxxxxxxx xx xxx xxxxxxxx xxxxxxxx
xxxx xxx xxxxxx xx xxxxxxxxx xxx xxx xxxxxxxxx xxxxxsions must not only be prudent in itself, but must also be so having regard to the method of valuation for the assets covering those provisions;
(v) techxxxxx xxxxxxxxxx xxxxx xx xxxxxxxxxx xxxxxxxxxx xxx xxxx xxxxxxxxx xxx xxx xx xxxxxxxxxxx xxxxxxxxxxxxxx xx xxxxxxxxxxxxxxx xx xxxxxxxx xxxxxxxx xxere they are likely to give approximately the same result as individual calculations. The principle of separate calculation shall in no way prevent the xxxxxxxxxxxxx xx xxxxxxxxxx xxxxxxxxxx xxx xxxxxxx xxxxx xxxxx xxx xxx xxxxxxxxxxxxxxx
xxxx xxxxx xxx xxxxxxxxx xxxxx xx x xxxxxxxx xx xxxxxxxxxxx the amount of the mathematical provisions for the contract at any time shall be at least as great as the value guaranteed at that time.
B. The rate of intexxxx xxxx xxxxx xx xxxxxx xxxxxxxxxx xx xxxxx xx xxxxxxxxxx xx xxxxxxxxxx xxxx xxx xxxxx xx xxx xxxxxxxxx xxxxxxxxx xx xxx xxxx xxxxxx xxxxxx xxxxxxxx xxe following principles:
(a) for all contracts, the competent authority of the undertaking's home Member State shall fix one or more maximum ratxx xx xxxxxxxxx xx xxxxxxxxxx xx xxxxxxxxxx xxxx xxx xxxxxxxxx xxxxxx
xxx xxxx xxxxxxxxx xxxxxxx xx xxxxxxxx xxxx xxxxxxxxxx xxx xxxxxxxxx xxxxxxxxx xx xxx xxxx xxxber State shall set a single maximum rate of interest. It may differ according to the currency in which the contract is denominated, provided that it is nox xxxx xxxx xx x xx xxx xxxx xx xxxx xxxxxx xx xxx xxxxx xx xxxxx xxxxxxxx xxx xxxxxxxx xx xxxxxxxxxxxx xx xxx xxxx xx x xxxxxxxx xxxxxxxxxxx xx xxxxx xxxx xxxit shall be set by reference to ecu-denominated issues by the Community institutions.
If a Member State decides, pursuant to the second sentence of thx xxxxxxxxx xxxxxxxxxx xx xxx x xxxxxxx xxxx xx xxxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxxxxxx xxxxxx xxxxxxxxxxxx xxxxxxxxx xx xxxxx xxxxx xxxxxxx xxx competent authority of the Member State in whose currency the contract is denominated;
(ii) however, when the assets of the undertaking are not valuex xx xxxxx xxxxxxxx xxxxxx x xxxxxx xxxxx xxx xxxxxxxxx xxxx xxx xx xxxx xxxxxxx xxxxx xxx xx xxxxxxxxxx xxxxxx xxxx xxxxxxx xxx xxxxx xx xxx xxxxxxxxxxxxg assets currently held, minus a prudential margin and, in particular for contracts with periodic premiums, furthermore taking into account the anticxxxxxx xxxxx xx xxxxxx xxxxxxx xxx xxxxxxxxxx xxxxxx xxx xxx xxxxxxx xxxx xx xxxxx xx xxxxxxxx xxxxxxx xx xxx xxxxxxxxxxx xxxxx xx xxxxxx xxxxxx xxxxx xx fixed by the competent authority of the home Member State;
(b) the establishment of a maximum rate of interest shall not imply that the undertaking is bxxxx xx xxx x xxxx xx xxxx xx xxxxx
xxx xxx xxxx xxxxxx xxxxx xxx xxxxxx xxx xx xxxxx xxx xx xxx xxxxxxxxx xxxxxxxxxx xx xxxxxxxxxx
x xxxxxxxxxxx xxxxxxcts,
- single-premium contracts for a period of up to eight years,
- without-profits contracts, and annuity contracts with no surrender value.
xx xxx xxxxx xxxxxxxx xx xx xxx xxxx xxx xxxxxxx xx xxx xxxxx xxxxxxxxxxxxx xx xxxxxxxx x xxxxxxx xxxx xx xxxxxxxxx xxxxxxx xxx xx xxxxx xx xxx xxxxxxxx xx which the contract is denominated and corresponding assets currently held and where the undertaking's assets are valued at their current value, xxx xxxxxxxxxxx xxxxx xx xxxxxx xxxxxxx
xxxxx xx xxxxxxxxxxxxx xxx xxx xxxx xx xxxxxxxx xxxx xx xxxxxx xxxx xxx xxxxx xx xxxxxx xx xxxxxxxxxx xx xxxxxxance with the accounting rules in the home Member State, less an appropriate deduction;
(d) the Member State shall require an undertaking to set aside xx xxx xxxxxxxx x xxxxxxxxx xx xxxx xxxxxxxxxxxxx xxxxxxxxxxx xxxxxxxxx xxxxxxxxxxxxxx xx xxx xxxxxxx xx xxxxxxxxxxx xxxxx xx xxx xxxxxxxxxxxxxxxxxs assets is insufficient to cover those commitments;
(e) the Commission and the competent authorities of the Member States which so request shall be nxxxxxxx xx xxx xxxxxxx xxxxx xx xxxxxxxx xxx xxxxx xxxx
xx xxx xxxxxxxxxxx xxxxxxxx xx xxx xxxxxxxxx xxx xxx xxxxxxxxx xxx xxxxxxxx xxxx xxxxx xx xxxxxn prudently, having regard to the State of the commitment, the type of policy and the administrative costs and commissions expected to be incurred.
D. xx xxx xxxx xx xxxxxxxxxxxxx xxxxxxxxxx xxx xxxxxx xx xxxxxxxxxxx xxx xxxxxxxxx xxxxxxxxxx xxx xxxx xxxx xxxxxxxx xxxxxx xxxxxxxxxx xx xxxxxxxxxxx xxture bonuses of all kinds, in a manner consistent with the other assumptions on future experience and with the current method of distribution of bonusesx
xx xxxxxxxxx xxx xxxxxx xxxxxxxx xxx xx xxxx xxxxxxxxxxx xxx xxxxxxxx xx xxx xxx xx xxxxxx xxxxxxxx xxx xx xxxxxxxxxx xxxxxxxx xxxxxxxx xxx xxxxxxx xxxxxxxxxx xxxxxxxx xx xxxxxxxxx xxxxx xx xxx xxxx xxxx x xxxxxxx xxxxxxxx xx xxx xxxxxxxx xxxxxx xxxxxxxxx
xx xxx xxxxxx xx xxxxulation of technical provisions shall not be subject to discontinuities from year to year arising from arbitrary changes to the method or the bases of caxxxxxxxxx xxx xxxxx xx xxxx xx xx xxxxxxxxx xxx xxxxxxxxxxxx xx xxxxxxx xx xx xxxxxxxxxxx xxx xxxx xxx xxxxxxxx xx xxxx xxxxxxx
xx xxxxxxxxx xxxxxxxxxngs shall make available to the public the bases and methods used in the calculation of the technical provisions, including provisions for bonuses.
3x xxx xxxx xxxxxx xxxxx xxxxx xxxxxxx xxxxx xxxxxxxxx xxxxxxxxxxx xx xxxxx xxx xxxxxxxxx xxxxxxxxxx xx xxxxxxx xx xxx xxxxxx xxxxxxxx xx xxxxxxxx xxxxxs, in accordance with Article 24 of Directive 92/96/EEC. In respect of business written in the Community, these assets must be localized within the Commxxxxxx xxxxxx xxxxxx xxxxx xxx xxxxxxx xxxxxxxxx xxxxxxxxxxxx xx xxxxxxxx xxxxx xxxxxx xx x xxxxxxxxxx xxxxxx xxxxxx xxx xxxx xxxxxx xxxxx xxxx xxxxxxr, permit relaxations in the rules on the localization of assets.
4. If the home Member State allows any technical provisions to be covered by claims agxxxxx xxxxxxxxxxx xx xxxxx xxx xxx xxxxxxxxxx xx xxxxxxxx xx xxxx xxxxx xx xxx xxx xxxxxxx xxx xxxxxxxxxxxx xx xxx xxxxxx xxxxxxxxxxxx xxxx xxxxxxxxxxx9;
Article 19
Premiums for new business shall be sufficient, on reasonable actuarial assumptions, to enable assurance undertakings to meet all xxxxx xxxxxxxxxxx xxxx xx xxxxxxxxxxx xx xxxxxxxxx xxxxxxxx xxxxxxxxx xxxxxxxxxxx
xxx xxxx xxxxxxxx xxx xxxxxxx xx xxx xxxxxxxxx xxxxxxxxx xx xx xxsurance undertaking may be taken into account, without the input from resources other than premiums and income earned thereon being systematic and perxxxxxx xx xxxx x xxx xxxx xx xxx xxxxxxxxxx xxx xxxxxxxxxxxxxxxxxx xxxxxxxx xx xxx xxxx xxxxx
xxxxxxx xx
xxx xxxxxx xxxxxxxx xxx xxxxxxxxx xxxxxxions shall take account of the type of business carried on by an undertaking in such a way as to secure the safety, yield and marketability of its investmenxxx xxxxx xxx xxxxxxxxxxx xxxxx xxxxxx xxx xxxxxxxxxxx xxx xxxxxxxxxx xxxxxxx
xxxxxxx xx
xx xxx xxxx xxxxxx xxxxx xxx xxx xxxxxxxxx xxxxxxxxx xxdertakings to cover their technical provisions with any but the following categories of assets:
A. Investments
(a) debt securities, bonds and othxx xxxxxx xxx xxxxxxxxxxxxxx xxxxxxxxxxxx
xxx xxxxxx
xxx xxxxxx xxx xxxxx xxxxxxxxxxxxxx xxxxxxxxxxxxxxx
xxx xxxxx xx xxxxxxxxxxxx xxx xxxlective investment in transferable securities and other investment funds;
(e) land, buildings and immovable property rights;
B. Debts and claimx
xxx xxxxx xxxx xx xxxxxxxxxxx xxxxxxxxx xxxxxxxxxxxxxxxx xxxxxx xx xxxxxxxxx xxxxxxxxxxx
xxx xxxxxxxx xxxx xxx xxxxx xxxx xx xxxxxx xxxxxxxxxxgs;
(h) debts owed by policy-holders and intermediaries arising out of direct and reassurance operations;
(i) advances against policies;
(j) txx xxxxxxxxxxx
xxx xxxxxx xxxxxxx xxxxxxxxx xxxxxx
xx xxxxxx
xxx xxxxxxxx xxxxx xxxxxxx xxxxx xxxx xxxx xxx xxxxxxxxxx xxxxxx xx xxx xxxxx xx xxxxxxx xxxxxxxxxxxxx
(m) cash at bank and in hand, deposits with credit institutions and any other body authorized to receive deposits;
(n) deferred acquisition costs;
xxx xxxxxxx xxxxxxxx xxx xxxxx xxxxx xxxxxxx xxxxxx xxx xxxxxxxxxxxx
xxx xxxxxxxxxxxx xxxxxxxxxx
xx xxx xxxx xx xxx xxxxxxxxxxx xx xxxxxxxxxxxx known as Lloyd's, asset categories shall also include guarantees and letters of credit issued by credit institutions within the meaning of Direcxxxx xxxxxxxxxx xx xx xx xxxxxxxxx xxxxxxxxxxxxx xxxxxxxx xxxx xxxxxxxxxx xxxx xxxxxxx xxx xx xxxx xxxxxxxxx xxxxxxxxx xx xxx xxxxxx xxxx xxxx xxxxxxxnt funds belonging to members.
() First Council Directive 77/780/EEC of 12 December 1977 on the coordination of the laws, regulations and administraxxxx xxxxxxxxxx xxxxxxxx xx xxx xxxxxx xx xxx xxxxxxx xx xxx xxxxxxxx xx xxxxxx xxxxxxxxxxxx xxx xx x xxxx xxx xxx xxxxx xx xxxx xxxxxxxxx xx xxxx xxxxxxx xy Directive 89/646/EEC (OJ No L 386, 30. 12. 1989, p. 1).
The inclusion of any asset or category of assets listed in the first subparagraph shall not mean xxxx xxx xxxxx xxxxxx xxxxxx xxxxxxxxxxxxx xx xxxxxxxx xx xxxxx xxx xxxxxxxxx xxxxxxxxxxx xxx xxxx xxxxxx xxxxx xxxxx xxx xxxx xxxx xxxxxxxx xxxxx xxxxng the conditions for the use of acceptable assets; in this connection, it may require valuable security or guarantees, particularly in the case of debtx xxxx xx xxxxxxxxxxx
xx xxxxxxxxxxx xxx xxxxxxxx xxx xxxxx xxxxx xx xxxx xxxxx xxx xxxx xxxxxx xxxxx xxxxxx xx xxxxxxxxxxx xxxxxx xxxx xxx xxxxxxxxx xrinciples are complied with:
(i) assets covering technical provisions shall be valued net of any debts arising out of their acquisition;
(ii) all axxxxx xxxx xx xxxxxx xx x xxxxxxx xxxxxx xxxxxxxx xxx xxx xxxx xx xxx xxxxxxx xxx xxxxx xxxxxxxxxxx xx xxxxxxxxxxx xxxxxxxx xxxxx xxxxxx xxxxx xxxx xxxx xnd buildings may be accepted as cover for technical provisions only if they are valued on the basis of prudent amortization;
(iii) loans, whether to unxxxxxxxxxxx xx x xxxxx xx xxxxxxxxxxxxx xxxxxxxxxxxxx xx xxxxx xx xxxxxxxx xxxxxxxxxxx xx xx xxxxxxx xxxxxxxx xxx xx xxxxxxxx xx xxxxx xxx xxxxxxxxx xxovisions only if there are sufficient guarantees as to their security, whether these are based on the status of the borrower, mortgages, bank guaranteex xx xxxxxxxxxx xxxxxxx xx xxxxxxxxx xxxxxxxxxxxx xx xxxxx xxxxx xx xxxxxxxxx
xxxx xxxxxxxxxx xxxxxxxxxxx xxxx xx xxxxxxxx xxxxxxx xxx xxxxx xx xxxxection with assets covering technical provisions may be used in so far as they contribute to a reduction of investment risks or facilitate efficient porxxxxxx xxxxxxxxxxx xxxx xxxx xx xxxxxx xx x xxxxxxx xxxxx xxx xxx xx xxxxx xxxx xxxxxxx xx xxx xxxxxxxxx xx xxx xxxxxxxxxx xxxxxxx
xxx xxxxxxxxxxxxx xxcurities which are not dealt in on a regulated market may be accepted as cover for technical provisions only if they can be realized in the short term or if txxx xxx xxxxxxxx xx xxxxxxx xxxxxxxxxxxxx xx xxxxxxxxx xxxxxxxxxxxxx xxxxxx xxx xxxxxx xxxxxxxxx xx xxxxxxx x xx xxxxxxxxx xxxxxxxxxxx xx xx xxxxxxxxnt undertakings established in a Member State;
(vi) debts owed by and claims against a third party may be accepted as cover for the technical provisionx xxxx xxxxx xxxxxxxxx xx xxx xxxxxxx xxxx xx xxx xxxx xxxxx xxxxxx
xxxxx xxx xxxxx xx xxx xxxxx xxx xxxxxx xxxxxxxx xx xxxxx xxx xxxxxxxxx xxxxxxxxxx xxxx xx xxxxxxxxxx xx x xxxxxxx xxxxxx xxxx xxx xxxxxxxxx xxx xxx xxxx xx xxx xxxxxxx xxx xxxxx xxxxizable. In particular, debts owed by policy-holders and intermediaries arising out of assurance and reassurance operations may be accepted only in so xxx xx xxxx xxxx xxxx xxxxxxxxxxx xxx xxx xxxx xxxx xxxxx xxxxxxx
xxxxxx xxxxx xxx xxxxxx xxxx xxxxxxx xx xxxxxxxxxx xx x xxxxxxxxxx xxxxxxxxxxx xxxxx manages all or part of the assurance undertaking's investments on its behalf, the home Member State must, when applying the rules and principles lxxx xxxx xx xxxx
xxxxxxxx xxxx xxxx xxxxxxx xxx xxxxxxxxxx xxxxxx xxxx xx xxx xxxxxxxxxx xxxxxxxxxxxx xxx xxxx xxxxxx xxxxx xxx xxxxx xxx xxxxxx xx xxxer subsidiaries in the same way;
(ix) deferred acquisition costs may be accepted as cover for technical provisions only to the extent that this is consxxxxxx xxxx xxx xxxxxxxxxxx xx xxx xxxxxxxxxxxx xxxxxxxxxxx
xx xxxxxxxxxxxxxxx xxxxxxxxx xx xx xxxxxxxxxxx xxxxxxxxxxxxx xxx xx xx xxxxxxxxx xxxxrtaking's request, the home Member State may, temporarily and under a properly reasoned decision, accept other categories of assets as cover for xxxxxxxxx xxxxxxxxxxx xxxxxxx xx xxxxxxx xxx
xxxxxxx xx
xx xx xxxxxxx xxx xxxxxx xxxxxxxx xxxxxxxxx xxxxxxxxxxx xxx xxxx xxxxxx xxxxx xxxxx xxxuire every assurance undertaking to invest no more than:
(a) 10 % of its total gross technical provisions in any one piece of land or building, or a numbex xx xxxxxx xx xxxx xx xxxxxxxxx xxxxx xxxxxx xx xxxx xxxxx xx xx xxxxxxxxxx xxxxxxxxxxx xx xxx xxxxxxxxxxx
xxx x x xx xxx xxxxx xxxxx xxxxxxxxx xxxxxxxxns in shares and other negotiable securities treated as shares, bonds, debt securities and other money- and capital-market instruments from the same uxxxxxxxxxxx xx xx xxxxx xxxxxxx xx xxx xxxx xxxxxxxxx xxxxx xxxxxxxxx xxx xxxxx xxxxx xxxxx xxxxx xxxx xxxxx xxxxxxx xx x xxxxxx xxxxxxxx xx xxxxx xxxxxxity or to an international organization of which one or more Member States are members. This limit may be raised to 10 % if an undertaking invests not more txxx xx x xx xxx xxxxx xxxxxxxxx xxxxxxxxxx xx xxx xxxxx xx xxxxxxxxxx xx xxxxxxx xxxxxx xxx xxxxxxxxx xx xxxx xx xxxxx xx xxxxxxx xxxx xxxx x x xx xxx xxxxxxx
(c) 5 % of its total gross technical provisions in unsecured loans, including 1 % for any single unsecured loan, other than loans granted to credit instxxxxxxxxx xxxxxxxxx xxxxxxxxxxxx x xx xx xxx xx xxxxxxx x xx xxxxxxxxx xxxxxxxxxx xxxxxx xx x xxx xxxxxxxxxx xxxxxxxxxxxx xxxxxxxxxxx xx x xxxxxx xxxxx. The limits may be raised to 8 and 2 % respectively by a decision taken on a case-by-case basis by the competent authority of the home Member State;
(d) 3 % xx xxx xxxxx xxxxx xxxxxxxxx xxxxxxxxxx xx xxx xxxx xx xxxx xx xxxxx
xxx xx x xx xxx xxxxx xxxxx xxxxxxxxx xxxxxxxxxx xx xxxxxxx xxxxx xxxxxxxxxx xxxxxxd as shares and debt securities which are not dealt in on a regulated market.
2. The absence of a limit in paragraph 1 on investment in any particular catexxxx xxxx xxx xxxxx xxxx xxxxxx xx xxxx xxxxxxxx xxxxxx xx xxxxxxxx xx xxxxx xxx xxxxxxxxx xxxxxxxxxx xxxxxxx xxxxxx xxx xxxx xxxxxx xxxxx xxxxx xxx xxxx more detailed rules fixing the conditions for the use of acceptable assets. In particular it shall ensure, in the determination and the application of txxxx xxxxxx xxxx xxx xxxxxxxxx xxxxxxxxxx xxx xxxxxxxx xxxxx
xxx xxxxxx xxxxxxxx xxxxxxxxx xxxxxxxxxx xxxx xx xxxxxxxxxxx xxx xxxxxx xx xxxx x xxx xx to ensure that there is no excessive xxxxxxxx xx xxx xxxxxxxxxx xxxxxxxx xx xxxxxx xxxxxxxxxx xxxxxx xx xxxxxxxxxxx
xxxx xxxxxxxxxx xx xxxxxxxxxx xxxxx xx xxxxx xxxxx xxxx xxxx xxxxxx xf risk, whether because of the nature of the asset or the quality of the issuer, must be restricted to prudent levels;
(iii) limitations on particular cxxxxxxxxx xx xxxxx xxxx xxxx xxxxxxx xx xxx xxxxxxxxx xx xxxxxxxxxxx xx xxx xxxxxxxxxxx xx xxxxxxxxx xxxxxxxxxxx
xxxx xxxxx xxx xxxxxx xxxx xxxxxxx xn investment in a subsidiary undertaking which manages all or part of the assurance undertaking's investments on its behalf, the home Member Statx xxxxx xxxx xxxxxxxx xxx xxxxx xxx xxxxxxxxxx xxxx xxxx xx xxxx
xxxxxxxx xxxx xxxx xxxxxxx xxx xxxxxxxxxx xxxxxx xxxx xx xxx xxxxxxxxxx xxxxxxxxxxxx the home Member State may treat the assets of other subsidiaries in the same way;
(v) the percentage of assets covering technical provisions which are xxx xxxxxxx xx xxxxxxxxxx xxxxxxxxxxx xxxx xx xxxx xx x xxxxxxx xxxxxx
xxxx xxxxx xxx xxxxxx xxxx xxxxxxx xxxxx xx xx xxxx xxxxxxxxxx xxxxxx xx xxxxxxx credit institutions, the home Member State may, when applying the rules and principles contained in this Article, take into account the underlying assxxx xxxx xx xxxx xxxxxx xxxxxxxxxxxxx xxxx xxxxxxxxx xxx xx xxxxxxx xxxx xxxxx xxx xxxxxx xxxxxxxxxxx xxx xxx xxxx xxxxxx xx x xxxxxx xxxxxx xx xxxxxxxx xwned by that Member State and/or that State's local authorities and its business, according to its memorandum and articles of association, consixxx xx xxxxxxxxxx xxxxxxx xxx xxxxxxxxxxxxxxx xxxxx xxx xx xxxxxxxxxx xxx xxxxxx xx xxxxx xxxxxxxxxxx xx xx xxxxx xx xxxxxx xxxxxxx xxxxxx xx xxx xxxxx xr to local authorities.
3. In the context of the detailed rules laying down the conditions for the use of acceptable assets, the Member State shall give xxxx xxxxxxxxxx xxxxxxxxx xxx
x xxx xxxx xxxxxxxxxxxxx xx x xxxx xxxxxxxxxx x xxxxxxxxx xxxxxx xx xx xxxxxxxxx xxxxxxxxxxxx x xxxxxxxx xx xxx xxxxx xxrm of security, as compared with loans accompanied by such collateral,
- UCITS not coordinated within the meaning of Directive 85/611/EEC () and othex xxxxxxxxxx xxxxxx xx xxxxxxxx xxxx xxxxx xxxxxxxxxxx xxxxxx xxx xxxxxxx xx xxxx xxxxxxxxxx
x xxxxxxxxxx xxxxx xxx xxx xxxxx xx xx x xxxxxxxxx xxxxxx, as compared with those which are,
- bonds, debt securities and other money- and capital-market instruments not issued by States, local or regional axxxxxxxxxx xx xxxxxxxxxxxx xxxxxxxxx xx xxxx x xx xxxxxxx xx xxxxxxxxx xxxxxxxxxx xxx xx xxx xxxxxxx xx xxxxx xxx xxxxxxxxxxxxx xxxxxxxxxxxxx xxx xxxxering at least one Community Member State among their members, as compared with the same financial instruments issued by such bodies.
4. Member Statex xxx xxxxx xxx xxxxx xxxx xxxx xx xxxxxxxxx x xxx xx xx x xx xxx xxxx xx xxxxxxx xxxx xx xxxxxxx xxxxxxxxx xxxxxxxxxx xx xx xxxxxxxx xxxx xx xxx xxxxxxxxxxxx of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ No L 3xxx xxx xxx xxxxx xx xxx xxxxxxxxx xx xxxxxxx xx xxxxxxxxx xxxxxxxxxx xxx xx x xxxx xxx xx xxxxx xx xxxx
xx xxxxxxx xxxxxxxxx xxxxxxxxxx xx xx xxxxxxxx xx89 on a solvency ratio for credit institutions (OJ No L 386, 30. 12. 1989, p. 14).
securities when these are issued by a credit institution which has its hxxx xxxxxx xx x xxxxxx xxxxx xxx xx xxxxxxx xx xxx xx xxxxxxx xxxxxxxx xxxxxxxxxxx xxxxxxxx xx xxxxxxx xxx xxxxxxx xx xxxxx xxxx xxxxxxxxxxx xx xxxxxxxxxr, sums deriving from the issue of such debt securities xxxx xx xxxxxxxx xx xxxxxxxxxx xxxx xxx xxx xx xxxxxx xxxxxx xxxxxx xxx xxxxx xxxxxx xx xxxxxxxx xx xxx xxxx xxxxxxxxxxx xxx xxxxxxx xx xxxxxxxx xxxxxx xxtaching to debt securities and which, in the event of failure of the issuer, would be used on a priority basis for the reimbursement of the principal and paxxxxx xx xxx xxxxxxx xxxxxxxxx
xx xxxxxx xxxxxx xxxxx xxx xxxxxxx xxxxxxxxx xxxxxxxxxxxx xx xxxxxx xx xxxxxxxxxx xxxxxxxxxx xx xxxxxxx
xx xxxxxxxstanding paragraph 1, in exceptional circumstances and at the assurance undertaking's request, the home Member State may, temporarily and undex x xxxxxxxx xxxxxxxx xxxxxxxxx xxxxx xxxxxxxxxx xx xxx xxxxx xxxx xxxx xx xxxxxxxxx x xxx xx xxxx xxxxxxx xx xxxxxxx xxx
xxxxxxx xx
xx xxxxx xxx xxxefits provided by a contract are directly linked to the value of units in an UCITS or to the value of assets contained in an internal fund held by the insuranxx xxxxxxxxxxxx xxxxxxx xxxxxxx xxxx xxxxxx xxx xxxxxxxxx xxxxxxxxxx xx xxxxxxx xx xxxxx xxxxxxxx xxxx xx xxxxxxxxxxx xx xxxxxxx xx xxxxxxxx xx xxxxx xnits or, in the case where units are not established, by those assets.
2. Where the benefits provided by a contract are directly linked to a share index ox xxxx xxxxx xxxxxxxxx xxxxx xxxxx xxxx xxxxx xxxxxxxx xx xx xxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxx xx xxxxxxx xx xxxxx xxxxxxxx xxxx xx xxxxxxxxxxx xx xxosely as possible either by the units deemed to represent the reference value or, in the case where units are not established, by assets of appropriate sexxxxxx xxx xxxxxxxxxxxxx xxxxx xxxxxxxxxx xx xxxxxxx xx xxxxxxxx xxxx xxxxx xx xxxxx xxx xxxxxxxxxx xxxxxxxxx xxxxx xx xxxxxx
xx xxxxxxxx xx xxx xx xxall not apply to assets held to match liabilities which are directly linked to the benefits referred to in paragraphs 1 and 2. References to the technical xxxxxxxxxx xx xxxxxxx xx xxxxx xx xx xxx xxxxxxxxx xxxxxxxxxx xxxxxxxxx xxxxx xx xxxxxxx xx xxxx xxxxxxxxxxxx
xx xxxxx xxx xxxxxxxx xxxxxxxx xx xx xxxagraph 1 and 2 include a guarantee of investment performance or some other guaranteed benefit, the corresponding additional technical provisions shaxx xx xxxxxxx xx xxxxxxxx xxx xx xxx xxx
xxxxxxx xx
xx xxx xxx xxxxxxxx xx xxxxxxxx xx xxx xxx xx xx xxxxxxxxx xxxxxxxxxxx xxxxxx xxxxxx xxxxx xxxxxx with Annex I to this Directive as regards the matching rules.
2. This Article shall not apply to the commitments referred to in Article 23 of this Directxxxx
xxxxxxx xx
xxxxxxx xxx xxxxxx xxxxxxxxxxxxx xxxxx x xx xxxxxxxxx xxxxxxxxxx xxxxx xx xxxxxxxx xx xxx xxxxxxxxxx
xxxxxxxx xxx xxxxxx xx the undertaking free of any foreseeable liabilities, less any intangible items. In particular the following shall be included:
- the paid-up share cxxxxxx xxx xx xxx xxxx xx x xxxxxx xxxxxxxxx xxxxxxxxxxxx xxx xxxxxxxxx xxxxxxx xxxx xxxx xxx xxxxxxxxxxxxx xxxxxxxx xxxxx xxxx xxx xxx xxxxxxxxx xxxxxria:
(a) the memorandum and articles of association must stipulate that payments may be made from these accounts to members only in so far as this does nxx xxxxx xxx xxxxxxxx xxxxxx xx xxxx xxxxx xxx xxxxxxxx xxxxxx xxx xxxxx xxx xxxxxxxxxxx xx xxx xxxxxxxxxxxx xx xxx xxx xxxxxxxxxxxxxxxxxx xxxxx xxxxx xave been settled;
(b) the memorandum and articles of association must stipulate, with respect to any such payments for xxxxxxx xxxxx xxxx xxx xxxxxxxxxx xxxxxxxxxxx xx xxxxxxxxxxx xxxx xxx xxxxxxxxx xxxxxxxxxxx xxxx xx xxxxxxxx xx xxxxx xxx xxxxx xx xxxxxxx xxx xxx xxxxibit the payment within that period;
(c) the relevant provisions of the memorandum and articles of association may be amended only after the competenx xxxxxxxxxxx xxxx xxxxxxxx xxxx xxxx xxxx xx xxxxxxxxx xx xxx xxxxxxxxxx xxxxxxx xxxxxxxxx xx xxx xxxxxxxx xxxxxx xx xxx xxx xxxx
x xxx xxxx xx xxx xxxxid share capital or initial fund, once the paid-up part amounts to 25 % of that share capital or fund,
- reserves (statutory reserves and free reserves) xxx xxxxxxxxxxxxx xx xxxxxxxxxxxx xxxxxxxxxxxx
x xxx xxxxxxx xxxxxxx xxxxxxxx
x xxxxxxxxxx xxxxxxxxxxxx xxxxx xxxxxxx xxx xxxxxxxxxxxx xxxx xxpital may be included but, if so, only up to 50 % of the margin, no more than 25 % of which shall consist of subordinated loans with a fixed maturity, or fixed-xxxx xxxxxxxxxx xxxxxxxxxxxx xxxxx xxxxxxxx xx xxx xxxxxxxxx xxxxxxx xxxxxxxx xxx xxxx
xxx xx xxx xxxxx xx xxx xxxxxxxxxx xx xxxxxxxxxxx xx xxx xxxxxance undertaking, binding agreements must exist under which the subordinated loan capital or preferential share capital ranks after the claims of all xxxxx xxxxxxxxx xxx xx xxx xx xx xxxxxx xxxxx xxx xxxxx xxxxx xxxxxxxxxxx xx xxx xxxx xxxx xxxx xxxxxxxx
xxxxxxxxxxxx xxxx xxxxxxx xxxx xxxx xxxxxx xxx following conditions:
(b) only fully paid-up funds may be taken into account;
(c) for loans with a fixed maturity, the original maturity must be at lxxxx xxxx xxxxxx xx xxxxx xxxx xxx xxxx xxxxxx xxx xxxxxxxxx xxxx xxx xxxxxxxxx xxxxxxxxxxx xxxx xxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xxx xxxxx xxxxxxxx a plan showing how the solvency margin will be kept at or brought to the required level at maturity, unless the extent to which the loan may rank as a componexx xx xxx xxxxxxxx xxxxxx xx xxxxxxxxx xxxxxxx xxxxxx xx xxxxx xxx xxxx xxxx xxxxx xxxxxx xxx xxxxxxxxx xxxxx xxx xxxxxxxxx xxxxxxxxxxx xxx xxxxxxxxx xxe early repayment of such loans provided application is made by the issuing assurance undertaking and its solvency margin will not fall below the requirxx xxxxxx
xxx xxxxx xxx xxxxxxxx xx xxxxx xx xxx xxxxx xxxx xx xxxxxxxxx xxxx xxxxxxx xx xxxx xxxxxxxxxxx xxxxxx xxxxxx xxx xxxxx xxx xx xxxxxx xxxxxxxxed as a component of the solvency margin or unless the prior consent of the competent authorities is specifically required for early repayment. In the laxxxx xxxxx xxx xxxxxxxxx xxxxxxxxxxx xxxx xxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxxxx xxx xxxxxx xxxxxx xxx xxxx xx xxx xxxxxxxx xxxxxxxxxx xxxxxxxxxx xhe actual and required solvency margin both before and after that repayment. The competent authorities shall authorize repayment only if the assurancx xxxxxxxxxxxxxxxxxx xxxxxxxx xxxxxx xxxx xxx xxxx xxxxx xxx xxxxxxxx xxxxxx
xxx xxx xxxx xxxxxxxxx xxxx xxx xxxxxxx xxx xxxxxx xxxxxxxxx xxxx xx xpecified circumstances, other than the winding-up of the assurance undertaking, the debt will become repayable before the agreed repayment dates;
xxx xxx xxxx xxxxxxxxx xxx xx xxxxxxx xxxx xxxxx xxx xxxxxxxxx xxxxxxxxxxx xxxx xxxxxxxx xxxx xxxx xxxx xx xxxxxxxxx xx xxx xxxxxxxxxx
x xxxxxxxxxx xxth no specified maturity date and other instruments that fulfil the following conditions, including cumulative preferential shares other than those xxxxxxxxx xx xxx xxxxxxxxx xxxxxxx xx xx xx x xx xxx xxxxxx xxx xxx xxxxx xx xxxx xxxxxxxxxx xxx xxx xxxxxxxxxxxx xxxx xxxxxxx xxxxxxxx xx xx xxx xxxxxxxxx indent:
(a) xxxx xxx xxx xx xxxxxx xx xxx xxxxxxxxxx xx xxx xxxxxx xx xxxxxxx xxx xxxxx xxxxxxx xx xxx xxxxxxxxx xxxxxxxxxx
xxx xxx xxxxxxxx xx xxxxx xxxx xxxxxx xxx assurance undertaking to defer the payment of interest on the loan;
(c) the lender's claims on the assurance undertaking must rank entirely aftxx xxxxx xx xxx xxxxxxxxxxxxxxxx xxxxxxxxxx
xxx xxx xxxxxxxxx xxxxxxxxx xxx xxxxx xx xxx xxxxxxxxxx xxxx xxxxxxx xxx xxx xxxxxxxxxxxxxxx xxxxxxxx xf the debt and unpaid interest, while enabling the assurance undertaking to continue its business;
(e) only fully paid-up amounts may be taken into acxxxxxxxxxxxx
xxxxxxx xx
xx xxxx xxxx xxxxx xxxxx xxxxx xxx xxxx xx xxxxxxxxxxx xx xxxx xxxxxxxxxx xxx xxxxxxxxxx xxxxx xxxxxx x xxxxxx xx xxx xxxxrance Committee on the need for further harmonization of the solvency margin.
Article 27
Article 21
of Directive 79/267/EEC shall be replacxx xx xxx xxxxxxxxxx
xxxxxxxxxxxxx xx
xx xxxxxx xxxxxx xxxxx xxx xxxxxxxxx xxx xxxxx xx xx xxx xxxxxx xx xxx xxxxxx xxxx xxxx xxx xx xxxx xx xxxxx xxx xxe technical provisions referred to in Article 17.
2. Subject to Article 17 (3), Article 24 (1), (2), (3) and (5) and the second subparagraph of Article 2x xxxx xxxxxx xxxxxx xxxxx xxx xxxxxxxx xxx xxxx xxxxxxxx xx xxxxx xxxxxxx xxxxxxx xxxxxxx xx xxxxxxxxxx xxxx xxxx xxxx xx xxx xxxxxx xx xxxxxxxxxx xxxxxance undertakings.
3. Paragraphs 1 and 2 shall not preclude any measures which Member States, while safeguarding the interests of the lives assured, xxx xxxxxxxx xx xxxx xx xxxxxx xx xxxxxxx xx xx xxxxxxxx xx xxx xxxxxxxxxxxx xx xxxxxxxxxxxxxxx
xxxxxxx x
xxxxxxx xx
xxx xxxxxx xxxxx xx xxx xxxxitment shall not prevent a policy-holder from concluding a contract with an assurance undertaking authorized under the conditions of Article 6 of Direxxxxx xxxxxxxxxxx xx xxxx xx xxxx xxxx xxx xxxxxxxx xxxx xxxxx xxxxxxxxxx xxxxxxxxxx xxx xxxxxxx xxxx xx xxx xxxxxx xxxxx xx xxx xxxxxxxxxxx
xxxxxxe 29
Member States shall not adopt provisions requiring the prior approval or systematic notification of general and special policy conditions, scaxxx xx xxxxxxxxx xxxxxxxxx xxxxx xxxx xx xxxxxxxxxx xxx xxxxxxxxxxx xxxxxx xx xxxxxxxx xxx xxxxxxxxx xxxxxxxxxx xx xxxxx xxx xxxxx xxxxxxx xxxxxxxxx xhich an assurance undertaking intends to use in its dealings with policy-holders.
Notwithstanding the first subparagraph, for the sole purpose of vxxxxxxxx xxxxxxxxxx xxxx xxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxxx xxxxxxxxxxx xxx xxxxxx xxxxx xx xxxxxx xxx xxxxxxx xxxxxxxxxx xxxxxxxxxxxxx xx xhe technical Bases used in particular for calculating scales of premiums and technical provisions, without that requirement constituting a prior conxxxxxx xxx xx xxxxxxxxxxx xx xxxxx xx xxx xxxxxxxxx
xxx xxxxx xxxx xxxx xxxxx xxxxx xxx xxxx xx xxxxxxxxxxx xx xxxx xxxxxxxxxx xxx xxxxxxxxxx xxxxx xxxmit a report to the Council on the implementation of those provisions.
Article 30
1. In the first subparagraph of Article 15 (1) of Directive 90/61xxxxx xxx xxxxx xxxxxxxx xxx xx xxx xxxxx xxxxxxxx xx xx xxxxx xxxxxxxxx xxxxx xx xxxxxxxx
xx xxxxxxx xx xxx xx xxxxxxxxx xxxxxxxxxx xxxxx xx xxxxxxxx xx xxx xxxxowing:
'2. The Member States need not apply paragraph 1 to contracts of six months' duration or less, nor where, because of the status of the xxxxxxxxxxxxx xx xxx xxxxxxxxxxxxx xx xxxxx xxx xxxxxxxx xx xxxxxxxxxx xxx xxxxxxxxxxxxx xxxx xxx xxxx xxxx xxxxxxx xxxxxxxxxxx xxxxxx xxxxxx xxxxx xpecify in their rules where paragraph 1 is not applied.'
Article 31
1. Before the assurance contract is concluded, at least the information xxxxxx xx xxxxx x xx xxxxx xx xxxxx xx xxxxxxxxxxxx xx xxx xxxxxxxxxxxxxx
xx xxx xxxxxxxxxxxxx xxxxx xx xxxx xxxxxxxx xxxxxxxxxx xxx xxxx xx xxx xxxxxxct of any change concerning the information listed in point B of Annex II.
3. The Member State of the commitment may require assurance undertakings to fxxxxxx xxxxxxxxxxx xx xxxxxxxx xx xxxx xxxxxx xx xxxxx xx xxxx xx xx xx xxxxxxxxx xxx x xxxxxx xxxxxxxxxxxxx xx xxx xxxxxxxxxxxxx xx xxx xxxxxxxxx xxxxxxts of the commitment.
4. The detailed rules for implementing this Article and Annex II shall be laid down by the Member State of the commitment.
Txxxx xx xxxxxxxxxx xxxxxxxx xx xxxxx xx xxxxxxxxxxxxx xxx xxxxxxx xx xxxxxxx xxxxxxxx
xxxxxxx xx
xxxxxxx xx
xx xxxxxxxxx xxxxxxxxxx xxxxx xe replaced by the following:
'Article 10
1. An assurance undertaking that proposes to establish a branch within the territory of another Membxx xxxxx xxxxx xxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxxx
xx xxx xxxxxx xxxxxx xxxxx xxxxxxx xxxxx xxxxxxxxx xxxxxxxxxxx xxxx xxxxxxes to establish a branch within the territory of another Member State to provide the following information when effecting the notification provided fox xx xxxxxxxxx xx
xxx xxx xxxxxx xxxxx xxxxxx xxx xxxxxxxxx xx xxxxx xx xxxxxxxx xx xxxxxxxxx x xxxxxxx
xxx x xxxxxx xx xxxxxxxxxx xxxxxxx xxx xxxxx xxia the types of business envisaged and the structural organization of the branch;
(c) the address in the Member State of the branch from which documentx xxx xx xxxxxxxx xxx xx xxxxx xxxx xxx xx xxxxxxxxxx xx xxxxx xxxxxxxxxx xxxx xxxx xxxxxxx xxxxx xx xxx xxx xx xxxxx xxx xxxxxxxxxxxxxx xx xxx xxxxxxxxxx xgent are sent;
(d) the name of the branch's authorized agent, who must possess sufficient powers to bind the undertaking in relation to third parxxxx xxx xx xxxxxxxxx xx xx xxxxxxxxx xxxx xxx xxxxxxxxxxx xxx xxxxxx xx xxx xxxxxx xxxxx xx xxx xxxxxxx xxxx xxxxxx xx xxxxxxxxxxxxx xx xxx xxxxx xx xxx xxtigation in the Member State of the branch arising out of underwritten commitments, the assured persons must not be treated less favourably than if the lxxxxxxxxx xxx xxxx xxxxxxx xxxxxxx xxxxxxxxxx xx x xxxxxxxxxxxx xxxxx xxx xxxxxxxxxx xxxxx xxxxx xxxxxxxxxx xxxxxxx xxxxxxxxxx xxxxxx xxx xxxxxxxxxgs to be taken against him and must in that capacity be able to bind the Lloyd's underwriters concerned.
3. Unless the competent authorities of thx xxxx xxxxxx xxxxx xxxx xxxxxx xx xxxxx xxx xxxxxxxx xx xxx xxxxxxxxxxxxxx xxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxx xxxxxxxxxxxx xxxxxxxxxxxxx xx xxxxxxxxxx xx xxx xxxxxxxxx xx xxxxxxxx xx xxx xxxxxxxxxx xxxxxx xxxxxx xxxx xxxxxxx xxx xxxxxxxx planned, they shall within three months of receiving all the information referred to in paragraph 2 communicate that information to the competent authxxxxxxx xx xxx xxxxxx xxxxx xx xxx xxxxxx xxx xxxxx xxxxxx xxx xxxxxxxxxxx xxxxxxxxx xxxxxxxxxxxx
xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx shall also attest that the assurance undertaking has the minimum solvency margin calculated in accordance with Articles 19 and 20.
Where the competexx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxxxxx xx xxxxxxxxxxx xxx xxxxxxxxxxx xxxxxxxx xx xx xxxxxxxxx x xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxe of the branch they shall give the reasons for their refusal to the undertaking concerned within three months of receiving all the information in questixxx xxxx xxxxxxx xx xxxxxxx xx xxx xxxxx xx xxxxxxx xx x xxxxx xx xxxxx xx xxx xxxxxx xx xxx xxxx xxxxxx xxxxxx
xx xxxxxx xxx xxxxxx xx xx xxxxxxxxx xxxxxxxking starts business, the competent authorities of the Member State of the branch shall, within two months of receiving the information referred to in pxxxxxxxx xx xxxxxx xxx xxxxxxxxx xxxxxxxxx xx xxx xxxx xxxxxx xxxxxx xx xxxxxxxxxxxx xx xxx xxxxxxxxxx xxxxx xxxxxx xx xxx xxxxxxxx xx xxx xxxxxxx xxxxx that business must be carried on in the Member State of the branch.
5. On receiving a communication from the competent authorities of the Member State ox xxx xxxxxx xxx xx xx xxxxxxxxxxxxx xx xxxxxxxx xxxx xxxxx xx xxxxxx xx xxx xxxxxx xxxxxxxx xxx xx xxxxxxxxx xx xxx xxxxxx xxx xx xxxxxxxxxxx xxx xxxxx xxxiness.
6. In the event of a change in any of the particulars communicated under paragraph 2 (b), (c) or (d), an assurance undertaking shall give written xxxxxx xx xxx xxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxx xx xxx xxxxxx xxxxx xx xxx xxxxxx xx xxxxx xxx xxxxx xxxxxx xxxxxx xxx xxxxxx so that the competent authorities of the home Member State and the competent authorities of the Member State of the branch may fulfil their respective roxxx xxxxx xxxxxxxxxx x xxx xxxxxxxx
xxxxxxx xx
xxxxxxx xx
xx xxxxxxxxx xxxxxxxxxx xxxxx xx xxxxxxxx
xxxxxxx xx
xxxxxxx xx
xx xxxxctive 90/619/EEC shall be replaced by the following:
'Article 11
Any undertaking that intends to carry on business for the first time in one or xxxx xxxxxx xxxxxx xxxxx xxx xxxxxxx xx xxxxxxx xxxxxxxx xxxxx xxxxx xxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxxx xxxxxxxxxx xxx xxxxxx xf the commitments it proposes to cover.'
Article 35
Article 14
of Directive 90/619/EEC shall be replaced by the following:
'Arxxxxx xx
xx xxxxxx xxx xxxxx xx xxx xxxxxxxxxxxx xxxxxxxx xxx xx xxxxxxx xxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxxxx xxxxxxxxxxx xx xxe Member State or Member States within the territory of which the undertaking intends to carry on business by way of the freedom to provide services:
(ax x xxxxxxxxxxx xxxxxxxxx xxxx xxx xxxxxxxxxxx xxx xxx xxxxxxx xxxxxxxx xxxxxx xxxxxxxxxx xx xxxxxxxxxx xxxx xxxxxxxx xx xxx xx xx xxxxxxxxx xxxxxxxxxxx
xxx xxx xxxxxxx xxxxx xxx xxxxxxxxxxx xxx xxxx xxxxxxxxxx xx xxxxxx
xxx xxx xxxxxx xx xxx xxxxxxxxxts which the undertaking proposes to cover in the Member State of the provision of services.
At the same time, they shall inform the undertaking concerxxx xxxxxxxxxxxx
xx xxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xx xxx xxxxxxxxxxx xxx xxxxxxxxxxx xxxxxxxx xx xx xxxxxxxxx x xxxxxx xxx period laid down, they shall give the reasons for their refusal to the undertaking within that same period. The refusal shall be subject to a right to applx xx xxx xxxxxx xx xxx xxxx xxxxxx xxxxxx
xx xxx xxxxxxxxxxx xxx xxxxx xxxxxxxx xx xxx xxxxxxxxx xxxx xx xxxxx xx xx xxxxxxxx xx xxx xxxxxxxxxxxxx xxxxxxed for in the first subparagraph of paragraph 1.'
Article 36
Article 17
of Directive 90/619/EEC shall be replaced by the following:
&xxxxxxxxxxxx xx
xxx xxxxxx xxxxx xx xxxxxxxxxxx xxxxxxx xx xxxx xx xxx xxxxxxxxxxx xxxxxxxx xx xx xxxxxxx xx xxxxx xx xxxxxxx xx xxx xxxxxxxxx xxxxxxxd for in Articles 11 and 14.'
Article 37
Articles 10, 12, 13, 16, 22 and 24 of Directive 90/619/EEC shall be deleted.
Article 38
The coxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxx xx xxx xxxxxx xx xxx xxxxxx xxxxx xx xxx xxxxxxxxx xx xxxxxxxx xxx xxxxxxx xxxx xxx xxxxxxxxxxx xxxxx xxxx xxx xxxhorized under this Directive to request with regard to the business of assurance undertakings operating in the territory of that State shall be suppliex xx xxxx xx xxx xxxxxxxx xxxxxxxx xx xxxxxxxxx xx xxxx xxxxxx
xxxxxxx xx
xx xxxxxxx xx xx xxxxxxxxx xxxxxxxxxx xxxxx xx xxxxxxxx
xx xxx xxxxxx xxate of the branch or of provision of services shall not lay down provisions requiring the prior approval or systematic notification of general and specixx xxxxxx xxxxxxxxxxx xxxxxx xx xxxxxxxxx xxxxxxxxx xxxxx xxxx xx xxxxxxxxxx xxx xxxxxxxxxxx xxxxxx xx xxxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xxxxx xxx xther printed documents which an undertaking intends to use in its dealings with policy-holders. For the purpose of verifying compliance with national xxxxxxxxxx xxxxxxxxxx xxxxxxxxx xxxxxxxxxx xx xxx xxxxxxx xx xxxxxxxxxxx xxxx xxxxxxxx xx xxxxx xx xxxxxxxxx xxxxxxxx xxxxxx xxx xxxxxxxxxx xxxxx xxe right of establishment or the freedom to provide services, to effect only non-systematic notification of those policy conditions and other printed dxxxxxxxx xxxxxxx xxxx xxxxxxxxxxx xxxxxxxxxxxx x xxxxx xxxxxxxxx xxx xx xxxxxxxxxxx xx xxxxx xx xxx xxxxxxxxx
xxxxxxx xx
xx xxxxxxx xx xx xxxxxxive 90/619/EEC shall be deleted.
2. Any undertaking carrying on business under the right of establishment or the freedom to provide services shall suxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxx xx xxx xxxxxx xxxxxx xx xxx xxxxxx xxxxx xx xxx xxxxxxxxx xx xxxxxxxx xxx xxxxxxxxx xxxxxxxxx xx xx xor the purposes of this Article in so far as undertakings the head office of which is in those Member States are also obliged to do so.
3. If the xxxxxxxxx xxxxxxxxxxx xx x xxxxxx xxxxx xxxxxxxxx xxxx xx xxxxxxxxxxx xxxx x xxxxxx xx xxxxxxxx xx xxxxxxxx xxxxx xxx xxxxxxx xx xxxxxxx xxxxxxxx xx xxx territory is not complying with the legal provisions applicable to it in that State, they shall require the undertaking concerned to remedy that irreguxxx xxxxxxxxxx
xx xx xxx xxxxxxxxxxx xx xxxxxxxx xxxxx xx xxxx xxx xxxxxxxxx xxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxx xxxxxxxxx xxxxx xxform the competent authorities of the home Member State accordingly. The latter authorities shall, at the earliest opportunity, take all appropriate xxxxxxxx xx xxxxxx xxxx xxx xxxxxxxxxxx xxxxxxxxx xxxxxxxx xxxx xxxxxxxxx xxxxxxxxxx xxx xxxxxx xx xxxxx xxxxxxxx xxxxx xx xxxxxxxxxxxx xx xxx xxxxxxent authorities of the Member State concerned.
5. If, despite the measures taken by the home Member State or because those measures prove inadequate ox xxx xxxxxxx xx xxxx xxxxxx xxx xxxxxxxxxxx xxxxxxxx xx xxxxxxxxx xxx xxxxx xxxxxxxxxx xx xxxxx xx xxx xxxxxx xxxxx xxxxxxxxxx xxx xxxxxx xxxx xxxxx xxxorming the competent authorities of the home Member State, take appropriate measures to prevent or penalize further irregularities, including, in so xxx xx xx xxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxx xxxxxxxxxxx xxxx xxxxxxxxxx xx xxxxxxxx xxx xxxxxxxxx xxxxxxxxx xxxxxx xxx xxxxxxxxxx xxxxxx xxxxxx xxall ensure that in their territories it is possible to serve the legal documents necessary for such measures on assurance undertakings.
6. Paragraphx xx x xxx x xxxxx xxx xxxxxx xxx xxxxxxxxx xxxxx xx xxx xxxxxx xxxxxx xxxxxxxxx xx xxxx xxxxxxxxxxx xxxxxxxx xx xxxxxxx xx xxxxxxxx xxxxxxxxxxxxxx xxxxxtted within their territories. This shall include the possibility of preventing assurance undertakings from continuing to conclude new assurance coxxxxxxx xxxxxx xxxxx xxxxxxxxxxxx
xx xxxxxxxxx xx x xxx x xxxxx xxx xxxxxx xxx xxxxx xx xxx xxxxxx xxxxxx xx xxxxxxxx xxxxxxxxxxxxx xxxxxx xxxxx xxxxxtories.
8. If an undertaking which has committed an infringement has an establishment or possesses property in the Member State concerned, the compexxxx xxxxxxxxxxx xx xxx xxxxxx xxxx xx xxxxxxxxxx xxxx xxxxxxxx xxxx xxxxx xxx xxxxxxxxxxxxxx xxxxxxxxx xxxxxxxxxx xxx xxxx xxxxxxxxxxxx xx xxx xx xxxorcement against that establishment or property.
9. Any measure adopted under paragraphs 4 to 8 involving penalties or restrictions on the conduct ox xxxxxxxxx xxxxxxxx xxxx xx xxxxxxxx xxxxxxxx xxx xxxxxxxxxxxx xx xxx xxxxxxxxxxx xxxxxxxxxx
xxx xxxxx xxx xxxxxx xxx xxxxxxxxxx xxxxx xxxxxx xx xxe Insurance Committee a report summarizing the number and type of cases in which, in each Member State, authorization has been refused pursuant to Articxx xx xx xxxxxxxxx xxxxxxxxxx xx xxxxxxx xx xx xxxxxxxxx xxxxxxxxxx xx xxxxxxx xx xxxx xxxxxxxxx xx xxxxxxxx xxxx xxxx xxxxx xxxxx xxxxxxxxx xx xxxxxx xxates shall cooperate with the Commission by providing it with the information required for that report.
Article 41
Nothing in this Directive shaxx xxxxxxx xxxxxxxxx xxxxxxxxxxxx xxxx xxxx xxxxxxx xx xxxxx xxxxxx xxxxxx xxxx xxxxxxxxxxx xxxxx xxxxxxxx xxxxxxx xxx xxxxxxxxx xxxxx xx xxxxxxxxxxion in the Member State of the branch or Member State of the provision of services, subject to any rules governing the form and content of such advertising xxxxxxx xx xxx xxxxxxxx xx xxx xxxxxxx xxxxx
xxxxxxx xx
xx xxxxxxx xx xx xxxxxxxxx xxxxxxxxxx xxxxx xx xxxxxxxx
xx xxxxxx xx xxxxxxxxx xxxxxxxxing be wound up, commitments arising out of contracts underwritten through a branch or under xxx xxxxxxx xx xxxxxxx xxxxxxxx xxxxx xx xxx xx xxx xxxx xxx xx xxxxx xxxxxxx xxx xx xxxx xxxxxxxxxxxxxxxxxx xxxxx xxxxxxxxx xxxxxxxxxx xxxxxxx xxxxxxxtion as to nationality as far as the lives assured and the beneficiaries are concerned.
Article 43
1. Article 23 of Directive 90/619/EEC shall be dxxxxxxx
xx xxxxx xxxxxxxxx xxxxxxxxxxx xxxxx xxxxxx xxx xxxxxxxxx xxxxxxxxx xx xxx xxxx xxxxxx xxxxxx xxxxxxxxxx xx xxxxxxx xx xxxxxxxxxxxx xxxxxxd out under the right of establishment and those carried out under the freedom to provide services, of the amount of the premiums, without deduction of rexxxxxxxxxx xx xxxxxx xxxxx xxx xx xxxx xx xxxxxxx x xx xxx xx xxxxxxx xx xxx xxxxx xx xxxxxxxxx xxxxxxxxxxx
xxx xxxxxxxxx xxxxxxxxx xx xxx xxxx xxxxxx xxate shall, within a reasonable time and on an aggregate basis forward this information to the competent authorities of each of the Member States concernxx xxxxx xx xxxxxxxx
xxxxxxx xx
xx xxxxxxx xx xx xxxxxxxxx xxxxxxxxxx xxxxx xx xxxxxxxx
xx xxxxxxx xxxxxxxxx xx xxx xxxxxxxxxx xxxxxxxxxxxxxx every assurance contract shall be subject exclusively to the indirect taxes and parafiscal charges on assurance premiums in the Member State of the comxxxxxxx xxxxxx xxx xxxxxxx xx xxxxxxx x xxx xx xxxxxxxxx xxxxxxxxxx xxx xxxxx xxxx xxxxxx xx xxxxxx xx xxx xxxxxxxxxx xxxxxxx xxxxxxxxxxx xx xxxxxx xx xxe Spanish 'Consorcio de compensación de seguros' for the performance of its functions relating to the compensation of losses arising from exxxxxxxxxxxx xxxxxx xxxxxxxxx xx xxxx xxxxxx xxxxxx
xxx xxx xxxxxxxxxx xx xxx xxxxxxxx xxxxxxxx xx xxxxxxx x xx xxxxxxxxx xxxxxxxxxx xxxxx xxx xxxxxt the fiscal arrangements applicable.
Pending future harmonization, each Member State shall apply to those undertakings which cover commitments sxxxxxxx xxxxxx xxx xxxxxxxxx xxx xxx xxxxxxxx xxxxxxxxxx xxx xxxxxxxx xx xxxxxx xxx xxxxxxxxxx xx xxxxxxxx xxxxx xxx xxxxxxxxxx xxxxxxx xxx xxxxx xxx xirst subparagraph.
TITLE V TRANSITIONAL PROVISIONS
Article 45
Member States may allow assurance undertakings with head offices in theix xxxxxxxxxxxx xxx xxxxx xxxxxxxxx xxx xxxx xxxxxxxx xxxxx xxxxxxxxx xxxxxxxxxx xxxxxxx xx xxx xxxx xx xxx xxxxxxxxxxxx xx xxxx xxxxxxxxxx xxx xxxxxxxage laid down in Article 22 (1) (a) a period expiring no later than 31 December 1998 within which to comply with that provision.
Article 46
1. Articlx xx xx xxxxxxxxx xxxxxxxxxx xxxxx xx xxxxxxxx
xx xxxxx xxx xxxxxxxxx xxxxx xx xxxxxxxx xxxxx xxx xxxxxxx xxxxx xx xxxxxxxx xxxxx xxx xxxxxxx xxx xxxxxwing transitional arrangements for contracts in respect of which one of those Member States is the Member State of the commitment:
(a) by way of derogaxxxx xxxx xxxxxxx x xxx xx xxxxxxxxx xxxxxxxxxx xxx xxxx xxxxxxxx xx xxx xx xx xxxx xxxxxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxxx xx xxxxxxxx may require the communication, before use, of general and special insurance policy conditions;
(b) the amount of the technical provisions relating xx xxxx xxxxxxxxx xxxxx xx xxxxxxxxxx xxxxx xxx xxxxxxxxxxx xx xxx xxxxxx xxxxx xxxxxxxxx xx xxxxxxxxxx xxxx xxx xxx xxxxx xxx xxxxxxx xxxxx xx xxxxxxxxce with the procedures established in that xxxxx xx xxxxxxxxxx xxxx xxxx xxxxxxxxxx xxxxx xx xxxxx xxxxxxxxx xxxxxxxxxx xx xxxxxxxxxx xxx xxxxxxxx xxxxxx xxx xxx xxxxxxxxxxxx xx xxxxx xxxxxx xxall be effected under the supervision of that Member State in accordance with its rules and practices adopted in accordance with this Directive.
xxxxx xx xxxxx xxxxxxxxxx
xxxxxxx xx
xxx xxxxxxxxx xxxxxxxxx xxxxxxxxxxx xx xx xxxx xx xxxxxxxxxx xxxxxxxxxx xxx xxxxxxxxxx xxx xx xxxx xxxxxxxve shall be adopted in accordance with the procedure laid down in Directive 91/675/EEC:
- extension of the legal forms provided for in Article 8 (1) (a) xx xxxxxxxxx xxxxxxxxxxx
x xxxxxxxxxx xx xxx xxxx xxx xxx xx xxx xxxxx xx xxxxxxxxx xxxxxxxxxxx xx xxxxxxxxxx xx xxx xxxxxxxxxxx xxxx xx xxxx xxxx xx xxke account of the development of assurance markets,
- clarification of the items constituting the solvency margin listed in Article 18 of Directive 7xxxxxxxxx xx xxxx xxxxxxx xx xxx xxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxxx
x xxxxxxxxxx xx xxx xxxxxxx xxxxxxxxx xxxx xxxxxxxx xxx xx xxxxxxx xx xxx xx xxrective 79/267/EEC to take account of economic and financial developments,
- amendments, to take account of the creation of new financial instrumenxxx xx xxx xxxx xx xxxxxx xxxxxxxxxx xx xxxxx xxx xxxxxxxxx xxxxxxxxxx xxx xxx xx xxxxxxx xx xx xxxx xxxxxxxxx xxx xx xxx xxxxx xx xxx xxxxxxxxx xx xxxxxxxxnts laid down in Article 22 of this Directive,
- changes in the relaxations in the matching rules laid down in Annex I to this Directive, to take account ox xxx xxxxxxxxxxx xx xxx xxxxxxxxxxxxxxxx xxxxxxxxxxx xx xxxxxxxx xxxx xx xxxxxxxx xxx xxxxxxxx xxxxxx
x xxxxxxxxxxxxx xx xxx xxxxxxxxxxx xx xxxxx xo ensure uniform application of Directives 79/267/EEC and 90/619/EEC and of this Directive throughout the Community,
- the technical adjustments nxxxxxxxx xx xxx xxxxx xxx xxxxxxx xxx xxxxxx xxxxxxxxxx xx xxxxxxxx xxxxxx xxxxxxxx xx xxxxxxx xx xx xxxxxxxxx xxxxxxxxxxx xx xxxxxxx xx xxxx xxxxxxxxx, in particular to take account of progress made in economic and monetary union.
Article 48
1. Branches which have started business, in accordancx xxxx xxx xxxxxxxxxx xx xxxxx xx xxxxx xxxxxx xxxxx xx xxxxxxxxxxxxxx xxxxxx xxx xxxxx xxxx xxxxx xx xxx xxxxxxxxxx xxxxxxx xx xxxxxxxxxxxxxx xx xxxx xxrective shall be presumed to have been subject to the procedure laid down in Article 10 (1) to (5) of Directive 79/267/EEC. They shall be governed, from thx xxxx xx xxxx xxxxx xxxx xxxxxx xx xxxxxxxx xxx xxx xx xxx xx xx xxxxxxxxx xxxxxxxxxx xxx xx xxxxxxx xx xx xxxx xxxxxxxxxx
xx xxxxxxxx xx xxx xx xx xxxxxxxve 90/619/EEC, as amended by this Directive, shall not affect rights acquired by assurance undertakings carrying on business under the freedom to provxxx xxxxxxxx xxxxxx xxx xxxxx xxxx xxxxx xx xxx xxxxxxxxxx xxxxxxx xx xxxxxxxxxxxxxx xx xxxx xxxxxxxxxx
xxxxxxx xx
xxx xxxxxxxxx xxxxxxx xxx xxxll be inserted in Directive 79/267/EEC:
'Article 31a
1. Under the conditions laid down by national law, each Member State shall authorize agexxxxx xxx xxxxxxxx xxx xx xxxxxx xxx xxxxxxxxx xxx xxxxxxx xx xxxx xxxxx xx xxxxxxxx xxx xx xxxx xx xxxxx xxxxxxxxxx xx xxxxxxxxx xx xx xxxxxxxxx xxxxxx xxtablished in the same xxxxxx xxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxxx xxxxxx xxxxx xxx xx xxxxxxxxxxxx xxxxx xx xxx xxxxxx xxxxx xxxxxxxx xx xx xxxxxxx xx xxxxxxx xxxx xxxxx taking the transfer into account the accepting office possesses the necessary solvency margin.
2. Under the conditions laid down by national law, eaxx xxxxxx xxxxx xxxxx xxxxxxxxx xxxxxxxx xxx xxxxxxxx xxx xx xxxxxx xxx xxxxxxxxx xxx xxxxxxx xx xxxx xxxxx xx xxxxxxxx xxx xx xxxx xx xxxxx xxxxxxxxxx xx contracts to an assurance undertaking with a head office in another Member State if the competent authorities of that Member State certify that after taxxxx xxx xxxxxxxx xxxx xxxxxxx xxx xxxxxxxxx xxxxxx xxxxxxxxx xxx xxxxxxxxx xxxxxxxx xxxxxxx
xx xx xxxxx xxx xxxxxxxxxx xxxx xxxx xx xxxxxxxx xxx x xxmber State authorizes agencies and branches set up within its territory and covered by this Title to transfer all or part of their portfolios of contractx xx xx xxxxxx xx xxxxxx xxxxxxx xx xxxx xxxxx xxx xxx xx xxxxxx xxx xxxxxxxxx xx xxxxxxx xxxxxx xxxxx xx xxxxx xxxxxx xxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx Member State of the accepting office or, if appropriate, of the Member State referred to in Article 30 certify that after taking the transfer into accounx xxx xxxxxxxxx xxxxxx xxxxxxxxx xxx xxxxxxxxx xxxxxxxx xxxxxxx xxxx xxx xxx xx xxx xxxxxx xxxxx xx xxx xxxxxxxxx xxxxxx xxxxxxx xxxx x xxxxxxxx xxx xxxx the State has agreed to the transfer.
4. In the circumstances referred to in paragraphs 1, 2 and 3 the Member State in which the transferring agency or brxxxx xx xxxxxxxx xxxxx xxxxxxxxx xxx xxxxxxxx xxxxx xxxxxxxxx xxx xxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxx xx xxx xxxxxxxxxxx xxxxx xifferent from the Member State in which the transferring agency or branch is situated.
5. The competent authorities of the Member States consulted shxxx xxxx xxxxx xxxxxxx xx xxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xx xxx xxxxxxxxxxxx xxxxxxxxx xxxxxxxxxxx xxxxxx xxxxx xxxxxx xf receiving a request; the absence of any response from the authorities consulted within that period shall be considered equivalent to a favourable opixxxx xx xxxxx xxxxxxxx
xx x xxxxxxxx xxxxxxxxxx xx xxxxxxxxxx xxxx xxxx xxxxxxx xxxxx xx xxxxxxxxx xx xxxx xxxx xx xxxxxxxx xxx xx xxx xxxxxx xxxxx xx xxe commitment. Such transfers shall automatically be valid against policy-holders, assured persons and any other persons having rights or obligationx xxxxxxx xxx xx xxx xxxxxxxxx xxxxxxxxxxxx
xxxx xxxxxxxxx xxxxx xxx xxxxxx xxx xxxxxx xxxxxxxxxxxx xxxxx xx xxxx xxxxxxxxxxxxxx xxx xxxxxxx xx xxxxelling contracts within a fixed period after a transfer.'
Article 50
Member States shall ensure that decisions taken in respect of an assurxxxx xxxxxxxxxxx xxxxx xxxxx xxxxxxxxxxx xxx xxxxxxxxxxxxxx xxxxxxxxxx xxxxxxx xx xxxxxxxxxx xxxx xxxx xxxxxxxxx xxx xx xxxxxxx xx xxx xxxxx xx xxxxx to the courts.
Article 51
1. Member States shall adopt the laws, regulations and administrative provisions necessary for their compliance with xxxx xxxxxxxxx xx xxxxx xxxx xx xxxxxxxx xxxx xxx xxxxx xxxx xxxx xxxxx xx xxxxx xxxx x xxxx xxxxx xxxx xxxxx xxxxxxxxx xxxxxx xxx xxxxxxxxxx xxxxxxxx
xhen they adopt such measures, the Member States shall include references to this Directive or shall make such references when they effect official publxxxxxxxx xxx xxxxxx xx xxxxx xxxx xxxxxxxxxx xxx xx xx xxxx xxxxx xx xxxx xxxx xx xxx xxxxxx xxxxxxx
xx xxx xxxxxx xxxxxx xxxxx xxxxxxxxxxx xx xxx xxxxxxsion the texts of the main provisions of national law xxxxx xxxx xxxxx xx xxx xxxxx xxxxxxx xx xxxx xxxxxxxxxx
xxxxxxx xx
xxxx xxxxxxxxx xx xxxxxxxxx xx xxx xxxxxx xxxxxxx
xxxx xx xxxxxxxxx xx xxxxxber 1992.
For the Council
The President
R. NEEDHAM
(1) OJ No C 99, 16. 4. 1991, p. 2.(2) OJ No C 176, 13. 7. 1992, p. 93; and Decision of 28 October 19xx xxxx xxx xxxxxxxxx xx xxx xxxxxxxx xxxxxxxxxxxx xx xx x xxx xxx xx xxxxx xx xxxxxx xx xx x xxxx xxx xxx xxxxx xx xxxxxx xx xx x xxx xxx xx xxxxx xx xx xxxxxxxxx as last amended by the Second Directive 90/619/EEC (OJ No L 330, 29. 11. 1990, p. 50).(6) OJ No L 374, 31. 12. 1991, p. 7.(7) First Council Directive 73/239/xxx xx xx xxxx xxxx xx xxx xxxxxxxxxxxx xx xxxxx xxxxxxxxxxx xxx xxxxxxxxxxxxxx xxxxxxxxxx xxxxxxxx xx xxx xxxxxxxxx xxx xxxxxxx xx xxx xxxxxxxx xx xxxxct insurance other than life assurance (OJ No L 228, 16. 8. 1973, p. 3). Directive as last amended by Directive 90/618/EEC (OJ No L 330, 29. 11. 1990, p. 44).xxx xx xx x xxxx xx xx xxxxx xx xxxxx xx xx x xxxx xxx xxx xxxxx xx xxx
xxxxx x
xxxxxxxx xxxxx xxx xxxxxxxx xx xxxxx xxx xxxxxxxxxxxxxx xxxxxxxxxxx xxx xayable shall be determined in accordance with the following rules:
1. Where the cover provided by a contract is expressed in terms of a particular currxxxxx xxx xxxxxxxxxxxxxx xxxxxxxxxxx xxx xxxxxxxxxx xx xx xxxxxxx xx xxxx xxxxxxxxx
xx xxxxxx xxxxxx xxx xxxxxxxxx xxxxxxxxxxxx xxx xx xxxxx xxxxx xechnical provisions, including their mathematical provisions, by matching assets if application of the above procedures would result in the undertaxxxx xxxxx xxxxxxxx xx xxxxx xx xxxxxx xxxx xxx xxxxxxxx xxxxxxxxxx xx xxxx xxxxxx xx x xxxxxxxx xxxxxxxxx xx xxx xxxx xxxx x x xx xxx xxxxxx xxxxxxxx xx xxxer currencies.
3. Member States may choose not to require undertakings to apply the matching principle where commitments are payable in a currency otxxx xxxx xxx xxxxxxxx xx xxx xx xxx xxxxxxxxx xxxxxx xxxxxxx xx xxxxxxxxxxx xx xxxx xxxxxxxx xxx xxxxxxxxxx xx xxx xxxxxxxx xx xxxxxxx xx xxxxxxxx xxxxxxctions or if, for similar reasons, it is not suitable for covering technical provisions.
4. Undertakings are authorized not to hold matching assets tx xxxxx xx xxxxxx xxx xxxxxxxxx xx x xx xxxxx xxxxxxxxxxx xx x xxxxxxxxxx xxxxxxxxx
xxxxxxxx xxxxx xxxxxx xx xxx xxxxxxxxxx xxxxxxxx xxxx xx xx xxxxx xxual to total commitments in all currencies combined.
5. Each Member State may provide that, whenever under the preceding procedures a commitment has xx xx xxxxxxx xx xxxxxx xxxxxxxxx xx xxx xxxxxxxx xx x xxxxxx xxxxxx xxxx xxxxxxxxxxx xxxxx xxxx xx xxxxxxxxxx xx xx xxxxxxxxx xxxx xxx xxxxxx xxx xxxxxxxed in ecus.
ANNEX II
INFORMATION FOR POLICY-HOLDERS The following information, which is to be communicated to the policy-holder before the coxxxxxx xx xxxxxxxxx xxx xx xxxxxx xxx xxxx xx xxx xxxxxxxx xxxx xxxx xx xxxxxxxx xx x xxxxx xxx xxxxxxxx xxxxxxx xx xxxxxxxx xx xx xxxxxxxx xxxxxxxx xx xxx xember State of the commitment.
However, such information may be in another language if the policy-holder so requests and the law of the Member State xx xxxxxxx xx xxx xxxxxxxxxxxxx xx xxxx xx xxxxxx xxx xxx xxxxxxxxxxx
xx xxxxxx xxxxxxxxxx xxx xxxxxxxx
xxxxxxxxxxx xxxxx xxx xxxxxxxxx xxxxxxxxxxx
xxxxxxxxxxx xxxxx xxx xxxxxxxxxx
xxx xx xxx xxxx xx xxe undertaking and its legal form
(a) 2. The name of the Member State in which the head office and, where appropriate, the agency or branch concluding the xxxxxxxx xx xxxxxxxx
xxx xx xxx xxxxxxx xx xxx xxxx xxxxxx xxxx xxxxx xxxxxxxxxxxx xx xxx xxxxxx xx xxxxxx xxxxxxxxxx xxx xxxxxxxx
xxx xx xxxxxxxxxx of each benefit and each option
(a) 5. Term of the contract
(a) 6. Means of terminating the contract
(a) 7. Means of payment of premiums and duration xx xxxxxxxx
xxx xx xxxxx xx xxxxxxxxxxx xxx xxxxxxxxxxxx xx xxxxxxx
xxx xx xxxxxxxxxx xx xxxxxxxxx xxx xxxxxxx xxxxxx xxx xxx xxxxxx xx xxxxx xxxx xxe guaranteed
(a) 10. Information on the premiums for each benefit, both main benefits and supplementary benefits, where appropriate
(a) 11. For unxxxxxxxxx xxxxxxxxx xxxxxxxxxx xx xxx xxxxx xx xxxxx xxx xxxxxxxx xxx xxxxxx
xxx xxx xxxxxxxxxx xx xxx xxxxxx xx xxx xxxxxxxxxx xxxxxx xxx xxxxxxxxxxd policies
(a) 13. Arrangements for application of the cooling-off period
(a) 14. General information on the tax arrangements applicable to the tyxx xx xxxxxx
xxx xxx xxx xxxxxxxxxxxx xxx xxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxxx xx xxxxxxxxxxxxxxx xxxxx xxxxxxx xx xxxxxxxxxxxxx xxxxx xxxxxxcts including, where appropriate, the existence of a complaints body, without prejudice to the right to take legal proceedings
(a) 16. Law applicablx xx xxx xxxxxxxx xxxxx xxx xxxxxxx xx xxx xxxx x xxxx xxxxxx xxx xxxxx xxx xxxxxxx xxx xxxx xx xxxxxx xxx xxx xxxxxxxxxxx xxx xxx xxx xxxxxxx xxxxxxxx xx xxxose
B. During the term of the contract
In addition to the policy conditions, both general and special, the policy-holder must receive the folloxxxx xxxxxxxxxxx xxxxxxxxxx xxx xxxx xx xxx xxxxxxxxx
xxxxxxxxxxx xxxxx xxx xxxxxxxxx xxxxxxxxxxx
xxxxxxxxxxx xxxxx xxx xxxxxxxxxx
xxx x. Any change in the name of the undertaking, its legal form or the address of its head office and, where appropriate, of the agency or branch which concludex xxx xxxxxxxx
xxx xx xxx xxx xxxxxxxxxxx xxxxxx xx xxxxxx xxx xxx xx xxx xxxx xx x xx xxx xxxxx xx x xxxxxx xx xxx xxxxxx xxxxxxxxxx xx xxxxxxxxx xx xxx xxx xpplicable to the contract
(b) 3. Every year, information on the state of bonuses

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