WORLD TRADE S/C/N/40
10December 1996
ORGANIZATION
(96-5145)
Original: English Council forTrade inServices
NOTIFICATION PURSUANT TOARTICLE III.3OFTHE
GENERAL AGREEMENT ONTRADE INSERVICES
Thefollowing notification hasbeenreceived from Liechtenstein.
____________
1. Member notifying:
Liechtenstein.
2. Notification under Article(s):
Article III,paragraph 3(Transparency).
3. Date ofentry intoforce:
1January 1996.
Duration:
indefinite.
4. Agency responsible forenforcement ofthemeasure:
Liechtenstein Insurance Supervisory Authority, Office ofNational Economy.
5. Complete description ofthemeasure:
LawonInsurance Supervision (VersAG) of6December 1996 (LGBl. 23/1996).
ThenewLawonInsurance Supervision hasbeenintroduced inconformity withtherelevant
EU-insurancedirectives.Duetothenewlawdirectinsuranceandreinsurancebusinesswillbesupervised
bytheLiechtenstein Supervisory Authority. Companies which havetheirheadoffices abroad andwhich
doonlycarry outreinsurance activities inLiechtenstein willnotbesupervised bytheLiechtenstein
Supervisory Authority. Alsocaptive insurance companies maybeexempted from thesupervision.
Insurance companies doneedanauthorisation ofthegovernment. Theauthorisation isgranted ifseveral
requirements arefulfilled, ase.g.thelegalform, minimum capital, thesolvency margin, theguarantee
fundandtechnical provisions.
./.S/C/N/40
Page2
6. Members specifically affected, ifany:
None.
7. Textavailable from:
Enquiry point.