Directive 2009/138 - Taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) - Main contents
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official title
Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast)| Legal instrument | Directive |
|---|---|
| Number legal act | Directive 2009/138 |
| Original proposal | COM(2007)361  |
| CELEX number i | 32009L0138 |
| Document | 25-11-2009; Date of signature |
|---|---|
| Publication in Official Journal | 17-12-2009; OJ L 335, 17.12.2009,Special edition in Croatian: Chapter 06 Volume 010 |
| Effect | 06-01-2010; Entry into force Date pub. + 20 See Art 311 01-01-2016; Partial application See Art 311 And 32012L0023 And 32013L0058 |
| End of validity | 12-01-2019; Partial end of validity Art. 303 Implicitly repealed by 32016L2341 31-12-9999 |
| Transposition | 31-03-2015; At the latest See Art 309.1 See 32013L0058 |
17.12.2009 |
EN |
Official Journal of the European Union |
L 335/1 |
DIRECTIVE 2009/138/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 25 November 2009
on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)
(recast)
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 47(2) and Article 55 thereof,
Having regard to the proposal from the Commission,
Having regard to the opinion of the European Economic and Social Committee (1),
After consulting the Committee of the Regions,
Acting in accordance with the procedure laid down in Article 251 of the Treaty (2),
Whereas:
(1) |
A number of substantial changes are to be made to First Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance (3); Council Directive 78/473/EEC of 30 May 1978 on the coordination of laws, regulations and administrative provisions relating to Community co-insurance (4); Council Directive 87/344/EEC of 22 June 1987 on the coordination of laws, regulations and administrative provisions relating to legal expenses insurance (5); Second Council Directive 88/357/EEC of 22 June 1988 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and laying down provisions to facilitate the effective exercise of freedom to provide services (6); Council Directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance (third non-life insurance Directive) (7); Directive 98/78/EC of the European Parliament and of the Council of 27 October 1998 on the supplementary supervision of insurance undertakings in an insurance group (8); Directive 2001/17/EC of the European Parliament and of the Council of 19 March 2001 on the reorganisation and winding-up of insurance undertakings (9); Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance (10); and Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance (11). In the interests of clarity those Directives should be recast. |
(2) |
In order to facilitate the taking-up and pursuit of the activities of insurance and reinsurance, it is necessary to eliminate the most serious differences between the laws of the Member States as regards the rules to which insurance and reinsurance undertakings are subject. A legal framework should therefore be provided for insurance and reinsurance undertakings to conduct insurance business throughout the internal market thus making it easier for insurance and reinsurance undertakings with head offices in the Community to cover risks and commitments situated therein. |
(3) |
It is in the interests of the proper functioning of the internal market that coordinated rules be established relating to the supervision of insurance groups and, with a view to the protection of creditors, to the reorganisation and winding-up proceedings in respect of insurance undertakings. |
(4) |
It is appropriate that certain undertakings which provide insurance services are not covered by the system established by this Directive due to their size, their legal status, their nature – as being closely linked to public insurance systems – or the specific services they offer. It is further desirable to exclude certain institutions in several Member States, the business of which covers only a very limited sector and is restricted by law to a specific territory or to specified persons. |
(5) |
Very small insurance... |
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