31979L0267

on the coordination of laws, regulations and administrative

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Obsah Typ obsahu
Předpisy EU a SDEU (13)
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xx xxx xxxxxxxxxxxx xx xxxx x xxxxxxxxxxx xxx xxxxxxxxxxxxxx xxxxxxxxxx xxxxxxxx xx xxx xxxxxx xx AND PURSUIT OF THE BUSINESS OF DIRECT LIFE ASSURANCE
( 79/267/EEC )
THE COUNCIL OF THE EUROPEAN COMMUNITIES ,
HAVING REGARD TO THE TREATY ESTABLISxxxx xxx xxxxxxxx xxxxxxxx xxxxxxxxx x xxx xx xxxxxxxxxx xxxxxxxx xx xxx xx xxxxxxx x
xxxxxx xxxxxx xx xxx xxxxxxxx xxxx xxx xxxxxxxxxx x x x x
xxxxxx xEGARD TO THE OPINION OF THE EUROPEAN PARLIAMENT ( 2 ) ,
HAVING REGARD TO THE OPINION OF THE ECONOMIC AND SOCIAL COMMITTEE ( 3 ) ,
WHEREAS , IN ORDER TO FACIxxxxxx xxx xxxxxx xx xxx xxxxxxx xx xxx xxxxxxxx xx xxxx xxxxxxxxx x xx xx xxxxxxxxx xx xxxxxxxxx xxxxxxx xxxxxxxxxxx xxxxx xxxxx xxxxxxx xxxxxxxx xxxxxVISORY LEGISLATION ; WHEREAS , IN ORDER TO ACHIEVE THIS OBJECTIVE AND AT THE SAME TIME ENSURE ADEQUATE PROTECTION FOR POLICY-HOLDERS AND BENEFICIARIES xx xxx xxxxxx xxxxxx x xxx xxxxxxxxxx xxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxx xxxxxxxx xx xxxx xxxxxxxxx xxxxxxxxxxxx xxxxxx xx xxxxxxxxxxx x
xxxxxxx x CLASSIFICATION BY CLASS OF INSURANCE IS NECESSARY IN ORDER TO DETERMINE , IN PARTICULAR , THE ACTIVITIES SUBJECT TO COMPULSORY AUTHORIZATION ;
WHERExx xxxxxxx xxxxxx xxxxxxxxxxxx xxxxx x xx xxxxxx xx xxxxx xxxxx xxxxxx x xxxxxx xxxxxxxxxxxx xx xx xxxxxxxx xxx xxxxx xxxxxxxx xxxxxxxxx xxxxxxxxxx xxxULD BE EXCLUDED FROM THE SCOPE OF THIS DIRECTIVE ; WHEREAS CERTAIN ORGANIZATIONS WHOSE ACTIVITY COVERS ONLY A VERY RESTRICTED SECTOR AND IS LIMITED BY THxxx xxxxxxxx xx xxxxxxxxxxx xxxxxx xxxx xx xxxxxxxx x
xxxxxxx xxx xxxxxx xxxxxx xxxx xxxxxxxxx xxxxxxxxxxx xxx xxxxxxxxx xx xx xxx xxxxxxxxxxxx xxxxYING ON OF LIFE ASSURANCE AND NON-LIFE INSURANCE ; WHEREAS NEWLY FORMED UNDERTAKINGS SHOULD NO LONGER BE AUTHORIZED TO CARRY ON THESE TWO ACTIVITIES SIMxxxxxxxxxxx x xxxxxxx xxxxxx xxxxxx xxxxxx xx xxxxxxx xx xxxxxx xxxxxxxx xxxxxxxxxxxx xxxxx xxxxx xx xxxxx xxxxxxxxxx xxxxxxxxxxxxxx xx xxxxxxxx xx xO SO PROVIDED THAT SEPARATE MANAGEMENT IS ADOPTED FOR EACH OF THEIR ACTIVITIES , IN ORDER THAT THE RESPECTIVE INTERESTS OF LIFE POLICY-HOLDERS AND NON-Lxxx xxxxxxxxxxxxxx xxx xxxxxxxxxxx xxx xxx xxxxxxx xxxxxxxxx xxxxxxxxxxx xx xxxxxxx xx xxx xx xxx xxxxxxxxxx xxx xxx xxxxx xx xxx xxxxx xxxxxxxx x xxxxxAS , WHEN ONE OF THE UNDERTAKINGS WISHES TO ESTABLISH ITSELF IN A MEMBER STATE TO PURSUE LIFE ASSURANCE IN THAT STATE , IT SHOULD SET UP A SUBSIDIARY FOR THAT xxxxxxx x xxxxx xxx xx xxxxxxxx xx x xxxxxxxxxxxx xxxxx xxx xxxxxxx xxxxxxxxxx x xxxxxxx x xxxxxx xxxxxx xxxxxx xx xxxxx xxx xxxxxx xx xxxxxxxxx xxxxx xxxSTING UNDERTAKINGS ESTABLISHED IN THEIR TERRITORY WHICH CARRY ON LIFE ASSURANCE AND NON-LIFE INSURANCE SIMULTANEOUSLY TO PUT AN END TO THIS PRACTICE ; xxxxxxx x xxxxxxxx x xxxxxxxxxxx xxxxxxxxxxxx xxxxxx xx xxxxxxx xx xxxxxxx xxxxxxxxxxx xxxxx x xxxxxxxx xxxxxxxxxxx xxxxxxx xx xxx xxxx xxxxxxxxx xxxUP AS A LIFE UNDERTAKING ;
WHEREAS LIFE ASSURANCE IS SUBJECT TO OFFICIAL AUTHORIZATION AND SUPERVISION IN EACH MEMBER STATE ; WHEREAS THE CONDITIONS Fxx xxx xxxxxxxx xx xxxxxxxxxx xx xxxx xxxxxxxxxxxxx xxxxxx xx xxxxxxx x xxxxxxx xxxxxxxxx xxxx xx xxxx xxx xxx xxxxx xx xxxxx xx xxx xxxxxx xxxxxx xx xxxxxRIZATION BE REFUSED OR WITHDRAWN ;
WHEREAS , AS REGARDS TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES , THE SAME RULES MAY BE ADOPTED AS IN THE Cxxx xx xxxxxxxx xxxxxxxxx x xxxxxx x xxxx xxxx xx xxxxxxxxx xx xxx xxxxxxx xxxxx xxxxxxxxxx xxx xxxxxxx xx xxx xxx xxxxx xx xxxx xxxxxxx xxx xx xxxxxx xxx xxxxxxx xx xxxxxxxxxxx x xxx xxxxxxxxxxxxx xx xxxxxxxxxx xxxxxxxxxx xxx xxx xxxxxxxxx xx xxxxxx x xxxxxxx x xxTHOUGH IT IS DESIRABLE THAT THESE VARIOUS SUBJECTS SHOULD BE COORDINATED , THIS IS NOT ESSENTIAL FOR THE PURPOSES OF THIS DIRECTIVE AND MAY BE CARRIED OUT xxxxxxxxxxxx x
xxxxx xx xx xxxxxxxxx xxxx x xxxx xxx xxxxx xxxxxxxxx xxxxxxxx x xxxxxxxxx xxxxxxxxxxxx xxxxxxxx x xx xxxxxxxxxx xxxxxx xx xxxx xxxxx xNDERWRITING LIABILITES , INSURANCE UNDERTAKINGS SHOULD POSSESS A SUPPLEMENTARY RESERVE , KNOWN AS THE SOLVENCY MARGIN , REPRESENTED BY FREE ASSETS ANx x xxxx xxx xxxxxxxxx xx xxx xxxxxxxxxxx xxxxxxxxx x xx xxxxx xxxxxxxx xxxxxx x xx xxxxx xx xxxxxxx xxxxxxx xxxxxxxx xxxxxxxxxxxx x xxxxxxx x xx xxxxx xx xNSURE THAT THE REQUREMENTS IMPOSED FOR SUCH PURPOSES ARE DETERMINED ACCORDING TO OBJECTIVE CRITERIA WHEREBY UNDERTAKINGS OF THE SAME SIZE WILL BE PLACxx xx xx xxxxx xxxxxxx xx xxxxxxx xxxxxxxxxxx x xx xx xxxxxxxxx xx xxxxxxx xxxx xxxx xxxxxx xxxxx xx xxxxxxx xx xxx xxx xxxxxxxxxxx xx xxx xxxxxxxxxxx xxx xO THE NATURE AND GRAVITY OF THE RISKS PRESENTED BY THE VARIOUS ACTIVITIES FALLING WITHIN THE SCOPE OF THE DIRECTIVE ; WHEREAS THIS MARGIN SHOULD THEREFORx xxxx xxxxxxxxx xx xxxxxxx xxx xxxxx xxx xx xxxxxxxxxx x xxxxx xx xxxxxxxxxx xxxx x xxxxxxx xx xxxxxx xxxxxxxxxxx xx xxxxxxxxxx xx xxxxx xx xxxxxxxxxxxx RESERVES AND CAPITAL AT RISK UNDERWRITTEN BY AN UNDERTAKING , OF PREMIUMS OR CONTRIBUTIONS RECEIVED , OF RESERVES ONLY OR OF THE ASSETS OF TONTINES ;
WHxxxxx xx xx xxxxxxxxx xx xxxxxxx x xxxxxxxxx xxxx x xxx xxxxxx xxx xxxxxxxxxxx xx xxxxx xxx xxxx xx xx xxxxxxx xx xxxxxxxxx xxxx xxx xxxxxxxxxxxx xxxxxxx xDEQUATE RESOURCES WHEN THEY ARE SET UP AND THAT IN THE SUBSEQUENT COURSE OF BUSINESS THE SOLVENCY MARGIN IN NO EVENT FALLS BELOW A MINIMUM OF SECURITY ; WHExxxx xxx xxxxx xx x xxxxxxxxx xxxx xx xxxx xxxxxxxxx xxxx xxxx xxxxxxx xx xxxxxxxx xxxxx xxxxx x
xxxxxxx xx xx xxxxxxxxx xx xxxxxxx xxx xxxxxxxx xx xxxxx WHERE THE FINANCIAL POSITION OF THE UNDERTAKING BECOMES SUCH THAT IT IS DIFFICULT FOR IT TO MEET ITS UNDERWRITING LIABILITIES ;
WHEREAS THE COORDINATxx xxxxx xxxxxxxxxx xxx xxxxxxx xx xxx xxxxxxxx xx xxxxxx xxxxxxxxx xxxxxx xxx xxxxxxxxx xxxxxx x xx xxxxxxxxx x xxxxx xx xxx xxxxxxxxxxxx xxxxxxxxx xx xHE MARKET AND , CONSEQUENTLY , ALSO TO AGENCIES AND BRANCHES WHERE THE HEAD OFFICE OF THE UNDERTAKING IS SITUATED OUTSIDE THE COMMUNITY ; WHEREAS IT IS NEVxxxxxxxxx xxxxxxxxx xx xxxxxxx xxx xxxxxxx xx xxxxxxxxxxx xx xxx xxxx xxxxxxx xxxxxxxxxx xxx xxxx xxxxxxxx xx xxxxxxxx x xx xxxx xx xxx xxxx xxxx xxx xxxxTS OF THE UNDERTAKINGS TO WHICH THEY BELONG ARE SITUATED OUTSIDE THE COMMUNITY ;
WHEREAS IT IS DESIRABLE TO PROVIDE FOR THE CONCLUSION OF RECIPROCAL AGxxxxxxxx xxxx xxx xx xxxx xxxxx xxxxxxxxx xx xxxxx xx xxxxxx xxx xxxxxxxxxx xx xxxx xxxxxxx xxxxxxxxxx x xxxxx xxxxxxxxx xxx xxxxxxxxx xxxx xxxx xxxxxxxS AND BRANCHES SHOULD NOT OBTAIN MORE FAVOURABLE TREATMENT THAN COMMUNITY UNDERTAKINGS ;
WHEREAS CERTAIN TRANSITIONAL PROVISIONS ARE REQUIRED IN Oxxxx x xx xxxxxxxxxx x xx xxxxxx xxxxx xxx xxxxxxxxxxxx xxxxxxxxxxxx xxxxxxx xx xxxxxxxxx xx xxxxx xxxxxxxxxx xx xxx xxxxxxxxxxxx xx xx xxxxxxxxxx xx xxE MEMBER STATES IN PURSUANCE OF THIS DIRECTIVE , SUBJECT TO ARTICLE 53 OF THE TREATY APPLYING ;
WHEREAS ARTICLE 52 OF THE EEC TREATY HAS BEEN DIRECTLY APPxxxxxxx xxxxx xxx xxx xx xxx xxxxxxxxxxxx xxxxxx x xxxxxxx xxxxx xxxx xxxx xxxxx xxx xxxxxxxxxxx xxxx xx xxxx xxx xxx xxxxxxxx xx xxxxxxxxxx xxxxxxxxxx xESTRICTIONS ON THE FREEDOM OF ESTABLISHMENT ; WHEREAS , HOWEVER , THE PROVISIONS CONCERNING PROOF OF GOOD REPUTE AND NO PREVIOUS BANKRUPTCY CONTAINED Ix xxxxxxx xxxxxxxxx xxxxxxxxxx xx xx xxxx xxxx x xxxxxxxxxx xxxxxxxxxxxx xx xxxxxxx xx xxxxxxxxxxxxx xx xxx xxxxxxxx xx xxxxxx xxxxxxxxx xxxxx xxxx xxxE ASSURANCE x x x xx xxx xxxxxxxx xxxxxxxx xxxxxxxxxx xxxxxxxxxxxx xxx xxx xxxx xxxxxxxx xx xxxx xxxxxxxxx x xxxxxxx xxxx xxxxxx xxxxxxxxxxx xx xxxxxxxx xx xxxx xxxxDINATION DIRECTIVE ;
WHEREAS IT IS IMPORTANT TO GUARANTEE THE UNIFORM APPLICATION OF THE COORDINATED RULES AND TO PROVIDE ACCORDINGLY FOR CLOSE COLLxxxxxxxxx xxxxxxx xxx xxxxxxxxxx xxx xxx xxxxxx xxxxxx xx xxxx xxxxx x
xxx xxxxxxx xxxx xxxxxxxxx x
xxxxx x
xxxxxxx xxxxxxxxxx
xxxxxxx x
xxxx DIRECTIVE CONCERNS THE TAKING UP AND PURSUIT OF THE SELF-EMPLOYED ACTIVITY OF DIRECT INSURANCE CARRIED ON BY UNDERTAKINGS WHICH ARE ESTABLISHED IN A MExxxx xxxxx xx xxxx xx xxxxxx xxxxxxxxxxx xxxxx xx xxx xxxx xx xxx xxxxxxxxxx xxxxxxx xxxxx x
x x xxx xxxxxxxxx xxxxx xx xxxxxxxxx xxxxx xxxx xxx xx x xxxxxACTUAL BASIS :
( A ) LIFE ASSURANCE , THAT IS TO SAY , THE CLASS OF INSURANCE WHICH COMPRISES , IN PARTICULAR , ASSURANCE ON SURVIVAL TO A STIPULATED AGE ONLx x xxxxxxxxx xx xxxxx xxxx x xxxxxxxxx xx xxxxxxxx xx x xxxxxxxxxx xxx xx xx xxxxxxx xxxxx x xxxx xxxxxxxxx xxxx xxxxxx xx xxxxxxxx x xxxxxxxx xxxxxxxxx x xIRTH ASSURANCE ;
( B ) ANNUITIES ;
( C ) SUPPLEMENTARY INSURANCE CARRIED ON BY LIFE ASSURANCE UNDERTAKINGS , THAT IS TO SAY , IN PARTICULAR , INSURANCE Axxxxxx xxxxxxxx xxxxxx xxxxxxxxx xxxxxxxxxx xxx xxxxxxxxxx x xxxxxxxxx xxxxxxx xxxxx xxxxxxxxx xxxx xx xxxxxxxx xxx xxxxxxxxx xxxxxxx xxxxxxxxxx xxSULTING FROM AN ACCIDENT OR SICKNESS , WHERE THESE VARIOUS KINDS OF INSURANCE ARE UNDERWRITTEN IN ADDITION TO LIFE ASSURANCE ;
( D ) THE TYPE OF INSURANCx xxxxxxxx xx xxxxxxx xxx xxx xxxxxx xxxxxxx xxxxx xx xxxxxxxxx xxxxxx xxxxxxxxx xxx xxxxxxx xx xxxxxxxxxxxx x
x x xxx xxxxxxxxx xxxxxxxxxx x xxxxx xxxY ARE ON A CONTRACTUAL BASIS , IN SO FAR AS THEY ARE SUBJECT TO SUPERVISION BY THE ADMINISTRATIVE AUTHORITIES RESPONSIBLE FOR THE SUPERVISION OF PRIVATE Ixxxxxxxx xxx xxx xxxxxxxxxx xx xxx xxxxxxx xxxxxxxxx x
x x x xxxxxxxx xxxxxxx xxxxxxxxxxxx xx xxxxxxxxxxx xxx xxx xx xxxx x xxxx xx xxxxxxx xxxxxxxxxxxG THEIR CONTRIBUTIONS AND SUBSEQUENTLY DISTRIBUTING THE ASSETS THUS ACCUMULATED AMONG THE SURVIVORS OR AMONG THE BENEFICIARIES OF THE DECEASED ;
( B x xxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxx xx xxxxxxxxx xxxxxxxxxxx xxxxxxx x xx xxxxxx xxx xxxxxx xx xxxxxxxx xxxxxxxx xxxxxx xx xxxxxxx x xxxxxxxxxxx xx xPECIFIED DURATION AND AMOUNT ARE UNDERTAKEN ;
( C ) MANAGEMENT OF GROUP PENSION FUNDS , I.E . OPERATIONS CONSISTING , FOR THE UNDERTAKING CONCERNED , IN xxxxxxxx xxx xxxxxxxxxxx x xxx xx xxxxxxxxxx xxx xxxxxx xxxxxxxxxxxx xxx xxxxxxxx xx xxxxxx xxxx xxxxxx xxxxxxx xx xxxxx xx xxxxxxxx xx xx xxx xxxxx xx xxSCONTINUANCE OR CURTAILMENT OF ACTIVITY ;
( D ) THE OPERATIONS REFERRED TO IN ( C ) WHERE THEY ARE ACCOMPANIED BY INSURANCE COVERING EITHER CONSERVATIOx xx xxxxxxx xx xxxxxxx xx x xxxxxxx xxxxxxxx x
x x x xxx xxxxxxxxxx xxxxxxx xxx xx xxxxxxxxx xxxxxxxxx xxxx xx xxxxx xxxxxxxx xx xx xxxxxxx x x xxxxx x xx xxOK IV OF THE FRENCH " CODE DES ASSURANCES " .
3 . OPERATIONS RELATING TO THE LENGTH OF HUMAN LIFE WHICH ARE PRESCRIBED BY OR PROVIDED FOR IN SOCIxx xxxxxxxxx xxxxxxxxxxx x xxxx xxxx xxx xxxxxxxx xx xxxxxxx xx xxxxx xxx xxxx xx xxxxxxxxx xxxxxxxxxxxx xx xxxxxxxxxx xxxx xxx xxxx xx x xxxxxx xxxxx x
ARTICLE 2
THIS DIRECTIVE SHALL NOT CONCERN :
1 . SUBJECT TO THE APPLICATION xx xxxxxxx x x x x x x x xx xxxx xxxxxxxxx x xxx xxxxxxx xxxxxxxxxx xx xxx xxxxx xx xxxxx xxxxxxx xxxxxxxxx xxxxxxxxxx xx xx xxxx xxxx xx xxx xxxxxxxxxxxx xx xxWS , REGULATIONS AND ADMINISTRATIVE PROVISIONS RELATING TO THE TAKING-UP AND PURSUIT OF THE BUSINESS OF DIRECT INSURANCE OTHER THAN LIFE ASSURANCE ( 5 ) x xxxxxxxxxxx xxxxxxxx xx xx xxxxxx xxx xxxxx xxxxxxxxxxxx xxxxxxxxx x xxxxxxxx xxxxxxxxx x xxxxxx x
x x xxxxxxxxxx xx xxxxxxxxx xxx xxxxxxxxxxxxxx xNSTITUTIONS WHOSE BENEFITS VARY ACCORDING TO THE RESOURCES AVAILABLE AND WHICH REQUIRE EACH OF THEIR MEMBERS TO CONTRIBUTE AT THE APPROPRIATE FLAT RATx x
x x xxxxxxxxxx xxxxxxx xxx xx xxxxxxxxxxxxx xxxxx xxxx xxxxxxxxxxxx xxxxxxxx xx xx xxxxxxx x x xxxxx xxxxxx xx xx xxxxxxx xxxxxxxx xxx xxxxxxxx xx xxLF-EMPLOYED PERSONS BELONGING TO AN UNDERTAKING OR GROUP OF UNDERTAKINGS , OR A TRADE OR GROUP OF TRADES , IN THE EVENT OF DEATH OR SURVIVAL OR OF DISCONTINxxxxx xx xxxxxxxxxxx xx xxxxxxxx x xxxxxxx xx xxx xxx xxxxxxxxxxx xxxxxxx xxxx xxxx xxxxxxxxxx xxx xxxxx xxxxxxx xx xxx xxxxx xx xxxxxxxxxxxx xxxxxxxx x
4 . SUBJECT TO THE APPLICATION OF ARTICLE 1 ( 3 ) , INSURANCE FORMING PART OF A STATUTORY SYSTEM OF SOCIAL SECURITY .
ARTICLE 3
THIS DIRECTIVE SHALL NOx xxxxxxx x
x x xxxxxxxxxxxxx xxxxx xxxxxxxxx xx xxxxxxx xxxxxxxx xxxxxx xx xxx xxxxx xx xxxxx x xxxxx xxx xxxxxx xx xxxx xxxxxxxx xxxx xxx xxxxxx xxx xxxRAGE FUNERAL COSTS FOR A SINGLE DEATH OR WHERE THE BENEFITS ARE PROVIDED IN KIND ;
2 . MUTUAL ASSOCIATIONS , WHERE :
- THE ARTICLES OF ASSOCIATION CONTAxx xxxxxxxxxx xxx xxxxxxx xx xxxxxxxxxx xxxxxxxxxxxxx xx xxxxxxxx xxxxx xxxxxxxx xx xxxxxxxx xxxxxxxxxx xxxx xxxxx xxxxxxx xxx xxxx xxxxxxxxxx xx xxxVIDE IT , AND
- THE ANNUAL CONTRIBUTION INCOME FOR THE ACTIVITIES COVERED BY THIS DIRECTIVE DOES NOT EXCEED 500 000 UNITS OF ACCOUNT FOR THREE CONSECUTIxx xxxxx x xx xxxx xxxxxx xx xxxxxxxx xxx xxxxx xxxxxxxxxxx xxxxx xxxx xxxxxxxxx xxxxx xxxxx xxxx xxxxxx xxxx xxx xxxxxx xxxx x
xxxxxxx x
xxxx xxxxxxxVE SHALL NOT CONCERN THE " VERSORGUNGSVERBAND DEUTSCHER WIRTSCHAFTSORGANISATIONEN " IN GERMANY OR THE " CAISSE D'EPARGNE DE L&xxxxxxxxx xxxxxx xx xxxxxxxxxx xxxxxx xxxxx xxxxxxxx xxx xxxxxxx xx xxxxxxx xxx xxxxx xx xxxxx xxxxxxxxxx x
xxxxxxx x
xxx xxx xxxxxxxx xx xxxx xxxxxTIVE :
( A ) " UNIT OF ACCOUNT " MEANS THE EUROPEAN UNIT OF ACCOUNT ( EUA ) AS DEFINED BY ARTICLE 10 OF THE FINANCIAL REGULATION OF 21 DECEMBER 197x xxxxxxxxxx xx xxx xxxxxxx xxxxxx xx xxx xxxxxxxx xxxxxxxxxxx x x x x xxxxxxxx xxxx xxxxxxxxx xxxxxx xx xxx xxxx xx xxxxxxx x xxx xxxxxxxxxx xxxxx xx xxxxxNAL CURRENCY TO BE ADOPTED SHALL AS FROM 31 DECEMBER OF EACH YEAR BE THAT OF THE LAST DAY OF THE PRECEDING MONTH OF OCTOBER FOR WHICH EUA CONVERSION VALUES ARx xxxxxxxxx xx xxx xxx xxxxxxxxx xxxxxxxxxx x
x x x xxxxxx xxxxxxxx xxxxxx xxxxxx xxxxx xxx xxxxxxxxxxxxxx xx xxxxxxxxxxxx xxxxxxxxxxx xxxxx xxx xx xxQUIRED TO BE MET IN A PARTICULAR CURRENCY BY ASSETS EXPRESSED OR REALISABLE IN THE SAME CURRENCY ;
( C ) " LOCALIZATION OF ASSETS " MEANS THE EXxxxxxxx xx xxxxxx x xxxxxxx xxxxxxx xx xxxxxxxxx x xxxxxx x xxxxxx xxxxx xxx xxxxx xxx xx xxxxxxxxx xx xxxxxxxxx x xxxxxxxxxxx xxxx xxxxxxx xxxxxx xx xxxxSITED OR THAT IMMOVABLE ASSETS BE SUBJECTED TO RESTRICTIVE MEASURES SUCH AS THE REGISTRATION OF MORTGAGES ; ASSETS REPRESENTED BY CLAIMS AGAINST DEBTOxx xxxxx xx xxxxxxxx xx xxxxxxxx xx xxx xxxxxx xxxxx xxxxx xxxx xxx xxxxxxxxxx x
x x x xxxxxx xxxxxxx xx xxxx xxxxxx xxxxx xxx xxxxxx xxxxxxx xx xxxxx xxxx xxx xxxxxxxxxxxx xxxxxxx xxx xxx xxxx xxxx x
xxxxx xx
xxxxx xxxxxxxxxx xx xxDERTAKINGS WHOSE HEAD OFFICES ARE SITUATED WITHIN THE COMMUNITY
SECTION A
CONDITIONS OF ADMISSION
ARTICLE 6
1 . EACH MEMBER STATE SHALL MAKE THx xxxxxx xx xx xxx xxxxxxxxxx xxxxxxxx xx xx xxxx xxxxxxxxx xx xxx xxxxxxxxx xxxxxxx xx xx xxxxxxxx xxxxxxxxxxxxx x
x x xxxx xxxxxxxxxxxxx xxxxx xx xxxxHT FROM THE COMPETENT AUTHORITY OF THE MEMBER STATE IN QUESTION BY :
( A ) ANY UNDERTAKING WHICH ESTABLISHES ITS HEAD OFFICE IN THE TERRITORY OF SUCH STATx x
x x x xxx xxxxxxxxxxx xxxxx xxxx xxxxxx xx xxxxxxxx xx xxxxxxx xxxxxx xxxxx xxx xxxxx xxxxx xx xxxxxx xx xxxxxx xx xxx xxxxxxxxx xx xxx xxxxxx xxxxx xx xUESTION ;
( C ) ANY UNDERTAKING WHICH , HAVING RECEIVED THE AUTHORIZATION REQUIRED UNDER ( A ) OR ( B ) ABOVE , EXTENDS ITS BUSINESS IN THE TERRITORY OF SUCH xxxxx xx xxxxx xxxxxxx x
x x x xxx xxxxxxxxxxx xxxxx x xxxxxx xxxxxxxx x xx xxxxxxxxxx xxxx xxxxxxx x x x x x xx xxxxxxxxxxxxx xxx x xxxx xx xxx xxxxxxxx xxxxITORY , EXTENDS ITS ACTIVITY BEYOND SUCH PART .
3 . MEMBER STATES SHALL NOT MAKE AUTHORIZATION SUBJECT TO THE LODGING OF A DEPOSIT OR THE PROVISION OF SECxxxxx x
xxxxxxx x
x x xx xxxxxxxxxxxxx xxxxx xx xxxxx xxx xxx xxxxxx xxxxxxxx xxxxxxxxx xxxxxx x xxx xx xx xxx xx xxxxxxxx xxxx xxxxxx x xxx xxxxxxxxx xxEKS PERMISSION TO CARRY ON HIS BUSINESS ONLY IN A PART OF THE NATIONAL TERRITORY .
2 . AUTHORIZATION SHALL BE GIVEN FOR A PARTICULAR CLASS OF INSURANCE . Txx xxxxxxxxxxxxxx xx xxxxx xxxxxxx xx xxx xxxxx x xxxxxxxxxxxxx xxxxx xxxxx xxx xxxxxx xxxxx xxxxxx xxx xxxxxxxxx xxxxxx xx xxxxx xxxx xxxx xx xxx xxxxx xERTAINING TO SUCH CLASS .
THE SUPERVISORY AUTHORITIES MAY RESTRICT AN AUTHORIZATION REQUESTED FOR ONE OF THE CLASSES TO THE OPERATIONS SET OUT IN THE Sxxxxx xx xxxxxxxxxx xxxxxxxx xx xx xxxxxxxx x xxx xx x
x x xxxx xxxxxx xxxxx xxx xxxxx xx xxxxxxxxxxxxx xxx xxx xx xxxx xx xxx xxxxxxx x xxxxx xxx xxxxxxxx xAWS PERMIT SUCH CLASSES TO BE CARRIED ON SIMULTANEOUSLY .
ARTICLE 8
1 . EACH MEMBER STATE SHALL REQUIRE ANY UNDERTAKING SETTING UP IN ITS TERRITORY FOx xxxxx xx xxxxxxxxxxxxx xx xxxxxx xx x
x x x xxxxx xxx xx xxx xxxxxxxxx xxxxx x
x xx xxx xxxx xx xxx xxxxxxx xx xxxxxxx x
xxxxxx xxxxxxx xxxxxxx xxxxxx x " NAAMLOZE VENNOOTSCHAP " , SOCIETE EN COMMANDITE PAR ACTIONS " / " VENNOOTSCHAP BIJ WIJZE VAN GELDSCHIETING OP AANDELEN " , xxxxxx xxxxxxxxxxx xxxxxxxxxxxxxxxx xxxxxxxx xxxxxx x xxxxxx xxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxx xxxxxx x xxxxxx xxxxxxx xxxxxxxxxxx xxxxxx x xxuot; COOEPERATIEVE VENNOOTSCHAP " ,
- IN THE CASE OF THE KINGDOM OF DENMARK :
" AKTIESELSKABER " ,
" GENSIDIGE SELSKABER &quxxx x
x xx xxx xxxx xx xxx xxxxxxx xxxxxxxx xx xxxxxxx x
xxxxxx xxxxxxxxxxxxxxxxxx xxxxxx x xxxxxx xxxxxxxxxxxxxxxxxxx xxx xxxxxxxxxxxxxxx xxxxxx ,
" OEFFENTLICH-RECHTLICHES WETTBEWERBS-VERSICHERUNGSUNTERNEHMEN " ,
x xx xxx xxxx xx xxx xxxxxx xxxxxxxx x
xxxxxx xxxxxxx xxxxxxx xxxxxx x xxxxxx xxxxxxx x xxxxx xxxxxxxx x xxxxxxxxxxx xxxxx xxxxxx x
xxxxxx xxxxxxx x xORME TONTINIERE " ,
- IN THE CASE OF IRELAND :
INCORPORATED COMPANIES LIMITED BY SHARES OR BY GUARANTEE OR UNLIMITED , SOCIETIES REGISTERED UNDxx xxx xxxxxxxxxx xxx xxxxxxxxx xxxxxxxxx xxxx xxx xxxxxxxxx xxxxxxxxxx xxxxx xxx xxxxxxxx xxxxxxxxx xxxx x
x xx xxx xxxx xx xxx xxxxxxx xxxxxxxx x
xquot; SOCIETA PER AZIONI " , " SOCIETA COOPERATIVA " , " MUTUA DI ASSICURAZIONE " AND PUBLIC-LAW INSTITUTIONS WITHIN THE MEAxxxx xx xxxxxxx xxxx xx xxx xxxxx xxxx x
x xx xxx xxxx xx xxx xxxxx xxxxx xx xxxxxxxxxx x
xxxxxx xxxxxxx xxxxxxx xxxxxx x xxxxxx xxxxxxx xx xxxxxxxxxx xxR ACTIONS " , " ASSOCIATION D'ASSURANCES MUTUELLES " , " SOCIETE COOPERATIVE " ,
- IN THE CASE OF THE KINGDOM OF THE NETxxxxxxxx x
xxxxxx xxxxxxxx xxxxxxxxxxxx xxxxxx x xxxxxx xxxxxxxxxx xxxxxxxxxxxxxxxxxxxx xxxxxx x
x xx xxx xxxx xx xxx xxxxxx xxxxxxx x
xxxxxxxxATED COMPANIES LIMITED BY SHARES OR BY GUARANTEE OR UNLIMITED , SOCIETIES REGISTERED UNDER THE INDUSTRIAL AND PROVIDENT SOCIETIES ACTS , SOCIETIES REGxxxxxxx xxxxx xxx xxxxxxxx xxxxxxxxx xxxx x xxx xxxxxxxxxxx xx xxxxxxxxxxxx xxxxx xx xxxxxxxxxxxx x
xxxxxxxxxxx x xxxxxx xxxxxx xxx xxx xx x xxxxx xxxROPRIATE , UNDERTAKINGS UNDER ANY FORM OF KNOWN PUBLIC LAW OR ITS EQUIVALENT PROVIDED THAT SUCH INSTITUTIONS HAVE AS THEIR OBJECT TO CARRY ON INSURANCE Oxxxxxxxxx xxxxx xxxxxxxxxx xxxxxxxxxx xx xxxxx xx xxxxxxxxxxxx xxxxx xxxxxxx xxx x
x x x xxxxx xxx xxxxxxxx xxxxxxxxxx xx xxx xxxxxxxxxx xxxxxxxx xx xN THIS DIRECTIVE AND OPERATIONS DIRECTLY ARISING THEREFROM , TO THE EXCLUSION OF ALL OTHER COMMERCIAL BUSINESS ;
( C ) SUBMIT A SCHEME OF OPERATIONS IN Axxxxxxxxx xxxx xxxxxxx x x
x x x xxxxxxx xxx xxxxxxx xx xxx xxxxxxxxx xxxx xxxxxxxx xxx xx xxxxxxx xx x x x x
x x xx xxxxxxxxxxx xxxxxxx xx xxxxxxxxxxxxx xO EXTEND ITS BUSINESS TO OTHER CLASSES OR , IN THE CASE REFERRED TO IN ARTICLE 6 ( 2 ) ( D ) , TO ANOTHER PART OF THE TERRITORY , SHALL BE REQUIRED TO SUBMIT A SCHEMx xx xxxxxxxxxx xx xxxxxxxxxx xxxx xxx xxxxxxxxxx xx xxxxxxx x xx xxxxxxx xxxx xxxxx xxxxxxx xx xxxxx xxxx xx xxx xxxxxxxxx x
xx xxxxx x xx xxxxxxxx x xx xxQUIRED TO SHOW PROOF THAT IT POSSESSES THE MINIMUM SOLVENCY MARGIN PROVIDED FOR IN ARTICLE 19 AND THE GUARANTEE FUND REFERRED TO IN ARTICLE 20 ( 1 ) AND ( 2 ) .
x x xxx xxxxxxx xxxxxxxxxxxx xxxxxxxx xxxxx xxx xxxxxxx xxxxxx xxxxxx xxxx xxxxxxxx xxxxxxxxxx xxxxxxxxx xxxxxxxxx xxx xxxxxxxx xx xxxx xxxxxxxxx xUALIFICATIONS OR FROM REQUIRING THE MEMORANDUM AND ARTICLES OF ASSOCIATION , THE GENERAL AND SPECIAL POLICY CONDITIONS , THE TECHNICAL BASES FOR CALCUxxxxxx xx xxxxxxxxxx xxxxxxx xxxxx xxx xxxxxxxx xxxxxxxx xx xx xxxxxxx xx xxx xxx xxxxx xxxxxxxx xxxxxxxxx xxx xxx xxxxxx xxxxxxxx xx xxxxxxxxxxx xx xx xPPROVED .
4 . THE ABOVEMENTIONED PROVISIONS MAY NOT REQUIRE THAT ANY APPLICATION FOR AN AUTHORIZATION SHALL BE DEALT WITH IN THE LIGHT OF THE ECONOMIC Rxxxxxxxxxxx xx xxx xxxxxx x
xxxxxxx x
xxx xxxxxx xx xxxxxxxxxx xxxxxxxx xx xx xxxxxxx x x x x x x x xxx x x x xxxxx xxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxxDENCE OF COVER x
x x x xxx xxxxxx xx xxx xxxxxxxxxxx xxxxx xxx xxxxxxxxxxx xxxxxxxx xx xxxxx x xxx xxxxxxx xxx xxxxxxx xxxxxx xxxxxxxxxx xxxxx xx xxxxxxxx xx xxx x
x x x THE TECHNICAL BASES THAT THE UNDERTAKING PROPOSES TO EMPLOY FOR EACH CLASS OF BUSINESS , INCLUDING THE DATA NEEDED TO CALCULATE PREMIUM RATES AND RESERVxx xxxxxxxx xx xx xxxxxxx xx x
x x x xxx xxxxxxx xxxxxxxxxx xx xx xxxxxxxxxxx x
x x x xxx xxxxx xxxxxxxxxxxx xxx xxxxxxx xx xxx xxxxxxxxx xxxx x
x x x xxxxMATES RELATING TO THE EXPENSES OF INSTALLING THE ADMINISTRATIVE SERVICES AND THE ORGANIZATION FOR SECURING BUSINESS AND THE FINANCIAL RESOURCES INTExxxx xx xxxxx xxxx x
xxx x xx xxxxxxxx x xxxxx xxxxxxx xxx xxx xxxxx xxxxx xxxxxxxxx xxxxx x
x x x x xxxxxxxx xxxxxxx xxxxx x
x x x x xxxx xxxxxxx xxx xxxxxLED ESTIMATES OF INCOME AND EXPENDITURE IN RESPECT OF DIRECT BUSINESS , REINSURANCE ACCEPTANCES AND REINSURANCE CESSIONS ;
( H ) ESTIMATES RELATING Tx xxx xxxxxxxxx xxxxxxxxx xxxxxxxx xx xxxxx xxxxxxxxxxxx xxxxxxxxxxx xxx xxx xxxxxxxx xxxxxx x
xxxxxxx xx
x x xxxx xxxxxx xxxxx xxxxx xxxxxxx xxxx xN UNDERTAKING HAVING ITS HEAD OFFICE IN THE TERRITORY OF ANOTHER MEMBER STATE AND SEEKING AN AUTHORIZATION TO OPEN AN AGENCY OR BRANCH SHALL :
( A ) SUBMIx xxx xxxxxxxxxx xxx xxxxxxxx xx xxxxxxxxxxx xxx x xxxx xx xxx xxxxxxxxx xxx xxxxxxxx x
x x x xxxxxxx x xxxxxxxxxxx xxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xF THE HEAD OFFICE MEMBER STATE , ATTESTING THE CLASSES OF INSURANCE WHICH THE UNDERTAKING IS ENTITLED TO COVER AND THAT IT POSSESSES THE MINIMUM OF THE GUAxxxxxx xxxx xx xx xxxxxx x xxx xxxxxxx xxxxxxxx xxxxxx xxxxxxxxxx xx xxxxxxxxxx xxxx xxxxxxx xx xxx xxxxxxx xxx xxxxxxx xx xxxxxxxxx xxxxx xx xxxxxxxx xxDERWRITES AND THE FINANCIAL RESOURCES REFERRED TO IN ARTICLE 11 ( 1 ) ( E ) ;
( C ) SUBMIT A SCHEME OF OPERATIONS IN ACCORDANCE WITH ARTICLE 11 ;
( D ) DESIGNxxx x xxxxxxx xxxxxxxxxxxxxx xxxxxx xxx xxxxxxxxx xxxxxxxxx xxx xxxxx xx xxx xxxx xxxxxxx xxx xxxxxxxxxx xxxxxxxxxx xxxxxx xx xxxx xxx xxxxxxxxxxx xx xELATION TO THIRD PARTIES AND TO REPRESENT IT IN RELATIONS WITH THE AUTHORITIES AND COURTS OF THE HOST COUNTRY ; IF THE REPRESENTATIVE HAS A LEGAL PERSONALxxx x xx xxxx xxxx xxx xxxx xxxxxx xx xxx xxxx xxxxxxx xxx xx xxxx xx xxx xxxx xxxxxxxxx xx xxxxxxxxxx xx xxxxxxxxx xx xxx xxxxxxxx xxxx xxx xxxxx xxxxxxxxxx . THE DESIGNATED REPRESENTATIVE SHALL NOT BE OBJECTED TO BY THE MEMBER STATE EXCEPT ON GROUNDS RELATING TO REPUTE OR TECHNICAL QUALIFICATIONS SUCH AS APxxx xx xxxxxxxxx xx xxxxxxxx xx xxxxxxxxxxxx xxxxx xxxx xxxxxxx xxx xxxxxxxx xx xxx xxxxxxxxx xx xxx xxxxx xx xxxxxxxx x
x x xxxx xxxxxx xxxxx xxxxx xxxxIRE THAT FOR THE PURPOSE OF EXTENDING THE BUSINESS OF THE AGENCY OR BRANCH , EITHER TO OTHER CLASSES OR TO OTHER PARTS OF THE NATIONAL TERRITORY IN THE CASE Pxxxxxxx xxx xx xxxxxxx x x x x x x x x xxx xxxxxxxxx xxx xxx xxxxxxxxxxxxx xxxxx xxxxxx x xxxxxx xx xxxxxxxxxx xx xxxxxxxxxx xxxx xxxxxxx xx xxx xxxxxx xxxx xxE CONDITIONS CONTAINED IN PARAGRAPH 1 ( B ) OF THIS ARTICLE .
3 . THE PRESENT COORDINATING MEASURES SHALL NOT PREVENT MEMBER STATES FRON ENFORCING PROVIxxxxx xxxxxxxxx x xxx xxx xxxxxxxxx xxxxxxxxxxxx x xxxxxxxx xx xxx xxxxxxx xxx xxxxxxx xxxxxx xxxxxxxxxx x xx xxx xxxxxxxxx xxxxx xxx xxxxxxxxxxx xx xxxTICULAR PREMIUM RATES AND RESERVES REFERRED TO IN ARTICLE 17 AND OF ANY OTHER DOCUMENT NECESSARY FOR THE NORMAL EXERCISE OF SUPERVISION .
x x xxx xxxxxxxxxxxxxx xxxxxxxxxx xxx xxx xxxxxxx xxxx xxx xxxxxxxxxxx xxx xxxxxxxxxxxxx xxxxx xx xxxxxxxx xx xxx xxxxx xx xxx xxxxxxxx xxxxxxxxxxxx xx THE MARKET .
ARTICLE 11
1 . THE SCHEME OF OPERATIONS OF THE AGENCY OR BRANCH REFERRED TO IN ARTICLE 10 ( 1 ) ( C ) AND ( 2 ) SHALL CONTAIN THE FOLLOWING PARTICxxxxx xx xxxxxxxx xx x
x x x xxx xxxxxx xx xxx xxxxxxxxxxx xxxxx xxx xxxxxxxxxxx xxxxxxxx xx xxxx xx xx xxx xxxx xxxxxxx x xxx xxxxxxx xxx xxxxxxx xxxxxx xxNDITIONS WHICH IT PROPOSES TO USE ;
( B ) THE TECHNICAL BASES WHICH THE UNDERTAKING PROPOSES TO EMPLOY FOR EACH CLASS OF BUSINESS , INCLUDING THE DATA NEExxx xx xxxxxxxxx xxxxxxx xxxxx xxx xxxxxxxx xxxxxxxx xx xx xxxxxxx xx x
x x x xxx xxxxxxx xxxxxxxxxx xx xx xxxxxxxxxxx x
x x x xxx xxxxx xx xxx xxxxxxxxxxG'S SOLVENCY MARGIN AND GUARANTEE FUND REFERRED TO IN ARTICLES 18 , 19 AND 20 ;
( E ) ESTIMATES RELATING TO THE EXPENSES OF INSTALLING THE ADMINISTRxxxxx xxxxxxxx xxx xxx xxxxxxxxxxxx xxx xxxxxxxx xxxxxxxx xxx xxx xxxxxxxxx xxxxxxxxx xxxxxxxx xx xxxxx xxxx x
xxx x xx xxxxxxxx xxxxx xxxxxxx x xxx xxE FIRST THREE FINANCIAL YEARS :
( F ) A FORECAST BALANCE SHEET FOR THE AGENCY OR BRANCH ;
( G ) A PLAN SETTING OUT DETAILED ESTIMATES OF INCOME AND EXPENDIxxxx xx xxxxxxx xx xxxxxx xxxxxxxx x xxxxxxxxxxx xxxxxxxxxxx xxx xxxxxxxxxxx xxxxxxxx x
x x xxx xxxxxx xx xxxxxxxxxx xxxxx xx xxxxxxxxxxx xx xxx xxxxxCE SHEET AND PROFIT AND LOSS ACCOUNT OF THE UNDERTAKING FOR EACH OF THE PAST THREE FINANCIAL YEARS . IF , HOWEVER , IT HAS NOT YET BEEN IN BUSINESS FOR THREE FIxxxxxxx xxxxx xx xxxxx xx xxxxxxxx xx xxxxxxx xxxx xxxx xxx xxx xxxxxxxxx xxxxx xxxxxxxxx x
x x xxx xxxxxx xx xxxxxxxxxx x xxxxxxxx xxxx xxx xxxxxxxxxxxS OF THE AUTHORITIES COMPETENT TO ISSUE AUTHORIZATION , SHALL BE FORWARDED TO THE COMPETENT AUTHORITIES OF THE HEAD-OFFICE MEMBER STATE . THE LATTER AUTxxxxxxxx xxxxx xxxxxxxxxxx xxxxx xxxxxxx xx xxx xxxxxx xxxxxx xxxxx xxxxxx xxxx xxx xxxxxxx xx xxx xxxxxxxxx x xx xxxxx xxxxxxx xxx xxx xxxx xxxxxxxxxxxD UPON THE EXPIRY OF THIS TIME , IT SHALL BE DEEMED TO BE FAVOURABLE .
ARTICLE 12
ANY DECISION TO REFUSE AN AUTHORIZATION SHALL BE ACCOMPANIED BY THE PRExxxx xxxxxxx xxx xxxxx xx xxx xxxxxxxx xx xxx xxxxxxxxxxx xx xxxxxxxx x
xxxx xxxxxx xxxxx xxxxx xxxx xxxxxxxxx xxx x xxxxx xx xxxxx xx xxx xxxxxx xxxxxx xHERE BE ANY REFUSAL .
SUCH PROVISION SHALL ALSO BE MADE WITH REGARD TO CASES WHERE THE COMPETENT AUTHORITIES HAVE NOT DEALT WITH AN APPLICATION FOR AN AUxxxxxxxxxxx xxxx xxx xxxxxx xx x xxxxxx xx xxx xxxxxx xxxx xxx xxxx xx xxx xxxxxxx x
xxxxxxx xx
x x xxxxxxx xx xxxxxxxxx x x xx xxxxxxxxxxx xxx xxxxxxxxxOUSLY CARRY ON IN A MEMBER STATE THE ACTIVITIES REFERRED TO IN THE ANNEX TO THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) AND THOSE LISTED IN ARTxxxx x xx xxxx xxxxxxxxx x
x x xxxxx xx xxxxxxxxxxx xxxxxxxx xx xxx xxxxxxxxxx xxxxxxxx xx xx xxx xxxxx xx xxx xxxxx xxxxxxxxxxxx xxxxxxxxx x xxxxxxxx xxSURANCE ) HAS FINANCIAL , COMMERCIAL OR ADMINISTRATIVE LINKS WITH AN UNDERTAKING CARRYING ON THE ACTIVITIES COVERED BY THIS DIRECTIVE , THE SUPERVISORx xxxxxxxxxxx xx xxx xxxxxx xxxxxx xx xxxxx xxxxxxxxx xxx xxxx xxxxxxx xx xxxxx xxxxxxxxxxxx xxx xxxxxxxx xxxxx xxxxxx xxxx xxx xxxxxxxx xx xxx xxxxxxxxINGS IN QUESTION ARE NOT DISTORTED BY AGREEMENTS BETWEEN THESE UNDERTAKINGS OR BY ANY ARRANGEMENT WHICH xxxxx xxxxxx xxx xxxxxxxxxxxxx xx xxxxxxxx xxx xxxxxx x
x x xxxxxxx xx xxxxxxxxx x x xxxxxxxxxxxx xxxxx xx xxx xxxx xx xxxxxxxxxxxx xx xxxx xxxxxxxxx xxRRY ON SIMULTANEOUSLY IN A MEMBER STATE BOTH OF THE ACTIVITIES REFERRED TO IN PARAGRAPH 1 MAY CONTINUE TO DO SO THERE PROVIDED THAT EACH ACTIVITY IS SEPARAxxxx xxxxxxx xx xxxxxxxxxx xxxx xxxxxxx xx x
x x xxx xxxxxxxxxxxx xxxxxxxx xx xx xxxxxxxxx x xxx xxx xx xxxxxxxx xx xxxxxxxx xx xxx xxxxx xxxxxx xxxxxx xxLY FOR THE CLASSES LISTED IN THE ANNEX TO THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) .
5 . THE UNDERTAKINGS REFERRED TO IN PARAGRAPH 3 MAY , Bx xxxxxxx xx xxxxxxxxxxxx xx xxxxx xxxxxx xxxxxx xx xxxxx xx xxx xxxxxxxxxx xxxxxxxx xx xx xxxx xxxxxxxxx x xxxxx xxxxxxxxxx xx xxx xxxxxxxxxx xxx xxxxxxTIES LAID DOWN IN ARTICLE 35 FOR A TRANSITIONAL PERIOD OF 10 YEARS FROM THE DATE OF NOTIFICATION OF THIS DIRECTIVE , PROVIDED THEY DO NOT ALREADY HAVE AN AGExxx xx xxxxxx xxxxxxxx xx xx xxxx xxxxxx xxxxxx xxx xxxxxxxxxx xxxxx xxxx xxxxx xxxxxxx xx xxxx xxxxxxxxx x
x x x x x xxx xxxxxx xxxxx xxx xxxxxxx xxxxxxxxINGS WHOSE HEAD OFFICES ARE ESTABLISHED IN ITS TERRITORY TO CEASE , WITHIN A PERIOD TO BE DETERMINED BY THE MEMBER STATE CONCERNED , THE SIMULTANEOUS PURSxxx xx xxxxxxxxxx xx xxxxx xxxx xxxx xxxxxxx xx xxx xxxx xx xxxxxxxxxxxx xx xxxx xxxxxxxxx x
x x x xxxxx xxxxxxxxxx xxx xxxxxxxxxxx xxxxxxxxx xx xxx xxxx OFFICE MEMBER STATE , PARTICULARLY IN REGARD TO THE PERIOD WITHIN WHICH SUCH ACTION MUST TAKE PLACE , ANY MEMBER STATE MAY ALSO IMPOSE THIS REQUIREMENT ON xxxxxxxx xx xxxxxxxx xxxxxxxxxxx xx xxx xxxxxxxxx xxxxx xxxxxxxxxxxxxx xxxxx xx xxxx xxxxxxxxxx xxxxx x
x x x xxxxxxxx xxx xxxxxxxx xx xxx xxxxxxxxxxGS REFERRED TO IN PARAGRAPH 3 WHICH , AT THE TIME OF NOTIFICATION OF THIS DIRECTIVE , ARE ENGAGED IN THE TERRITORY OF A MEMBER STATE SOLELY IN THE ACTIVITIES xxxxxxx xx xxxx xxxxxxxxx xxx xxxxxxxx xxxxx xxxxxxxxxx xxxxx x xx xxx xxxxxxxxxxx xxxxxx xx xxxxx xx xxx xxxxxxxxxx xxxxxxx xx xxx xxxxx xxxxxxxxxxxx xIRECTIVE ( NON-LIFE INSURANCE ) IN THAT TERRITORY IT MAY ONLY CARRY ON THE ACTIVITIES MENTIONED IN THIS DIRECTIVE THROUGH A SUBSIDIARY .
ARTICLE 14
1 x xxx xxxxxxxx xxxxxxxxxx xxxxxxxx xx xx xxxxxxx xx x x x xxxx xx xxxxxxxxx xx xxxx x xxx xxxx xxx xxxxxxxxxx xxxxxxx xx xxxx xxxxxxxxx xxx xxxxxxxx xxxx xxx ACTIVITIES COVERED BY THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) IN ORDER THAT :
- THE RESPECTIVE INTERESTS OF LIFE POLICY-HOLDERS AND Nxxxxxxx xxxxxxxxxxxxxx xxx xxx xxxxxxxxxx xxx x xx xxxxxxxxxx x xxxx xxxxxxx xxxx xxxx xxxxxxxxx xxxxxxx xxxx xxxxxxxxxxxxxx xx xx xxx xxxxxxxxxxx xxxY CARRIED ON THE ACTIVITY OF LIFE ASSURANCE ,
- THE MINIMUM FINANCIAL OBLIGATIONS , IN PARTICULAR SOLVENCY MARGINS , IN RESPECT OF ONE OR OTHER OF THE TWO xxxxxxxxxx x xxxxxx xx xxxxxxxx xxxxx xxxx xxxxxxxxx xxx xx xxxxxxxx xxxxx xxx xxxxx xxxxxxxxxxxx xxxxxxxxx x xxxxxxxx xxxxxxxxx x xxx xxx xxxxx xx xxx xTHER ACTIVITY .
HOWEVER , AS LONG AS THE MINIMUM FINANCIAL OBLIGATIONS ARE FULFILLED UNDER THE CONDITIONS LAID DOWN IN THE SECOND INDENT OF THE FIRST SUxxxxxxxxxx xxx x xxxxxxxx xxx xxxxxxxxx xxxxxxxxx xx xxxxxxxx x xxx xxxxxxxxxxx xxx xxx xxxxx xxxxxxxx xxxxx xx xxx xxxxxxxx xxxxxx xxxxx xxx xxxxx xxxxLABLE FOR ONE OR OTHER ACTIVITY .
THE SUPERVISORY AUTHORITIES SHALL ANALYZE THE RESULTS IN BOTH ACTIVITIES SO AS TO ENSURE THAT THE PROVISIONS OF THIS Pxxxxxxxx xxx xxxxxxxx xxxx x
x x x x x xxxxxxxx xxxxx xx xxxxx xx xx xxxx x xxxxxx xx xx xxxx xxx xxxxxxx xx xxx xxxxxxx xxx xxxx xx xxx xxx xxxxxxxxxx x xxxx xxSURANCE AND NON-LIFE INSURANCE . xx xxxx xxx xxx xxxxxx x xx xxxxxxxxxx xxxxxxxx x xxxxxxxx xx xxxxxxxxxxx xxx xxxxxxxxxx xxxxxx x xxx xxxxxxxxxxx x xx xxxxxxxxxx xxxxxxxxx xxxxxxxxxxx , ADDITIONS TO TECHNICAL RESERVES , REINSURANCE PREMIUMS , OPERATING EXPENSES IN RESPECT OF INSURANCE BUSINESS ) SHALL BE BROKEN DOWN ACCORDING TO ORIGxx x xxxxx xxxxxx xx xxxx xxxxxxxxxx xxxxx xx xxxxxxx xx xxxxxxxxxx xxxx xxxxxxx xx xxxxxxxxxxxxx xx xx xxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xxxxxxxxx .
( B ) UNDERTAKINGS MUST , ON THE BASIS OF THE ACCOUNTS , PREPARE A STATEMENT CLEARLY IDENTIFYING THE ITEMS MAKING UP EACH SOLVENCY MARGIN , IN ACCORDANCx xxxx xxxxxxx xx xx xxxx xxxxxxxxx xxx xxxxxxx xx x x x xx xxx xxxxx xxxxxxxxxxxx xxxxxxxxx x xxxxxxxx xxxxxxxxx x x
x x xx xxx xx xxx xxxxxxxx xxxxxxx xx xxSUFFICIENT , THE SUPERVISORY AUTHORITIES SHALL APPLY TO THE DEFICIENT ACTIVITY THE MEASURES PROVIDED FOR IN THE RELEVANT DIRECTIVE , WHATEVER THE RESUxxx xx xxx xxxxx xxxxxxxx x xx xxx xx xxxxxxxxxx xxxx xxx xxxxxx xxxxxx xx xxx xxxxx xxxxxxxxxxxx xx xxxxxxxxx x x xxxxx xxxxxxxx xxx xxxxxxx xxx xxxxxxxxxTION OF A TRANSFER FROM ONE ACTIVITY TO THE OTHER .
SECTION B
CONDITIONS FOR CARRYING ON ACTIVITIES
ARTICLE 15
MEMBER STATES SHALL COLLABORATE Cxxxxxx xxxx xxx xxxxxxx xx xxxxxxxxxxx xxx xxxxxxxxx xxxxxxxx xx xxxxxxxxxx xxxxxxxxxxxx x
xxxxxxx xx
xxx xxxxxxxxxxx xxxxxxxxx xx xxx xxxxxx xxxTE IN WHOSE TERRITORY THE HEAD OFFICE OF THE UNDERTAKING IS SITUATED MUST VERIFY THE STATE OF SOLVENCY OF THE UNDERTAKING WITH RESPECT TO ITS ENTIRE BUSINxxx x xxx xxxxxxxxxxx xxxxxxxxxxx xx xxx xxxxx xxxxxx xxxxxx xxxxx xxxxxxx xxx xxxxxx xxxx xxx xxx xxxxxxxxxxx xxxxxxxxx xx xxxxxx xxxx xxxxxxxxxxxx xx BE EFFECTED .
ARTICLE 17
1 . EACH MEMBER STATE IN WHOSE TERRITORY ACTIVITIES ARE CARRIED ON BY AN UNDERTAKING SHALL REQUIRE THE UNDERTAKING TO ESTABLxxx xxxxxxxxxx xxxxxxxxx xxxxxxxx x xxxxxxxxx xxxxxxxxxxxx xxxxxxxx x
xxx xxxxxx xx xxx xxxxxxxxx xxxxxxxx x xxxxxxxxx xxxxxxxxxxxx xxxxxxxx x xxxLL BE DETERMINED ACCORDING TO THE RULES FIXED BY THE MEMBER STATE , OR , IN THE ABSENCE OF SUCH RULES , ACCORDING TO THE ESTABLISHED PRACTICES IN SUCH STATE .
x x xxxxxxxxx xxxxxxxx x xxxxxxxxx xxxxxxxxxxxx xxxxxxxx x xxxxx xx xxxxxxxx xx xx xxxxxxx xx xxxxxxxxxx xxx xxxxxxxx xxxxxx xxxxxxxxx xx xxxx xxxxxxY WHERE ACTIVITIES ARE CARRIED ON . MEMBER STATES MAY , HOWEVER , PERMIT RELAXATIONS IN THE RULES AS TO MATCHING ASSETS AND THE LOCALIZATION OF ASSETS . RELxxxxxxxx xx xxx xxxx xx xxxxxxxx xxxxxx xxxxx xxxx xxxxxxx xx xxx xxxxxxxxxxxxxxx xx xxxx xxxxxxxxx xxxxx xx xxxxxxxxx x xxxx xx xxxxxxx xxx xxxxxxxxx xxSURANCE .
HAVING REGARD TO ITS SPECIAL POSITION , LUXEMBOURG MAY , PENDING COORDINATION OF LEGISLATION ON THE WINDING-UP OF UNDERTAKINGS , RETAIN ITS xxxxxx xx xxxxxxxxxx xxx xxxxxxxxx xxxxxxxx x xxxxxxxxx xxxxxxxxxxxx xxxxxxxx x xxxxxxxx xx xxx xxxx xx xxxxxxxxxxxx xx xxxx xxxxxxxxx x
xxx xxxxxxxIONS OF THE COUNTRY WHERE ACTIVITIES ARE CARRIED ON SHALL DETERMINE THE NATURE OF SUCH ASSETS AND , WHERE APPROPRIATE , THE EXTENT TO WHICH THEY MAY BE USED xxx xxx xxxxxxx xx xxxxxxxx xxx xxxxxxxxx xxxxxxxx x xxxxxxxxx xxxxxxxxxxxx xxxxxxxx x xxx xxxxx xxxx xxxxxxxxx xxx xxxxx xxx xxxxxxx xxxx xxxxxx x
xxMPLIANCE WITH THESE REGULATIONS MAY BE ENSURED BY THE INTERVENTION OF A PERSON OR INSTITUTION FROM OUTSIDE THE UNDERTAKING WITH RESPONSIBILITY FOR VERxxxxxx xx xxx xxxx xxxxxxx xxx xxxxxx xxxxxxxxxxxx xxxxxxxxx xxxxxxxx x xxxxxxxxx xxxxxxxxxxxx xxxxxxxx x xxxxxx xxxx xxx xxxxxxxxxxx x xxxx xxxxx xx xHE FUNCTION xx x xx xxxxxxxxxx x xxx xxxxxx xxxxxxxxxxx xxxxxx xx xxxxxxx xxx xx xxx xxxxxx xxxxxxxxxxx xxxxxx xx xxxxxxx x
x x xx x xxxxxx xxxxx xxxxxx xxx xxxxxxxxx RESERVES , INCLUDING MATHEMATICAL RESERVES , TO BE COVERED BY CLAIMS AGAINST RE-INSURERS , IT SHALL FIX THE PERCENTAGE SO ALLOWED . IN SUCH CASE , IT MAY NOx xxxxxxx xxx xxxxxx xxxxxxxxxxxx xxxx xxxxxx xx xx xxxxxxxxx xx xxx xxxxxxxxx x xxxxxxxxxxxxxxx xxx xxxxxxxxxx xx xxxxxxxxx x x
x x xxx xxxxxxxxxxx xxTHORITY OF THE MEMBER STATE IN WHOSE TERRITORY THE HEAD OFFICE OF AN UNDERTAKING IS SITUATED SHALL VERIFY THAT ITS BALANCE SHEET SHOWS IN RESPECT OF THE TExxxxxxx xxxxxxxx x xxxxxxxxx xxxxxxxxxxxx xxxxxxxx x xxxxxx xxxxxxxxxx xx xxx xxxxxxxxxxxx xxxxxxxxxxx xxxxxxx xx xxx xxx xxxxxxxxx xxxxx xx xxxxxxx ON ACTIVITIES .
ARTICLE 18
EACH MEMBER STATE SHALL REQUIRE OF EVERY UNDERTAKING WHOSE HEAD OFFICE IS SITUATED IN ITS TERRITORY AN ADEQUATE SOLVENCY xxxxxx xx xxxxxxx xx xxx xxxxxx xxxxxxxx x
xxx xxxxxxxx xxxxxx xxxxx xxxxxxx xx x
x x xxx xxxxxx xx xxx xxxxxxxxxxx x xxxx xx xxx xxxxxxxxxxx xxxxxxxxxES , LESS ANY INTANGIBLE ITEMS ; IN PARTICULAR THE FOLLOWING SHALL BE INCLUDED :
- THE PAID-UP SHARE CAPITAL OR , IN THE CASE OF A MUTUAL CONCERN , THE PAID-xx xxxxxx xx xxx xxxx x
x xxx xxxx xx xxx xxxxxxxxx xxxxx xxxxxxx xx xxxx xxxx xx x xx xxxx xxxxxxx xx xxxx xxx xxxx xx x
x xxxxxxxxx xxxxxxxx xxx xxxx xxxxxVES NOT CORRESPONDING TO UNDERWRITING LIABILITIES ,
- ANY CARRY-FORWARD OF PROFITS ;
2 . IN SO FAR AS AUTHORIZED UNDER NATIONAL LAW , PROFIT RESERVES xxxxxxxxx xx xxx xxxxxxx xxxxx xxxxx xxxx xxx xx xxxx xx xxxxx xxx xxxxxx xxxxx xxx xxxxx xxx xxxxx xxxx xxxx xxx xxxx xxxx xxxxxxxxx xxx xxxxxxxxxxxx xx xxLICY-HOLDERS ;
3 . UPON APPLICATION , WITH SUPPORTING EVIDENCE , BY THE UNDERTAKING TO THE SUPERVISORY AUTHORITY OF THE MEMBER STATE IN THE TERRITORY Ox xxxxx xxx xxxx xxxxxx xx xxxxxxxx xxx xxxx xxx xxxxxxxxx xx xxxx xxxxxxxxx x
x x x xx xxxxxx xxxxx xx xx x xx xxx xxxxxxxxxxxxxxxxxx xxxxxx xxxxxxx x xxx xMOUNT OF THE FUTURE PROFITS SHALL BE OBTAINED BY MULTIPLYING THE ESTIMATED ANNUAL PROFIT BY A FACTOR WHICH REPRESENTS THE AVERAGE PERIOD LEFT TO RUN ON POxxxxxx x xxx xxxxxx xxxx xxx xxx xxxxxx xx x xxx xxxxxxxxx xxxxxx xxxxxx xxxxx xx xxx xxxxxxxxxxxx xxxxxxx xx xxx xxxxxxx xxxx xxxx xxx xxxx xxxx xxxxx xx xxE ACTIVITIES LISTED IN ARTICLE 1 .
THE BASES FOR CALCULATING THE FACTOR BY WHICH THE ESTIMATED ANNUAL PROFIT IS TO BE MULTIPLIED AND THE ITEMS COMPRISINx xxx xxxxxxx xxxx xxxxx xx xxxxxxx xx xxxxxx xxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxxx xx xxxxxxxxxxxxx xxxx xxx xxxxxxxxxx x xxxxxxx SUCH AGREEMENT , THOSE ITEMS SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE MEMBER STATE IN THE TERRITORY OF WHICH THE UNDERTAKING ( HEAD OFFICE , Axxxxx xx xxxxxx x xxxxxxx xx xxx xxxxxxxxxx x
xxxx xxx xxxxxxxxx xxxxxxxxxxx xxxx xxxxxxx xxx xxxxxxx xx xxxxxxx xxxx x xxx xxxxxxxxxx xxxxx xxxxxx xxxPOSALS FOR THE HARMONIZATION OF THIS CONCEPT BY MEANS OF A DIRECTIVE ON THE HARMONIZATION OF THE ANNUAL ACCOUNTS OF INSURANCE UNDERTAKINGS AND PROVIDINx xxx xxx xxxxxxxxxxxx xxx xxx xx xxxxxxx x x x x xx xxxxxxxxx xxxxxxxxxx x x x x
x x x xxxxx xxxxxxxxxxxx xx xxx xxxxxxxxx xx xxxxx x xx xxxxxxxxx x xx xx xxxx xHAN THE LOADING FOR ACQUISITION COSTS INCLUDED IN THE PREMIUM , THE DIFFERENCE BETWEEN A NON-ZILLMERIZED OR PARTIALLY ZILLMERIZED MATHEMATICAL RESERxx xxx x xxxxxxxxxxxx xxxxxxx xxxxxxxxxxx xx x xxxx xxxxx xx xxx xxxxxxx xxx xxxxxxxxxxx xxxxx xxxxxxxx xx xxx xxxxxxx x xxxx xxxxxx xxx xxx x xxxxxxx x xxxxxx xxx x xx xxx xxx xx xxx xxxxxxxxxxx xxxxxxx xxx xxxxxxxx xxxxxxx xxxx OF LIFE ASSURANCE ACTIVITIES AND THE MATHEMATICAL RESERVES FOR ALL POLICIES FOR WHICH ZILLMERIZING IS POSSIBLE ; THE DIFFERENCE SHALL BE REDUCED BY THE xxxxxx xx xxx xxxxxxxxxxxxx xxxxxxxxxxx xxxxx xxxxxxx xx xx xxxxx x
x x x xxxxx xxxxxxxx xx xxxxx xx xxx xxxxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxxx xxNCERNED IN WHICH THE UNDERTAKING IS CARRYING ON ITS ACTIVITIES ANY HIDDEN RESERVES RESULTING FROM THE UNDER-ESTIMATION OF ASSETS AND OVER-ESTIMATION xx xxxxxxxxxxx xxxxx xxxx xxxxxxxxxxxx xxxxxxxx xx xx xxx xx xxxx xxxxxx xxxxxxxx xxx xxx xx xx xxxxxxxxxxx xxxxxx x
xxxxxxx xx
xxxxxxx xx xxxxxxx xx , THE MINIMUM SOLVENCY MARGIN SHALL BE DETERMINED AS SHOWN BELOW ACCORDING TO THE CLASSES OF INSURANCE UNDERWRITTEN :
( A ) FOR THE KINDS OF INSURANCE RExxxxxx xx xx xxxxxxx x x x x x x x xxx x x x xxxxx xxxx xxxxxxxxxx xxxxxx xx xxxxxxxxxx xxxxx xxx xxx xxx xxxxxxxxxx xxxxxxxx xx xx xxxxxxx x x x x x xx xxxx xx xxxxx TO THE SUM OF THE FOLLOWING TWO RESULTS :
- FIRST RESULT :
A 4 % FRACTION OF THE MATHEMATICAL RESERVES , RELATING TO DIRECT BUSINESS GROSS OF RE-INSURANxx xxxxxxxx xxx xx xxxxxxxxxxxx xxxxxxxxxxx xxxxx xx xxxxxxxxxx xx xxx xxxxx x xxx xxx xxxx xxxxxxxxx xxxx x xx xxx xxxxx xxxxxxxxxxxx xxxxxxxx xxx xx xxxINSURANCE CESSIONS TO THE GROSS TOTAL MATHEMATICAL RESERVES AS SPECIFIED ABOVE ; THAT RATIO MAY IN NO CASE BE LESS THAN 85 % ;
- SECOND RESULT :
FOR POLIxxxx xx xxxxx xxx xxxxxxx xx xxxx xx xxx x xxxxxxxx xxxxxx x x xxx x xxxxxxxx xx xxxx xxxxxxx xxxxxxxxxxxx xx xxx xxxxxxxxxxx xxxxx xx xxxxxxxxxx xx xxx xxxxO , FOR THE LAST FINANCIAL YEAR , OF THE TOTAL CAPITAL AT RISK RETAINED AS THE UNDERTAKING'S LIABILITY AFTER RE-INSURANCE CESSIONS AND RETROCESSIOxx xx xxx xxxxx xxxxxxx xx xxxx xxxxx xx xxxxxxxxxxxx x xxxx xxxxx xxx xx xx xxxx xx xxxx xxxx xx x x
xxx xxxxxxxxx xxxxxxxxx xx xxxxx xx x xxxxxxx xxxx xx xxxEE YEARS THE ABOVE FRACTION SHALL BE 0,1 % ; FOR SUCH ASSURANCE OF A TERM OF MORE THAN THREE YEARS BUT NOT MORE THAN FIVE YEARS THE ABOVE FRACTION SHALL BE 0,15 x x
x x x xxx xxx xxxxxxxxxxxxx xxxxxxxxx xxxxxxxx xx xx xxxxxxx x x x x x x x x xx xxxxx xx xxxxx xx xxx xxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx x
x xxx xxxxxxxx xR CONTRIBUTIONS ( INCLUSIVE OF CHARGES ANCILLARY TO PREMIUMS OR CONTRIBUTIONS ) DUE IN RESPECT OF DIRECT BUSINESS IN THE LAST FINANCIAL YEAR IN RESPECT Ox xxx xxxxxxxxx xxxxx xxxxx xx xxxxxxxxxx x
x xx xxxx xxxxxxxxx xxxxx xxxxx xx xxxxx xxx xxxxxx xx xxxxxxxx xxxxxxxx xxx xxx xxxxxxxxxxx xx xxx xxxx xxxxNCIAL YEAR ;
- FROM THIS SUM SHALL THEN BE DEDUCTED THE TOTAL AMOUNT OF PREMIUMS OR CONTRIBUTIONS CANCELLED IN THE LAST FINANCIAL YEAR AS WELL AS THE TOTAx xxxxxx xx xxxxx xxx xxxxxx xxxxxxxxxx xx xxx xxxxxxxx xx xxxxxxxxxxxxx xxxxxxxx xxxx xxx xxxxxxxxx x
xxx xxxxxx xx xxxxxxxx xxxxx xx xxxxxxx xxxx xxx PORTIONS , THE FIRST EXTENDING UP TO 10 MILLION UNITS OF ACCOUNT AND THE SECOND COMPRISING THE EXCESS ; 18 % AND 16 % OF THESE PORTIONS RESPECTIVELY SHALL BE xxxxxxxxxx xxx xxxxx xxxxxxxx x
xxx xxxxxx xxxxx xx xxxxxxxx xx xxxxxxxxxxx xxx xxx xx xxxxxxxxxx xx xxx xxxxx xxxxxxxx xx xxxxxxx xx xxx xxxx xxxxxxxxL YEAR BETWEEN THE AMOUNT OF CLAIMS REMAINING TO BE BORNE BY THE UNDERTAKING AFTER DEDUCTION OF TRANSFERS FOR REINSURANCE AND THE GROSS AMOUNT OF CLAIMS ; xxxx xxxxx xxx xx xx xxxx xx xxxx xxxx xx x x
xx xxx xxxx xx xxx xxxxxxxxxx xx xxxxxxxxxxxx xxxxx xx xxxxxxxxxxxx x xxx xxxxxxxxxxx xx xxx xxxxxxxx xxxxxx xxxxx xx xxxx xx xxx xxxxx xx xxx xxxxxxxx x xxICH SHALL BE MULTIPLIED BY FLAT-RATE PERCENTAGE FIXED ANNUALLY BY THE SUPERVISORY AUTHORITY OF THE HEAD-OFFICE MEMBER STATE . THIS FLAT-RATE PERCENTAxx xxxx xx xxxxxxxxxx xx xxx xxxxx xx xxx xxxx xxxxxx xxxxxxxxxxx xxxx xx xxxxxxxxxxx xxxx x xxx xxxxxxx xxxxxxxx xxxx xxx xxxxxxxx xxxxxxxxxxxx xxxxx xx SENT TO THE SUPERVISORY AUTHORITIES OF THE COUNTRIES IN WHOSE TERRITORY LLOYD'S IS ESTABLISHED .
( C ) FOR PERMANENT HEALTH INSURANCE NOT SUBJECx xx xxxxxxxxxxxx xxxxxxxx xx xx xxxxxxx x x x x x x x x xxx xxx xxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxx xx xx xxxxxxx x x x x x x x x xx xxxxx xx xxxxx xx x x x xxxxxxxN OF THE MATHEMATICAL RESERVES CALCULATED IN COMPLIANCE WITH THE CONDITIONS SET OUT IN THE FIRST RESULT IN ( A ) OF THIS ARTICLE .
( D ) FOR TONTINES , REFERxxx xx xx xxxxxxx x x x x x x x x xx xxxxx xx xxxxx xx x x xx xxxxx xxxxxx x
x x x xxx xxxxxxxxxx xxxxxxx xx xxxxxxx x x x x x x x xxx x x x xxxxxx xx xxxxxxxxxx xxxxx xxx xOR THE OPERATIONS REFERRED TO IN ARTICLE 1 ( 2 ) ( C ) , ( D ) AND ( E ) IT SHALL BE EQUAL TO :
- A 4 % FRACTION OF THE MATHEMATICAL RESERVES , CALCULATED IN COMPLIANxx xxxx xxx xxxxxxxxxx xxx xxx xx xxx xxxxx xxxxxx xx x x x xx xxxx xxxxxxx xx xx xxx xx xxx xxxxxxxxxxx xxxxx xx xxxxxxxxxx xxxx x xxx x x x xxxxxxxx xx xxx xxxxxVES CALCULATED IN THE FASHION , IN SO FAR AS THE UNDERTAKING BEARS NO INVESTMENT RISK PROVIDED THAT THE TERM OF THE CONTRACT EXCEEDS FIVE YEARS AND THE ALLOxxxxxx xx xxxxx xxxxxxxxxx xxxxxxxx xxx xxx xx xxx xxxxxxxx xx xxxxx xxx x xxxxxx xxxxxxxxx xxxx xxxxx
xxxx
x x xxx x xxxxxxxx xx xxx xxxxxxx xx xxxx xxxCULATED IN COMPLIANCE WITH THE CONDITIONS SET OUT IN THE FIRST SUBPARAGRAPH OF THE SECOND RESULT OF ( A ) OF THIS ARTICLE IN SO FAR AS THE UNDERTAKING COVERS x xxxxx xxxx x
xxxxxxx xx
x x xxx xxxxx xx xxx xxxxxxx xxxxxxxx xxxxxx xx xxxxxxxxx xx xxxxxxx xx xxxxx xxxxxxxxxx xxx xxxxxxxxx xxxx x xxxxxxx xx xxxxxRAPH 2 , AT LEAST 50 % OF THIS FUND SHALL CONSIST OF THE ITEMS LISTED IN ARTICLE 18 ( 1 ) AND ( 2 ) .
2 . ( A ) THE GUARANTEE FUND MAY NOT , HOWEVER , BE LESS THAN A MINIxxx xx xxx xxx xxxxx xx xxxxxxx x
x x x xxx xxxxxx xxxxx xxx xxxxxxx xxx xxx xxxxxxx xx xxx xxxxxxxxx xxxx xx xx xxxxxxx xx xxx xxx xxxxx xx xxxxxxx xx xxx xxxx OF MUTUAL ASSOCIATIONS AND MUTUAL-TYPE ASSOCIATIONS AND TONTINES .
( C ) FOR MUTUAL ASSOCIATIONS REFERRED TO IN THE SECOND SENTENCE OF THE SECOND INDExx xx xxxxxxx x x x x x xx xxxx xx xxxx xxxx xxxxxx xxx xxxxx xx xxxx xxxxxxxxx x xxx xxx xxxxxxxx x xxx xxxxxx xxxxx xxx xxxxxx xxx xxxxxxxxxxxxx xx x xxxxxxx xx THE GUARANTEE FUND OF 100 000 UNITS OF ACCOUNT TO BE INCREASED PROGRESSIVELY TO THE AMOUNT FIXED IN ( B ) BY SUCCESSIVE TRANCHES OF 100 000 UNITS OF ACCOUNT Wxxxxxxx xxx xxxxxxxxxxxxx xxxxxxxx xx xxx xxx xxxxx xx xxxxxxx x
x x x xxx xxxxxxx xx xxx xxxxxxxxx xxxx xxxxxxxx xx xx x x x x x x x xxx x x x xxxx xxxxxxx xx xxx ITEMS LISTED IN ARTICLE 18 ( 1 ) AND ( 2 ) .
3 . MUTUAL ASSOCIATIONS WISHING TO EXTEND THEIR BUSINESS WITHIN THE MEANING OF ARTICLE 8 ( 2 ) OR ARTICLE 10 MAY NOT xx xx xxxxxx xxxx xxxxxx xxxxxxxxxxx xxxx xxx xxxxxxxxxxxx xx xxxxxxxxx x x x x xxx x x x xx xxxx xxxxxxx x
xxxxxxx xx
x x xxxxxx xxxxxx xxxxx xxx xxxxxxxxE ANY RULES AS TO THE CHOICE OF THE ASSETS IN EXCESS OF THOSE REPRESENTING THE RESERVES REFERRED TO IN ARTICLE 17 .
x x xxxxxxx xx xxxxxxx xx x x x x xxxxxxx xx x x x xxx x x x xxx xxx xxxx xxxxxxxxxxxx xx xxxxxxx xx x x x x xxxxxx xxxxxx xxxxx xxx xxxxxxxx xxx xxxx xxxxxxxx xx xxxxTS , WHETHER MOVABLE OR IMMOVABLE , FORMING PART OF THE ASSETS OF AUTHORIZED UNDERTAKINGS .
3 . THIS ARTICLE SHALL NOT PRECLUDE ANY MEASURES WHICH MEMBEx xxxxxx x xxxxx xxxxxxxxx xxx xxxxx xxxxxxxxxx xx xxxxxxxxx xxxxx xxxxxxxxxx xxx xxxxxxx xx xx xxxxxxxx xxxxx xxxxxxx xx x x x xxx xxxxx xxxxxxxxxxxx xxx INTERESTS OF POLICY-HOLDERS , ARE ENTITLED TO TAKE AS OWNERS OR MEMBERS OR ASSOCIATES OF THE UNDERTAKINGS IN QUESTION .
ARTICLE 22
1 . MEMBER STATES Mxx xxx xxxxxxx xxxxxxxxxxxx xx xxxx xxxx xx xxxxx xxxxxxxxxxxx xx xxxxxxxxxx xxxxxx xx xxxxxxx x xx xx xxxxxxxxxxxx xx xxxxxxxxxxxxx xxxxxxxxxx xx xxxxONAL REGULATIONS .
2 . ( A ) THE ITALIAN REPUBLIC MAY , AS AN EXCEPTION , CONTINUE TO REQUIRE UNDERTAKINGS ESTABLISHED IN ITS TERRITORY TO CEDE PART OF THExx xxxxxxxxxxxx xx xxx xxxxxxxx xxxxxxxxx xx xxxxxxxxxxxxx x xx xxxxxxxxx xxxx x
x xxx xxxxxx xx xxxx xxxxxxxxxxx xx xx xxx xxxx xx xxxxxxxxxxxx xx xxxx DIRECTIVE IS IN NO WAY ENLARGED ,
- WHERE ACCOUNT IS TAKEN , IN DETERMINING THE COMPULSORY CESSION PERCENTAGE , OF THE PERIOD DURING WHICH THE AGENCY OR Bxxxxx xxx xxxx xxxxxxxxxxx xx xxxxx x xxxxxxx xxxxx xxxx xx xxxxx xx xxx xxxxx xxxxxx xx xxxxxxxxx xxxxx xxxxxx xxxxx xxx xxxxxxxxxxx xxx xxxxxxx xx xxx xxNDS OF INSURANCE REFERRED TO IN ARTICLE 1 IN THE TERRITORY OF THE MEMBER STATE IN WHICH ITS HEAD OFFICE IS SITUATED . IN SUCH CASES , THE COMPETENT AUTHORITY xx xxxx xxxxx xxxxx xxxxx x xxxxxxxxxxx xx xxxxxxxxxx xxxx xxxx xxxxxxxx xx xx xxxxxxx xx x x x x x x xx xxxxxxx xx xxx xxxxxx xxxxxx xxxxxx xxxxx xxx xxxxxxxxING HAS CARRIED ON BUSINESS IN THOSE KINDS OF INSURANCE .
( B ) THIS MATTER SHALL BE RE-EXAMINED IN CONNECTION WITH A SECOND DIRECTIVE RELATING TO THE COOxxxxxxxxx xx xxxx xx xxxx xxxxxxxxx xxx xxxxxx xxxx xxxxxxxxxx xxxxxxxx xx xxxxxxxxxx xxx xxxxxxxxx xxxxxxxx xx xxxxxxx xx xxxxxxx xxxxxxxx x
xxxxxxE 23
1 . EACH MEMBER STATE SHALL REQUIRE EVERY UNDERTAKING WHOSE HEAD OFFICE IS SITUATED IN ITS TERRITORY TO PRODUCE AN ANNUAL ACCOUNT , COVERING ALL TYPxx xx xxxxxxxxx x xx xxx xxxxxxxxx xxxxxxxxx xxx xxxxxxxx x
x x xxxxxx xxxxxx xxxxx xxxxxxx xxxxxxxxxxxx xxxxxxxx xx xxxxxxxxxx xx xxxxx xxxxxxxxx xx xENDER PERIODICALLY THE RETURNS , TOGETHER WITH STATISTICAL DOCUMENTS , WHICH ARE NECESSARY FOR THE PURPOSES OF SUPERVISION . THE COMPETENT SUPERVISORx xxxxxxxxxxx xxxxx xxxxxxx xxxx xxxxx xxxx xxx xxxxxxxxx xxx xxxxxxxxxxx xxxxxxxxx xxx xxxxxxxxxx xxxxxxxxxxx x
xxxxxxx xx
x x xx xx xxxxxxxxxxx xOES NOT COMPLY WITH THE PROVISIONS ENVISAGED IN ARTICLE 17 , THE SUPERVISORY AUTHORITY OF THE MEMBER STATE IN WHOSE TERRITORY IT CARRIES ON ITS ACTIVITY Mxx xxxxxxxx xxx xxxx xxxxxxxx xx xxxxxx xxxxxxxxx xx xxxx xxxxxx xxxxx xxxxx xxxxxx xxxxxxxx xxx xxxxxxxxxxx xxxxxxxxxxx xx xxx xxxxxxxxxxx xxxxxx xxxTE OF ITS INTENTION .
2 . FOR THE PURPOSES OF RESTORTING THE FINANCIAL SITUATION OF AN UNDERTAKING WHOSE SOLVENCY MARGIN HAS FALLEN BELOW THE MINIMUM RExxxxxx xxxxx xxxxxxx xx x xxx xxxxxxxxxxx xxxxxxxxx xx xxx xxxxxxxxxxx xxxxxx xxxxx xxxxx xxxxxxx x xxxx xxx xxx xxxxxxxxxxx xx x xxxxx xxxxxxxxx xxxxxxON TO BE SUBMITTED FOR ITS APPROVAL .
3 . IF THE SOLVENCY MARGIN FALLS BELOW THE GUARANTEE FUND AS DEFINED IN ARTICLE 20 , OR IF THE LATTER IS NO LONGER CONSTxxxxxx xx xxxx xxxx xx xxxx xxxxxxx x xxx xxxxxxxxxxx xxxxxxxxx xx xxx xxxxxxxxxxx xxxxxx xxxxx xxxxx xxxxxxx xxx xxxxxxxxxxx xx xxxxxx x xxxxxxxxxx xxxANCE xxxxxx xxx xxx xxxxxxxx x
xx xxx xxxx xxxxxxxx xx xxxxxxxx xxx xxxx xxxxxxxx xx xxx xxxxxx xx xxx xxxxxxxxxxx x xx xxxxx xxxxxx xxx xxxxxxxxxxx xx xxxxx xEMBER STATES IN WHOSE TERRITORIES THE UNDERTAKING IS AUTHORIZED OF ANY MEASURES AND THE LATTER SHALL , AT THE REQUEST OF THE FORMER , TAKE THE SAME MEASUREx x
x x xxx xxxxxxxxx xxxxxxxxxxx xxxxxxxxxxx xxx xxxxxxx xxxx xxx xxxxxxxx xxxxxxxxx xx xxxxxxxxx xxx xxxxxxxxxxxxxxxxxxxx xxxxxxxxx xx xxx xxxxx xROVIDED FOR IN PARAGRAPHS 1 AND 3 .
5 . THE SUPERVISORY AUTHORITIES OF OTHER MEMBER STATES IN WHOSE TERRITORY THE UNDERTAKING IN QUESTION HAS ALSO BEEN Axxxxxxxxx xxxxx xxxxxxxxxxx xxx xxx xxxxxxx xx xxxxxxxxxxxx xxx xxxxxxxxx xxxxxxxx xx xx xxxxxxxxxx x xx x x
xxxxxxx xx
x x xxxx xxxxxx xxxxx xxxxx xxKE IT POSSIBLE FOR AN AUTHORIZED UNDERTAKING TO ASSIGN ALL OR PART OF ITS PORTFOLIO OF POLICIES IF THE ASSIGNEES POSSESS THE NECESSARY SOLVENCY MARGIN , Dxx xxxxxxx xxxxx xxxxx xx xxx xxxxxxxxxx x
xxx xxxxxxxxxxx xxxxxxxxxxx xxxxxxxxx xxxxx xxxxxxx xxxx xxxxx xxxxxx xxxxxxxxx xxxx xxxxxxxxxx x
x x xxCE APPROVED BY THE COMPETENT NATIONAL AUTHORITY , SUCH ASSIGNMENT SHALL AFFECT DIRECTLY THE POLICY-HOLDERS CONCERNED .
SECTION C
WITHDRAWAL OF AUxxxxxxxxxxx
xxxxxxx xx
x x xxx xxxxxxxxxxxxx xxxxxxx xx xxx xxxxxxxxx xxxxxxxxx xx xxx xxxxxx xxxxx xx xxxxx xxxxxxxxx xxx xxxx xxxxxx xx xxxxxxxx xAY BE WITHDRAWN BY SUCH AUTHORITY IF THE UNDERTAKING :
( A ) NO LONGER FULFILS THE CONDITIONS OF ADMISSION ;
( B ) HAS BEEN UNABLE , WITHIN THE TIME ALLOWEx x xx xxxx xxx xxxxxxxx xxxxxxxxx xx xxx xxxxxxxxxxx xxxx xx xxxxxxx xxxxxx xxxxxxxx xx xx xxxxxxx xx x
x x x xxxxx xxxxxxxxx xx xxx xxxxxxxxxxx xxxxx xxx NATIONAL REGULATIONS .
IN THE EVENT OF THE WITHDRAWAL OF THE AUTHORIZATION , THE SUPERVISORY AUTHORITY OF THE HEAD-OFFICE MEMBER STATE SHALL NOTIFY Sxxx xxxxxxxxxx xx xxx xxxxxxxxxxx xxxxxxxxxxx xx xxxxx xxxxxx xxxxxx xxxxx xxxx xxxxxxxxxx xxx xxxxxxxxxxx x xxxx xxxxx x xxxxxxxxx x xxxx xxxxxxxx xxxIR AUTHORIZATION . THE SUPERVISORY AUTHORITY OF THE HEAD-OFFICE MEMBER STATE SHALL , IN CONJUNCTION WITH SUCH OTHER AUTHORITIES , TAKE ALL NECESSARY MExxxxxx xx xxxxxxxxx xxxxxxxxxxxxxxxxxxxx xxxxxxxxx xxx x xx xxxxxxxxxx x xxxxx xxxxxxxx xxx xxxx xxxxxxxx xx xxx xxxxxx xx xxx xxxxxxxxxxx xx xxxx xxxxRICTION HAS NOT BEEN ALREADY IMPOSED IN ACCORDANCE WITH THE PROVISIONS OF THE SECOND SUBPARAGRAPH OF ARTICLE 24 ( 1 ) AND ( 3 ) .
2 . AN AUTHORIZATION GRANTxx xx xx xxxxxx xx xxxxxx xx xx xxxxxxxxxxx xxxxx xxxx xxxxxx xx xxxxxxxx xx xxxxxxx xxxxxx xxxxx xxx xx xxxxxxxxx xx xxx xxxxxx xx xxxxxx x
x x x xx xxxxxx xULFILS THE CONDITIONS FOR ADMISSION ;
( B ) FAILS SERIOUSLY IN ITS OBLIGATIONS UNDER THE REGULATIONS OF THE MEMBER STATE WHERE IT CARRIES ON ITS ACTIVITx x xxxx xxxxxxx xx xxxxxxxxxx xx xxx xxxxxxxxxxxxx xx xxxxxxxx xxxxxxxx xx xx xxxxxxx xx x
xxxxxx xxxxxxxxxxx xxxxxxxxxxxxx xxx xxxxxxxxxxx xxxxxxxTIES OF THE MEMBER STATE WHERE THE ACTIVITY IS CARRIED ON SHALL CONSULT THE SUPERVISORY AUTHORITY OF THE MEMBER STATE WHERE THE HEAD OFFICE IS SITUATED . Ix xxxx xxxx xx xxxxxxxxx xx xxxxxxx xxx xxxxxxxx xx xxxx xxxxxx xx xxxxxx xxxxxx xxxxxxxxxxxx xx xxxxxxxxx x xxxx xxxxx xxxxxxxxxxx xxxxxx xxx xxxxxxxxxRY AUTHORITY OF THE COUNTRY WHERE THE HEAD OFFICE IS SITUATED .
3 . ANY DECISION TO WITHDRAW AUTHORIZATION xx xxxxxxx xxxxxxxx xxxxx xx xxxxxxxxx xx xxxxxxx xxxxxxx xxx xxxxxxxx xx xxx xxxxxxxxxxx xx xxxxxxxx x
xxxx xxxxxx xxxxx xxxxx xxxx xxxxxxxxx xxx x xxGHT TO APPLY TO THE COURTS AGAINST SUCH A DECISION .
TITLE III
RULES APPLICABLE TO AGENCIES OR BRANCHES ESTABLISHED WITHIN THE COMMUNITY AND BELONGIxx xx xxxxxxxxxxxx xxxxx xxxx xxxxxxx xxx xxxxxxx xxx xxxxxxxxx
xxxxxxx xx
x x xxxx xxxxxx xxxxx xxxxx xxxx xxxxxx xx xxx xxxxxxxxxx xxxxxxxx xx xx xxTICLE 1 BY ANY UNDERTAKING WHOSE HEAD OFFICE IS OUTSIDE THE COMMUNITY SUBJECT TO AN OFFICIAL AUTHORIZATION .
2 . A MEMBER STATE MAY GRANT AN AUTHORIZATIxx xx xxx xxxxxxxxxxx xxxxxxx xx xxxxx xxx xxxxxxxxx xxxxxxxxxx x
x x x xx xx xxxxxxxx xx xxxxxxxxx xxxxxxxxx xxxxxxxxxx xxxxxxx xx xxxxxxx x xxxxx xxx xATIONAL LAW ;
( B ) IT ESTABLISHES AN AGENCY OR BRANCH IN THE TERRITORY OF SUCH MEMBER STATE ;
( C ) IT UNDERTAKES TO ESTABLISH AT THE PLACE OF MANAGEMENT Ox xxx xxxxxx xx xxxxxx xxxxxxxx xxxxxxxx xx xxx xxxxxxxx xxxxx xx xxxxxxx xx xxxxx xxx xx xxxx xxxxx xxx xxx xxxxxxx xxxxxxxx xx xxx xxxxxxxx xxxxxxxxxx x
( D ) IT DESIGNATES A GENERAL REPRESENTATIVE , TO BE APPROVED BY THE COMPETENT AUTHORITIES ;
( E ) IT POSSESSES IN THE MEMBER STATE WHERE IT CARRIES ON AN Axxxxxxx xxxxxx xx xx xxxxxx xxxxx xx xxxxx xx xx xxxxx xxx xxxx xx xxx xxxxxxx xxxxxx xxxxxxxxxx xx xxxxxxx xx x x x x x x xx xxxxxxx xx xxx xxxxxxxxx xxxx xxx xxPOSITS ONE FOURTH OF THE MINIMUM AMOUNT AS SECURITY ;
( F ) IT UNDERTAKES TO KEEP A SOLVENCY MARGIN COMPLYING WITH ARTICLE 29 ;
( G ) IT SUBMITS A SCHEME OF xxxxxxxxxx xx xxxxxxxxxx xxxx xxxxxxx xx x x x xxx x x x x
xxxxxxx xx
xxxxxx xxxxxx xxxxx xxxxxxx xxxxxxxxxxxx xx xxxxxxxxx xxxxxxxx x xxxxxxxx xx xx xxTICLE 17 , ADEQUATE TO COVER THE UNDERWRITING LIABILITIES ASSUMED IN THEIR TERRITORIES . MEMBER STATES SHALL SEE THAT THE AGENCY OR BRANCH COVERS SUCH RExxxxxx xx xxxxx xx xxxxxx xxxxx xxx xxxxxxxxxx xx xxxx xxxxxxxx xxx x xx xxx xxxxxx xxxxx xx xxx xxxxxx xxxxx xx xxxxxxxx x xxxxxxxx xxxxxx x
xxx xxx xx xxx MEMBER STATES SHALL BE APPLICABLE TO THE CALCULATION OF SUCH RESERVES , THE DETERMINATION OF CATEGORIES OF INVESTMENT AND THE VALUATION OF ASSETS , AND , xxxxx xxxxxxxxxxx x xxx xxxxxxxxxxxxx xx xxx xxxxxx xx xxxxx xxxxx xxxxxx xxx xx xxxx xxx xxx xxxxxxx xx xxxxxxxx xxxx xxxxxxxx x
xxx xxxxxx xxxxx xx xxxSTION SHALL REQUIRE THAT THE ASSETS COVERING THESE RESERVES , SHALL BE LOCALIZED IN ITS TERRITORY . ARTICLE 17 ( 3 ) SHALL , HOWEVER , APPLY .
ARTICLE 29
x x xxxx xxxxxx xxxxx xxxxx xxxxxxx xx xxxxxxxx xx xxxxxxxx xxx xx xx xxx xxxxxxxxx x xxxxxxxx xxxxxx xxxxxxxxxx xx xxx xxxxx xxxxxx xx xxxxxxx xx x xxx xxxxMUM SOLVENCY MARGIN SHALL BE CALCULATED IN ACCORDANCE WITH ARTICLE 19 . HOWEVER , FOR THE PURPOSE OF CALCULATING THIS MARGIN , ACCOUNT SHALL BE TAKEN ONLY xx xxx xxxxxxxxxx xxxxxxxx xx xxx xxxxxx xx xxxxxx xxxxxxxxx x
x x xxx xxxxx xx xxx xxxxxxx xxxxxxxx xxxxxx xxxxx xxxxxxxxxx xxx xxxxxxxxx xxxx x
xxxxVER , THE AMOUNT OF THIS FUND MAY NOT BE LESS THAN ONE HALF OF THE MINIMUM REQUIRED UNDER ARTICLE 20 ( 2 ) ( A ) . THE INITIAL DEPOSIT LODGED IN ACCORDANCE WITH ARxxxxx xx x x x x x x xxxxx xx xxxxxxx xxxxxxx xxxx xxxxxxxxx xxxx x
xxx xxxxxxxxx xxxx xxx xxx xxxxxxx xx xxxx xxxx xxxxx xx xxxxxxxxxxx xx xxxxxxxxxx xxxx xxxxxxx xx x
x x xxx xxxxxx xxxxxxxxxxxx xxx xxxxxxx xxxxxxxx xxxxxx xxxx xx xxxx xxxxxx xxx xxxxxx xxxxx xxxxx xxxxxITIES ARE CARRIED ON UP TO THE AMOUNT OF THE GUARANTEE FUND AND THE EXCESS WITHIN THE COMMUNITY .
ARTICLE 30
1 . ANY UNDERTAKING WHICH HAS REQUESTED OR Oxxxxxxx xxxxxxxxxxxxx xxxx xxxx xxxx xxx xxxxxx xxxxx xxx xxxxx xxx xxx xxxxxxxxx xxxxxxxxxx xxxxx xxx xx xxxxxxx xxxx xxxxxxx x
x x x xxx xxxxxxxx xxxxIN REFERRED TO IN ARTICLE 29 SHALL BE CALCULATED IN RELATION TO THE ENTIRE BUSINESS WHICH IT CARRIES ON WITHIN THE COMMUNITY ; IN SUCH CASE , ACCOUNT SHALL Bx xxxxx xxxx xx xxx xxxxxxxxxx xxxxxxxx xx xxx xxx xxxxxxxx xx xxxxxxxx xxxxxxxxxxx xxxxxx xxx xxxxxxxxx xxx xxx xxxxxxxx xx xxxx xxxxxxxxxxx x
x x x xxx DEPOSIT REQUIRED UNDER ARTICLE 27 ( 2 ) ( E ) SHALL BE LODGED IN ONLY ONE OF THOSE MEMBER STATES ;
( C ) THE ASSETS REPRESENTING THE GUARANTEE FUND SHALL BE LOxxxxxxx xx xxx xxx xx xxx xxxxxx xxxxxx xx xxxxx xx xxxxxxx xx xxx xxxxxxxxxx x
x x xxxxxxxxxxx xx xxxxxxx xxxx xxx xxxxxxxxxx xxxxxxxx xxx xx xxxxxxxx x xHALL BE MADE TO THE COMPETENT AUTHORITIES OF THE MEMBER STATES CONCERNED . THE APPLICATION MUST STATE THE AUTHORITY OF THE MEMBER STATE WHICH IN FUTURE IS xx xxxxxxxxx xxx xxxxxxxx xx xxx xxxxxx xxxxxxxx xx xxx xxxxxxxx xx xxxxxxxx xxxxxxxxxxx xxxxxx xxx xxxxxxxxx x xxxxxxx xxxx xx xxxxx xxx xxx xxxxxx xx xxTHORITY MADE BY THE UNDERTAKING . THE DEPOSIT SHALL BE LODGED WITH THAT MEMBER STATE .
3 . THE ADVANTAGES PROVIDED FOR IN PARAGRAPH 1 MAY ONLY BE GRANTED Ix xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxxx xx xxxxx xx xxxxxxxxxxx xxx xxxx xxxx xxxxx xx xxxx x xxxx xxxxx xxxx xxxxxx xxxx xxx xxxx xxxx xxx xxxxxxxD SUPERVISORY AUTHORITY INFORMS THE OTHER SUPERVISORY AUTHORITIES THAT IT WILL SUPERVISE THE STATE OF SOLVENCY OF THE ENTIRE BUSINESS OF THE AGENCIES Ox xxxxxxxx xxxxxx xxx xxxxxxxxx x
xxx xxxxxxxxxxx xxxxxxxxx xxxxxxxx xxxxx xxxxxx xxxx xxx xxxxx xxxxxx xxxxxx xxx xxxxxxxxxxx xxxxxxxxx xxx xxx xxxERVISION OF THE OVERALL SOLVENCY OF THE AGENCIES AND BRANCHES ESTABLISHED IN THEIR TERRITORY .
4 . AT THE REQUEST OF ONE OR MORE OF THE MEMBER STATES CONCxxxxx x xxx xxxxxxxxxx xxxxxxx xxxxx xxxx xxxxxxx xxxxx xx xxxxxxxxx xxxxxxxxxxxxxx xx xxx xxxxxx xxxxxx xxxxxxxxx x
xxxxxxx xx
x x x x x xxxxxxx xx xxINT ( B ) , AGENCIES AND BRANCHES REFERRED TO IN THIS TITLE MAY NOT SIMULTANEOUSLY CARRY ON IN A MEMBER STATE THE ACTIVITIES REFERRED TO IN THE ANNEX TO THE FIxxx xxxxxxxxxxxx xxxxxxxxx x xxxxxxxx xxxxxxxxx x xxx xxxxx xxxxxxx xx xxxx xxxxxxxxx x
x x x xxxxxxx xx xxxxx x x x x xxxxxx xxxxxx xxx xxxxxxx xxxx xxxxxIES AND BRANCHES REFERRED TO IN THIS TITLE WHICH AT THE TIME OF NOTIFICATION OF THIS DIRECTIVE CARRY ON BOTH ACTIVITIES SIMULTANEOUSLY IN A MEMBER STATE Mxx xxxxxxxx xx xx xx xxxxx xxxxxxxx xxxx xxxx xxxxxxxx xx xxxxxxxxxx xxxxxxx xx xxxxxxxxxx xxxx xxxxxxx xx x
x x x xxx xxxxxx xxxxx xxxxx xxxxx xxxxxxx xx ( 6 ) ( A ) AND ( B ) REQUIRES UNDERTAKINGS ESTABLISHED IN ITS TERRITORY TO CEASE THE SIMULTANEOUS PURSUIT OF THE ACTIVITIES IN WHICH THEY ARE ENGAGED AT THE Txxx xx xxxxxxxxxxxx xx xxxx xxxxxxxxx xxxx xxxx xxxxxx xxxx xxxxxxxxxxx xx xxxxxxxx xxx xxxxxxxx xxxxxxxx xx xx xxxx xxxxx xxxxx xxx xxxxxxxxxxx xx xxx xERRITORY AND SIMULTANEOUSLY CARRY ON BOTH ACTIVITIES THERE .
( D ) MEMBER STATES MAY PROVIDE THAT AGENCIES AND BRANCHES REFERRED TO IN THIS TITLE WHOSE xxxx xxxxxx xxxxxxxxxxxxxx xxxxxxx xx xxxx xxxxxxxxxx xxx xxxxx xx xxx xxxx xx xxxxxxxxxxxx xx xxxx xxxxxxxxx xxxxx xx xx xxx xxxxxxxxx xx x xxxxxx xxxxx xxxxxx xxx xxxxxxxx xxxxxxx xx xxxx xxxxxxxxx xxx xxxxxxxx xxxxx xxxxxxxx xxxxx x xx xxx xxxxxxAKING WISHES TO CARRY ON THE ACTIVITY REFERRED TO IN THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) IN THAT TERRITORY IT MAY ONLY CARRY ON THE ACTxxxxx xxxxxxx xx xxxx xxxxxxxxx xxxxxxx x xxxxxxxxxx x
x x xxxxxxxx xx xxx xx xxxxx xxxxx xxxxxxx xxxxxxxx xx xxxxxxxx xxx xxxxxxxx xxxxxxxx xx xx xxxx xITLE .
FOR THE PURPOSES OF APPLYING ARTICLE 24 , THE SUPERVISORY AUTHORITY WHICH SUPERVISES THE OVERALL SOLVENCY OF AGENCIES OR BRANCHES SHALL BE TREAxxx xx xxx xxxx xxx xx xxx xxxxxxxxxxx xxxxxxxxx xx xxx xxxxxxxxxxx xxxxxx xxxxx x
x x xx xxx xxxx xx x xxxxxxxxxx xx xxxxxxxxxxxxx xx xxx xxxxxxxxx xxxxxRED TO IN ARTICLE 30 ( 2 ) , THIS AUTHORITY SHALL NOTIFY THE SUPERVISORY AUTHORITIES OF THE OTHER MEMBER STATES WHERE THE UNDERTAKING OPERATES AND THE LATTxx xxxxxxxxxxx xxxxx xxxx xxx xxxxxxxxxxx xxxxxxxx x xx xxx xxxxxx xxx xxx xxxxxxxxxx xx xxxxxxxxxxxxx xx xxx xxxxxxxxxx xx xxx xxxxxxxx xxxxxx xxxxxxxTED IN ACCORDANCE WITH ARTICLE 30 ( 1 ) ( A ) , THE SUPERVISORY AUTHORITIES OF THE OTHER MEMBER STATES CONCERNED SHALL ALSO WITHDRAW THEIR AUTHORIZATIONS .
xxxxxxx xx
xxx xxxxxxxxx xxx x xx xxxxx xx xxxxxxxxxx xxxxxxxxx xxxxxxxx xx xxx xxxxxx xxxx xxx xx xxxx xxxxx xxxxxxxxx x xxxxx xx xxx xxxxxxxxxxx xx xROVISIONS DIFFERENT FROM THOSE PROVIDED FOR IN THIS TITLE , FOR THE PURPOSE ENSURING , UNDER CONDITIONS OF RECIPROCITY , ADEQUATE PROTECTION FOR POLICYxxxxxxxx xx xxx xxxxxx xxxxxx x
xxxxx xx
xxxxxxxxxxxx xxx xxxxx xxxxxxxxxx
xxxxxxx xx
x x xxxxxx xxxxxx xxxxx xxxxx xxxxxxxxxxxx xxxxxxxx xx xx TITLE II WHICH AT THE ENTRY INTO FORCE OF THE IMPLEMENTING MEASURES TO THIS DIRECTIVE PROVIDE INSURANCE IN THEIR TERRITORIES IN ONE OR MORE OF THE CLASSES xxxxxxxx xx xx xxx xxxxx x x xxxxxx xx xxxx xxxxx xxxx xxx xxxx xx xxxxxxxxxxxx xx xxxx xxxxxxxxx xx xxxxx xx xxxxxx xxxx xxxxxxxx xx x xx xxx xx x
x x xxxxxxxMORE , MEMBER STATES MAY :
( A ) ALLOW ANY UNDERTAKINGS REFERRED TO IN PARAGRAPH 1 , WHICH UPON THE EXPIRY OF THE FIVE-YEAR PERIOD HAVE NOT FULLY ESTABLISHxx xxx xxxxxxxx xxxxxx x x xxxxxxx xxxxxx xxx xxxxxxxxx xxx xxxxx xx xxxxx xx xx xx xxxxxxxx xxxx xxxx xxxxxxxxxxxx xxxx x xx xxxxxxxxxx xxxx xxxxxxx xx x xxBMITTED FOR THE APPROVAL OF THE SUPERVISORY AUTHORITY THE MEASURES WHICH THEY PROPOSE TO TAKE FOR SUCH PURPOSE ;
( B ) EXCEPT FOR THE MUTUAL ASSOCIATIONx xxxxxxxx xx xx xxx xxxxxx xxxxxxxx xx xxx xxxxxx xxxxxx xx xxxxxxx x x x x x xxxxxx xxxxxxxxxxxx xxxxxxxx xx xx xxxxxxxxx x xx xxxx xxxxxxx x xxx xxxxx xxxx xHE EXPIRY OF THE FIVE-YEAR PERIOD THE SOLVENCY MARGIN TO BE ESTABLISHED PURSUANT TO ARTICLE 19 WITHOUT DEDUCTION FOR RE-INSURANCE DOES NOT REACH THE MINxxxx xx xxx xxxxxxxxx xxxx xxxxxxxx xx xx xxxxxxx xx x x x x x x xxx x x x x xxxx xxx xxxxxxxxxxx xx xxxxxxxxx xxxx xxxx xxxxxx xxx xxx xx xxx xxxxxxxxx xxxx xx xxxPECT OF WHICH THE SOLVENCY MARGIN REFERRED TO REACHES THIS MINIMUM AMOUNT .
THE MAXIMUM PERIOD THUS GRANTED TO THESE UNDERTAKINGS TO ESTABLISH THIS MIxxxxx xxxxxx xxxxx xx xx xxxx xxxxxx xx xxxxx xxxx xxx xxxx xx xxxxxxxxxxxx xx xxxx xxxxxxxxx x
x x xxxxxxxxxxxx xxxxxxxx xx xxxxxx xxxxx xxxxxxxx xxxxxN THE MEANING OF ARTICLE 8 ( 2 ) OR 10 MAY NOT DO SO UNLESS THEY COMPLY IMMEDIATELY WITH THE RULES OF THIS DIRECTIVE .
4 . UNDERTAKINGS HAVING A STRUCTURE DIFxxxxxx xxxx xxx xx xxxxx xxxxxx xx xxxxxxx x xxx xxxxxxxx x xxx x xxxxxx xx xxxxx xxxxx xxxx xxx xxxxxxxxxxxx xx xxxx xxxxxxxxx x xx xxxxx xx xxxxx xxxxxxx xxxxxxxx xx xxx xxxxx xxxx xx xxxxx xxxx xxx xxxxxxxxxxx xx xxx xxxx xx xxxx xxxxxxxxxxxx x xxxxxxxxxxxx xxx xP IN THE UNITED KINGDOM BY ROYAL CHARTER OR BY PRIVATE ACT OR BY SPECIAL PUBLIC ACT MAY CARRY ON THEIR ACTIVITY IN THEIR PRESENT FORM FOR AN UNLIMITED PERIOD x
xxx xxxxxx xxxxxx xx xxxxxxxx xxxxx xxxx xx x xxxx xx xxxx xxxxxxxxxxxx xxx xxxxxxxxxxx xx xx xxx xxxxx xxxxxx xxxxxx xxx xxx xxxxxxxxxx x
x x xxxxxxxKINGS WHICH , IN ACCORDANCE WITH THEIR OBJECTS , CARRY ON THE ACTIVITIES OF LIFE ASSURANCE AND SAVINGS OPERATIONS MAY CONTINUE TO CARRY ON SUCH ACTIVITIEx x xxxx xxx xxxxxxxxx xx xxxxxxx xxxxxxxxxx x xxxxx xxxx xxxxx xxxxxx xxxxx xxxxx xxxx xxx xxxx xx xxxxxxxxxxxx xx xxxx xxxxxxxxx x xx xx xxxxxxxxx x xxx xxuot; CAISSE GENERALE D'EPARGNE ET DE RETRAITE ( CGER ) " / " ALGEMENE SPOOR - EN LIFRENTEKAS ( ASLK ) " IN BELGIUM , THE SOCIETIES REGIxxxxxx xxxxx xxx xxxxxxxx xxxxxxxxx xxxx xx xxx xxxxxx xxxxxxx xxx xxx xxxxxx xxxxx xxxxxxxxx xxxxx xxxxxxxxxxxxxx xxxxxx xx xxxxx xxx xxxxxxxx xxx xxxIVITIES THEY WERE CARRYING ON WHEN THE DIRECTIVE WAS NOTIFIED .
6 . UNDERTAKINGS WHICH CARRY ON SIMULTANEOUSLY BOTH ACTIVITIES IN ACCORDANCE WITH THE xxxxx xx xxxxxxx xx xxxxx xxxx x xxxxxx xx xxxx xxxxx xxxx xxx xxxx xx xxxxxxxxxxxx xx xxxx xxxxxxxxx xx xxxxxx xxxx xxx xxxxxxxxxx xx xxxxxxx xx x
x x xx xxE REQUEST OF UNDERTAKINGS WHICH COMPLY WITH THE REQUIREMENTS OF ARTICLES 17 TO 20 , MEMBER STATES SHALL CEASE TO APPLY ANY RESTRICTIVE MEASURES SUCH AS THxxx xxxxxxxx xx xxxxxxxxx x xxxxxxxx xx xxxxxxxxxx xxxxxxxxxxx xxxxx xxxxx xxxxxxx xxxxxxxxxxx x
xxxxxxx xx
xxxxxx xxxxxx xxxxx xxxxx xxxxxxxx xx BRANCHES REFERRED TO IN TITLE III WHICH , AT THE ENTRY INTO FORCE OF THE IMPLEMENTING MEASURES TO THIS DIRECTIVE , ARE CARRYING ON ONE OR MORE CLASSES REFERxxx xx xx xxxxx x xxx xxxxx xx xxx xxxxxx xxxxx xxxxxxxx xxxxxx xxx xxxxxxx xx xxxxxxx xx x x x x x xxxxxxx xxxxxx xx xxxx xxxxx xxxx xxx xxxx xx xxxxxxxxxxxx xx THIS DIRECTIVE IN ORDER TO COMPLY WITH THE CONDITIONS IN ARTICLE 29 .
ARTICLE 35
WHERE SUBSIDIARIES ARE SET UP IN ACCORDANCE WITH ARTICLE 13 ( 5 ) , HALF xxx xxxxxxx xx xxx xxxxxxxxx xxxx xxx xxxx xxx xxxx xx xx xxxxxxxxxxx xxxxxxxxx xxxxxxxxx xxxx xxx xxxxxx xxxxxxx x xxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxxS :
( A ) AT LEAST 95 % OF THE SUBSIDIARY'S SHARE CAPITAL MUST BE HELD BY THE PARENT COMPANY ;
( B ) UNPAID-UP SHARE CAPITAL MAY NOT BE USED TO CONSTITUxx xxxx xxxx xx xxx xxxxxxx xx xxx xxxxxxxxx xxxx xxxxx xx xxx xxxxxxx xx xxx xxxxxxxxxxx xxxxxxxxx xxxxxxxxx x xxx
x x x xxx xxxxxxxxx xxxxxxxxxxxx xx xxTH THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) AND THIS DIRECTIVE MUST BE MET BY THE PARENT COMPANY , THE FUNDS CORRESPONDING TO THE AMOUNT OF xxx xxxxxxxxx xxx xxxxx xxxxxxxxxx xx xxxx xx xxx xxxx xxxxxx x
xxxxxxxxxxxx xxx xxxxxxx xxxx xxxx xxxxxxxxxxx xxx x xxxxxx xx xxxxx xxxxx xx xxxx xxx xxTE WHEN IT IS GRANTED . DURING THIS PERIOD , AND FROM THE THIRD YEAR ONWARDS AT THE LATEST , SUBSIDIARIES MUST PROGRESSIVELY REPLACE THE PARENT COMPANY�xxxx xxxxxxxxx xx xxxx xxxxxx x xxxxxxxxxxxx xxxxx xxxxxx x xxxx xx xxxx xxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xxxxxxxxx xxx xxx xxxxxxxxx xxxxxxxx xxxx xHEIR REQUEST FOR AUTHORIZATION .
ARTICLE 36
DURING A PERIOD WHICH TERMINATES AT THE TIME OF THE ENTRY INTO FORCE OF AN AGREEMENT CONCLUDED WITH A THIRx xxxxxxx xxxxxxxx xx xxxxxxx xx x xxx xx xxx xxxxxx xxxx xxx xxxxxx xx x xxxxxx xx xxxx xxxxx xxxxx xxx xxxxxxxxxxxx xx xxxx xxxxxxxxx x xxxx xxxxxx xxxxx xxx xxxxxx xxx xxxxxxxxxxxx xx xxxx xxxxxxx xxxxxxxxxxx xx xxx xxxxxxxxx xxx xxxxx xxxxxxx xx xxxx xx x xxxxxxx xxxx xx xxxxxxx xx xxxxxxxx xSSETS AND THE LOCALIZATION OF TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES , PROVIDED THAT NOTIFICATION IS GIVEN TO THE OTHER MEMBER STATES ANx xxx xxxxxxxxxx xxx xxxx xxx xxxxxx xx xxxxxxxxxxx xxxxxxx xxxxxxxx xx xxxxxxx xx x x x xx xxxxxx xx xxx xxxxxxxxxxxx xx xxxxxx xxxxxx xxxxxxxxxxx xx xxx xERRITORY ARE NOT EXCEEDED .
ARTICLE 37
1 . WHERE A MEMBER STATE REQUIRES OF ITS OWN NATIONALS PROOF OF GOOD REPUTE AND PROOF OF NO PREVIOUS BANKRUPTCY , xx xxxxx xx xxxxxx xx xxxxx x xxxx xxxxx xxxxx xxxxxx xx xxxxxxxxxx xxxxxxxx xx xxxxxxx xx xxxxxxxxx xx xxxxx xxxxxx xxxxxx xxx xxxxxxxxxx xx xx xxxxxxx xxOM THE " JUDICIAL RECORD " OR , FAILING THIS , OF AN EQUIVALENT DOCUMENT ISSUED BY A COMPETENT JUDICIAL OR ADMINISTRATIVE AUTHORITY IN THE MEMBxx xxxxx xx xxxxxx xx xxx xxxxxx xxxxx xxxxxx xxx xxxxxxx xxxxxxxx xxxxx xxxxxxx xxxx xxxxx xxxxxxxxxxxx xxxx xxxx xxx x
x x xxxxx xxx xxxxxx xxxxx xx xxxGIN OR THE MEMBER STATE WHENCE THE FOREIGN NATIONAL CONCERNED COMES DOES NOT ISSUE THE DOCUMENT REFERRED TO IN PARAGRAPH 1 , IT MAY BE REPLACED BY A DECLARAxxxx xx xxxx x xx xx xxxxxx xxxxx xxxxx xx xx xxxxxxxxx xxx xxxxxxxxxxx xx xxxx xx x xxxxxx xxxxxxxxxxx x xxxx xx xxx xxxxxx xxxxxxxxx xxxxxx x xxxxxxxxx xxxICIAL OR ADMINISTRATIVE AUTHORITY OR , WHERE APPROPRIATE , A NOTARY IN THE MEMBER STATE OF ORIGIN OR THE MEMBER STATE WHENCE THAT PERSON COMES ; SUCH AUTHOxxxx xx xxxxxx xxxxx xxxxx x xxxxxxxxxxx xxxxxxxxx xxx xxxxxxxxxxxx xx xxx xxxxxxxxxxx xx xxxx xx xxxxxx xxxxxxxxxxx x xxx xxxxxxxxxxx xx xxxxxxx xx xx xREVIOUS BANKRUPTCY MAY ALSO BE MADE BEFORE A COMPETENT PROFESSIONAL OR TRADE BODY IN THE SAID COUNTRY .
3 . DOCUMENTS ISSUED IN ACCORDANCE WITH PARAGRAxxx x xxx x xxxx xxx xx xxxxxxxx xxxx xxxx xxxxx xxxxxx xxxxx xxxxx xxxx xx xxxxx x
x x xxxxxx xxxxxx xxxxx x xxxxxx xxx xxxx xxxxx xx xx xxxxxx xxxx xxx xxxx xF NOTIFICATION OF THIS DIRECTIVE , DESIGNATE THE AUTHORITIES AND BODIES COMPETENT TO ISSUE THE DOCUMENTS REFERRED TO IN PARAGRAPHS 1 AND 2 SHALL FORTHWIxx xxxxxx xxx xxxxx xxxxxx xxxxxx xxx xxx xxxxxxxxxx xxxxxxx x
xxxxxx xxx xxxx xxxx xxxxx x xxxx xxxxxx xxxxx xxxxx xxxx xxxxxx xxx xxxxx xxxxxx xxxxxx xND THE COMMISSION OF THE AUTHORITIES OR BODIES TO WHICH THE DOCUMENTS REFERRED TO IN THIS ARTICLE ARE TO BE SUBMITTED IN SUPPORT OF AN APPLICATION TO CARRY xx xx xxx xxxxxxxxx xx xxxx xxxxxx xxxxx xxx xxxxxxxxxx xxxxxxxx xx xx xxxxxxx x x
xxxxx x
xxxxx xxxxxxxxxx
xxxxxxx xx
xxx xxxxxxxxxx xxx xxx xxxxETENT AUTHORITIES OF THE MEMBER STATES SHALL COLLABORATE CLOSELY FOR THE PURPOSE OF FACILITATING SUPERVISION OF DIRECT INSURANCE WITHIN THE COMMUNITx xxx xx xxxxxxxxx xxx xxxxxxxxxxxx xxxxx xxxxx xxxxx xx xxx xxxxxxxxxxx xx xxxx xxxxxxxxx x
xxxxxxx xx
x x xxx xxxxxxxxxx xxxxx xxxxxx xx xxx xxxxxxx , WITHIN SIX YEARS FROM THE DATE OF NOTIFICATION OF THIS DIRECTIVE , A REPORT DEALING WITH THE EFFECTS OF THE FINANCIAL REQUIREMENTS IMPOSED BY THIS DIRECxxxx xx xxx xxxxxxxxx xx xxx xxxxxxxxx xxxxxxx xx xxx xxxxxx xxxxxx x xx xxxxxxxxx x xxx xxxxxxxxxx xxxxx xxxxxx xxxxxxx xxxxxxx xx xxx xxxxxxx xxxxxx xxx END OF THE TRANSITIONAL PERIOD PROVIDED FOR IN ARTICLE 33 ( 1 ) .
2 . FOLLOWING A PERIOD OF 10 YEARS FROM THE NOTIFICATION OF THIS DIRECTIVE , THE COMMISSIOx xxxxx xxxxxx xx xxx xxxxxxx x xxxxxx xxxxxxx xxxx xxx xxxxxxxxxx xx xxx xxx xxxxx xx xxxxxxxxxxxx xxxxxxx xx xxxx xxxxxxxxx x xxxx xx xx xxx x xxxxx xxxxxxAKINGS WHICH CARRY ON SIMULTANEOUSLY THE xxxxxxxx xxxxxxx xx xxx xxxxx xxxxxxxxxxxx xxxxxxxxx x xxxxxxxx xxxxxxxxx x xx xxxxxxxx xx xxx xxxxxxxx xxxxxxx xx xxxx xxxxxxxxx xxx xxxxx xxxxxxxxxxGS WHICH CARRY ON ONLY THE ACTIVITY COVERED BY THIS DIRECTIVE .
3 . THE COUNCIL , ACTING ON A PROPOSAL FROM THE COMMISSION , SHALL EVERY TWO YEARS EXAMINE Axx x xxxxx xxxxxxxxxxx x xxxxxx xxx xxxxxxx xxxxxxxxx xx xxxxx xx xxxxxxx xx xxxx xxxxxxxxx x xx xxx xxxxx xx xxx xxx xxxxxxxxxxxxxxxx xxxxxxxx xxx xxxxxxRY SITUATION HAS EVOLVED . THE COMMISSION SHALL SUBMIT ITS FIRST PROPOSAL IN THIS CONNECTION TO THE COUNCIL AT THE TIME AS A PROPOSAL CONCERNING NON-LIFE xxxxxxxxx x xx xxxx xxxx xx xxxxxxx x xx xxxxxxxxx xxxxxxxxxx x x x x xxx xxx xxxxx xxxx xxxx xxxxx xxxxx xxx xxxx xx xxxxxxxxxxxx xx xxxx xxxxxxxxx x
xxxxxLE 40
MEMBER STATES SHALL AMEND THEIR NATIONAL PROVISIONS TO COMPLY WITH THIS DIRECTIVE WITHIN 18 MONTHS OF ITS NOTIFICATION AND SHALL FORTHWITH INFOxx xxx xxxxxxxxxx xxxxxxx x xxx xxxxxxxxxx xxxx xxxxxxx xxxxx x xxxxxxx xx xxxxxxxx xx xx xx x xx xxxxxxx xxxxxx xx xxxxxx xxxx xxx xxxx xx xxxxxxxxxxxx x
ARTICLE 41
FOLLOWING NOTIFICATION OF THIS DIRECTIVE , MEMBER STATES SHALL COMMUNICATE THE TEXTS OF THE MAIN PROVISIONS OF A LEGISLATIVE , REGULATORY xx xxxxxxxxxxxxxx xxxxxx xxxxx xxxx xxxxx xx xxx xxxxx xxxxxxx xx xxxx xxxxxxxxx xx xxx xxxxxxxxxx x
xxxxxxx xx
xxxx xxxxxxxxx xx xxxxxxxxx xx xxx xxMBER STATES .
DONE AT BRUSSELS , 5 MARCH 1979 .
FOR THE COUNCIL
THE PRESIDENT
J . FRANCOIS-PONCET
( 1 ) OJ NO C 35 , 28 . 3 . 1974 , P . 9 .
( 2 ) OJ NO C 140 , xx x xx x xxxx x x x xx x
x x x xx xx x xxx x xx x x x xxxx x x x x x
x x x xx xx x xxx x xx x x x xxxx x x x xx x
x x x xx xx x xxx x xx x x x xxxx x x x x x
x x x xx xx x xxx x xx x xx x xxxx x x x 1 .
( 7 ) OJ NO L 222 , 14 . 8 . 1978 , P . 11 .
( 8 ) OJ NO L 189 , 13 . 7 . 1976 , P . 13 .
ANNEX
CLASSES OF INSURANCE
I . THE ASSURANCE REFERRED TO IN ARTICLE 1 ( 1 ) ( A x x x x x xxx x x x xxxxxxxxx xxxxx xxxxxxxx xx xx xx xxx xxx
xx x xxxxxxxx xxxxxxxxx x xxxxx xxxxxxxxx
xxx x xxx xxxxxxxxx xxxxxxxx xx xx xxxxxxx x x x x x x x xxD ( B ) , WHICH ARE LINKED TO INVESTMENT FUNDS
IV . PERMANENT HEALTH INSURANCE , REFERRED TO IN ARTICLE 1 ( 1 ) ( D )
V . TONTINES , REFERRED TO IN ARTICLE 1 ( 2 ) x x x
xx x xxxxxxx xxxxxxxxxx xxxxxxxxxx x xxxxxxxx xx xx xxxxxxx x x x x x x x
xxx x xxxxxxxxxx xx xxxxx xxxxxxx xxxxx x xxxxxxxx xx xx xxxxxxx x x x x x x x xxx x D )
VIII . THE OPERATIONS REFERRED TO IN ARTICLE 1 ( 2 ) ( E )
IX . THE OPERATIONS REFERRED TO IN ARTICLE 1 ( 3 )
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