direct ec european parliament council novemb life assur european parliament council european union regard treati establish european commun articl articl thereof regard propos commiss regard opinion econom social committe act accord procedur laid articl treati council direct eec march coordin law regul administr provis relat take pursuit busi direct life assur council direct eec novemb coordin law regul administr provis relat direct life assur lai provis facilit effect exercis freedom provid servic amend direct eec council direct eec novemb coordin law regul administr provis relat direct life assur amend direct eec eec life assur direct substanti amend time amend made direct recast interest clariti order facilit take pursuit busi life assur essenti elimin diverg exist nation supervisori legisl order achiev object time ensur adequ protect polici holder beneficiari member state provis relat financi guarante requir life assur undertak coordin complet intern market direct life assur point view establish freedom provid servic member state make easier assur undertak head offic commun cover commit situat commun make polici holder recours assur establish countri assur head offic commun establish member state treati discrimin regard freedom provid servic base fact undertak establish member state servic provid prohibit prohibit appli servic provid establish commun head offic undertak agenc branch direct repres import step merg nation market integr market stage supplement commun instrument view enabl polici holder recours assur head offic commun carri busi establish freedom provid servic guarante adequ protect direct form part bodi commun legisl field life assur includ council direct eec decemb annual account consolid account insur undertak approach adopt consist bring harmonis essenti suffici achiev mutual recognit authoris prudenti control system make grant singl authoris valid commun appli principl supervis home member state result take pursuit busi assur subject grant singl offici authoris issu compet author member state assur undertak head offic authoris enabl undertak carri busi commun establish freedom provid servic member state branch provis servic requir assur undertak carri assur busi authoris home member state seek fresh authoris compet author authoris continu authoris assur undertak liabl prevent effect exercis supervisori function close link undertak natur legal person assur undertak authoris satisfi compet author respect definit quot close link quot direct lai minimum criteria prevent member state appli situat envisag definit sole fact acquir signific proport compani capit constitut particip mean quot close link quot hold acquir sole temporari invest make exercis influenc structur financi polici undertak principl mutual recognit home member state supervis requir member state compet author grant withdraw authoris factor content programm oper geograph distribut activ carri assur undertak opt legal system member state purpos evad stricter standard forc member state territori carri intend carri greater part activ assur undertak authoris member state regist offic addit member state requir assur undertak head offic situat home member state carri busi practic reason desir defin provis servic take account assur establish place commit cover commit defin desir distinguish activ pursu establish activ pursu freedom provid servic classif class assur order determin activ subject compulsori authoris mutual associ virtu legal statu fulfil requir secur specif financi guarante exclud scope direct organis activ cover restrict sector limit articl associ exclud life assur subject offici authoris supervis member state condit grant withdraw authoris defin provis made appli court authoris refus withdrawn desir clarifi power mean supervis vest compet author desir lai specif provis take pursuit supervis activ freedom provid servic compet author home member state respons monitor financi health assur undertak includ state solvenc establish adequ technic provis cover provis match asset provid possibl exchang inform compet author author bodi virtu function strengthen stabil financi system order preserv confidenti natur inform forward list addresse remain strict limit behaviour fraud insid offenc liabl affect stabil includ integr financi system involv undertak assur undertak condit abovement exchang inform authoris stipul inform disclos express agreement compet author make agreement subject complianc strict condit member state conclud agreement exchang inform countri provid inform disclos subject guarante profession secreci purpos strengthen prudenti supervis assur undertak protect client assur undertak stipul auditor duti report promptli compet author provid direct awar carri task fact liabl effect financi situat administr account organis assur undertak regard aim view desir member state provid duti appli circumst fact discov auditor perform task undertak close link assur undertak duti auditor commun compet author fact decis assur undertak discov perform task assur undertak chang natur task undertak manner perform task undertak perform oper manag group pension fund circumst affect power confer respect author regard entiti hold asset manag concern provis direct defin minimum standard home member state lai stricter rule assur undertak authoris compet author compet author member state dispos mean supervis ensur orderli pursuit busi assur undertak commun carri establish freedom provid servic introduc safeguard impos sanction aim prevent irregular infring provis assur supervis provis transfer portfolio includ provis specif transfer undertak portfolio contract conclud freedom provid servic provis transfer portfolio line singl legal authoris system provid direct undertak form date refer articl authoris carri life assur life insur activ simultan member state allow permit undertak relev date refer articl carri activ simultan continu provid separ manag adopt activ order respect interest life polici holder life polici holder safeguard minimum financi oblig respect activ born activ member state option requir exist undertak establish territori carri life assur life insur simultan put end practic specialis undertak subject special supervis life undertak belong financi group life undertak direct prevent composit undertak divid undertak activ field life assur life insur order divis place condit desir permit member state accord commun rule competit law provid tax arrang regard capit gain divis entail member state grant undertak authoris class refer annex insur busi come class annex council direct eec juli coordin law regul administr provis relat take pursuit busi direct insur life assur possibl subject condit complianc account rule rule wind point view protect live assur assur undertak establish adequ technic provis calcul provis base part actuari principl principl coordin order facilit mutual recognit prudenti rule applic member state desir interest prudenc establish minimum coordin rule limit rate interest calcul technic provis purpos limit exist method equal correct prudenti equival leav member state free choic method rule govern calcul technic provis rule govern spread localis match asset cover technic provis coordin order facilit mutual recognit member state rule coordin account liberalis capit movement provid articl treati progress made commun econom monetari union home member state requir assur undertak invest asset cover technic provis categori asset requir incompat liberalis capit movement provid articl treati technic provis includ mathemat provis suffici amount meet underwrit liabil assur undertak possess supplementari reserv solvenc margin repres free asset agreement compet author implicit asset act buffer advers busi fluctuat requir import element prudenti supervis protect insur person polici holder order ensur requir impos purpos determin object criteria undertak size equal foot competit desir provid margin relat commit undertak natur graviti risk present activ fall scope direct margin vari risk invest death manag determin term mathemat provis capit risk underwritten undertak premium contribut receiv provis asset tontin direct eec provid provision definit regul market pend adopt direct invest servic secur field harmonis concept commun level council direct eec invest servic secur field definit regul market exclud scope life assur activ appli concept regul market life assur activ list item solvenc margin requir direct made take account financi instrument facil grant financi institut constitut fund light market develop natur reinsur cover purchas primari insur compet author empow decreas reduct solvenc margin requir circumst order improv qualiti solvenc margin possibl includ futur profit solvenc margin limit subject condit case ceas requir guarante fund amount composit provid assur undertak possess adequ resourc set subsequ busi solvenc margin event fall minimum secur part guarante fund consist explicit asset item avoid major sharp increas amount minimum guarante fund futur mechan establish provid increas line european index consum price direct lai minimum standard solvenc margin requir home member state lai stricter rule insur undertak authoris compet author provis forc member state contract law applic activ refer direct differ harmonis assur contract law prior condit achiev intern market assur opportun afford member state impos applic law assur contract cover commit territori provid adequ safeguard polici holder freedom choos law applic contract law state commit grant case accord rule account specif circumst life assur contract polici holder opportun cancel contract period dai framework intern market polici holder interest access widest rang assur product commun choos suit member state commit ensur prevent market territori assur product offer sale commun long conflict legal provis protect gener good forc member state commit gener good safeguard rule home member state provid provis appli discrimin undertak oper member state object proport object pursu member state ensur assur product contract document establish freedom provid servic cover commit territori compli specif legal provis protect gener good applic system supervis emploi meet requir intern market employ constitut prior condit carri assur busi standpoint system prior approv polici condit justifi provid system suit requir intern market enabl member state guarante polici holder adequ protect make provis cooper compet author member state author commiss provis made system penalti impos member state commit enter assur undertak compli provis protect gener good applic provid measur case financi posit undertak difficult meet underwrit liabil specif situat polici holder right threaten compet author empow interven suffici earli stage exercis power compet author inform insur undertak reason motiv supervisori action accord principl sound administr due process long situat exist compet author prevent certifi insur undertak suffici solvenc margin purpos implement actuari principl conform direct home member state requir systemat notif technic base calcul scale premium technic provis notif technic base exclud notif gener special polici condit undertak commerci rate intern market assur consum wider vari choic contract profit fulli divers increas competit provid inform enabl choos contract suit inform requir import durat commit long minimum provis coordin order consum receiv clear accur inform essenti characterist product propos particular bodi complaint polici holder assur person beneficiari contract address public assur product essenti mean enabl assur busi carri effect commun leav open assur undertak normal mean advertis member state branch provis servic member state requir complianc nation rule form content advertis laid pursuant commun legisl advertis adopt member state reason gener good framework intern market member state continu prohibit simultan carri assur busi territori establish freedom provid servic member state subject assur transact form indirect taxat major appli special tax form contribut structur rate tax contribut vari consider member state appli desir prevent exist differ lead distort competit assur servic member state pend subsequ harmonis applic tax system form contribut provid member state commit enter remedi problem member state make arrang ensur tax contribut collect import introduc commun coordin wind assur undertak henceforth essenti provid event wind assur undertak system protect place member state guarante equal treatment assur creditor irrespect nation method enter commit coordin rule pursuit busi direct insur commun principl appli undertak oper market agenc branch head offic undertak situat commun method supervis direct lai special provis agenc branch view fact asset undertak belong situat commun desir provid conclus reciproc agreement countri order permit relax special condit observ principl agenc branch obtain favour treatment commun undertak provis made flexibl procedur make assess reciproc countri commun basi aim procedur close commun financi market commun intend financi market open rest world improv liberalis global financi market countri end direct procedur negoti countri resort possibl take measur involv suspens applic authoris restrict authoris provid regulatori procedur articl council decis ec direct establish provis proof good reput previou bankruptci order clarifi legal regim applic life assur activ cover direct provis direct eec eec eec adapt purpos provis establish solvenc margin right acquir branch assur undertak establish juli amend content scheme oper branch countri undertak establish commun defin technic adjust detail rule laid direct time time account futur develop assur industri commiss make adjust consult insur committe set council direct eec exercis implement power confer treati measur measur gener scope mean articl decis ec adopt regulatori procedur provid articl decis pursuant articl treati account extent effort made economi stage develop transit arrang adopt gradual applic direct member state direct eec eec grant special derog regard undertak exist time adopt direct undertak modifi structur longer special derog direct affect oblig member state deadlin transposit applic direct set annex adopt direct content gt tabl gt titl definit scope articl definit purpos direct quot assur undertak quot undertak receiv offici authoris accord articl quot branch quot agenc branch assur undertak perman presenc undertak territori member state treat agenc branch presenc form branch agenc consist offic manag undertak staff person independ perman author act undertak agenc quot establish quot head offic agenc branch undertak quot commit quot commit repres kind insur oper refer articl quot home member state quot member state head offic assur undertak cover commit situat quot member state branch quot member state branch cover commit situat quot member state commit quot member state polici holder habitu resid polici holder legal person member state establish contract relat situat quot member state provis servic quot member state commit commit cover assur undertak branch situat member state quot control quot relationship parent undertak subsidiari defin articl council direct eec similar relationship natur legal person undertak quot qualifi hold quot direct indirect hold undertak repres capit vote right make exercis signific influenc manag undertak hold subsist purpos definit context articl level hold refer articl vote right refer articl direct ec european parliament council admiss secur offici stock exchang list inform publish secur consider quot parent undertak quot parent undertak defin articl direct eec quot subsidiari quot subsidiari undertak defin articl direct eec subsidiari subsidiari undertak regard subsidiari undertak undertak ultim parent undertak quot regul market quot case market situat member state regul market defin articl direct eec case market situat countri financi market recognis home member state assur undertak meet compar requir financi instrument dealt market qualiti compar instrument dealt regul market market member state question quot compet author quot nation author empow law regul supervis assur undertak quot match asset quot represent underwrit liabil requir met currenc asset express realis currenc quot localis asset quot exist asset movabl immov member state constru involv requir movabl asset deposit immov asset subject restrict measur registr mortgag asset repres claim debtor regard situat member state realis capit risk amount payabl death mathemat provis main risk quot close quot link situat natur legal person link particip ownership direct control vote right capit undertak ii control relationship parent undertak subsidiari case refer articl direct eec similar relationship natur legal person undertak subsidiari undertak subsidiari undertak consid subsidiari parent undertak head undertak situat natur legal person perman link person control relationship regard constitut close link person direct refer euro convers nation currenc adopt decemb year dai preced month octob euro convers valu relev commun currenc articl scope direct concern take pursuit emploi activ direct insur carri undertak establish member state establish form activ defin kind assur contractu basi life assur class assur compris assur surviv stipul ag assur death assur surviv stipul ag earlier death life assur return premium marriag assur birth assur annuiti supplementari insur carri life assur undertak insur person injuri includ incapac employ insur death result accid insur disabl result accid sick kind insur underwritten addit life assur type insur exist ireland unit kingdom perman health insur subject cancel oper contractu basi subject supervis administr author respons supervis privat insur tontin associ subscrib set view jointli capitalis contribut subsequ distribut asset accumul survivor beneficiari deceas capit redempt oper base actuari calcul return singl period payment agre advanc commit durat amount undertaken manag group pension fund oper consist undertak concern manag invest asset repres reserv bodi effect payment death surviv event discontinu curtail activ oper refer accompani insur cover conserv capit payment minimum interest oper carri assur undertak refer chapter titl book iv french quot code de assur quot oper relat length human life prescrib provid social insur legisl effect manag risk assur undertak accord law member state articl activ bodi exclud direct concern subject applic articl class design annex direct eec oper provid mutual benefit institut benefit vari resourc requir member contribut flat rate oper carri organis undertak refer articl object provid benefit emploi emploi person belong undertak group undertak trade group trade event death surviv discontinu curtail activ commit aris oper fulli cover time mathemat provis subject applic articl insur form part statutori system social secur organis undertak provid benefit sole event death amount benefit exce averag funer cost singl death benefit provid kind mutual associ articl associ provis call addit contribut reduc benefit claim assist person undertaken provid annual contribut incom activ cover direct exce eur million consecut year amount exceed consecut year direct appli effect fourth year provis paragraph prevent mutual assur undertak appli continu licens direct quot versorgungsverband deutscher wirtschaftsorganisationen quot germani statut amend scope activ pension activ pension insur undertak prescrib employe pension act tel relat finnish legisl provid pension insur compani finnish law oblig separ account manag system pension activ date access set separ legal entiti carri activ finnish author discriminatori manner nation compani member state perform finnish legisl activ articl relat exempt mean ownership particip exist insur compani group creation particip insur compani group includ pension insur compani finnish author submit commiss approv report month date access state measur separ tel activ normal insur activ carri finnish insur compani order conform requir direct titl ii take busi life assur articl principl authoris take activ cover direct subject prior offici authoris authoris sought author home member state undertak establish head offic territori state undertak receiv authoris requir subparagraph extend busi entir class class articl scope authoris authoris valid entir commun permit assur undertak carri busi establish freedom provid servic authoris grant class assur list annex cover entir class applic wish cover risk pertain class compet author restrict authoris request class oper set scheme oper refer articl member state grant authoris class nation law permit class carri simultan articl condit obtain authoris home member state requir assur undertak authoris sought adopt form case kingdom belgium quot société anonym naamloz vennootschap quot quot société en commandit par action commanditair vennootschap op aandelen quot quot associ assur mutuel onderling verzekeringsverenig quot quot société coopér coöperatiev vennootschap quot case kingdom denmark quot aktieselskab quot quot gensidig selskab quot quot pensionskass omfattet af lov om forsikringsvirksomh tværgåend pensionskass quot case feder republ germani quot aktiengesellschaft quot quot versicherungsverein auf gegenseitigkeit quot quot öffentlich rechtlich wettbewerbsversicherungsunternehmen quot case french republ quot société anonym quot quot société assur mutuel quot quot institut de prévoyanc régie par le code de la sécurité social quot quot institut de prévoyanc régie par le code rural quot quot mutuel régi par le code de la mutualité quot case ireland quot incorpor compani limit share guarante unlimit quot quot societi regist industri provid societi act quot quot societi regist friendli societi act quot case italian republ quot societá azioni quot quot societá cooperativa quot quot mutua di assicurazion quot case grand duchi luxembourg quot société anonym quot quot société en commandit par action quot quot associ assur mutuel quot quot société coopér quot case kingdom netherland quot naamloz vennootschap quot quot onderling waarborgmaatschappij quot case unit kingdom quot incorpor compani limit share guarante unlimit quot quot societi regist industri provid societi act quot quot societi regist incorpor friendli societi act quot quot associ underwrit lloyd quot case hellen republ quot quot case kingdom spain quot sociedad anónima quot quot sociedad mutua quot quot sociedad cooperativa quot case portugues republ quot sociedad anónima quot quot mútua de seguro quot case republ austria quot aktiengesellschaft quot quot versicherungsverein auf gegenseitigkeit quot case republ finland quot keskinäinen vakuutusyhtiö ömsesidigt försäkringsbolag quot quot vakuutusosakeyhtiö försäkringsaktiebolag quot quot vakuutusyhdisti försäkringsfören quot case kingdom sweden quot försäkringsaktiebolag quot quot ömsesidiga försäkringsbolag quot quot understödsföreningar quot assur undertak adopt form european compani establish member state set undertak public law form provid bodi object insur oper condit equival privat law undertak oper limit object busi provid direct oper directli aris therefrom exclus commerci busi submit scheme oper accord articl possess minimum guarante fund provid articl effect run person good reput profession qualif experi close link exist assur undertak natur legal person compet author grant authoris link prevent effect exercis supervisori function compet author refus authoris law regul administr provis member countri govern natur legal person assur undertak close link difficulti involv enforc prevent effect exercis supervisori function compet author requir assur undertak provid inform requir monitor complianc condit refer paragraph continu basi member state requir head offic insur undertak situat member state regist offic assur undertak seek authoris extend busi class extend authoris cover risk pertain class requir submit scheme oper accord articl requir show proof possess solvenc margin provid articl guarante fund refer articl member state adopt provis requir prior approv systemat notif gener special polici condit scale premium technic base calcul scale premium technic provis form print document assur undertak intend deal polici holder notwithstand subparagraph sole purpos verifi complianc nation provis actuari principl home member state requir systemat notif technic base calcul scale premium technic provis requir constitut prior condit assur undertak carri busi direct prevent member state maintain forc introduc law regul administr provis requir approv memorandum articl associ commun document normal exercis supervis juli commiss submit report council implement paragraph provis refer paragraph requir applic authoris consid light econom requir market articl scheme oper scheme oper refer articl includ particular evid natur commit assur undertak propos cover guid principl reassur item constitut minimum guarante fund estim relat cost set administr servic organis secur busi financi resourc intend meet cost addit financi year plan set detail estim incom expenditur respect direct busi reassur accept reassur cession forecast balanc sheet estim relat financi resourc intend cover underwrit liabil solvenc margin articl sharehold member qualifi hold compet author home member state grant undertak authoris busi assur inform ident sharehold member direct indirect natur legal person qualifi hold undertak amount hold author refus authoris take account ensur sound prudent manag assur undertak satisfi qualif sharehold member articl refus authoris decis refus authoris accompani precis ground notifi undertak question member state make provis appli court refus provis made regard case compet author dealt applic authoris expiri period month date receipt titl iii condit govern busi assur chapter principl method financi supervis articl compet author object supervis financi supervis assur undertak includ busi carri branch freedom provid servic sole respons home member state compet author member state commit reason activ assur undertak affect financi sound inform compet author undertak home member state author determin undertak compli prudenti principl laid direct financi supervis includ verif respect assur undertak entir busi state solvenc establish technic provis includ mathemat provis asset cover accord rule laid practic home member state pursuant provis adopt commun level compet author home member state requir assur undertak sound administr account procedur adequ intern control mechan articl supervis branch establish member state member state branch provid assur undertak authoris member state carri busi branch compet author home member state inform compet author member state branch carri intermediari person appoint purpos spot verif inform ensur financi supervis undertak author member state branch particip verif articl prohibit compulsori cede part underwrit member state requir assur undertak cede part underwrit activ list articl organis organis design nation regul articl account prudenti statist inform supervisori power member state requir assur undertak head offic situat territori produc annual account cover type oper financi situat solvenc member state requir assur undertak head offic territori render period return statist document purpos supervis compet author provid document inform purpos supervis member state step ensur compet author power mean supervis busi assur undertak head offic territori includ busi carri territori accord council direct govern activ purpos implement power mean enabl compet author make detail enquiri assur undertak situat busi inter alia gather inform requir submiss document assur busi carri spot investig assur undertak premis measur regard assur undertak director manag person control ensur undertak busi continu compli law regul administr provis undertak compli member state scheme oper remain mandatori prevent remedi irregular prejudici interest assur person ensur measur carri enforc judici channel member state make provis compet author obtain inform contract held intermediari articl transfer portfolio condit laid nation law member state authoris assur undertak head offic territori transfer part portfolio contract conclud establish freedom provid servic accept offic establish commun compet author home member state accept offic certifi take transfer account possess solvenc margin branch propos transfer part portfolio contract conclud establish freedom provid servic member state branch consult circumst refer paragraph author home member state transfer assur undertak authoris transfer obtain agreement compet author member state commit compet author member state consult give opinion consent compet author home member state transfer assur undertak month receiv request absenc respons period author consult consid equival favour opinion tacit consent transfer authoris accord articl publish laid nation law member state commit transfer automat valid polici holder assur person person right oblig aris contract transfer provis affect member state right give polici holder option cancel contract fix period transfer articl qualifi hold member state requir natur legal person propos hold directli indirectli qualifi hold assur undertak inform compet author home member state indic size intend hold person likewis inform compet author home member state propos increas qualifi hold proport vote right capit held reach exce assur undertak subsidiari compet author home member state maximum month date notif provid subparagraph oppos plan view ensur sound prudent manag assur undertak satisfi qualif person refer subparagraph oppos plan question fix maximum period implement member state requir natur legal person propos dispos directli indirectli qualifi hold assur undertak inform compet author home member state indic size intend hold person likewis inform compet author propos reduc qualifi hold proport vote right capit held fall assur undertak ceas subsidiari awar assur undertak inform compet author home member state acquisit dispos hold capit hold exce fall threshold refer paragraph year inform name sharehold member possess qualifi hold size hold shown inform receiv annual gener meet sharehold member result complianc regul relat compani list stock exchang member state requir influenc exercis person refer paragraph oper detriment prudent sound manag assur undertak compet author home member state measur put end situat measur consist injunct sanction director manag suspens exercis vote right attach share held sharehold member question similar measur appli natur legal person fail compli oblig provid prior inform laid paragraph hold acquir opposit compet author member state sanction adopt provid exercis vote right suspend nulliti vote cast possibl annul articl profession secreci member state provid person work work compet author auditor expert act behalf compet author bound oblig profession secreci mean confidenti inform receiv duti divulg person author whatsoev summari aggreg form individu assur undertak identifi prejudic case cover crimin law assur undertak declar bankrupt compulsorili wound confidenti inform concern parti involv attempt rescu undertak divulg civil commerci proceed paragraph prevent compet author member state exchang inform accord direct applic assur undertak inform subject condit profession secreci paragraph member state conclud cooper agreement provid exchang inform compet author countri author bodi countri defin paragraph inform disclos subject guarante profession secreci equival refer articl exchang inform intend perform supervisori task author bodi mention inform origin member state disclos express agreement compet author disclos sole purpos author gave agreement compet author receiv confidenti inform paragraph duti check condit govern take busi assur met facilit monitor conduct busi regard monitor technic provis solvenc margin administr account procedur intern control mechan impos sanction administr appeal decis compet author court proceed initi pursuant articl special provis provid direct direct adopt field assur undertak paragraph preclud exchang inform member state compet author member state member state compet author author respons offici supervis credit institut financi organis author respons supervis financi market bodi involv liquid bankruptci assur undertak similar procedur person respons carri statutori audit account assur undertak financi institut discharg supervisori function disclosur bodi administ compulsori wind proceed guarante fund inform perform duti inform receiv author bodi person subject oblig profession secreci laid paragraph notwithstand paragraph member state authoris exchang inform compet author author respons overse bodi involv liquid bankruptci assur undertak similar procedur author respons overse person charg carri statutori audit account insur undertak credit institut invest firm financi institut independ actuari insur undertak carri legal supervis undertak bodi respons overse actuari member state recours option provid subparagraph requir condit met inform purpos carri overse legal supervis refer subparagraph inform receiv context subject condit profession secreci impos paragraph inform origin member state disclos express agreement compet author disclos sole purpos author gave agreement member state commun commiss member state name author person bodi receiv inform pursuant paragraph notwithstand paragraph member state aim strengthen stabil includ integr financi system authoris exchang inform compet author author bodi respons law detect investig breach compani law member state recours option provid subparagraph requir condit met inform purpos perform task refer subparagraph inform receiv context subject condit profession secreci impos paragraph inform origin member state disclos express agreement compet author disclos sole purpos author gave agreement member state author bodi refer subparagraph perform task detect investig aid view specif compet person appoint purpos emploi public sector possibl exchang inform provid subparagraph extend person condit stipul subparagraph order implement indent subparagraph author bodi refer subparagraph commun compet author disclos inform name precis respons person member state commun commiss member state name author bodi receiv inform pursuant paragraph decemb commiss draw report applic paragraph member state authoris compet author transmit central bank bodi similar function capac monetari author public author respons overse payment system inform intend perform task authoris author bodi commun compet author inform purpos paragraph inform receiv context subject condit profession secreci impos articl addit notwithstand paragraph member state provis laid law authoris disclosur inform depart central govern administr respons legisl supervis credit institut financi institut invest servic assur undertak inspector act behalf depart disclosur made reason prudenti control member state provid inform receiv paragraph obtain mean spot verif refer articl disclos case refer paragraph express consent compet author disclos inform compet author member state spot verif carri articl duti auditor member state provid person authoris mean council direct eec perform assur undertak task articl council direct eec articl direct eec articl council direct eec statutori task duti report promptli compet author fact decis undertak awar carri task liabl constitut materi breach law regul administr provis lai condit govern authoris specif govern pursuit activ assur undertak affect continu function assur undertak lead refus certifi account express reserv person likewis duti report fact decis awar carri task undertak close link result control relationship assur undertak carri abovement task disclosur good faith compet author person authoris mean direct eec fact decis refer paragraph constitut breach restrict disclosur inform impos contract legisl regulatori administr provis involv person liabil kind articl pursuit life assur life insur activ prejudic paragraph undertak authoris pursuant direct pursuant direct eec derog paragraph member state provid undertak authoris pursuant direct obtain authoris accord articl direct eec risk list class annex direct undertak authoris pursuant articl direct eec sole risk list class annex direct obtain authoris pursuant direct subject paragraph undertak refer paragraph januari undertak authoris greec januari undertak authoris spain portug januari undertak authoris austria finland sweden march undertak carri simultan activ cover direct cover direct eec continu carri activ simultan provid activ separ manag accord articl direct member state provid undertak refer paragraph compli account rule govern assur undertak authoris pursuant direct activ pend coordin respect member state provid regard rule wind activ relat risk list class annex direct eec carri undertak refer paragraph govern rule applic life assur activ undertak carri activ refer annex direct eec financi commerci administr link assur undertak carri activ cover direct compet author member state territori head offic undertak situat ensur account undertak question distort agreement undertak arrang affect apportion expens incom member state requir assur undertak head offic situat territori ceas period determin member state concern simultan pursuit activ engag date refer paragraph provis articl review basi report commiss council light futur harmonis rule wind case decemb articl separ life assur life insur manag separ manag refer articl organis activ cover direct distinct activ cover direct eec order respect interest life polici holder life polici holder prejud profit life assur benefit life polici holder assur undertak carri activ life assur minimum financi oblig solvenc margin respect activ activ direct activ direct eec born activ long minimum financi oblig fulfil condit laid indent subparagraph provid compet author inform undertak explicit item solvenc margin activ compet author analys result activ ensur provis paragraph compli account drawn manner show sourc result activ life assur life insur end incom premium payment insur invest incom expenditur insur settlement addit technic provis reinsur premium oper expens respect insur busi broken origin item common activ enter accord method apportion accept compet author assur undertak basi account prepar statement identifi item make solvenc margin accord articl direct articl direct eec solvenc margin insuffici compet author appli defici activ measur provid relev direct result activ derog indent subparagraph paragraph measur involv authoris transfer activ chapter rule relat technic provis represent articl establish technic provis home member state requir assur undertak establish suffici technic provis includ mathemat provis respect entir busi amount technic provis determin principl amount technic life assur provis calcul suffici prudent prospect actuari valuat take account futur liabil determin polici condit exist contract includ guarante benefit includ guarante surrend valu bonus polici holder collect individu entitl bonus vest declar allot option polici holder term contract expens includ commiss take credit futur premium due ii retrospect method allow shown result technic provis lower requir suffici prudent prospect calcul prospect method type contract involv iii prudent valuat quot estim quot valuat includ margin advers deviat relev factor iv method valuat technic provis prudent regard method valuat asset cover provis technic provis calcul separ contract approxim generalis allow give approxim result individu calcul principl separ calcul prevent establish addit provis gener risk individualis vi surrend contract guarante amount mathemat provis contract time great guarante time rate interest chosen prudent determin accord rule compet author home member state appli principl contract compet author assur undertak home member state fix maximum rate interest accord rule contract interest rate guarante compet author home member state set singl maximum rate interest differ currenc contract denomin provid rate bond issu state currenc contract denomin member state decid pursuant sentenc subparagraph set maximum rate interest contract denomin member state currenc consult compet author member state currenc contract denomin ii asset assur undertak valu purchas price member state stipul maximum rate calcul take account yield asset held minu prudenti margin contract period premium take account anticip yield futur asset prudenti margin maximum rate rate interest appli anticip yield futur asset fix compet author home member state establish maximum rate interest impli assur undertak bound rate high home member state decid appli paragraph categori contract unit link contract singl premium contract period year profit contract annuiti contract surrend case refer indent subparagraph choos prudent rate interest account currenc contract denomin asset held undertak asset valu current anticip yield futur asset circumst rate interest higher yield asset calcul accord account rule home member state deduct member state requir assur undertak set account provis meet interest rate commit vi vi polici holder present forese yield undertak asset insuffici cover commit commiss compet author member state request notifi maximum rate interest set statist element valuat allow expens chosen prudent regard state commit type polici administr cost commiss expect incur case particip contract method calcul technic provis account implicitli explicitli futur bonus kind manner consist assumpt futur experi current method distribut bonus allow futur expens made implicitli instanc futur premium net manag charg allow implicit explicit prudent estim relev futur expens method calcul technic provis subject discontinu year year aris arbitrari method base calcul recognis distribut profit durat polici assur undertak make public base method calcul technic provis includ provis bonus home member state requir assur undertak cover technic provis respect entir busi match asset accord articl respect busi written commun asset localis commun member state requir assur undertak localis asset member state home member state permit relax rule localis asset home member state technic provis cover claim reassur fix percentag allow case requir localis asset repres claim articl premium busi premium busi suffici reason actuari assumpt enabl assur undertak meet commit establish adequ technic provis purpos aspect financi situat assur undertak account input resourc premium incom earn thereon systemat perman jeopardis undertak solvenc long term articl asset cover technic provis asset cover technic provis account type busi carri assur undertak secur safeti yield market invest undertak ensur diversifi adequ spread articl categori authoris asset home member state authoris assur undertak cover technic provis categori asset invest debt secur bond monei capit market instrument loan share variabl yield particip unit undertak collect invest transfer secur ucit invest fund land build immov properti right debt claim debt ow reassur includ reassur share technic provis deposit debt ow cede undertak debt ow polici holder intermediari aris direct reassur oper advanc polici tax recoveri claim guarante fund tangibl fix asset land build valu basi prudent amortis cash bank hand deposit credit institut bodi authoris receiv deposit defer acquisit cost accru interest rent accru incom prepay reversionari interest case associ underwrit quot lloyd quot asset categori includ guarante letter credit issu credit institut mean direct ec european parliament council assur undertak verifi sum aris life assur polici extent repres fund belong member inclus asset categori asset list paragraph asset automat accept cover technic provis home member state lai detail rule fix condit accept asset connect requir valuabl secur guarante case debt ow reassur determin appli rule lai home member state ensur principl compli asset cover technic provis valu net debt aris acquisit ii asset valu prudent basi allow risk amount realis tangibl fix asset land build accept cover technic provis valu basi prudent amortis iii loan undertak state intern organis local region author natur person accept cover technic provis suffici guarante secur base statu borrow mortgag bank guarante guarante grant assur undertak form secur iv deriv instrument option futur swap connect asset cover technic provis contribut reduct invest risk facilit effici portfolio manag valu prudent basi account valuat underli asset transfer secur dealt regul market accept cover technic provis realis short term hold credit institut assur undertak limit permit articl invest undertak establish member state vi debt ow claim parti accept cover technic provis deduct amount ow parti vii debt claim accept cover technic provis calcul prudent basi due allow risk amount realis debt ow polici holder intermediari aris assur reassur oper accept outstand month viii asset held includ invest subsidiari undertak manag part assur undertak invest behalf home member state appli rule principl laid articl account underli asset held subsidiari undertak home member state treat asset subsidiari ix defer acquisit cost accept cover technic provis extent consist calcul mathemat provis notwithstand paragraph except circumst assur undertak request home member state temporarili properli reason decis accept categori asset cover technic provis subject articl articl rule invest diversif asset cover technic provis home member state requir assur undertak invest total gross technic provis piec land build number piec land build close consid effect invest total gross technic provis share negoti secur treat share bond debt secur monei capit market instrument undertak loan grant borrow loan loan grant state region local author intern organis member state member limit rais undertak invest gross technic provis loan secur issu bodi borrow invest asset total gross technic provis unsecur loan includ singl unsecur loan loan grant credit institut assur undertak articl invest undertak establish member state limit rais decis case case basi compet author home member state total gross technic provis form cash hand total gross technic provis share secur treat share debt secur dealt regul market absenc limit paragraph invest categori impli asset categori accept cover technic provis limit home member state lai detail rule fix condit accept asset ensur determin applic rule principl compli asset cover technic provis diversifi spread ensur excess relianc categori asset invest market invest ii invest type asset show high level risk natur asset qualiti issuer restrict prudent level iii limit categori asset account treatment reassur calcul technic provis iv asset held includ invest subsidiari undertak manag part assur undertak invest behalf home member state appli rule principl laid articl account underli asset held subsidiari undertak home member state treat asset subsidiari percentag asset cover technic provis subject liquid invest prudent level vi asset held includ loan debt secur issu credit institut home member state appli rule principl contain articl account underli asset held credit institut treatment appli credit institut head offic member state own member state state local author busi memorandum articl associ consist extend intermediari loan guarante state local author loan bodi close link state local author context detail rule lai condit accept asset member state give limit treatment loan unaccompani bank guarante guarante issu assur undertak mortgag form secur compar loan accompani collater ucit coordin mean direct eec invest fund compar ucit coordin mean direct secur dealt regul market compar bond debt secur monei capit market instrument issu state local region author undertak belong zone defin direct ec issuer intern organis number commun member state member compar financi instrument issu bodi member state rais limit laid paragraph case debt secur issu credit institut head offic member state subject law special offici supervis design protect holder debt secur sum deriv issu debt secur invest accord law asset period valid debt secur capabl cover claim attach debt secur event failur issuer prioriti basi reimburs princip payment accru interest member state requir assur undertak invest categori asset notwithstand paragraph except circumst assur undertak request home member state temporarili properli reason decis except rule laid paragraph subject articl articl contract link ucit share index benefit provid contract directli link unit ucit asset contain intern fund held insur undertak divid unit technic provis respect benefit repres close unit case unit establish asset benefit provid contract directli link share index refer refer paragraph technic provis respect benefit repres close unit deem repres refer case unit establish asset secur market correspond close refer base articl appli asset held match liabil directli link benefit refer paragraph refer technic provis articl technic provis exclud respect liabil benefit refer paragraph includ guarante invest perform guarante benefit addit technic provis subject articl articl match rule purpos articl member state compli annex ii match rule articl appli commit refer articl chapter rule relat solvenc margin guarante fund articl solvenc margin member state requir assur undertak head offic situat territori adequ solvenc margin respect entir busi time equal requir direct solvenc margin consist asset assur undertak free forese liabil intang item includ paid share capit case mutual assur undertak effect initi fund member account meet criteria memorandum articl associ stipul payment made account member solvenc margin fall requir level dissolut undertak undertak debt settl ii memorandum articl associ stipul respect payment refer point reason individu termin membership compet author notifi month advanc prohibit payment period iii relev provis memorandum articl associ amend compet author declar object amend prejudic criteria state point ii reserv statutori free underwrit liabil profit loss brought forward deduct dividend paid authoris nation law profit reserv appear balanc sheet cover loss aris made distribut polici holder solvenc margin reduc amount share directli held assur undertak solvenc margin consist cumul preferenti share capit subordin loan capit lesser solvenc margin requir solvenc margin consist subordin loan fix matur fix term cumul preferenti share capit provid bind agreement exist event bankruptci liquid assur undertak subordin loan capit preferenti share capit rank claim creditor repaid debt outstand time settl subordin loan capit fulfil condit fulli paid fund account ii loan fix matur origin matur year year repay date assur undertak submit compet author approv plan show solvenc margin brought requir level matur extent loan rank compon solvenc margin gradual reduc year repay date compet author authoris earli repay loan provid applic made issu assur undertak solvenc margin fall requir level iii loan matur fix repay subject year notic loan longer consid compon solvenc margin prior consent compet author specif requir earli repay event assur undertak notifi compet author month date propos repay solvenc margin requir solvenc margin repay compet author authoris repay assur undertak solvenc margin fall requir level iv loan agreement includ claus provid circumst wind assur undertak debt repay agre repay date loan agreement amend compet author declar object amend secur matur date instrument includ cumul preferenti share mention point lesser solvenc margin requir solvenc margin total secur subordin loan capit refer point provid fulfil repaid initi bearer prior consent compet author ii contract issu enabl assur undertak defer payment interest loan iii lender claim assur undertak rank subordin creditor iv document govern issu secur provid loss absorpt capac debt unpaid interest enabl assur undertak continu busi fulli paid amount account applic support evid undertak compet author home member state agreement compet author solvenc margin consist decemb amount equal undertak futur profit exceed lesser solvenc margin requir solvenc margin amount futur profit obtain multipli estim annual profit factor repres averag period left run polici factor exce estim annual profit exce arithmet averag profit made financi year activ list articl compet author agre includ amount solvenc margin actuari report submit compet author substanti likelihood emerg profit futur ii part futur profit emerg hidden net reserv refer point account zillmeris practis practis load acquisit cost includ premium differ zillmeris partial zillmeris mathemat provis mathemat provis zillmeris rate equal load acquisit cost includ premium figur exce sum differ relev capit sum life assur activ mathemat provis polici zillmeris differ reduc amount undepreci acquisit cost enter asset hidden net reserv aris valuat asset hidden net reserv except natur half unpaid share capit initi fund paid part amount share capit fund lesser requir solvenc margin amend paragraph account develop justifi technic adjust element elig solvenc margin adopt accord procedur laid articl articl requir solvenc margin subject articl requir solvenc margin determin laid paragraph class assur underwritten kind assur refer articl assur link invest fund oper refer articl requir solvenc margin equal sum result result fraction mathemat provis relat direct busi reinsur accept gross reinsur cession multipli ratio financi year total mathemat provis net reinsur cession gross total mathemat provis ratio case result polici capit risk neg figur fraction capit underwritten assur undertak multipli ratio financi year total capit risk retain undertak liabil reinsur cession retrocess total capit risk gross reinsur ratio case temporari assur death maximum term year fraction assur term year year fraction supplementari insur refer articl requir solvenc margin equal requir solvenc margin insur undertak laid articl direct eec exclud provis articl direct perman health insur subject cancel refer articl requir solvenc margin equal fraction mathemat provis calcul complianc paragraph articl requir solvenc margin insur undertak laid articl direct eec exclud provis articl direct condit contain articl direct provis set increas ag replac requir busi conduct group basi capit redempt oper refer articl requir solvenc margin equal fraction mathemat provis calcul complianc paragraph articl tontin refer articl requir solvenc margin equal asset assur cover articl link invest fund oper refer articl requir solvenc margin equal sum assur undertak bear invest risk fraction technic provis calcul complianc paragraph articl undertak bear invest risk alloc cover manag expens fix period exceed year fraction technic provis calcul complianc paragraph articl undertak bear invest risk alloc cover manag expens fix period exceed year amount equival financi year net administr expens pertain busi assur undertak cover death risk fraction capit risk calcul complianc paragraph articl articl guarante fund requir solvenc margin articl constitut guarante fund fund consist item list articl agreement compet author home member state guarante fund minimum eur million member state provid fourth reduct minimum guarante fund case mutual associ mutual type associ tontin articl review amount guarante fund amount euro laid articl review annual start septemb order account european index consum price compris member state publish eurostat amount adapt automat increas base amount euro percentag chang index period march review date round multipl eur percentag chang adapt adapt place commiss inform annual european parliament council review adapt amount refer paragraph articl asset cover technic provis member state prescrib rule choic asset cover technic provis refer articl subject articl articl subparagraph articl member state restrain free dispos asset movabl immov form part asset authoris assur undertak paragraph preclud measur member state safeguard interest live assur entitl owner member partner assur undertak question chapter contract law condit assur articl law applic law applic contract relat activ refer direct law member state commit law state parti choos law countri polici holder natur person habitu resid member state nation parti choos law member state nation state includ territori unit rule law contractu oblig unit consid countri purpos identifi law applic direct member state territori unit rule law contractu oblig bound appli provis direct conflict aris law unit articl restrict applic rule law forum situat mandatori irrespect law applic contract law member state stipul mandatori rule law member state commit appli law member state rule appli law applic contract subject paragraph member state appli assur contract refer direct gener rule privat intern law contractu oblig articl gener good member state commit prevent polici holder conclud contract assur undertak authoris condit articl long conflict legal provis protect gener good member state commit articl rule relat condit assur scale premium member state adopt provis requir prior approv systemat notif gener special polici condit scale premium technic base calcul scale premium technic provis form print document assur undertak intend deal polici holder notwithstand subparagraph sole purpos verifi complianc nation provis actuari principl home member state requir systemat commun technic base calcul scale premium technic provis requir constitut prior condit assur undertak carri busi juli commiss submit report council implement provis articl cancel period member state prescrib polici holder conclud individu life assur contract period dai time inform contract conclud cancel contract give notic cancel polici holder effect releas futur oblig aris contract legal effect condit cancel determin law applic contract defin articl notabl arrang inform polici holder contract conclud member state appli paragraph contract month durat statu polici holder circumst contract conclud polici holder special protect member state rule paragraph appli articl inform polici holder assur contract conclud inform list annex iii commun polici holder polici holder inform term contract chang inform list annex iii member state commit requir assur undertak furnish inform addit list annex iii proper understand polici holder essenti element commit detail rule implement articl annex iii laid member state commit chapter assur undertak difficulti irregular situat articl assur undertak difficulti assur undertak compli articl compet author home member state prohibit free dispos asset commun intent compet author member state commit purpos restor financi situat assur undertak solvenc margin fallen minimum requir articl compet author home member state requir plan restor sound financi posit submit approv except circumst compet author opinion financi situat assur undertak deterior restrict prohibit free dispos assur undertak asset inform author member state territori assur undertak carri busi measur request measur solvenc margin fall guarante fund defin articl compet author home member state requir assur undertak submit short term financ scheme approv restrict prohibit free dispos assur undertak asset inform author member state territori assur undertak carri busi request measur compet author measur safeguard interest assur person case provid paragraph member state measur accord nation law prohibit free dispos asset locat territori request case provid paragraph assur undertak home member state design asset cover measur articl financi recoveri plan member state ensur compet author power requir financi recoveri plan insur undertak compet author polici holder right threaten financi recoveri plan minimum includ particular proof financi year estim manag expens current gener expens commiss plan set detail estim incom expenditur respect direct busi reinsur accept reinsur cession forecast balanc sheet estim financi resourc intend cover underwrit liabil requir solvenc margin reinsur polici polici holder right threaten financi posit undertak deterior member state ensur compet author power oblig insur undertak higher requir solvenc margin order ensur insur undertak fulfil solvenc requir futur level higher requir solvenc margin base financi recoveri plan refer paragraph member state ensur compet author power revalu element elig solvenc margin signific chang market element end financi year member state ensur compet author power decreas reduct base reinsur solvenc margin determin accord articl natur qualiti reinsur contract chang significantli financi year insignific risk transfer reinsur contract compet author requir financi recoveri plan insur undertak accord paragraph refrain issu certif accord articl articl subparagraph articl long polici holder right threaten mean paragraph articl withdraw authoris authoris grant assur undertak compet author home member state withdrawn author undertak make authoris month expressli renounc ceas carri busi month member state concern made provis authoris laps case longer fulfil condit admiss unabl time allow measur restor plan financ scheme refer articl fail oblig regul subject event withdraw laps authoris compet author home member state notifi compet author member state measur prevent assur undertak commenc oper territori freedom establish freedom provid servic home member state compet author conjunct author measur safeguard interest assur person restrict free dispos asset assur undertak accord articl subparagraph subparagraph decis withdraw authoris support precis reason notifi assur undertak question titl iv provis relat establish freedom provid servic articl condit branch establish assur undertak propos establish branch territori member state notifi compet author home member state member state requir assur undertak propos establish branch territori member state provid inform effect notif provid paragraph member state territori propos establish branch scheme oper set inter alia type busi envisag structur organis branch address member state branch document obtain deliv understood address commun authoris agent branch authoris agent possess suffici power bind assur undertak relat parti repres relat author court member state branch regard lloyd event litig member state branch aris underwritten commit assur person treat favour litig brought busi convent type authoris agent possess suffici power proceed capac bind lloyd underwrit concern compet author home member state reason doubt adequaci administr structur financi situat assur undertak good reput profession qualif experi director manag authoris agent take account busi plan month receiv inform refer paragraph commun inform compet author member state branch inform undertak concern compet author home member state attest assur undertak minimum solvenc margin calcul accord articl compet author home member state refus commun inform refer paragraph compet author member state branch give reason refus assur undertak concern month receiv inform question refus failur act subject appli court home member state branch assur undertak start busi compet author member state branch month receiv inform refer paragraph inform compet author home member state condit interest gener good busi carri member state branch receiv commun compet author member state branch commun receiv expiri period provid paragraph branch establish start busi event chang particular commun paragraph assur undertak give written notic chang compet author home member state member state branch month make chang compet author home member state compet author member state branch fulfil respect role paragraph articl freedom provid servic prior notif home member state assur undertak intend carri busi time member state freedom provid servic inform compet author home member state indic natur commit propos cover articl freedom provid servic notif home member state month notif provid articl compet author home member state commun member state member state territori assur undertak intend carri busi freedom provid servic certif attest assur undertak minimum solvenc margin calcul accord articl class assur undertak authoris offer natur commit assur undertak propos cover member state provis servic time inform assur undertak concern compet author home member state commun inform refer paragraph period laid give reason refus assur undertak period refus subject appli court home member state assur undertak start busi certifi date inform commun provid subparagraph paragraph articl freedom provid servic natur commit chang assur undertak intend make inform refer articl subject procedur provid articl articl languag compet author member state branch member state provis servic requir inform authoris direct request regard busi assur undertak oper territori state suppli offici languag languag state articl rule relat condit assur scale premium member state branch provis servic lai provis requir prior approv systemat notif gener special polici condit scale premium technic base calcul scale premium technic provis form print document assur undertak intend deal polici holder purpos verifi complianc nation provis assur contract requir assur undertak propos carri assur busi territori establish freedom provid servic effect systemat notif polici condit print document requir constitut prior condit assur undertak carri busi articl assur undertak compli legal provis assur undertak carri busi establish freedom provid servic submit compet author member state branch member state provis servic document request purpos articl assur undertak head offic member state oblig compet author member state establish assur undertak branch carri busi freedom provid servic territori compli legal provis applic state requir assur undertak concern remedi irregular situat assur undertak question fail action compet author member state concern inform compet author home member state author earliest opportun measur ensur assur undertak concern remedi irregular situat natur measur commun compet author member state concern measur home member state measur prove inadequ lack state assur undertak persist violat legal provis forc member state concern inform compet author home member state measur prevent penalis irregular includ strictli prevent undertak continu conclud assur contract territori member state ensur territori serv legal document measur assur undertak paragraph affect emerg power member state concern measur prevent penalis irregular commit territori includ possibl prevent assur undertak continu conclud assur contract territori paragraph affect power member state penalis infring territori assur undertak commit infring establish possess properti member state concern compet author accord nation law appli administr penalti prescrib infring enforc establish properti measur adopt paragraph involv penalti restrict conduct assur busi properli reason commun assur undertak concern year commiss submit insur committe report summaris number type case member state authoris refus pursuant articl measur paragraph articl member state cooper commiss provid inform requir report articl advertis direct prevent assur undertak head offic member state advertis servic mean commun member state branch member state provis servic subject rule govern form content advertis adopt interest gener good articl wind assur undertak wound commit aris contract underwritten branch freedom provid servic met aris undertak assur contract distinct nation live assur beneficiari concern articl statist inform cross border activ assur undertak inform compet author home member state separ respect transact carri establish carri freedom provid servic amount premium deduct reassur member state class ix defin annex compet author home member state reason time aggreg basi forward inform compet author member state concern request articl tax premium prejudic subsequ harmonis assur contract subject exclus indirect tax parafisc charg assur premium member state commit regard spain surcharg legal establish favour spanish quot consorcio de compensación de seguro quot perform function relat compens loss aris extraordinari event occur member state law applic contract pursuant articl affect fiscal arrang applic pend futur harmonis member state appli assur undertak cover commit situat territori nation provis measur ensur collect indirect tax parafisc charg due paragraph titl rule applic agenc branch establish commun belong undertak head offic commun articl principl condit authoris member state make access activ refer articl undertak head offic commun subject offici authoris member state grant authoris undertak fulfil condit entitl undertak insur activ cover articl nation law establish agenc branch territori member state undertak establish place manag agenc branch account specif activ carri record relat busi transact design gener repres approv compet author possess member state carri activ asset amount equal half minimum amount prescrib articl subparagraph respect guarante fund deposit quarter minimum amount secur undertak solvenc margin compli articl submit scheme oper accord provis paragraph scheme oper agenc branch refer paragraph particular evid natur commit undertak propos cover guid principl reinsur state undertak solvenc margin guarante fund refer articl estim relat cost set administr servic organis secur busi financi resourc intend meet cost addit includ financi year plan set detail estim incom expenditur respect direct busi reinsur accept reinsur cession forecast balanc sheet estim relat financi resourc intend cover underwrit liabil solvenc margin member state requir systemat notif technic base calcul scale premium technic provis requir constitut prior condit assur undertak carri busi articl rule applic branch countri undertak subject point agenc branch refer titl simultan carri member state activ refer annex direct eec cover direct subject point member state provid agenc branch refer titl relev date refer articl carri activ simultan member state continu provid activ separ manag accord articl member state articl requir undertak establish territori ceas simultan pursuit activ engag relev date refer articl impos requir agenc branch refer titl establish territori simultan carri activ member state provid agenc branch refer titl head offic simultan carri activ date refer articl carri territori member state sole activ cover direct continu activ undertak wish carri activ refer direct eec territori carri activ cover direct subsidiari articl appli mutati mutandi agenc branch refer titl purpos appli articl compet author supervis solvenc agenc branch treat compet author head offic member state case withdraw authoris author refer articl author notifi compet author member state undertak oper author measur reason withdraw authoris inadequaci solvenc margin calcul accord articl compet author member state concern withdraw authoris articl transfer portfolio condit laid nation law member state authoris agenc branch set territori cover titl transfer part portfolio contract accept offic establish member state compet author member state member state refer articl certifi take transfer account accept offic possess solvenc margin condit laid nation law member state authoris agenc branch set territori cover titl transfer part portfolio contract assur undertak head offic member state compet author member state certifi take transfer account accept offic possess solvenc margin condit laid nation law member state authoris agenc branch set territori cover titl transfer part portfolio contract agenc branch cover titl set territori member state ensur compet author member state accept offic member state refer articl certifi take transfer account accept offic possess solvenc margin law member state accept offic permit transfer state agre transfer circumst refer paragraph member state transfer agenc branch situat authoris transfer obtain agreement compet author member state commit member state transfer agenc branch situat compet author member state consult give opinion consent compet author home member state transfer assur undertak month receiv request absenc respons author consult period consid equival favour opinion tacit consent transfer authoris accord articl publish laid nation law member state commit transfer automat valid polici holder assur person person right oblig aris contract transfer provis affect member state give polici holder option cancel contract fix period transfer articl technic provis member state requir undertak establish provis refer articl adequ cover underwrit liabil assum territori member state agenc branch cover provis mean asset equival provis match asset accord annex ii law member state applic calcul provis determin categori invest valuat asset determin extent asset purpos cover provis member state question requir asset cover provis localis territori articl appli articl solvenc margin guarante fund member state requir agenc branch set territori solvenc margin consist item list articl minimum solvenc margin calcul accord articl purpos calcul margin account oper effect agenc branch concern minimum solvenc margin constitut guarante fund amount fund half minimum requir articl subparagraph initi deposit lodg accord articl count guarante fund guarante fund minimum fund constitut accord articl asset repres minimum solvenc margin member state activ carri amount guarante fund excess commun articl advantag undertak authoris member state undertak request obtain authoris member state appli advantag grant jointli solvenc margin refer articl calcul relat entir busi carri commun case account oper effect agenc branch establish commun purpos calcul deposit requir articl lodg member state asset repres guarante fund localis member state carri activ applic benefit advantag provid paragraph made compet author member state concern applic state author member state futur supervis solvenc entir busi agenc branch establish commun reason choic author made undertak deposit lodg member state advantag provid paragraph grant compet author member state applic made agre effect time select compet author inform compet author supervis state solvenc entir busi agenc branch commun compet author select obtain member state inform supervis solvenc agenc branch establish territori request member state concern advantag grant articl withdrawn simultan member state concern articl agreement countri commun mean agreement conclud pursuant treati countri agre applic provis provid titl purpos ensur condit reciproc adequ protect polici holder member state titl vi rule applic subsidiari parent undertak govern law countri acquisit hold parent undertak articl inform member state commiss compet author member state inform commiss authoris direct indirect subsidiari parent undertak govern law countri commiss inform committe refer articl parent undertak acquir hold commun assur undertak turn subsidiari commiss inform committe refer articl authoris grant direct indirect subsidiari parent undertak govern law countri structur group notif compet author address commiss articl countri treatment commun assur undertak member state inform commiss gener difficulti encount assur undertak establish carri activ countri period commiss draw report examin treatment accord commun assur undertak countri term refer paragraph establish carri insur activ acquisit hold countri insur undertak commiss submit report council propos appear commiss basi report refer paragraph basi inform countri grant commun assur undertak effect market access compar grant commun insur undertak countri commiss submit propos council mandat negoti view obtain compar competit opportun commun assur undertak council decid qualifi major appear commiss basi report refer paragraph basi inform commun assur undertak countri receiv nation treatment offer competit opportun domest insur undertak condit effect market access fulfil commiss initi negoti order remedi situat circumst subparagraph decid time addit initi negoti accord procedur laid articl compet author member state limit suspend decis request pend moment decis futur request authoris acquisit hold direct indirect parent undertak govern law countri question durat measur refer exce month end month period light result negoti council act propos commiss decid qualifi major measur continu limit suspens appli set subsidiari assur undertak subsidiari duli authoris commun acquisit hold commun assur undertak undertak subsidiari appear commiss situat paragraph arisen member state inform request request authoris direct indirect subsidiari parent undertak govern law countri question plan undertak acquir hold commun assur undertak subsidiari oblig provid inform laps agreement reach countri refer paragraph measur refer subparagraph paragraph ceas appli measur articl compli commun oblig intern agreement bilater multilater govern take pursuit busi insur undertak titl vii transit provis articl derog abolit restrict measur undertak set unit kingdom royal charter privat act special public act carri activ legal form constitut march unlimit period unit kingdom draw list undertak commun member state commiss societi regist unit kingdom friendli societi act continu activ life assur save oper accord object carri march articl proof good reput member state requir nation proof good reput proof previou bankruptci proof state accept suffici evid respect nation member state product extract quot judici record quot fail equival document issu compet judici administr author home member state member state foreign nation show requir met home member state member state foreign nation concern issu document refer paragraph replac declar oath state provis declar oath solemn declar made person concern compet judici administr author notari home member state member state person author notari issu certif attest authent declar oath solemn declar declar respect previou bankruptci made compet profession trade bodi countri document issu accord paragraph produc month date issu member state design author bodi compet issu document refer paragraph forthwith inform member state commiss thereof member state inform member state commiss author bodi document refer articl submit support applic carri territori member state activ refer articl titl viii final provis articl cooper member state commiss commiss compet author member state collabor close view facilit supervis kind insur oper refer direct commun member state inform commiss major difficulti applic direct rise inter alia aris member state awar abnorm transfer busi refer direct detriment undertak establish territori advantag agenc branch locat border commiss compet author member state concern examin difficulti quickli order find solut commiss submit propos council articl report develop market freedom provid servic commiss forward european parliament council regular report novemb develop market assur oper transact condit freedom provid servic articl technic adjust technic adjust made direct adopt accord procedur laid articl extens legal form provid articl amend list set annex adapt terminolog list account develop assur market clarif item constitut solvenc margin list articl account creation financi instrument alter minimum guarante fund provid articl account econom financi develop amend account creation financi instrument list asset accept cover technic provis set articl rule spread invest laid articl relax match rule laid annex ii account develop currenc hedg instrument progress made econom monetari union clarif definit order ensur uniform applic direct commun technic adjust rule set maxima applic interest rate pursuant articl account progress made econom monetari union articl committe procedur commiss assist insur committe institut direct eec refer made paragraph articl decis ec appli regard provis articl thereof period laid articl decis ec set month committe adopt rule procedur articl right acquir exist branch assur undertak branch start busi accord provis forc member state branch juli presum subject procedur laid articl govern date articl articl affect right acquir assur undertak carri busi freedom provid servic juli articl appli court member state ensur decis respect assur undertak law regul administr provis adopt accord direct subject appli court articl review amount express euro commiss submit council march report deal effect financi requir impos direct situat insur market member state council act propos commiss year examin revis amount express euro direct light commun econom monetari situat evolv articl implement provis member state bring forc law regul administr provis compli articl articl articl articl articl june immedi inform commiss thereof member state bring forc law regul administr provis compli articl novemb forthwith inform commiss thereof date member state appli provis refer annex iv member state adopt septemb law regul administr provis compli articl forthwith inform commiss thereof member state provid provis refer subparagraph appli supervis account financi year begin januari calendar year date member state appli provis refer annex iv member state adopt measur mention paragraph refer direct accompani refer occas offici public member state determin refer made januari commiss submit european parliament council report applic articl harmonis report member state made possibl articl discretionari power afford nation supervisori author result major supervisori differ singl market articl inform commiss member state commun commiss text main provis nation law adopt field cover direct articl transit period articl member state assur undertak march provid assur territori class refer annex period year commenc date order compli requir set articl member state undertak refer paragraph expiri year period fulli establish requir solvenc margin period exceed year provid undertak accord articl submit approv compet author measur propos purpos articl repeal direct correl direct direct list annex part repeal prejudic oblig member state time limit transposit applic direct list annex part refer repeal direct constru refer direct read accord correl tabl annex vi articl entri forc direct enter forc dai public offici journal european commun articl addresse direct address member state brussel novemb europan parliament presid cox council presid pedersen oj oj opinion european parliament march oj council common posit oj decis european parliament septemb publish offici journal oj direct amend direct ec european parliament council oj oj direct amend direct eec oj oj direct amend direct ec european parliament council oj oj oj direct amend direct ec european parliament council oj oj direct amend direct ec european parliament council oj oj oj direct amend direct ec european parliament council oj oj oj oj direct amend direct ec european parliament council oj oj direct amend direct ec european parliament council oj oj direct amend direct ec oj annex class assur assur refer articl exclud refer ii iii ii marriag assur birth assur iii assur refer articl link invest fund iv perman health insur refer articl tontin refer articl vi capit redempt oper refer articl vii manag group pension fund refer articl viii oper refer articl ix oper refer articl annex ii match rule currenc assur commit payabl determin accord rule cover provid contract express term currenc assur commit consid payabl currenc member state authoris assur undertak cover technic provis includ mathemat provis match asset applic procedur result undertak oblig order compli match principl hold asset currenc amount asset exist currenc member state choos requir assur undertak appli match principl commit payabl currenc currenc member state invest currenc regul currenc subject transfer restrict similar reason suitabl cover technic provis assur undertak authoris hold match asset cover amount exceed commit currenc total asset currenc combin equal total commit currenc combin member state provid preced procedur commit cover asset express currenc member state requir consid satisfi asset express euro annex iii inform polici holder inform commun polici holder contract conclud term contract provid clear accur manner write offici languag member state commit inform languag polici holder request law member state permit polici holder free choos law applic conclud contract gt tabl gt term contract gt tabl gt annex iv profession secreci novemb member state conclud cooper agreement provid exchang inform compet author countri inform disclos subject guarante profession secreci equival refer articl direct activ bodi exclud direct januari direct concern mutual associ articl associ provis call addit contribut reduc benefit claim assist person undertaken provid annual contribut incom activ cover direct exce eur consecut year amount exceed consecut year direct appli effect fourth year januari member state appli provis solvenc margin member state requir assur undertak head offic situat territori adequ solvenc margin respect entir busi solvenc margin consist asset assur undertak free forese liabil intang item includ paid share capit case mutual assur undertak effect initi fund member account meet criteria memorandum articl associ stipul payment made account member solvenc margin fall requir level dissolut undertak undertak debt settl memorandum articl associ stipul respect payment reason individu termin membership compet author notifi month advanc prohibit payment period relev provis memorandum articl associ amend compet author declar object amend prejudic criteria state half unpaid share capit initi fund paid part amount share capit fund reserv statutori reserv free reserv underwrit liabil profit brought forward cumul preferenti share capit subordin loan capit includ margin consist subordin loan fix matur fix term cumul preferenti share capit minimum criteria met event bankruptci liquid assur undertak bind agreement exist subordin loan capit preferenti share capit rank claim creditor repaid debt outstand time settl subordin loan capit fulfil condit fulli paid fund account loan fix matur origin matur year year repay date assur undertak submit compet author approv plan show solvenc margin brought requir level matur extent loan rank compon solvenc margin gradual reduc year repay date compet author authoris earli repay loan provid applic made issu assur undertak solvenc margin fall requir level loan matur fix repay subject year notic loan longer consid compon solvenc margin prior consent compet author specif requir earli repay event assur undertak notifi compet author month date propos repay actual requir solvenc margin repay compet author authoris repay assur undertak solvenc margin fall requir level loan agreement includ claus provid circumst wind assur undertak debt repay agre repay date loan agreement amend compet author declar object amend secur matur date instrument fulfil condit includ cumul preferenti share mention indent margin total secur subordin loan capit refer indent repaid initi bearer prior consent compet author contract issu enabl assur undertak defer payment interest loan lender claim assur undertak rank subordin creditor document govern issu secur provid loss absorpt capac debt unpaid interest enabl assur undertak continu busi fulli paid amount account authoris nation law profit reserv appear balanc sheet cover loss aris made distribut polici holder applic support evid undertak compet author member state territori head offic situat agreement author amount equal undertak futur profit amount futur profit obtain multipli estim annual profit factor repres averag period left run polici factor exce estim annual profit arithmet averag profit made year activ list articl direct base calcul factor estim annual profit multipli item compris profit made defin common agreement compet author member state collabor commiss pend agreement item determin accord law home member state compet author defin concept profit made commiss submit propos harmonis concept mean direct harmonis annual account insur undertak provid coordin set articl direct eec zillmeris practis practis load acquisit cost includ premium differ zillmeris partial zillmeris mathemat provis mathemat provis zillmeris rate equal load acquisit cost includ premium figur exce sum differ relev capit sum life assur activ mathemat provis polici zillmeris differ reduc amount undepreci acquisit cost enter asset approv compet author member state concern assur undertak carri activ hidden reserv result underestim asset overestim liabil mathemat provis hidden reserv except natur minimum solvenc margin subject section minimum solvenc margin determin shown class assur underwritten kind assur refer articl direct assur link invest fund oper refer articl direct equal sum result result fraction mathemat provis relat direct busi gross reinsur cession reinsur accept multipli ratio financi year total mathemat provis net reinsur cession gross total mathemat provis ratio case result polici capit risk neg figur fraction capit underwritten assur undertak multipli ratio financi year total capit risk retain undertak liabil reinsur cession retrocess total capit risk gross reinsur ratio case temporari assur death maximum term year fraction assur term year year fraction supplementari insur refer articl direct equal result calcul premium contribut inclus charg ancillari premium contribut due respect direct busi financi year respect financi year aggreg aggreg ad amount premium accept reinsur financi year sum deduct total amount premium contribut cancel financi year total amount tax levi pertain premium contribut enter aggreg amount obtain divid portion extend eur million compris excess portion calcul ad result obtain multipli sum calcul ratio exist respect financi year amount claim remain born assur undertak deduct transfer reinsur gross amount claim ratio case case associ underwrit lloyd calcul solvenc margin made basi net premium multipli flat rate percentag fix annual compet author head offic member state flat rate percentag calcul basi recent statist data commiss paid detail relev calcul compet author countri territori lloyd establish perman health insur subject cancel refer articl direct capit redempt oper refer articl thereof equal fraction mathemat provis calcul complianc condit set result section tontin refer articl direct equal asset assur cover articl direct link invest fund oper refer articl direct equal fraction mathemat provis calcul complianc condit set result section assur undertak bear invest risk fraction provis calcul undertak bear invest risk provid term contract exce year alloc cover manag expens set contract fix period exceed year fraction capit risk calcul complianc condit set subparagraph result section assur undertak cover death risk guarante fund requir solvenc margin section constitut guarante fund subject paragraph section fund consist item list section guarante fund minimum eur member state provid minimum guarante fund reduc eur case mutual associ mutual type associ tontin mutual associ refer sentenc indent articl direct scope direct tontin member state permit establish minimum guarante fund eur increas progress amount fix section success tranch eur contribut increas eur minimum guarante fund refer section consist item list section mutual associ wish extend busi mean articl articl direct compli immedi requir paragraph section annex part repeal direct success amend refer articl council direct eec council direct eec council direct eec direct eec european parliament council articl indent articl fourth indent articl refer made direct eec direct ec european parliament council council direct eec council direct eec council direct eec direct eec european parliament council articl indent articl indent articl articl indent refer made direct eec direct ec european parliament council articl refer made direct eec direct ec european parliament council articl part deadlin implement refer articl gt tabl gt annex vi correl tabl gt tabl gt