direct ec european parliament council novemb reinsur amend council direct eec eec direct ec ec text eea relev european parliament council european union regard treati establish european commun articl thereof regard propos commiss regard opinion european econom social committe consult committe region act accord procedur laid articl treati council direct eec juli coordin law regul administr provis relat take pursuit busi direct insur life assur council direct eec june coordin law regul administr provis relat direct insur life assur direct ec european parliament council novemb life assur laid provis relat take pursuit direct insur commun direct provid legal framework insur undertak conduct insur busi intern market point view establish freedom provid servic order make easier insur undertak head offic commun cover commit situat commun make polici holder recours insur establish countri insur head offic commun establish member state regim laid direct appli direct insur undertak respect entir busi carri direct insur activ reinsur activ accept reinsur activ conduct specialis reinsur undertak subject regim regim provid commun law reinsur major financi activ direct insur undertak facilit wider distribut risk worldwid level higher underwrit capac engag insur busi provid insur cover reduc capit cost reinsur plai fundament role financi stabil essenti element ensur financi sound stabil direct insur market financi system involv major financi intermediari institut investor council direct eec februari abolit restrict freedom establish freedom provid servic respect reinsur retrocess remov restrict establish freedom provid servic relat nation resid provid reinsur remov restrict caus diverg nation provis prudenti regul reinsur situat result signific differ level supervis reinsur undertak commun creat barrier pursuit reinsur busi oblig reinsur undertak pledg asset order cover part technic provis direct insur undertak complianc reinsur undertak supervisori rule member state conduct busi indirect supervis aspect reinsur undertak compet author direct insur undertak action plan financi servic identifi reinsur sector requir action commun level order complet intern market financi servic major financi fora intern monetari fund intern associ insur supervisor iai highlight lack harmonis reinsur supervis rule commun level import gap financi servic regulatori framework fill direct aim establish prudenti regulatori framework reinsur activ commun form part bodi commun legisl field insur aim establish intern market insur sector direct consist major intern work carri reinsur prudenti rule iai direct approach commun legisl adopt respect direct insur carri harmonis essenti suffici ensur mutual recognit authoris prudenti control system make grant singl authoris valid commun appli principl supervis home member state result take pursuit busi reinsur subject grant singl offici authoris issu compet author member state reinsur undertak head offic authoris enabl undertak carri busi commun establish freedom provid servic member state branch provis servic requir reinsur undertak wish carri reinsur busi territori authoris home member state seek fresh authoris reinsur undertak authoris home member state subject addit supervis check relat financi sound perform compet author insur undertak reinsur reinsur undertak addit member state allow requir reinsur undertak authoris commun pledg asset order cover part cedant technic provis condit grant withdraw authoris defin compet author authoris continu authoris reinsur undertak fulfil condit laid direct direct appli reinsur undertak conduct exclus reinsur busi engag direct insur busi appli call quot captiv quot reinsur undertak creat own financi undertak insur reinsur undertak group insur reinsur undertak direct ec european parliament council octob supplementari supervis insur undertak insur group appli financi undertak purpos provid reinsur cover exclus risk undertak belong direct refer made reinsur undertak includ captiv reinsur undertak special provis made captiv reinsur undertak captiv reinsur undertak cover risk deriv extern direct insur reinsur busi insur reinsur undertak belong group insur reinsur undertak belong financi conglomer captiv undertak direct appli insur undertak subject direct eec ec order ensur financi sound insur undertak carri reinsur busi specif characterist activ duli account capit requir insur undertak provis relat solvenc margin reinsur undertak contain direct appli reinsur busi insur undertak volum reinsur activ repres signific part entir busi direct appli provis reinsur cover carri fulli guarante member state reason substanti public interest capac reinsur resort specif situat market feasibl obtain adequ commerci cover regard lack quot adequ commerci cover quot market failur characteris evid lack suffici rang insur offer excess premium se impli inadequaci commerci cover articl direct appli arrang insur undertak direct eec ec appli aim pool financi claim ensu major risk terror reinsur undertak limit object busi reinsur relat oper requir reinsur undertak carri instanc activ provis statist actuari advic risk analysi research client includ hold compani function activ respect financi sector activ mean articl point direct ec european parliament council decemb supplementari supervis credit institut insur undertak invest firm financi conglomer case requir carri unrel bank financi activ direct clarifi power mean supervis vest compet author compet author reinsur undertak home member state respons monitor financi health reinsur undertak includ state solvenc establish adequ technic provis equalis reserv cover provis reserv qualiti asset compet author member state dispos mean supervis ensur orderli pursuit busi reinsur undertak commun carri establish freedom provid servic introduc safeguard impos penalti aim prevent irregular infring provis reinsur supervis provis govern transfer portfolio line singl authoris provid direct appli kind transfer portfolio reinsur undertak transfer portfolio result merger reinsur undertak instrument compani law transfer portfolio outstand loss run reinsur undertak provis govern transfer portfolio includ provis specif transfer reinsur undertak portfolio contract conclud establish freedom provid servic provis made exchang inform compet author author bodi virtu function strengthen stabil financi system order preserv confidenti natur inform forward list addresse remain strict limit condit abovement exchang inform authoris laid inform disclos express agreement compet author make agreement subject complianc strict condit regard view ensur proper supervis reinsur undertak compet author direct provid rule enabl member state conclud agreement exchang inform countri provid inform disclos subject guarante profession secreci purpos strengthen prudenti supervis reinsur undertak laid auditor duti report promptli compet author provid direct awar carri task fact liabl effect financi situat administr account organis reinsur undertak regard aim view desir member state provid duti appli circumst fact discov auditor perform task undertak close link reinsur undertak duti auditor commun compet author fact decis reinsur undertak discov perform task reinsur undertak chang natur task undertak manner perform task undertak provis made defin applic direct exist reinsur undertak authoris entitl conduct reinsur busi accord provis member state applic direct order reinsur undertak meet commit home member state requir reinsur undertak establish adequ technic provis amount technic provis determin accord council direct eec decemb annual account consolid account insur undertak respect life reinsur activ home member state allow lai specif rule accord direct ec reinsur undertak conduct reinsur busi respect credit insur credit reinsur busi amount small proport total busi requir set equalis reserv form part solvenc margin reserv calcul method laid direct eec recognis equival direct home member state requir reinsur undertak head offic situat territori set equalis reserv class risk credit reinsur rule laid home member state introduct intern financi report standard ifr direct clarifi prudenti treatment equalis reserv establish accord direct supervis reinsur reassess solvenc ii project direct pre empt futur reinsur supervis solvenc ii reinsur undertak asset cover technic provis equalis reserv account type busi carri natur amount durat expect claim payment secur suffici liquid secur qualiti profit match invest undertak ensur diversifi adequ spread undertak possibl respond adequ chang econom circumst develop financi market real estat market major catastroph event technic provis reinsur undertak possess supplementari reserv solvenc margin repres free asset agreement compet author implicit asset act buffer advers busi fluctuat requir import element prudenti supervis pend revis exist solvenc margin regim commiss carri call quot solvenc ii project quot order determin requir solvenc margin reinsur undertak rule provid exist legisl field direct insur applic light similar life reassur cover mortal risk life reinsur cover insur risk durat life reassur contract requir solvenc margin life reassur determin accord provis laid direct calcul requir solvenc margin life reinsur home member state allow appli rule provid direct ec establish requir solvenc margin respect life reassur activ link invest fund particip contract order account natur type reinsur contract specif line busi provis made make adjust calcul requir solvenc margin adjust made commiss consult european insur occup pension committe set commiss decis ec exercis implement power confer treati measur adopt regulatori procedur provid articl council decis ec june lai procedur exercis implement power confer commiss list item elig repres solvenc margin laid direct provid direct eec ec reinsur undertak possess guarante fund order ensur possess adequ resourc set subsequ busi solvenc margin event fall minimum secur order account specif captiv reinsur undertak provis made home member state set minimum guarante fund requir captiv reinsur undertak lower amount provis direct defin minimum standard home member state lai stricter rule reinsur undertak authoris compet author respect solvenc margin requir direct applic finit reinsur activ definit finit reinsur purpos direct ow special natur line reinsur activ home member state option lai specif provis pursuit finit reinsur activ provis differ gener regim laid direct number specif point direct provid rule special purpos vehicl assum risk insur reinsur undertak special natur special purpos vehicl insur reinsur undertak call establish specif provis member state direct provid home member state lai detail rule order set condit outstand amount special purpos vehicl asset cover technic provis insur reinsur undertak direct provid recover amount special purpos vehicl consid amount deduct reinsur retrocess contract limit set direct subject applic insur undertak reinsur undertak compet author agreement author provid measur case financi posit reinsur undertak difficult meet underwrit liabil specif situat compet author empow interven suffici earli stage exercis power compet author inform reinsur undertak reason motiv supervisori action accord principl sound administr due process long situat exist compet author prevent certifi reinsur undertak suffici solvenc margin make provis cooper compet author member state order ensur reinsur undertak carri activ establish freedom provid servic compli provis applic host member state provis made appli court authoris refus withdrawn import provid reinsur undertak head offic situat commun conduct reinsur busi commun subject provis result treatment favour provid reinsur undertak head offic member state order account intern aspect reinsur provis made enabl conclus intern agreement countri aim defin mean supervis reinsur entiti conduct busi territori contract parti provis made flexibl procedur make assess prudenti equival countri commun basi improv liberalis reinsur servic countri establish cross border provis servic end direct provid procedur negoti countri commiss empow adopt implement measur provid modifi essenti element direct implement measur enabl commun account futur develop reinsur measur implement direct adopt accord decis ec exist commun legal framework insur adapt order account supervisori regim reinsur undertak laid direct order ensur consist regulatori framework insur sector exist provis permit quot indirect supervis quot reinsur undertak author compet supervis direct insur undertak adapt abolish current provis enabl member state requir pledg asset cover technic provis insur undertak form requir insur reinsur reinsur undertak authoris pursuant direct insur undertak final provis made solvenc margin requir insur undertak conduct reinsur activ activ repres signific part busi subject solvenc rule provid reinsur undertak direct direct eec eec ec amend direct ec amend order guarante reinsur undertak insur reinsur group subject supplementari supervis manner insur undertak part insur group council accord paragraph interinstitut agreement law make encourag member state draw interest commun tabl illustr correl direct transposit measur make public object direct establish legal framework take pursuit reinsur activ suffici achiev member state reason scale effect action achiev commun level commun adopt measur accord principl subsidiar set articl treati accord principl proportion set articl direct order achiev object direct defin minimum standard member state lai stricter rule adopt direct titl scope definit articl scope direct lai rule take pursuit emploi activ reinsur carri reinsur undertak conduct reinsur activ establish member state establish direct appli insur undertak direct eec ec appli activ bodi refer articl direct eec activ bodi refer articl direct ec activ reinsur conduct fulli guarante govern member state act reason substanti public interest capac reinsur resort includ circumst role requir situat market feasibl obtain adequ commerci cover articl definit purpos direct definit appli quot reinsur quot mean activ consist accept risk cede insur undertak reinsur undertak case associ underwrit lloyd reinsur mean activ consist accept risk cede member lloyd insur reinsur undertak associ underwrit lloyd quot captiv reinsur undertak quot mean reinsur undertak own financi undertak insur reinsur undertak group insur reinsur undertak direct ec appli financi undertak purpos provid reinsur cover exclus risk undertak undertak belong undertak undertak group captiv reinsur undertak member quot reinsur undertak quot mean undertak receiv offici authoris accord articl quot branch quot mean agenc branch reinsur undertak quot establish quot mean head offic branch reinsur undertak account point quot home member state quot mean member state head offic reinsur undertak situat quot member state branch quot mean member state branch reinsur undertak situat quot host member state quot mean member state reinsur undertak branch servic quot control quot mean relationship parent undertak subsidiari defin articl direct eec similar relationship natur legal person undertak quot qualifi hold quot mean direct indirect hold undertak repres capit vote right make exercis signific influenc manag undertak hold subsist quot parent undertak quot mean parent undertak defin articl direct eec quot subsidiari quot mean subsidiari undertak defin articl direct eec quot compet author quot mean nation author empow law regul supervis reinsur undertak quot close link quot mean situat natur legal person link particip ownership direct control vote right capit undertak ii control case refer articl direct eec similar relationship natur legal person undertak quot financi undertak quot mean entiti credit institut financi institut ancillari bank servic undertak mean articl direct ec ii insur undertak reinsur undertak insur hold compani mean articl direct ec iii invest firm financi institut mean point articl direct ec iv mix financi hold compani mean articl direct ec quot special purpos vehicl quot mean undertak incorpor exist insur reinsur undertak assum risk insur reinsur undertak fulli fund exposur risk proce debt issuanc financ mechan repay right provid debt financ mechan subordin reinsur oblig vehicl quot finit reinsur quot mean reinsur explicit maximum loss potenti express maximum econom risk transfer aris signific underwrit risk time risk transfer exce premium lifetim contract limit signific amount featur explicit materi consider time monei ii contractu provis moder balanc econom experi parti time achiev target risk transfer purpos paragraph articl provis cover reinsur undertak institut occup retir provis fall scope direct ec law institut home member state permit provis consid activ fall scope direct purpos paragraph perman presenc reinsur undertak territori member state treat agenc branch presenc form branch agenc consist offic manag undertak staff person independ perman author act undertak agenc purpos paragraph articl context articl level hold refer articl vote right refer articl direct ec account purpos paragraph subsidiari subsidiari undertak regard subsidiari undertak undertak ultim parent undertak purpos paragraph 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 commun currenc titl ii take busi reinsur authoris reinsur undertak articl principl authoris take busi reinsur subject prior offici authoris authoris sought compet author home member state undertak establish head offic territori state reinsur undertak receiv authoris extend busi reinsur activ authoris articl scope authoris authoris pursuant articl valid entir commun permit reinsur undertak carri busi establish freedom provid servic authoris grant life reinsur activ life reassur activ kind reinsur activ request made applic consid light scheme oper submit pursuant articl fulfil condit laid authoris member state authoris sought articl form reinsur undertak home member state requir reinsur undertak authoris sought adopt form set annex reinsur undertak adopt form european compani se defin regul ec member state set undertak public law form provid bodi object reinsur oper condit equival privat law undertak oper articl condit home member state requir reinsur undertak authoris sought limit object busi reinsur relat oper requir includ hold compani function activ respect financi sector activ mean articl point direct ec submit scheme oper accord articl possess minimum guarante fund provid articl effect run person good reput profession qualif experi articl close link close link exist reinsur 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 reinsur undertak close link difficulti involv enforc prevent effect exercis supervisori function compet author requir reinsur undertak provid inform requir monitor complianc condit refer paragraph continu basi articl head offic reinsur undertak member state requir head offic reinsur undertak situat member state regist offic articl polici condit scale premium direct prevent member state maintain forc introduc law regul administr provis requir approv memorandum articl associ commun document normal exercis supervis member state adopt provis requir prior approv systemat notif gener special polici condit scale premium form print document reinsur undertak intend deal cede retroced undertak articl econom requir market member state requir applic authoris consid light econom requir market articl scheme oper scheme oper refer articl includ particular evid natur risk reinsur undertak propos cover kind reinsur arrang reinsur undertak propos make cede undertak guid principl retrocess item constitut minimum guarante fund estim cost set administr servic organis secur busi financi resourc intend meet cost addit requir paragraph scheme oper financi year estim manag expens instal cost current gener expens commiss estim premium contribut claim forecast balanc sheet estim financi resourc intend cover underwrit liabil solvenc margin articl sharehold member qualifi hold compet author home member state grant undertak authoris busi reinsur inform ident sharehold member direct indirect natur legal person qualifi hold undertak amount hold author refus authoris take account ensur sound prudent manag reinsur undertak satisfi qualif sharehold member articl refus authoris decis refus authoris accompani precis ground notifi undertak question member state make provis appli court pursuant articl refus provis made regard case compet author dealt applic authoris expiri period month date receipt articl prior consult compet author member state compet author member state involv consult prior grant authoris reinsur undertak subsidiari insur reinsur undertak authoris member state subsidiari parent undertak insur reinsur undertak authoris member state control person natur legal control insur reinsur undertak authoris member state compet author member state involv respons supervis credit institut invest firm consult prior grant authoris reinsur undertak subsidiari credit institut invest firm authoris commun subsidiari parent undertak credit institut invest firm authoris commun control person natur legal control credit institut invest firm authoris commun relev compet author refer paragraph consult assess suitabl sharehold reput experi director involv manag entiti group inform inform suitabl sharehold reput experi director relev compet author involv grant authoris ongo assess complianc oper condit titl iii condit govern busi reinsur chapter principl method financi supervis section compet author gener rule articl compet author object supervis financi supervis reinsur undertak includ busi carri branch freedom provid servic sole respons home member state compet author host member state reason activ reinsur undertak affect financi sound inform compet author reinsur undertak home member state author determin reinsur undertak compli prudenti rule laid direct financi supervis pursuant paragraph includ verif respect reinsur undertak entir busi state solvenc establish technic provis asset cover accord rule laid practic home member state provis adopt commun level home member state reinsur undertak refus retrocess contract conclud reinsur undertak reinsur undertak authoris accord direct insur undertak authoris accord direct eec ec ground directli relat financi sound reinsur undertak insur undertak compet author home member state requir reinsur undertak sound administr account procedur adequ intern control mechan articl supervis branch establish member state member state branch provid reinsur 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 account prudenti statist inform supervisori power member state requir reinsur undertak head offic situat territori produc annual account cover type oper financi situat solvenc member state requir reinsur 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 reinsur undertak head offic territori includ busi carri territori compet author enabl make detail enquiri reinsur undertak situat busi inter alia gather inform requir submiss document reinsur retrocess busi carri spot investig reinsur undertak premis measur regard reinsur undertak director manag person control ensur reinsur undertak busi continu compli law regul administr provis reinsur undertak compli member state 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 reinsur undertak head offic territori transfer part portfolio contract includ conclud establish freedom provid servic accept offic establish commun compet author home member state accept offic certifi take transfer account possess solvenc margin refer chapter section qualifi hold articl acquisit member state requir natur legal person propos hold directli indirectli qualifi hold reinsur 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 hold reach exce reinsur undertak subsidiari compet author home member state month date notif provid paragraph oppos plan view ensur sound prudent manag reinsur undertak question satisfi qualif person refer paragraph oppos plan question fix maximum period implement articl acquisit financi undertak acquir hold refer articl insur undertak reinsur undertak credit institut invest firm authoris member state parent undertak entiti natur legal person control entiti result acquisit undertak acquir propos acquir hold subsidiari subject control acquir assess acquisit subject prior consult refer articl articl dispos member state requir natur legal person propos dispos directli indirectli qualifi hold reinsur undertak inform compet author home member state indic size intend hold person likewis inform compet author propos reduc qualifi hold proport vote right capit hold fall reinsur undertak ceas subsidiari articl inform compet author reinsur undertak awar reinsur undertak inform compet author home member state acquisit dispos hold capit hold exce fall threshold refer articl 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 articl qualifi hold power compet author member state requir influenc exercis person refer articl oper prudent sound manag reinsur undertak compet author home member state measur put end situat measur consist injunct penalti director manag suspens exercis vote right attach share held sharehold member question similar measur appli natur legal person fail compli oblig provid prior inform impos pursuant articl hold acquir opposit compet author member state penalti adopt provid exercis vote right suspend nulliti vote cast possibl annul section profession secreci exchang inform articl oblig member state provid person work work compet author auditor expert act behalf compet author bound oblig profession secreci pursuant oblig prejudic case cover crimin law confidenti inform receiv perform duti divulg person author whatsoev summari aggreg form individu reinsur undertak identifi reinsur undertak declar bankrupt compulsorili wound confidenti inform concern parti involv attempt rescu undertak divulg civil commerci proceed articl exchang inform compet author member state articl prevent compet author member state exchang inform accord direct applic reinsur undertak inform subject condit profession secreci laid articl articl cooper agreement countri member state conclud cooper agreement provid exchang inform compet author countri author bodi countri defin articl inform disclos subject guarante profession secreci equival refer section exchang inform intend perform supervisori task author bodi mention inform origin member state disclos express agreement compet author disclos sole purpos author gave agreement articl confidenti inform compet author receiv confidenti inform articl duti check condit govern take busi reinsur met facilit monitor conduct busi regard monitor technic provis solvenc margin administr account procedur intern control mechan impos penalti administr appeal decis compet author court proceed initi articl special provis provid direct direct adopt field insur reinsur undertak articl exchang inform author articl 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 insur reinsur undertak similar procedur person respons carri statutori audit account insur undertak reinsur undertak financi institut discharg supervisori function disclosur bodi administ compulsori wind proceed guarante scheme inform perform duti inform receiv author bodi person subject condit profession secreci laid articl notwithstand articl member state authoris exchang inform compet author author respons overse bodi involv liquid bankruptci insur reinsur undertak similar procedur author respons overse person charg carri statutori audit account insur reinsur undertak credit institut invest firm financi institut independ actuari insur reinsur undertak carri legal supervis undertak bodi respons overse actuari member state recours option provid subparagraph requir condit met exchang inform purpos carri overse legal supervis refer subparagraph inform receiv context subject condit profession secreci impos articl inform origin member state disclos express agreement compet author disclos disclos purpos author gave agreement member state commun commiss member state name author person bodi receiv inform pursuant paragraph notwithstand articl 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 articl 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 laid subparagraph order implement point 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 articl transmiss inform central bank monetari author section prevent compet author transmit central bank bodi similar function capac monetari author public author respons overse payment system inform intend perform task prevent author bodi commun compet author inform purpos articl inform receiv context subject condit profession secreci impos section articl disclosur inform govern administr respons financi legisl notwithstand articl member state provis laid law authoris disclosur inform depart central govern administr respons legisl supervis credit institut financi institut invest servic insur reinsur undertak inspector act behalf depart disclosur made reason prudenti control member state provid inform receiv articl obtain mean spot verif refer articl disclos case refer articl express consent compet author disclos inform compet author member state spot verif carri section duti auditor articl duti auditor member state provid person authoris accord direct eec perform reinsur undertak task articl direct eec articl direct eec articl 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 insur reinsur undertak affect continu function reinsur undertak lead refus certifi account express reserv person duti report fact decis awar carri task subparagraph undertak close link result control relationship reinsur undertak carri abovement task disclosur compet author person authoris accord direct eec relev fact decis refer paragraph articl constitut breach restrict disclosur inform impos contract legisl regulatori administr provis involv person liabil kind chapter rule relat technic provis articl establish technic provis home member state requir reinsur undertak establish adequ technic provis respect entir busi amount technic provis determin accord rule laid direct eec applic home member state lai specif rule accord articl direct ec member state retain introduc system gross reserv requir pledg asset cover unearn premium outstand claim provis reinsur reinsur undertak authoris accord direct insur undertak authoris accord direct eec ec home member state technic provis cover claim reinsur authoris accord direct insur undertak authoris accord direct eec ec set condit accept claim articl equalis reserv home member state requir reinsur undertak reinsur risk includ class list point annex direct eec set equalis reserv purpos offset technic deficit averag claim ratio aris class financi year equalis reserv credit reinsur calcul accord rule laid home member state accord method set point annex direct eec regard equival home member state exempt reinsur undertak oblig set equalis reserv reinsur credit insur busi premium contribut receiv respect reinsur credit insur total premium contribut receiv eur home member state requir reinsur undertak set equalis reserv class risk credit reinsur equalis reserv calcul rule laid home member state articl asset cover technic provis home member state requir reinsur undertak invest asset cover technic provis equalis reserv refer articl accord rule asset account type busi carri reinsur undertak natur amount durat expect claim payment secur suffici liquid secur qualiti profit match invest reinsur undertak ensur asset diversifi adequ spread undertak respond adequ chang econom circumst develop financi market real estat market major catastroph event undertak assess impact irregular market circumst asset diversifi asset reduc impact invest asset admit trade regul financi market event prudent level invest deriv instrument contribut reduct invest risk facilit effici portfolio manag valu prudent basi take account underli asset includ valuat institut asset institut avoid excess risk exposur singl counterparti deriv oper asset properli diversifi avoid excess relianc asset issuer group undertak accumul risk portfolio invest asset issu issuer issuer belong group expos undertak excess risk concentr member state decid appli requir refer point invest govern bond member state requir reinsur undertak situat territori invest categori asset member state subject invest decis reinsur undertak situat territori invest manag kind prior approv systemat notif requir notwithstand paragraph home member state reinsur undertak head offic situat territori lai quantit rule provid prudenti justifi invest gross technic provis currenc technic provis set limit invest gross technic provis share negoti secur treat share bond debt secur admit trade regul market limit home member state requir reinsur undertak invest gross technic provis share negoti secur treat share bond debt secur monei capit market instrument undertak total gross technic provis share negoti secur treat share bond debt secur monei capit market instrument undertak member group home member state lai detail rule set condit amount outstand special purpos vehicl asset cover technic provis pursuant articl chapter rule relat solvenc margin guarante fund section solvenc margin articl gener rule member state requir reinsur undertak head offic situat territori adequ solvenc margin respect entir busi time equal requir direct articl elig item solvenc margin consist asset reinsur undertak free forese liabil intang item includ paid share capit case mutual reinsur 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 statutori free reserv correspond underwrit liabil classifi equalis reserv profit loss brought forward deduct dividend paid solvenc margin reduc amount share directli held reinsur undertak reinsur undertak discount reduc life technic provis claim outstand account invest incom permit articl direct eec solvenc margin reduc differ undiscount technic provis technic provis deduct disclos note account discount technic provis deduct adjust made risk list point annex direct eec risk list class point annex class list point annex adjust made respect discount annuiti includ technic provis addit deduct subparagraph solvenc margin reduc item particip reinsur undertak hold entiti insur undertak mean articl direct eec articl direct ec articl direct ec ii reinsur undertak mean articl direct member countri reinsur undertak mean articl direct ec iii insur hold compani mean articl direct ec iv credit institut financi institut mean articl direct ec invest firm financi institut mean articl direct eec articl direct eec item reinsur undertak hold respect entiti defin hold particip instrument refer paragraph ii instrument refer articl direct ec iii subordin claim instrument refer articl articl direct ec share credit institut invest firm financi institut insur reinsur undertak insur hold compani held temporarili purpos financi assist oper design reorganis save entiti compet author waiv provis deduct refer subparagraph altern deduct item refer subparagraph reinsur undertak hold credit institut invest firm financi institut member state reinsur undertak appli mutati mutandi method annex direct ec method account consolid appli compet author confid level integr manag intern control entiti includ scope consolid method chosen appli consist manner time member state provid calcul solvenc margin provid direct reinsur undertak subject supplementari supervis accord direct ec supplementari supervis accord direct ec deduct item refer subparagraph held credit institut invest firm financi institut insur reinsur undertak insur hold compani includ supplementari supervis purpos deduct particip refer paragraph particip particip mean articl direct ec solvenc margin consist cumul preferenti share capit subordin loan capit solvenc margin requir solvenc margin whichev smaller consist subordin loan fix matur fix term cumul preferenti share capit provid event bankruptci liquid reinsur 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 reinsur 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 reinsur 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 reinsur undertak notifi compet author month date propos repay solvenc margin requir solvenc margin repay compet author authoris repay reinsur undertak solvenc margin fall requir level iv loan agreement includ claus provid circumst wind reinsur undertak debt repay agre repay date loan agreement amend compet author declar object amend secur matur date instrument includ cumul preferenti share refer point solvenc margin requir solvenc margin whichev smaller total secur subordin loan capit refer point provid fulfil repaid initi bearer prior consent compet author ii contract issu enabl reinsur undertak defer payment interest loan iii lender claim reinsur undertak rank subordin creditor iv document govern issu secur provid loss absorpt capac debt unpaid interest enabl reinsur undertak continu busi fulli paid amount account applic support evid reinsur undertak compet author home member state agreement compet author solvenc margin consist half unpaid share capit initi fund paid part amount share capit fund solvenc margin requir solvenc margin whichev smaller case life mutual mutual type associ variabl contribut claim member call supplementari contribut financi year half differ maximum contribut contribut call subject limit solvenc margin requir solvenc margin whichev smaller compet nation author establish guidelin lai condit supplementari contribut accept hidden net reserv aris valuat asset hidden net reserv except natur addit respect life reassur activ solvenc margin applic support evid reinsur undertak compet author home member state agreement compet author consist decemb amount equal undertak futur profit exceed solvenc margin requir solvenc margin whichev smaller 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 direct ec 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 paragraph 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 reassur activ mathemat provis polici zillmeris differ reduc amount undepreci acquisit cost enter asset amend paragraph articl account develop justifi technic adjust element elig solvenc margin adopt accord procedur laid articl section requir solvenc margin articl requir solvenc margin life reinsur activ requir solvenc margin determin basi annual amount premium contribut averag burden claim past financi year case reinsur 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 articl premium basi calcul higher gross written premium contribut calcul gross earn premium contribut premium contribut respect class list point annex direct eec increas premium contribut respect class class list point annex direct eec increas specif reinsur activ contract type order account specif activ contract accord procedur refer articl direct premium contribut inclus charg ancillari premium contribut due respect reinsur busi financi year aggreg 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 compris excess portion calcul ad sum obtain multipli ratio exist respect sum financi year amount claim remain born reinsur undertak deduct amount recover retrocess gross amount claim ratio case applic support evid reinsur undertak compet author home member state agreement author amount recover special purpos vehicl refer articl deduct retrocess approv compet author statist method alloc premium contribut claim basi calcul respect class list point annex direct eec claim provis recoveri increas claim provis recoveri respect class class list point annex direct eec increas specif reinsur activ contract type order account specif activ contract accord procedur refer articl direct amount claim paid deduct claim born retrocessionair period paragraph aggreg sum ad amount provis claim outstand establish end financi year sum deduct amount recoveri effect period paragraph sum remain deduct amount provis claim outstand establish commenc financi year preced financi year account refer period establish paragraph equal year amount provis claim outstand establish commenc sixth financi year preced financi year account deduct seventh amount obtain refer period establish paragraph divid portion extend eur compris excess portion calcul ad sum obtain multipli ratio exist respect sum financi year amount claim remain born undertak deduct amount recover retrocess gross amount claim ratio case applic support evid reinsur undertak compet author home member state agreement author amount recover special purpos vehicl refer articl deduct retrocess approv compet author statist method alloc claim provis recoveri 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 retrocess ratio case higher fraction applic portion refer subparagraph paragraph seventh subparagraph paragraph reduc case reinsur 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 articl requir solvenc margin life reassur activ requir solvenc margin life reassur activ determin accord articl notwithstand paragraph articl home member state provid reinsur class assur busi cover articl direct ec link invest fund particip contract oper refer articl direct ec requir solvenc margin determin accord articl direct ec articl requir solvenc margin reinsur undertak simultan conduct life life reinsur home member state requir reinsur undertak conduct life life reinsur busi solvenc margin cover total sum requir solvenc margin respect life life reinsur activ determin accord articl solvenc margin reach level requir paragraph articl compet author appli measur provid articl section guarante fund articl amount guarante fund requir solvenc margin articl constitut guarante fund fund consist item list articl agreement compet author home member state articl guarante fund minimum eur member state provid captiv reinsur undertak minimum guarante fund eur articl review amount guarante fund amount euro laid articl review annual decemb 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 european parliament council annual review adapt amount refer paragraph chapter reinsur undertak difficulti irregular situat withdraw authoris articl reinsur undertak difficulti reinsur undertak compli articl compet author home member state prohibit free dispos asset commun intent compet author host member state purpos restor financi situat reinsur undertak solvenc margin fallen minimum requir articl compet author home member state requir plan restor sound financi situat submit approv except circumst compet author opinion financi situat reinsur undertak deterior restrict prohibit free dispos reinsur undertak asset inform author member state territori reinsur undertak carri busi measur request measur solvenc margin fall guarante fund defin articl compet author home member state requir reinsur undertak submit short term financ scheme approv restrict prohibit free dispos reinsur undertak asset inform author member state request measur member state measur accord nation law prohibit free dispos asset locat territori request case provid paragraph reinsur undertak home member state design asset cover measur articl financi recoveri plan member state ensur compet author power requir financi recoveri plan reinsur undertak compet author oblig aris reinsur contract threaten financi recoveri plan minimum includ particular proof financi year estim manag expens current gener expens commiss plan set detail estim incom expenditur respect reinsur accept reinsur cession forecast balanc sheet estim financi resourc intend cover underwrit liabil requir solvenc margin retrocess polici financi posit reinsur undertak deterior contractu oblig reinsur undertak threaten member state ensur compet author power oblig reinsur undertak higher requir solvenc margin order ensur reinsur 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 retrocess solvenc margin determin accord articl natur qualiti retrocess contract chang significantli financi year limit risk transfer retrocess contract compet author requir financi recoveri plan reinsur undertak accord paragraph articl refrain issu certif accord articl long oblig aris reinsur contract threaten mean paragraph articl withdraw authoris authoris grant reinsur 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 reinsur undertak commenc oper territori establish freedom provid servic decis withdraw authoris support precis reason commun reinsur undertak question titl iv provis relat finit reinsur special purpos vehicl articl finit reinsur home member state lai specif provis pursuit finit reinsur activ mandatori condit inclus contract issu sound administr account procedur adequ intern control mechan risk manag requir account prudenti statist inform requir establish technic provis ensur adequ reliabl object invest asset cover technic provis order ensur account type busi carri reinsur undertak natur amount durat expect claim payment secur suffici liquid secur profit match asset rule relat solvenc margin requir solvenc margin minimum guarante fund reinsur undertak maintain respect finit reinsur activ interest transpar member state commun text measur laid nation law purpos paragraph commiss delai articl special purpos vehicl member state decid establish territori special purpos vehicl mean direct requir prior offici authoris thereof member state special purpos vehicl establish lai condit activ undertak carri member state lai rule scope authoris mandatori condit inclus contract issu good reput profession qualif person run special purpos vehicl fit proper requir sharehold member qualifi hold special purpos vehicl sound administr account procedur adequ intern control mechan risk manag requir account prudenti statist inform requir solvenc requir special purpos vehicl interest transpar member state commun text measur laid nation law purpos paragraph commiss delai titl provis relat establish freedom provid servic articl reinsur undertak compli legal provis compet author host member state establish reinsur undertak branch carri busi freedom provid servic territori compli legal provis applic state requir reinsur undertak concern remedi irregular situat time refer find compet author home member state measur compet author home member state measur prove inadequ reinsur undertak persist infring legal provis applic host member state inform compet author home member state measur prevent penalis infring includ strictli prevent reinsur undertak continu conclud reinsur contract territori member state ensur territori serv legal document measur reinsur undertak measur adopt paragraph involv penalti restrict conduct reinsur busi properli reason commun reinsur undertak concern articl wind event reinsur undertak wound commit aris contract underwritten branch freedom provid servic met aris undertak reinsur contract titl vi reinsur undertak head offic commun conduct reinsur activ commun articl principl condit conduct reinsur busi member state appli reinsur undertak head offic commun commenc carri reinsur activ territori provis result treatment favour accord reinsur undertak head offic member state articl agreement countri commiss submit propos council negoti agreement countri mean exercis supervis reinsur undertak head offic situat countri conduct reinsur busi commun reinsur undertak head offic commun conduct reinsur busi territori countri agreement refer paragraph seek ensur condit equival prudenti regul effect market access reinsur undertak territori contract parti provid mutual recognit supervisori rule practic reinsur seek ensur compet author member state obtain inform supervis reinsur undertak head offic situat commun conduct busi territori countri concern compet author countri obtain inform supervis reinsur undertak head offic situat territori conduct busi commun prejudic articl treati commiss assist european insur occup pension committe examin outcom negoti refer paragraph articl result situat titl vii subsidiari parent undertak govern law countri acquisit hold parent undertak articl inform member state commiss compet author member state inform commiss compet author member state authoris direct indirect subsidiari parent undertak govern law countri parent undertak acquir hold commun reinsur undertak turn subsidiari authoris refer point grant direct indirect subsidiari parent undertak govern law countri structur group notif compet author address commiss articl countri treatment commun reinsur undertak member state inform commiss gener difficulti encount reinsur undertak establish oper countri carri activ countri commiss period draw report examin treatment accord commun reinsur undertak countri term refer paragraph establish commun reinsur undertak countri acquisit hold countri reinsur undertak carri reinsur activ establish undertak cross border provis reinsur activ commun countri commiss submit report council propos recommend appear commiss basi report refer paragraph basi inform countri grant commun reinsur undertak effect market access commiss submit recommend council mandat negoti view obtain improv market access commun reinsur undertak measur articl compli commun oblig intern agreement world trade organis titl viii provis articl appli court member state ensur decis respect reinsur undertak law regul administr provis implement direct subject appli court articl cooper member state commiss member state cooper purpos facilit supervis reinsur commun applic direct commiss compet author member state collabor close purpos facilit supervis reinsur commun examin difficulti aris applic direct articl committe procedur commiss assist european insur occup pension committe refer made paragraph articl decis ec appli regard provis articl thereof period laid articl decis ec set month committe adopt rule procedur articl implement measur implement measur direct adopt accord procedur refer articl extens legal form provid annex clarif item constitut solvenc margin list articl account creation financi instrument increas premium claim amount calcul requir solvenc margin provid articl class class list point annex direct eec specif reinsur activ contract type account specif activ contract alter minimum guarante fund provid articl account econom financi develop clarif definit articl order ensur uniform applic direct commun titl ix amend exist direct articl amend direct eec direct eec amend articl paragraph replac quot compet author member state involv consult prior grant authoris life insur undertak subsidiari insur reinsur undertak authoris member state subsidiari parent undertak insur reinsur undertak authoris member state control person natur legal control insur reinsur undertak authoris member state compet author member state involv respons supervis credit institut invest firm consult prior grant authoris life insur undertak subsidiari credit institut invest firm authoris commun subsidiari parent undertak credit institut invest firm authoris commun control person natur legal control credit institut invest firm authoris commun quot articl subparagraph ad quot home member state insur undertak refus reinsur contract conclud insur undertak reinsur undertak authoris accord direct ec european parliament council novemb reinsur insur undertak authoris accord direct direct ec european parliament council novemb life assur ground directli relat financi sound reinsur undertak insur undertak articl paragraph replac quot home member state requir insur undertak cover technic provis equalis reserv refer articl direct match asset accord articl direct eec respect risk situat commun asset localis commun member state requir insur undertak localis asset member state home member state rule localis asset relax member state retain introduc establish technic provis system gross reserv requir pledg asset cover unearn premium outstand claim provis reinsur reinsur reinsur undertak authoris accord direct ec insur undertak authoris accord direct direct ec home member state technic provis cover claim reinsur reinsur undertak authoris accord direct ec insur undertak authoris accord direct direct ec set condit accept claim quot articl amend point subparagraph replac quot reserv statutori free reserv correspond underwrit liabil classifi equalis reserv quot introductori word point fourth subparagraph replac quot solvenc margin reduc item particip insur undertak hold insur undertak mean articl direct articl direct ec articl direct ec european parliament council reinsur undertak mean articl direct ec member countri reinsur undertak mean articl direct ec insur hold compani mean articl direct ec credit institut financi institut mean articl direct ec european parliament council invest firm financi institut mean articl council direct eec articl council direct eec quot articl amend paragraph seventh subparagraph replac quot sum obtain multipli ratio exist respect sum financi year amount claim remain born undertak deduct amount recover reinsur gross amount claim ratio case applic support evid insur undertak compet author home member state agreement author amount recover special purpos vehicl refer articl direct ec deduct reinsur quot paragraph seventh subparagraph replac quot sum obtain multipli ratio exist respect sum financi year amount claim remain born undertak deduct amount recover reinsur gross amount claim ratio case applic support evid insur undertak compet author home member state agreement author amount recover special purpos vehicl refer articl direct ec deduct reinsur quot articl insert quot articl member state requir insur undertak head offic situat territori conduct reinsur activ establish respect entir busi minimum guarante fund accord articl direct ec condit met reinsur premium collect exce total premium reinsur premium collect exce eur technic provis result reinsur accept exce total technic provis member state choos appli insur undertak refer paragraph articl head offic situat territori provis articl direct ec respect reinsur accept activ condit laid paragraph met case relev member state requir asset emploi insur undertak cover technic provis reinsur accept ring fenc manag organis separ direct insur activ insur undertak possibl transfer case reinsur accept activ concern insur undertak subject articl direct eec annex direct eec member state ensur compet author verifi separ provid subparagraph commiss decid pursuant articl direct ec increas amount calcul requir solvenc margin provid articl direct member state appli insur undertak refer paragraph articl provis articl direct respect reinsur accept activ articl paragraph replac quot member state ensur compet author power decreas reduct base reinsur solvenc margin determin accord articl natur qualiti reinsur contract chang significantli financi year limit risk transfer reinsur contract quot articl amend direct eec direct eec amend articl paragraph replac quot acquir hold refer paragraph articl insur undertak reinsur undertak credit institut invest firm authoris member state parent undertak entiti natur legal person control entiti result acquisit undertak acquir propos hold hold subsidiari subject control acquir assess acquisit subject prior consult refer articl direct eec quot articl paragraph replac quot compet author receiv confidenti inform paragraph duti check condit govern take busi insur met facilit monitor conduct busi regard monitor technic provis solvenc margin administr account procedur intern control mechan impos penalti administr appeal decis compet author court proceed initi articl special provis provid direct direct adopt field insur undertak reinsur 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 insur undertak reinsur undertak similar procedur person respons carri statutori audit account insur undertak reinsur 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 reinsur undertak similar procedur author respons overse person charg carri statutori audit account insur undertak reinsur undertak credit institut invest firm financi institut independ actuari insur undertak reinsur 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 quot articl amend introductori word replac quot home member state authoris insur undertak cover technic provis equalis reserv asset categori quot point point replac quot debt ow reinsur includ reinsur share technic provis special purpos vehicl refer articl direct ec european parliament council novemb reinsur subparagraph point replac quot inclus asset categori asset list subparagraph asset automat accept cover technic provis home member state lai detail rule set condit accept asset quot articl introductori word replac quot asset cover technic provis equalis reserv home member state requir insur undertak invest quot articl amend direct ec direct ec amend titl replac quot direct ec european parliament council octob supplementari supervis insur reinsur undertak insur reinsur group quot articl amend point replac quot quot reinsur undertak quot mean undertak receiv offici authoris accord articl direct ec european parliament council novemb reinsur quot quot insur hold compani quot mean parent undertak main busi acquir hold particip subsidiari undertak subsidiari undertak exclus insur undertak reinsur undertak member countri insur undertak member countri reinsur undertak subsidiari undertak insur undertak reinsur undertak mix financi hold compani mean direct ec european parliament council decemb supplementari supervis credit institut insur undertak invest firm financi conglomer quot mix activ insur hold compani quot mean parent undertak insur undertak member countri insur undertak reinsur undertak member countri reinsur undertak insur hold compani mix financi hold compani mean direct ec includ insur undertak reinsur undertak subsidiari undertak quot compet author quot mean nation author empow law regul supervis insur undertak reinsur undertak point ad quot quot member countri reinsur undertak quot mean undertak requir authoris accord articl direct ec head offic commun quot articl replac quot articl case applic supplementari supervis insur undertak reinsur undertak addit provis direct eec direct ec european parliament council novemb life assur direct ec lai rule supervis insur undertak reinsur undertak member state provid supervis insur undertak reinsur undertak particip undertak insur undertak reinsur undertak member countri insur undertak member countri reinsur undertak supplement manner prescrib articl direct insur undertak reinsur undertak parent undertak insur hold compani member countri insur member countri reinsur undertak subject supplementari supervis manner prescrib articl insur undertak reinsur undertak parent undertak mix activ insur hold compani subject supplementari supervis manner prescrib articl articl scope supplementari supervis exercis supplementari supervis accord articl impli compet author requir plai supervisori role relat member countri insur undertak member countri reinsur undertak insur hold compani mix activ insur hold compani individu supplementari supervis account undertak refer articl relat undertak insur undertak reinsur undertak particip undertak insur undertak reinsur undertak relat undertak particip undertak insur undertak reinsur undertak member state decid account supplementari supervis refer articl undertak regist offic member countri legal impedi transfer inform prejudic provis annex point annex ii point compet author respons exercis supplementari supervis case list decid case case basi undertak account supplementari supervis refer articl undertak includ neglig interest respect object supplementari supervis insur undertak reinsur undertak inclus financi situat undertak inappropri mislead respect object supplementari supervis insur undertak reinsur undertak articl compet author exercis supplementari supervis supplementari supervis exercis compet author member state insur undertak reinsur undertak receiv offici authoris articl direct eec articl direct ec articl direct ec insur undertak reinsur undertak authoris member state parent undertak insur hold compani member countri insur undertak member countri reinsur undertak mix activ insur hold compani compet author member state concern reach agreement respons exercis supplementari supervis member state compet author prudenti supervis insur undertak reinsur undertak member state requisit measur organis coordin author articl paragraph replac quot member state prescrib compet author requir insur undertak reinsur undertak subject supplementari supervis adequ intern control mechan place product data inform relev purpos supplementari supervis quot articl replac quot articl access inform member state provid compet author respons exercis supplementari supervis access inform relev purpos supervis insur undertak reinsur undertak subject supplementari supervis compet author address directli relev undertak refer articl obtain inform inform request insur undertak reinsur undertak suppli member state provid compet author carri territori intermediari person appoint purpos spot verif inform refer paragraph insur undertak subject supplementari supervis reinsur undertak subject supplementari supervis subsidiari undertak insur undertak subsidiari undertak reinsur undertak parent undertak insur undertak parent undertak reinsur undertak subsidiari undertak parent undertak insur undertak subsidiari undertak parent undertak reinsur undertak appli articl compet author member state specif case verifi import inform undertak situat member state relat insur undertak relat reinsur undertak subsidiari undertak parent undertak subsidiari parent undertak insur undertak reinsur undertak subject supplementari supervis compet author member state verif carri author receiv request act limit jurisdict carri verif allow author make request carri allow auditor expert carri compet author made request wish particip verif carri verif articl cooper compet author insur undertak reinsur undertak establish member state directli indirectli relat common particip undertak compet author member state commun request relev inform facilit exercis supervis pursuant direct commun initi inform appear essenti compet author insur undertak reinsur undertak credit institut defin direct ec european parliament council march relat take pursuit busi credit institut invest firm defin council direct eec invest servic secur field directli indirectli relat common particip undertak compet author author public respons supervis undertak cooper close prejudic respect respons author provid inform simplifi task framework direct inform receiv pursuant direct exchang inform compet author provid direct subject oblig profession secreci defin articl council direct eec june coordin law regul administr provis relat direct insur life assur life insur direct articl direct ec articl direct ec articl intra group transact member state provid compet author exercis gener supervis transact insur undertak reinsur undertak relat undertak insur undertak reinsur undertak ii particip undertak insur undertak reinsur undertak iii relat undertak particip undertak insur undertak reinsur undertak insur undertak reinsur undertak natur person hold particip insur undertak reinsur undertak relat undertak ii particip undertak insur undertak reinsur undertak iii relat undertak particip undertak insur undertak reinsur undertak transact concern loan guarante balanc sheet transact element elig solvenc margin invest reinsur retrocess oper agreement share cost member state requir insur undertak reinsur undertak place adequ risk manag process intern control mechan includ sound report account procedur order identifi measur monitor control transact provid paragraph appropri member state requir annual report insur undertak reinsur undertak compet author signific transact process mechan subject overview compet author basi inform appear solvenc insur undertak reinsur undertak jeopardis compet author measur level insur undertak reinsur undertak articl paragraph replac quot calcul refer paragraph demonstr adjust solvenc neg compet author measur level insur undertak reinsur undertak question quot articl amend titl replac quot insur hold compani member countri insur undertak member countri reinsur undertak quot paragraph replac quot case refer articl calcul includ relat undertak insur hold compani member countri insur undertak member countri reinsur undertak manner provid annex ii basi calcul compet author conclud solvenc subsidiari insur undertak reinsur undertak insur hold compani member countri insur undertak member countri reinsur undertak jeopardis measur level insur undertak reinsur undertak quot articl amend paragraph point replac quot reinsur undertak particip undertak undertak mean articl head offic situat countri member countri insur undertak member countri reinsur undertak particip undertak undertak mean articl head offic commun quot paragraph replac quot agreement refer paragraph seek ensur compet author member state obtain inform supplementari supervis insur undertak reinsur undertak head offic commun subsidiari hold particip undertak commun compet author countri obtain inform supplementari supervis insur undertak reinsur undertak head offic territori subsidiari hold particip undertak member state quot annex ii direct ec replac annex ii direct articl amend direct ec direct ec amend articl point ad quot quot reinsur undertak quot reinsur undertak mean articl point direct ec european parliament council novemb reinsur quot articl insert quot articl prior consult compet author member state compet author member state involv consult prior grant authoris life assur undertak subsidiari insur reinsur undertak authoris member state subsidiari parent undertak insur reinsur undertak authoris member state control person natur legal control insur reinsur undertak authoris member state compet author member state involv respons supervis credit institut invest firm consult prior grant authoris life assur undertak subsidiari credit institut invest firm authoris commun subsidiari parent undertak credit institut invest firm authoris commun control person natur legal control credit institut invest firm authoris commun relev compet author refer paragraph consult assess suitabl sharehold reput experi director involv manag entiti group inform inform suitabl sharehold reput experi director relev compet author involv grant authoris ongo assess complianc oper condit quot articl subparagraph ad quot home member state insur undertak refus reinsur contract conclud insur undertak reinsur undertak authoris accord direct ec insur undertak authoris accord direct eec direct ground directli relat financi sound reinsur undertak insur undertak quot articl paragraph insert quot acquir hold refer paragraph articl insur undertak reinsur undertak credit institut invest firm authoris member state parent undertak entiti natur legal person control entiti result acquisit undertak acquir propos hold hold subsidiari subject control acquir assess acquisit subject prior consult refer articl quot articl amend paragraph replac quot 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 penalti administr appeal decis compet author court proceed initi pursuant articl special provis provid direct direct adopt field assur undertak reinsur 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 reinsur undertak similar procedur person respons carri statutori audit account assur undertak reinsur 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 reinsur undertak similar procedur author respons overse person charg carri statutori audit account insur undertak reinsur undertak credit institut invest firm financi institut independ actuari insur undertak reinsur 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 quot paragraph replac quot paragraph prevent compet author transmit central bank bodi similar function capac monetari author public author respons overse payment system inform intend perform task prevent author bodi commun compet author inform purpos paragraph inform receiv context subject condit profession secreci impos articl quot articl replac quot member state retain introduc establish technic provis system gross reserv requir pledg asset cover unearn premium outstand claim provis reinsur authoris accord direct ec reinsur reinsur undertak insur undertak authoris accord direct eec direct home member state technic provis cover claim reinsur reinsur undertak authoris accord direct ec insur undertak authoris accord direct eec direct set condit accept claim quot articl amend paragraph point replac quot debt ow reinsur includ reinsur share technic provis special purpos vehicl refer articl direct ec quot paragraph subparagraph replac quot inclus asset categori asset list paragraph asset automat accept cover technic provis home member state lai detail rule set condit accept asset quot articl subparagraph ad quot solvenc margin reduc item particip assur undertak hold insur undertak mean articl direct articl direct eec articl direct ec european parliament council octob supplementari supervis insur undertak insur group reinsur undertak mean articl direct ec member countri reinsur undertak mean articl direct ec insur hold compani mean articl direct ec credit institut financi institut mean articl direct ec european parliament council march relat take pursuit busi credit institut invest firm financi institut mean articl council direct eec invest servic secur field articl council direct eec march capit adequaci invest firm credit institut item assur undertak hold respect entiti defin point hold particip instrument refer paragraph instrument refer articl direct eec subordin claim instrument refer articl articl direct ec share credit institut invest firm financi institut insur reinsur undertak insur hold compani held temporarili purpos financi assist oper design reorganis save entiti compet author waiv provis deduct refer point subparagraph altern deduct item refer subparagraph insur undertak hold credit institut invest firm financi institut member state insur undertak appli mutati mutandi method annex direct ec european parliament council decemb supplementari supervis credit institut insur undertak invest firm financi conglomer method account consolid appli compet author confid level integr manag intern control entiti includ scope consolid method chosen appli consist manner time member state provid calcul solvenc margin provid direct insur undertak subject supplementari supervis accord direct ec supplementari supervis accord direct ec deduct item refer subparagraph articl held credit institut invest firm financi institut insur reinsur undertak insur hold compani includ supplementari supervis purpos deduct particip refer paragraph particip particip mean articl direct ec articl amend quot result fraction mathemat provis relat direct busi reinsur accept gross reinsur cession multipli ratio financi year mathemat provis net reinsur cession gross total mathemat provis ratio case applic support evid insur undertak compet author home member state agreement author amount recover special purpos vehicl refer articl direct ec deduct reassur quot quot 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 applic support evid insur undertak compet author home member state agreement author amount recover special purpos vehicl refer articl direct ec deduct reassur quot articl insert quot articl solvenc margin assur undertak conduct reinsur activ member state appli insur undertak head offic situat territori provis articl direct ec respect reinsur accept activ condit met reinsur premium collect exce total premium reinsur premium collect exce eur technic provis result reinsur accept exce total technic provis member state choos appli assur undertak refer paragraph articl head offic situat territori provis articl direct ec respect reinsur accept activ condit laid paragraph met case respect member state requir asset emploi assur undertak cover technic provis reinsur accept ring fenc manag organis separ direct assur activ assur undertak possibl transfer case reinsur accept activ concern assur undertak subject articl member state ensur compet author verifi separ provid subparagraph quot articl replac quot member state ensur compet author power decreas reduct base reinsur solvenc margin determin accord articl natur qualiti reinsur contract chang significantli financi year limit risk transfer reinsur contract quot titl transit final provis articl acquir exist reinsur undertak reinsur undertak subject direct authoris entitl conduct reinsur busi accord provis member state head offic decemb deem authoris accord articl oblig compli provis direct carri busi reinsur requir set articl articl articl decemb member state reinsur undertak refer paragraph decemb compli articl articl period decemb order compli requir articl reinsur undertak close activ reinsur undertak decemb ceas conduct reinsur contract exclus administ exist portfolio order termin activ subject direct member state draw list reinsur undertak concern commun list member state articl transit period articl member state postpon applic provis articl direct amend articl direct eec provis articl direct decemb articl transposit member state bring forc law regul administr provis compli direct decemb forthwith commun commiss text measur member state adopt measur refer direct accompani refer occas offici public member state determin refer made member state commun commiss text main provis nation law adopt field cover direct articl entri forc direct enter forc dai public offici journal european union articl addresse direct address member state strasbourg novemb european parliament presid borrel fontel council presid bach lutterworth oj opinion european parliament june publish offici journal decis council octob oj direct amend direct ec european parliament council oj oj direct amend direct ec oj direct amend direct ec oj oj direct amend direct ec oj direct amend direct ec oj direct amend direct ec european parliament council oj oj oj oj seventh council direct eec june base articl treati consolid account oj direct amend direct ec direct ec european parliament council march relat take pursuit busi credit institut oj direct amend direct ec direct ec european parliament council april market financi instrument oj direct ec european parliament council june activ supervis institut occup retir provis oj direct ec european parliament council admiss secur offici stock exchang list inform publish secur oj direct amend direct ec council regul ec octob statut european compani se oj regul amend regul ec oj eighth council direct eec april base articl treati approv person respons carri statutori audit account document oj fourth council direct eec juli base articl treati annual account type compani oj direct amend direct ec council direct eec decemb coordin law regul administr provis relat undertak collect invest transfer secur ucit oj direct amend direct ec council direct eec invest servic secur field oj direct amend direct ec european parliament council oj council direct eec march capit adequaci invest firm credit institut oj direct amend direct ec oj oj direct amend direct ec oj quot council direct eec june coordin law regul administr provis relat direct insur life assur life insur direct oj direct amend direct ec quot oj quot oj quot oj direct amend direct ec oj quot oj direct amend direct ec quot oj direct amend direct ec oj direct amend direct ec oj direct amend direct ec quot oj oj direct amend direct ec oj oj direct amend direct ec oj direct amend direct ec oj oj direct amend direct ec oj direct amend direct ec quot annex form reinsur undertak 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 czech republ quot akciová společnost quot case kingdom denmark quot aktieselskab quot quot gensidig selskab quot case feder republ germani quot aktiengesellschaft quot quot versicherungsverein auf gegenseitigkeit quot quot öffentlich rechtlich wettbewerbsversicherungsunternehmen quot case republ estonia quot aktsiaselt quot case hellen republ quot quot quot quot case kingdom spain quot sociedad anónima 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 incorpor compani limit share guarante unlimit case italian republ quot società azioni quot case republ cypru quot quot quot quot case republ latvia quot akciju sabiedrība quot quot sabiedrība ar ierobežotu atbildību quot case republ lithuania quot akcinė bendrovė quot quot uždaroji akcinė bendrovė 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 republ hungari quot biztosító részvénytársaság quot quot biztosító szövetkezet quot quot harmadik országb biztosító magyarországi fióktelep quot case republ malta quot limit liabil compani kumpannija tà responsabbiltà limitata quot case kingdom netherland quot naamloz vennootschap quot quot onderling waarborgmaatschappij quot case republ austria quot aktiengesellschaft quot quot versicherungsverein auf gegenseitigkeit quot case republ poland quot spółka akcyjna quot quot towarzystwo ubezpieczeń wzajemnych quot case portugues republ quot sociedad anónima quot quot mútua de seguro quot case republ slovenia quot delniška družba quot case slovak republ quot akciová spoločnost 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 ömsesidigt försäkringsbolag quot case unit kingdom incorpor compani limit share guarante unlimit societi regist industri provid societi act societi regist incorpor friendli societi act quot associ underwrit lloyd quot annex ii annex ii direct ec replac annex calcul adjust solvenc insur undertak reinsur undertak choic calcul method gener principl member state provid calcul adjust solvenc insur undertak reinsur undertak refer articl carri method point member state provid compet author authoris impos applic method set point chosen member state proportion calcul adjust solvenc insur undertak reinsur undertak account proport share held particip undertak relat undertak quot proport share quot mean method method point proport subscrib capit held directli indirectli particip undertak method point percentag establish consolid account whichev method relat undertak subsidiari undertak solvenc deficit total solvenc deficit subsidiari account opinion compet author respons parent undertak own share capit limit strictli unambigu share capit compet author give permiss solvenc deficit subsidiari undertak account proport basi capit ti undertak insur group reinsur group compet author determin proport share account gener treatment solvenc margin element method calcul adjust solvenc insur undertak reinsur undertak doubl element elig solvenc margin insur undertak reinsur undertak account calcul elimin asset insur undertak reinsur undertak repres financ element elig solvenc margin relat insur undertak relat reinsur undertak asset relat insur undertak relat reinsur undertak insur undertak reinsur undertak repres financ element elig solvenc margin insur undertak reinsur undertak asset relat insur undertak relat reinsur undertak insur undertak reinsur undertak repres financ element elig solvenc margin relat insur undertak relat reinsur undertak insur undertak reinsur undertak treatment element profit reserv futur profit aris relat life assur undertak relat life reinsur undertak insur undertak reinsur undertak adjust solvenc calcul subscrib paid capit relat insur undertak relat reinsur undertak insur undertak reinsur undertak adjust solvenc calcul includ calcul elig cover solvenc margin requir relat undertak subscrib paid capit repres potenti oblig part particip undertak exclud calcul subscrib paid capit particip insur undertak particip reinsur undertak repres potenti oblig part relat insur undertak relat reinsur undertak exclud calcul subscrib paid capit relat insur undertak reinsur undertak repres potenti oblig part relat insur undertak reinsur undertak particip insur undertak reinsur undertak exclud calcul transfer compet author element elig solvenc margin relat insur undertak relat reinsur undertak refer section effect made cover solvenc margin requir particip insur undertak particip reinsur undertak adjust solvenc calcul element includ calcul elig cover solvenc margin requir relat undertak sum element refer section exce solvenc margin requir relat insur undertak relat reinsur undertak elimin intra group creation capit relat undertak particip undertak relat undertak particip undertak account element elig solvenc margin relat insur undertak relat reinsur undertak insur undertak reinsur undertak adjust solvenc calcul element question aris reciproc financ relat undertak insur undertak reinsur undertak reciproc financ exist insur undertak reinsur undertak relat undertak hold share make loan undertak directli indirectli hold element elig solvenc margin undertak compet author ensur adjust solvenc calcul frequenc laid direct eec eec ec ec calcul solvenc margin insur undertak reinsur undertak asset liabil assess accord relev provis direct eec eec ec ec applic calcul method relat insur undertak relat reinsur undertak adjust solvenc calcul carri accord gener principl method set annex case method insur undertak reinsur undertak relat insur undertak relat reinsur undertak adjust solvenc calcul carri integr relat insur undertak relat reinsur undertak case success particip insur undertak reinsur undertak particip undertak insur undertak reinsur undertak particip undertak insur undertak reinsur undertak adjust solvenc calcul carri level particip insur undertak reinsur undertak relat insur undertak relat reinsur undertak insur undertak reinsur undertak relat undertak insur undertak reinsur undertak authoris member state relat undertak account calcul adjust solvenc particip insur undertak reinsur undertak insur undertak reinsur undertak relat undertak insur hold compani regist offic member state insur undertak reinsur undertak hold insur compani relat insur undertak relat reinsur undertak account calcul carri member state waiv calcul adjust solvenc insur undertak reinsur undertak relat insur undertak relat reinsur undertak insur undertak reinsur undertak insur hold compani regist offic member state compet author member state concern agre grant exercis supplementari supervis compet author member state case waiver grant compet author satisfi element elig solvenc margin insur undertak reinsur undertak includ calcul adequ distribut undertak member state provid relat insur undertak relat reinsur undertak regist offic member state insur undertak reinsur undertak adjust solvenc calcul carri calcul account respect relat undertak solvenc situat assess compet author member state intermedi insur hold compani calcul adjust solvenc insur undertak reinsur undertak hold particip relat insur undertak relat reinsur undertak member countri insur undertak member countri reinsur undertak insur hold compani situat intermedi insur hold compani account sole purpos calcul undertaken accord gener principl method annex insur hold compani treat insur undertak reinsur undertak subject solvenc requir subject condit laid articl direct eec articl direct ec articl direct ec respect element elig solvenc margin relat member countri insur undertak relat member countri reinsur undertak calcul adjust solvenc insur undertak reinsur undertak particip undertak member countri insur undertak member countri reinsur undertak treat sole purpos calcul analog relat insur undertak relat reinsur undertak appli gener principl method annex member countri undertak regist offic make subject authoris impos solvenc requir compar laid direct eec ec ec take account element cover requir member state provid calcul account undertak solvenc requir element elig satisfi requir laid member countri question relat credit institut invest firm financi institut calcul adjust solvenc insur undertak reinsur undertak particip undertak credit institut invest firm financi institut rule laid articl direct eec articl direct ec articl direct ec deduct particip appli mutati mutandi provis abil member state condit altern method particip deduct avail inform inform calcul adjust solvenc insur undertak reinsur undertak relat undertak regist offic member state member countri compet author reason book undertak particip insur undertak reinsur undertak deduct element elig adjust solvenc margin case unrealis gain connect particip allow element elig adjust solvenc margin calcul method method deduct aggreg method adjust solvenc situat particip insur undertak particip reinsur undertak differ sum element elig solvenc margin particip insur undertak particip reinsur undertak proport share particip insur undertak particip reinsur undertak element elig solvenc margin relat insur undertak relat reinsur undertak ii sum book particip insur undertak particip reinsur undertak relat insur undertak relat reinsur undertak solvenc requir particip insur undertak particip reinsur undertak proport share solvenc requir relat insur undertak relat reinsur undertak particip relat insur undertak relat reinsur undertak consist wholli part indirect ownership item ii incorpor indirect ownership take account relev success interest item ii includ proport share element elig solvenc margin relat insur undertak relat reinsur undertak method requir deduct method adjust solvenc particip insur undertak particip reinsur undertak differ sum element elig solvenc margin particip insur undertak particip reinsur undertak ii sum solvenc requir particip insur undertak particip reinsur undertak proport share solvenc requir relat insur undertak relat reinsur undertak valu element elig solvenc margin particip mean direct valu equiti method accord option set articl direct eec method account consolid base method calcul adjust solvenc particip insur undertak particip reinsur undertak carri basi consolid account adjust solvenc particip insur undertak particip reinsur undertak differ element elig solvenc margin calcul basi consolid data sum solvenc requir particip insur undertak particip reinsur undertak proport share solvenc requir relat insur undertak relat reinsur undertak base percentag establish consolid account solvenc requir calcul basi consolid data provis direct eec eec ec ec appli calcul element elig solvenc margin solvenc requir base consolid data annex ii supplementari supervis insur undertak reinsur undertak subsidiari insur hold compani member countri insur undertak member countri reinsur undertak case insur undertak reinsur undertak refer articl subsidiari insur hold compani member countri insur undertak member countri reinsur undertak establish member state compet author ensur method annex appli consist manner compet author exercis supplementari supervis frequenc laid direct eec eec ec ec calcul solvenc margin insur undertak reinsur undertak member state waiv calcul provid annex regard insur undertak reinsur undertak insur undertak reinsur undertak relat undertak insur undertak reinsur undertak account calcul provid annex carri undertak insur undertak reinsur undertak insur undertak reinsur undertak authoris member state parent undertak insur hold compani member countri insur undertak member countri reinsur undertak insur undertak reinsur undertak account calcul provid annex carri undertak insur undertak reinsur undertak insur undertak reinsur undertak authoris member state parent undertak insur hold compani member countri insur undertak member countri reinsur undertak agreement grant exercis supplementari supervis cover annex supervisori author member state conclud accord articl case success particip insur hold compani member countri insur reinsur undertak own insur hold compani member countri insur reinsur undertak member state appli calcul provid annex level ultim parent undertak insur undertak reinsur undertak insur hold compani member countri insur undertak member countri reinsur undertak compet author ensur calcul analog annex carri level insur hold compani member countri insur undertak member countri reinsur undertak analog consist appli gener principl method annex level insur hold compani member countri insur undertak member countri reinsur undertak sole purpos calcul parent undertak treat insur undertak reinsur undertak subject solvenc requir insur hold compani solvenc requir determin accord principl section annex member countri insur undertak member countri reinsur undertak subject condit laid articl direct eec articl direct ec articl direct ec element elig solvenc margin avail inform inform calcul provid annex relat undertak regist offic member state member countri compet author reason book undertak particip undertak deduct element elig calcul provid annex case unrealis gain connect particip allow element elig calcul quot