Directive 1979/267 - Coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct life assurance - Main contents

official title

 

Legal instrument	Directive
Number legal act	Directive 1979/267
Original proposal	COM(1973)2030
CELEX number i	31979L0267

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First Council Directive 79/267/EEC of 5 March 1979 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct life assurance

Official Journal L 063 , 13/03/1979 P. 0001 - 0018

Finnish special edition: Chapter 6 Volume 2 P. 0020

Greek special edition: Chapter 06 Volume 2 P. 0057

Swedish special edition: Chapter 6 Volume 2 P. 0020

Spanish special edition: Chapter 06 Volume 2 P. 0062

Portuguese special edition Chapter 06 Volume 2 P. 0062

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FIRST COUNCIL DIRECTIVE

OF 5 MARCH 1979

ON THE COORDINATION OF LAWS , REGULATIONS AND ADMINISTRATIVE PROVISIONS RELATING TO THE TAKING UP AND PURSUIT OF THE BUSINESS OF DIRECT LIFE ASSURANCE

( 79/267/EEC )

THE COUNCIL OF THE EUROPEAN COMMUNITIES ,

HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY , AND IN PARTICULAR ARTICLES 49 AND 57 THEREOF ,

HAVING REGARD TO THE PROPOSAL FROM THE COMMISSION ( 1 ) ,

HAVING REGARD TO THE OPINION OF THE EUROPEAN PARLIAMENT ( 2 ) ,

HAVING REGARD TO THE OPINION OF THE ECONOMIC AND SOCIAL COMMITTEE ( 3 ) ,

WHEREAS , IN ORDER TO FACILITATE THE TAKING UP AND PURSUIT OF THE BUSINESS OF LIFE ASSURANCE , IT IS ESSENTIAL TO ELIMINATE CERTAIN DIVERGENCES WHICH EXIST BETWEEN NATIONAL SUPERVISORY LEGISLATION ; WHEREAS , IN ORDER TO ACHIEVE THIS OBJECTIVE AND AT THE SAME TIME ENSURE ADEQUATE PROTECTION FOR POLICY-HOLDERS AND BENEFICIARIES IN ALL MEMBER STATES , THE PROVISIONS RELATING TO THE FINANCIAL GUARANTEES REQUIRED OF LIFE ASSURANCE UNDERTAKINGS SHOULD BE COORDINATED ;

WHEREAS A CLASSIFICATION BY CLASS OF INSURANCE IS NECESSARY IN ORDER TO DETERMINE , IN PARTICULAR , THE ACTIVITIES SUBJECT TO COMPULSORY AUTHORIZATION ;

WHEREAS CERTAIN MUTUAL ASSOCIATIONS WHICH , BY VIRTUE OF THEIR LEGAL STATUS , FULFIL REQUIREMENTS AS TO SECURITY AND OTHER SPECIFIC FINANCIAL GUARANTEES SHOULD BE EXCLUDED FROM THE SCOPE OF THIS DIRECTIVE ; WHEREAS CERTAIN ORGANIZATIONS WHOSE ACTIVITY COVERS ONLY A VERY RESTRICTED SECTOR AND IS LIMITED BY THEIR ARTICLES OF ASSOCIATION SHOULD ALSO BE EXCLUDED ;

WHEREAS THE MEMBER STATES HAVE DIFFERENT REGULATIONS AND PRACTICES AS TO THE SIMULTANEOUS CARRYING ON OF LIFE ASSURANCE AND NON-LIFE INSURANCE ; WHEREAS NEWLY FORMED UNDERTAKINGS SHOULD NO LONGER BE AUTHORIZED TO CARRY ON THESE TWO ACTIVITIES SIMULTANEOUSLY ; WHEREAS MEMBER STATES SHOULD BE ALLOWED TO PERMIT EXISTING UNDERTAKINGS WHICH CARRY ON THESE ACTIVITIES SIMULTANEOUSLY TO CONTINUE TO DO SO PROVIDED THAT SEPARATE MANAGEMENT IS ADOPTED FOR EACH OF THEIR ACTIVITIES , IN ORDER THAT THE RESPECTIVE INTERESTS OF LIFE POLICY-HOLDERS AND NON-LIFE POLICY-HOLDERS ARE SAFEGUARDED AND THE MINIMUM FINANCIAL OBLIGATIONS IN RESPECT OF ONE OF THE ACTIVITIES ARE NOT BORNE BY THE OTHER ACTIVITY ; WHEREAS , WHEN ONE OF THE UNDERTAKINGS WISHES TO ESTABLISH ITSELF IN A MEMBER STATE TO PURSUE LIFE ASSURANCE IN THAT STATE , IT SHOULD SET UP A SUBSIDIARY FOR THAT PURPOSE , WHICH MAY BE ELIGIBLE ON A TRANSITIONAL BASIS FOR CERTAIN FACILITIES ; WHEREAS , MEMBER STATES SHOULD BE GIVEN THE OPTION OF REQUIRING THOSE EXISTING UNDERTAKINGS ESTABLISHED IN THEIR TERRITORY WHICH CARRY ON LIFE ASSURANCE AND NON-LIFE INSURANCE SIMULTANEOUSLY TO PUT AN END TO THIS PRACTICE ; WHEREAS , MOREOVER , SPECIALIZED UNDERTAKINGS SHOULD BE SUBJECT TO SPECIAL SUPERVISION WHERE A NON-LIFE UNDERTAKING BELONGS TO THE SAME FINANCIAL GROUP AS A LIFE UNDERTAKING ;

WHEREAS LIFE ASSURANCE IS SUBJECT TO OFFICIAL AUTHORIZATION AND SUPERVISION IN EACH MEMBER STATE ; WHEREAS THE CONDITIONS FOR THE GRANTING OR WITHDRAWAL OF SUCH AUTHORIZATION SHOULD BE DEFINED ; WHEREAS PROVISION MUST BE MADE FOR THE RIGHT TO APPLY TO THE COURTS SHOULD AN AUTHORIZATION BE REFUSED OR WITHDRAWN ;

WHEREAS , AS REGARDS TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES , THE SAME RULES MAY BE ADOPTED AS IN THE CASE OF NON-LIFE INSURANCE , NAMELY , THEY MUST BE LOCALIZED IN THE COUNTRY...

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