direct ec european parliament council march amend council direct eec solvenc margin requir life insur undertak 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 financi servic action plan endors european council meet cologn june lisbon march recognis import solvenc margin insur undertak protect policyhold singl market ensur insur undertak adequ capit requir relat natur risk council direct eec juli coordin law regul administr provis relat take pursuit busi direct insur life assur requir insur undertak solvenc margin requir insur undertak establish technic provis meet underwrit liabil solvenc margin act buffer advers busi fluctuat import element system prudenti supervis protect insur person policyhold exist solvenc margin rule establish direct eec substanti unchang subsequ commun legisl council direct eec june coordin law regul administr provis relat direct insur life assur life insur direct requir commiss submit report insur committe set council direct eec harmonis solvenc margin commiss prepar report light recommend report solvenc insur undertak prepar confer insur supervisori author member state european union report conclud simpl robust natur current system oper satisfactorili base sound principl benefit wide transpar weak identifi specif case sensit risk profil simplifi increas exist minimum guarante fund result inflat claim level oper expens origin adopt threshold lower percentag rate appli determin solvenc margin requir premium claim basi increas avoid major sharp increas amount minimum guarante fund threshold futur mechan establish provid increas line european index consum price specif situat policyhold 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 light market develop natur reinsur cover purchas primari insur compet author empow decreas reduct solvenc margin requir circumst insur substanti reduc ceas write busi establish adequ solvenc margin respect residu liabil exist busi reflect level technic provis specif class life busi subject volatil risk profil exist solvenc margin requir substanti increas requir solvenc margin match true risk profil busi reflect impact differ account actuari approach make adjust methodolog calcul solvenc margin requir calcul coher consist manner place insur undertak equal foot direct lai minimum standard solvenc margin requir home member state lai stricter rule insur undertak authoris compet author direct eec amend adopt direct articl amend direct eec direct eec amend articl paragraph replac quot direct appli mutual associ fulfil condit articl associ provis call addit contribut reduc benefit busi cover liabil risk constitut ancillari cover mean point annex credit suretyship risk annual contribut incom activ cover direct exce eur million half contribut incom activ cover direct person member mutual associ direct appli undertak fulfil condit undertak pursu activ fall scope direct class point annex activ carri exclus local basi consist benefit kind total annual incom collect respect activ assist person difficulti exce eur provis articl prevent mutual insur undertak appli continu licens direct quot articl replac quot articl member state requir insur undertak head offic situat territori adequ solvenc margin respect entir busi time equal requir direct solvenc margin consist asset insur undertak free forese liabil intang item includ paid share capit case mutual insur 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 solvenc margin reduc amount share directli held insur undertak insur undertak discount reduc technic provis claim outstand account invest incom permit articl council direct eec decemb annual account consolid account insur undertak solvenc margin reduc differ undiscount technic provis technic provis deduct disclos note account discount technic provis deduct adjust made risk list point annex risk list class class adjust made respect discount annuiti includ technic provis 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 event bankruptci liquid insur 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 ii loan fix matur origin matur year year repay date insur 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 insur 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 insur undertak notifi compet author month date propos repay solvenc margin requir solvenc margin repay compet author authoris repay insur undertak solvenc margin fall requir level iv loan agreement includ claus provid circumst wind insur 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 insur undertak defer payment interest loan iii lender claim insur undertak rank subordin creditor iv document govern issu secur provid loss absorpt capac debt unpaid interest enabl insur undertak continu busi fulli paid amount account applic support evid undertak compet author home member state agreement compet author solvenc margin consist half unpaid share capit initi fund paid part amount share capit fund lesser solvenc margin requir solvenc margin case mutual mutual type associ variabl contribut claim member call supplementari contribut financi year half differ maximum contribut contribut call subject limit lesser solvenc margin requir solvenc margin compet nation author establish guidelin lai condit supplementari contribut accept hidden net reserv aris valuat asset hidden net reserv except natur amend paragraph account develop justifi technic adjust element elig solvenc margin adopt accord procedur laid articl council direct eec quot articl insert quot articl requir solvenc margin determin basi annual amount premium contribut averag burden claim past financi year case insur undertak essenti underwrit risk credit storm hail frost financi year refer period averag burden claim subject articl amount requir solvenc margin equal higher result set paragraph premium basi calcul higher gross written premium contribut calcul gross earn premium contribut premium contribut respect class list point annex increas premium contribut inclus charg ancillari premium contribut due respect direct busi financi year aggreg sum 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 portion extend eur million compris excess portion calcul ad sum obtain multipli ratio exist respect sum financi year amount claim remain born undertak deduct amount recover reinsur gross amount claim ratio case approv compet author statist method alloc premium contribut respect class claim basi calcul respect class list point annex claim provis recoveri increas amount claim paid respect direct busi deduct claim born reinsur retrocessionair period paragraph aggreg sum ad amount claim paid respect reinsur retrocess accept period amount provis claim outstand establish end financi year direct busi reinsur accept sum deduct amount recoveri effect period paragraph sum remain deduct amount provis claim outstand establish commenc financi year preced financi year account direct busi reinsur accept period refer establish paragraph equal year amount provis claim outstand establish commenc sixth financi year preced financi year account deduct seventh amount obtain period refer establish paragraph divid portion extend eur million compris excess portion calcul ad sum obtain multipli ratio exist respect sum financi year amount claim remain born undertak deduct amount recover reinsur gross amount claim ratio case approv compet author statist method alloc claim provis recoveri respect class case risk list class point annex amount claim paid calcul claim basi cost born insur undertak respect assist cost calcul accord nation provis home member state requir solvenc margin calcul paragraph lower requir solvenc margin year requir solvenc margin equal requir solvenc margin year multipli ratio amount technic provis claim outstand end financi year amount technic provis claim outstand begin financi year calcul technic provis calcul net reinsur ratio case higher fraction applic portion refer sixth subparagraph paragraph sixth subparagraph paragraph reduc case health insur practis similar technic basi life assur premium paid calcul basi sick tabl mathemat method appli insur provis set increas ag addit premium collect order set safeti margin amount insur undertak cancel contract end year insur latest contract possibl increas premium reduc payment current contract quot articl replac quot articl requir solvenc margin articl constitut guarante fund fund consist item list articl agreement compet author home member state guarante fund eur million risk includ class list point annex cover eur million member state provid fourth reduct minimum guarante fund case mutual associ mutual type associ quot articl insert quot articl amount euro laid articl 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 entri forc direct review date round multipl eur percentag chang adapt adapt place commiss inform annual european parliament council review adapt amount refer paragraph quot articl term quot articl quot replac term quot articl quot articl insert quot articl member state ensur compet author power requir financi recoveri plan insur undertak compet author policyhold 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 policyhold 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 subparagraph direct articl council direct eec life insur direct articl council direct eec life insur direct long policyhold right threaten mean paragraph quot articl transit period member state insur undertak entri forc direct provid insur territori class refer annex direct eec period year commenc date entri forc direct order compli requir set articl direct member state undertak refer paragraph expiri year period fulli establish requir solvenc margin period exceed year provid undertak accord articl direct eec submit approv compet author measur propos purpos articl transposit member state adopt septemb latest law regul administr provis compli direct forthwith inform commiss thereof member state adopt measur refer direct accompani refer occas offici public method make refer laid member state member state provid measur refer paragraph appli supervis account financi year begin januari calendar year member state commun commiss main provis nation law adopt field cover direct januari commiss submit european parliament council report applic direct harmonis report member state made possibl direct discretionari power afford nation supervisori author result major supervisori differ singl market articl entri forc direct enter forc dai public offici journal european commun articl addresse direct address member state brussel march european parliament presid cox council presid de rato figaredo oj oj opinion european parliament juli publish offici journal decis council februari oj direct amend direct ec european parliament council oj oj direct amend direct ec european parliament council oj oj oj oj oj direct amend direct ec european parliament council oj oj direct amend direct ec european parliament council oj