(1) the taking-up and pursuit, within the Community, of the self-employed activities of direct insurance and reinsurance; (2) the supervision of insurance and reinsurance groups; (3) the reorganisation and winding-up of direct insurance undertakings.
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)
Modified by
- Directive 2011/89/EU of the European Parliament and of the Councilof 16 November 2011amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards the supplementary supervision of financial entities in a financial conglomerate(Text with EEA relevance), 32011L0089, December 8, 2011
- Directive 2012/23/EU of the European Parliament and of the Councilof 12 September 2012amending Directive 2009/138/EC (Solvency II) as regards the date for its transposition and the date of its application, and the date of repeal of certain Directives(Text with EEA relevance), 32012L0023, September 14, 2012
- Council Directive 2013/23/EUof 13 May 2013adapting certain directives in the field of financial services, by reason of the accession of the Republic of Croatia, 32013L0023, June 10, 2013
- Directive 2013/58/EU of the European Parliament and of the Councilof 11 December 2013amending Directive 2009/138/EC (Solvency II) as regards the date for its transposition and the date of its application, and the date of repeal of certain Directives (Solvency I)(Text with EEA relevance), 32013L0058, December 18, 2013
- Directive 2014/51/EU of the European Parliament and of the Councilof 16 April 2014amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority), 32014L0051, May 22, 2014
- Directive (EU) 2016/2341 of the European Parliament and of the Councilof 14 December 2016on the activities and supervision of institutions for occupational retirement provision (IORPs)(recast)(Text with EEA relevance), 32016L2341, December 23, 2016
- Directive (EU) 2018/843 of the European Parliament and of the Councilof 30 May 2018amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU(Text with EEA relevance), 32018L0843, June 19, 2018
Corrected by
- Corrigendum to 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), 32009L0138R(01), July 25, 2014
(a) to the following life insurance activities where they are on a contractual basis: (i) life insurance which comprises assurance on survival to a stipulated age only, assurance on death only, assurance on survival to a stipulated age or on earlier death, life assurance with return of premiums, marriage assurance, birth assurance; (ii) annuities; (iii) supplementary insurance underwritten in addition to life insurance, in particular, insurance against personal injury including incapacity for employment, insurance against death resulting from an accident and insurance against disability resulting from an accident or sickness; (iv) types of permanent health insurance not subject to cancellation currently existing in Ireland and the United Kingdom;
(b) to the following operations, where they are on a contractual basis, in so far as they are subject to supervision by the authorities responsible for the supervision of private insurance: (i) operations whereby associations of subscribers are set up with a view to capitalising their contributions jointly and subsequently distributing the assets thus accumulated among the survivors or among the beneficiaries of the deceased (tontines); (ii) capital redemption operations based on actuarial calculation whereby, in return for single or periodic payments agreed in advance, commitments of specified duration and amount are undertaken; (iii) management of group pension funds, comprising the management of investments, and in particular the assets representing the reserves of bodies that effect payments on death or survival or in the event of discontinuance or curtailment of activity; (iv) the operations referred to in point (iii) where they are accompanied by insurance covering either conservation of capital or payment of a minimum interest; (v) the operations carried out by life insurance undertakings such as those referred to in Chapter 1, Title 4 of Book IV of the French "Code des assurances";
(c) to operations relating to the length of human life which are prescribed by or provided for in social insurance legislation, in so far as they are effected or managed by life insurance undertakings at their own risk in accordance with the laws of a Member State.
(a) the undertaking’s annual gross written premium income does not exceed EUR 5 million; (b) the total of the undertaking’s technical provisions, gross of the amounts recoverable from reinsurance contracts and special purpose vehicles, as referred to in Article 76, does not exceed EUR 25 million; (c) where the undertaking belongs to a group, the total of the technical provisions of the group defined as gross of the amounts recoverable from reinsurance contracts and special purpose vehicles does not exceed EUR 25 million; (d) the business of the undertaking does not include insurance or reinsurance activities covering liability, credit and suretyship insurance risks, unless they constitute ancillary risks within the meaning of Article 16(1); (e) the business of the undertaking does not include reinsurance operations exceeding EUR 0,5 million of its gross written premium income or EUR 2,5 million of its technical provisions gross of the amounts recoverable from reinsurance contracts and special purpose vehicles, or more than 10 % of its gross written premium income or more than 10 % of its technical provisions gross of the amounts recoverable from reinsurance contracts and special purpose vehicles.
(a) none of the thresholds set out in paragraph 1 has been exceeded for the three previous consecutive years; and (b) none of the thresholds set out in paragraph 1 is expected to be exceeded during the following five years.
(1) capital redemption operations, as defined by the law in each Member State; (2) operations of provident and mutual benefit institutions whose benefits vary according to the resources available and in which the contributions of the members are determined on a flat-rate basis; (3) operations carried out by organisations not having a legal personality with the purpose of providing mutual cover for their members without there being any payment of premiums or constitution of technical reserves; or (4) export credit insurance operations for the account of or guaranteed by the State, or where the State is the insurer.
(a) the assistance is provided in the event of an accident or breakdown involving a road vehicle when the accident or breakdown occurs in the territory of the Member State of the undertaking providing cover; (b) the liability for the assistance is limited to the following operations: (i) an on-the-spot breakdown service for which the undertaking providing cover uses, in most circumstances, its own staff and equipment; (ii) the conveyance of the vehicle to the nearest or the most appropriate location at which repairs may be carried out and the possible accompaniment, normally by the same means of assistance, of the driver and passengers to the nearest location from where they may continue their journey by other means; and (iii) where provided for by the home Member State of the undertaking providing cover, the conveyance of the vehicle, possibly accompanied by the driver and passengers, to their home, point of departure or original destination within the same State; and
(c) the assistance is not carried out by an undertaking subject to this Directive.
(1) in Denmark, Falck Danmark; (2) in Germany, the following semi-public institutions: (a) Postbeamtenkrankenkasse, (b) Krankenversorgung der Bundesbahnbeamten;
(3) in Ireland, the Voluntary Health Insurance Board; (4) in Spain, the Consorcio de Compensación de Seguros.
(1) operations of provident and mutual-benefit institutions whose benefits vary according to the resources available and which require each of their members to contribute at the appropriate flat rate; (2) operations carried out by organisations, other than undertakings referred to in Article 2, whose object is to provide benefits for employed or self-employed persons belonging to an undertaking or group of undertakings, or a trade or group of trades, in the event of death or survival or of discontinuance or curtailment of activity, whether or not the commitments arising from such operations are fully covered at all times by mathematical provisions; (3) the pension activities of pension insurance undertakings prescribed in the Employees Pension Act (TyEL) and other related Finnish legislation provided that: (a) pension insurance companies which already under Finnish law are obliged to have separate accounting and management systems for their pension activities, as from 1 January 1995 , set up separate legal entities for pursuing those activities; and(b) the Finnish authorities allow, in a non-discriminatory manner, all nationals and companies of Member States to perform according to Finnish legislation the activities specified in Article 2 related to that exemption whether by means of ownership or participation in an existing insurance company or group or by means of creation or participation of new insurance companies or groups, including pension insurance companies.
(1) organisations which undertake to provide benefits solely in the event of death, where the amount of such benefits does not exceed the average funeral costs for a single death or where the benefits are provided in kind; (2) the "Versorgungsverband deutscher Wirtschaftsorganisationen" in Germany, unless its statutes are amended as regards the scope of its capacity; (3) the "Consorcio de Compensación de Seguros" in Spain, unless its statutes are amended as regards the scope of its activities or capacity.
(1) "insurance undertaking" means a direct life or non-life insurance undertaking which has received authorisation in accordance with Article 14; (2) "captive insurance undertaking" means an insurance undertaking, owned either by a financial undertaking other than an insurance or reinsurance undertaking or a group of insurance or reinsurance undertakings within the meaning of Article 212(1)(c) or by a non-financial undertaking, the purpose of which is to provide insurance cover exclusively for the risks of the undertaking or undertakings to which it belongs or of an undertaking or undertakings of the group of which it is a member; (3) "third-country insurance undertaking" means an undertaking which would require authorisation as an insurance undertaking in accordance with Article 14 if its head office were situated in the Community; (4) "reinsurance undertaking" means an undertaking which has received authorisation in accordance with Article 14 to pursue reinsurance activities; (5) "captive reinsurance undertaking" means a reinsurance undertaking, owned either by a financial undertaking other than an insurance or reinsurance undertaking or a group of insurance or reinsurance undertakings within the meaning of Article 212(1)(c) or by a non-financial undertaking, the purpose of which is to provide reinsurance cover exclusively for the risks of the undertaking or undertakings to which it belongs or of an undertaking or undertakings of the group of which it is a member; (6) "third-country reinsurance undertaking" means an undertaking which would require authorisation as a reinsurance undertaking in accordance with Article 14 if its head office were situated in the Community; (7) "reinsurance" means one of the following: (a) the activity consisting in accepting risks ceded by an insurance undertaking or third-country insurance undertaking, or by another reinsurance undertaking or third-country reinsurance undertaking; (b) in the case of the association of underwriters known as Lloyd's, the activity consisting in accepting risks, ceded by any member of Lloyd's, by an insurance or reinsurance undertaking other than the association of underwriters known as Lloyd's; or (c) the provision of cover by a reinsurance undertaking to an institution that falls within the scope of Directive (EU) 2016/2341 of the European Parliament and of the Council Directive (EU) 2016/2341 of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37 )
(8) "home Member State" means any of the following: (a) for non-life insurance, the Member State in which the head office of the insurance undertaking covering the risk is situated; (b) for life insurance, the Member State in which the head office of the insurance undertaking covering the commitment is situated; or (c) for reinsurance, the Member State in which the head office of the reinsurance undertaking is situated;
(9) "host Member State" means the Member State, other than the home Member State, in which an insurance or a reinsurance undertaking has a branch or provides services; for life and non-life insurance, the Member State of the provisions of services means, respectively, the Member State of the commitment or the Member State in which the risk is situated, where that commitment or risk is covered by an insurance undertaking or a branch situated in another Member State; (10) "supervisory authority" means the national authority or the national authorities empowered by law or regulation to supervise insurance or reinsurance undertakings; (11) "branch" means an agency or a branch of an insurance or reinsurance undertaking which is located in the territory of a Member State other than the home Member State; (12) "establishment" of an undertaking means its head office or any of its branches; (13) "Member State in which the risk is situated" means any of the following: (a) the Member State in which the property is situated, where the insurance relates either to buildings or to buildings and their contents, in so far as the contents are covered by the same insurance policy; (b) the Member State of registration, where the insurance relates to vehicles of any type; (c) the Member State where the policy holder took out the policy in the case of policies of a duration of four months or less covering travel or holiday risks, whatever the class concerned; (d) in all cases not explicitly covered by points (a), (b) or (c), the Member State in which either of the following is situated: (i) the habitual residence of the policy holder; or (ii) if the policy holder is a legal person, that policy holder’s establishment to which the contract relates;
(14) "Member State of the commitment" means the Member State in which either of the following is situated: (a) the habitual residence of the policy holder; (b) if the policy holder is a legal person, that policy holder’s establishment, to which the contract relates;
(15) "parent undertaking" means a parent undertaking within the meaning of Article 1 of Directive 83/349/EEC; (16) "subsidiary undertaking" means any subsidiary undertaking within the meaning of Article 1 of Directive 83/349/EEC, including subsidiaries thereof; (17) "close links" means a situation in which two or more natural or legal persons are linked by control or participation, or a situation in which two or more natural or legal persons are permanently linked to one and the same person by a control relationship; (18) "control" means the relationship between a parent undertaking and a subsidiary undertaking, as set out in Article 1 of Directive 83/349/EEC, or a similar relationship between any natural or legal person and an undertaking; (19) "intra-group transaction" means any transaction by which an insurance or reinsurance undertaking relies, either directly or indirectly, on other undertakings within the same group or on any natural or legal person linked to the undertakings within that group by close links, for the fulfilment of an obligation, whether or not contractual, and whether or not for payment; (20) "participation" means the ownership, direct or by way of control, of 20 % or more of the voting rights or capital of an undertaking; (21) "qualifying holding" means a direct or indirect holding in an undertaking which represents 10 % or more of the capital or of the voting rights or which makes it possible to exercise a significant influence over the management of that undertaking; (22) "regulated market" means either of the following: (a) in the case of a market situated in a Member State, a regulated market as defined in Article 4(1)(14) of Directive 2004/39/EC; or (b) in the case of a market situated in a third country, a financial market which fulfils the following conditions: (i) it is recognised by the home Member State of the insurance undertaking and fulfils requirements comparable to those laid down in Directive 2004/39/EC; and (ii) the financial instruments dealt in on that market are of a quality comparable to that of the instruments dealt in on the regulated market or markets of the home Member State;
(23) "national bureau" means a national insurers’ bureau as defined in Article 1(3) of Directive 72/166/EEC; (24) "national guarantee fund" means the body referred to in Article 1(4) of Directive 84/5/EEC; (25) "financial undertaking" means any of the following entities: (a) a credit institution, a financial institution or an ancillary banking services undertaking within the meaning of Article 4(1), (5) and (21) of Directive 2006/48/EC respectively; (b) an insurance undertaking, or a reinsurance undertaking or an insurance holding company within the meaning of Article 212(1)(f); (c) an investment firm or a financial institution within the meaning of Article 4(1)(1) of Directive 2004/39/EC; or (d) a mixed financial holding company within the meaning of Article 2(15) of Directive 2002/87/EC
(26) "special purpose vehicle" means any undertaking, whether incorporated or not, other than an existing insurance or reinsurance undertaking, which assumes risks from insurance or reinsurance undertakings and which fully funds its exposure to such risks through the proceeds of a debt issuance or any other financing mechanism where the repayment rights of the providers of such debt or financing mechanism are subordinated to the reinsurance obligations of such an undertaking; (27) "large risks" means: (a) risks classified under classes 4, 5, 6, 7, 11 and 12 in Part A of Annex I; (b) risks classified under classes 14 and 15 in Part A of Annex I, where the policy holder is engaged professionally in an industrial or commercial activity or in one of the liberal professions and the risks relate to such activity; (c) risks classified under classes 3, 8, 9, 10, 13 and 16 in Part A of Annex I in so far as the policy holder exceeds the limits of at least two of the following criteria: (i) a balance-sheet total of EUR 6,2 million; (ii) a net turnover, within the meaning of Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companiesOJ L 222, 14.8.1978, p. 11 .(iii) an average number of 250 employees during the financial year.
If the policy holder belongs to a group of undertakings for which consolidated accounts within the meaning of Directive 83/349/EEC are drawn up, the criteria set out in point (c) of the first subparagraph shall be applied on the basis of the consolidated accounts. Member States may add to the category referred to in point (c) of the first subparagraph the risks insured by professional associations, joint ventures or temporary groupings; (28) "outsourcing" means an arrangement of any form between an insurance or reinsurance undertaking and a service provider, whether a supervised entity or not, by which that service provider performs a process, a service or an activity, whether directly or by sub-outsourcing, which would otherwise be performed by the insurance or reinsurance undertaking itself; (29) "function", within a system of governance, means an internal capacity to undertake practical tasks; a system of governance includes the risk-management function, the compliance function, the internal audit function and the actuarial function; (30) "underwriting risk" means the risk of loss or of adverse change in the value of insurance liabilities, due to inadequate pricing and provisioning assumptions; (31) "market risk" means the risk of loss or of adverse change in the financial situation resulting, directly or indirectly, from fluctuations in the level and in the volatility of market prices of assets, liabilities and financial instruments; (32) "credit risk" means the risk of loss or of adverse change in the financial situation, resulting from fluctuations in the credit standing of issuers of securities, counterparties and any debtors to which insurance and reinsurance undertakings are exposed, in the form of counterparty default risk, or spread risk, or market risk concentrations; (32a) "qualifying central counterparty" means a central counterparty that has been either authorised in accordance with Article 14 of Regulation (EU) No 648/2012 of the European Parliament and of the Council Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1 ).(33) "operational risk" means the risk of loss arising from inadequate or failed internal processes, personnel or systems, or from external events; (34) "liquidity risk" means the risk that insurance and reinsurance undertakings are unable to realise investments and other assets in order to settle their financial obligations when they fall due; (35) "concentration risk" means all risk exposures with a loss potential which is large enough to threaten the solvency or the financial position of insurance and reinsurance undertakings; (36) "risk-mitigation techniques" means all techniques which enable insurance and reinsurance undertakings to transfer part or all of their risks to another party; (37) "diversification effects" means the reduction in the risk exposure of insurance and reinsurance undertakings and groups related to the diversification of their business, resulting from the fact that the adverse outcome from one risk can be offset by a more favourable outcome from another risk, where those risks are not fully correlated; (38) "probability distribution forecast" means a mathematical function that assigns to an exhaustive set of mutually exclusive future events a probability of realisation; (39) "risk measure" means a mathematical function which assigns a monetary amount to a given probability distribution forecast and increases monotonically with the level of risk exposure underlying that probability distribution forecast; (40) "external credit assessment institution" or "ECAI" means a credit rating agency that is registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ L 302, 17.11.2009, p. 1 ).
(a) any undertaking which is establishing its head office within the territory of that Member State; or (b) any insurance undertaking which, having received an authorisation pursuant to paragraph 1, wishes to extend its business to an entire insurance class or to insurance classes other than those already authorised.
(a) they are connected with the principal risk; (b) they concern the object which is covered against the principal risk; and (c) they are covered by the contract insuring the principal risk.
(a) the main risk relates solely to the assistance provided for persons who fall into difficulties while travelling, while away from their home or their habitual residence; or (b) the insurance concerns disputes or risks arising out of, or in connection with, the use of sea-going vessels.
(a) in regard to insurance undertakings, to limit their objects to the business of insurance and operations arising directly therefrom, to the exclusion of all other commercial business; (b) in regard to reinsurance undertakings, to limit their objects to the business of reinsurance and related operations; that requirement may include a holding company function and activities with respect to financial sector activities within the meaning of Article 2(8) of Directive 2002/87/EC; (c) to submit a scheme of operations in accordance with Article 23; (d) to hold the eligible basic own funds to cover the absolute floor of the Minimum Capital Requirement provided for in Article 129(1)(d); (e) to show evidence that it will be in a position to hold eligible own funds to cover the Solvency Capital Requirement, as provided for in Article 100, going forward; (f) to show evidence that it will be in a position to hold eligible basic own funds to cover the Minimum Capital Requirement, as provided for in Article 128, going forward; (g) to show evidence that it will be in a position to comply with the system of governance referred to in Chapter IV, Section 2; (h) in regard to non-life insurance, to communicate the name and address of all claims representatives appointed pursuant to Article 4 of Directive 2000/26/EC in each Member State other than the Member State in which the authorisation is sought if the risks to be covered are classified in class 10 of Part A of Annex I to this Directive, other than carrier’s liability.
(a) possesses the eligible basic own funds to cover the absolute floor of the Minimum Capital Requirement for life insurance undertakings and the absolute floor of the Minimum Capital Requirement for non-life insurance undertakings, as referred to in Article 129(1)(d); (b) undertakes to cover the minimum financial obligations referred to in Article 74(3), going forward.
(a) possesses the eligible basic own funds to cover the absolute floor of the Minimum Capital Requirement for life insurance undertakings and the absolute floor of the Minimum Capital Requirement for non-life insurance undertakings, as referred to in Article 129(1)(d); (b) undertakes to cover the minimum financial obligations referred to in Article 74(3) going forward.
(a) the nature of the risks or commitments which the insurance or reinsurance undertaking concerned proposes to cover; (b) the kind of reinsurance arrangements which the reinsurance undertaking proposes to make with ceding undertakings; (c) the guiding principles as to reinsurance and to retrocession; (d) the basic own-fund items constituting the absolute floor of the Minimum Capital Requirement; (e) estimates of the costs of setting up the administrative services and the organisation for securing business; the financial resources intended to meet those costs and, if the risks to be covered are classified in class 18 in Part A of Annex I, the resources at the disposal of the insurance undertaking for the provision of the assistance promised.
(a) a forecast balance sheet; (b) estimates of the future Solvency Capital Requirement, as provided for in Chapter VI, Section 4, Subsection 1, on the basis of the forecast balance sheet referred to in point (a), as well as the calculation method used to derive those estimates; (c) estimates of the future Minimum Capital Requirement, as provided for in Articles 128 and 129, on the basis of the forecast balance sheet referred to in point (a), as well as the calculation method used to derive those estimates; (d) estimates of the financial resources intended to cover technical provisions, the Minimum Capital Requirement and the Solvency Capital Requirement; (e) in regard to non-life insurance and reinsurance, also the following: (i) estimates of management expenses other than installation costs, in particular current general expenses and commissions; (ii) estimates of premiums or contributions and claims;
(f) in regard to life insurance, also a plan setting out detailed estimates of income and expenditure in respect of direct business, reinsurance acceptances and reinsurance cessions.
(a) a subsidiary of an insurance or reinsurance undertaking authorised in that Member State; (b) a subsidiary of the parent undertaking of an insurance or reinsurance undertaking authorised in that Member State; or (c) an undertaking controlled by the same person, whether natural or legal, who controls an insurance or reinsurance undertaking authorised in that Member State.
(a) a subsidiary of a credit institution or investment firm authorised in the Community; (b) a subsidiary of the parent undertaking of a credit institution or investment firm authorised in the Community; or (c) an undertaking controlled by the same person, whether natural or legal, who controls a credit institution or investment firm authorised in the Community.
(a) the texts of laws, regulations, administrative rules and general guidance in the field of insurance regulation; (b) the general criteria and methods, including the tools developed in accordance with Article 34(4), used in the supervisory review process as set out in Article 36; (c) aggregate statistical data on key aspects of the application of the prudential framework; (d) the manner of exercise of the options provided for in this Directive; (e) the objectives of the supervision and its main functions and activities.
(a) to assess the system of governance applied by the undertakings, the business they are pursuing, the valuation principles applied for solvency purposes, the risks faced and the risk-management systems, and their capital structure, needs and management; (b) to make any appropriate decisions resulting from the exercise of their supervisory rights and duties.
(a) to determine the nature, the scope and the format of the information referred to in paragraph 1 which they require insurance and reinsurance undertakings to submit at the following points in time: (i) at predefined periods; (ii) upon occurrence of predefined events; (iii) during enquiries regarding the situation of an insurance or reinsurance undertaking;
(b) to obtain any information regarding contracts which are held by intermediaries or regarding contracts which are entered into with third parties; and (c) to require information from external experts, such as auditors and actuaries.
(a) qualitative or quantitative elements, or any appropriate combination thereof; (b) historic, current or prospective elements, or any appropriate combination thereof; and (c) data from internal or external sources, or any appropriate combination thereof.
(a) it must reflect the nature, scale and complexity of the business of the undertaking concerned, and in particular the risks inherent in that business; (b) it must be accessible, complete in all material respects, comparable and consistent over time; and (c) it must be relevant, reliable and comprehensible.
(a) the submission of that information would be overly burdensome in relation to the nature, scale and complexity of the risks inherent in the business of the undertaking; (b) the information is reported at least annually.
(a) the submission of that information would be overly burdensome in relation to the nature, scale and complexity of the risks inherent in the business of the undertaking; (b) the submission of that information is not necessary for the effective supervision of the undertaking; (c) the exemption does not undermine the stability of the financial systems concerned in the Union; and (d) the undertaking is able to provide the information on an ad-hoc basis.
(a) the volume of premiums, technical provisions and assets of the undertaking; (b) the volatility of the claims and benefits covered by the undertaking; (c) the market risks that the investments of the undertaking give rise to; (d) the level of risk concentrations; (e) the total number of classes of life and non-life insurance for which authorisation is granted; (f) possible effects of the management of the assets of the undertaking on financial stability; (g) the systems and structures of the undertaking to provide information for supervisory purposes and the written policy referred to in paragraph 5; (h) the appropriateness of the system of governance of the undertaking; (i) the level of own funds covering the Solvency Capital Requirement and the Minimum Capital Requirement; (j) whether the undertaking is a captive insurance or reinsurance undertaking only covering risks associated with the industrial or commercial group to which it belongs.
(a) the system of governance, including the own-risk and solvency assessment, as set out in Chapter IV, Section 2; (b) the technical provisions as set out in Chapter VI, Section 2; (c) the capital requirements as set out in Chapter VI, Sections 4 and 5; (d) the investment rules as set out in Chapter VI, Section 6; (e) the quality and quantity of own funds as set out in Chapter VI, Section 3; (f) where the insurance or reinsurance undertaking uses a full or partial internal model, on-going compliance with the requirements for full and partial internal models set out in Chapter VI, Section 4, Subsection 3.
(a) the supervisory authority concludes that the risk profile of the insurance or reinsurance undertaking deviates significantly from the assumptions underlying the Solvency Capital Requirement, as calculated using the standard formula in accordance with Chapter VI, Section 4, Subsection 2 and: (i) the requirement to use an internal model under Article 119 is inappropriate or has been ineffective; or (ii) while a partial or full internal model is being developed in accordance with Article 119;
(b) the supervisory authority concludes that the risk profile of the insurance or reinsurance undertaking deviates significantly from the assumptions underlying the Solvency Capital Requirement, as calculated using an internal model or partial internal model in accordance with Chapter VI, Section 4, Subsection 3, because certain quantifiable risks are captured insufficiently and the adaptation of the model to better reflect the given risk profile has failed within an appropriate timeframe; (c) the supervisory authority concludes that the system of governance of an insurance or reinsurance undertaking deviates significantly from the standards laid down in Chapter IV, Section 2, that those deviations prevent it from being able to properly identify, measure, monitor, manage and report the risks that it is or could be exposed to and that the application of other measures is in itself unlikely to improve the deficiencies sufficiently within an appropriate timeframe; (d) the insurance or reinsurance undertaking applies the matching adjustment referred to in Article 77b, the volatility adjustment referred to in Article 77d or the transitional measures referred to in Articles 308c and 308d and the supervisory authority concludes that the risk profile of that undertaking deviates significantly from the assumptions underlying those adjustments and transitional measures.
(a) the service provider must cooperate with the supervisory authorities of the insurance and reinsurance undertaking in connection with the outsourced function or activity; (b) the insurance and reinsurance undertakings, their auditors and the supervisory authorities must have effective access to data related to the outsourced functions or activities; (c) the supervisory authorities must have effective access to the business premises of the service provider and must be able to exercise those rights of access.
(a) their professional qualifications, knowledge and experience are adequate to enable sound and prudent management (fit); and (b) they are of good repute and integrity (proper).
(a) underwriting and reserving; (b) asset–liability management; (c) investment, in particular derivatives and similar commitments; (d) liquidity and concentration risk management; (e) operational risk management; (f) reinsurance and other risk-mitigation techniques.
(a) the sensitivity of their technical provisions and eligible own funds to the assumptions underlying the extrapolation of the relevant risk-free interest rate term structure referred to in Article 77a; (b) where the matching adjustment referred to in Article 77b is applied: (i) the sensitivity of their technical provisions and eligible own funds to the assumptions underlying the calculation of the matching adjustment, including the calculation of the fundamental spread referred to in Article 77c(1)(b), and the possible effect of a forced sale of assets on their eligible own funds; (ii) the sensitivity of their technical provisions and eligible own funds to changes in the composition of the assigned portfolio of assets; (iii) the impact of a reduction of the matching adjustment to zero;
(c) where the volatility adjustment referred to in Article 77d is applied: (i) the sensitivity of their technical provisions and eligible own funds to the assumptions underlying the calculation of the volatility adjustment and the possible effect of a forced sale of assets on their eligible own funds; (ii) the impact of a reduction of the volatility adjustment to zero.
(a) to design and implement the internal model; (b) to test and validate the internal model; (c) to document the internal model and any subsequent changes made to it; (d) to analyse the performance of the internal model and to produce summary reports thereof; (e) to inform the administrative, management or supervisory body about the performance of the internal model, suggesting areas needing improvement, and up-dating that body on the status of efforts to improve previously identified weaknesses.
(a) the overall solvency needs taking into account the specific risk profile, approved risk tolerance limits and the business strategy of the undertaking; (b) the compliance, on a continuous basis, with the capital requirements, as laid down in Chapter VI, Sections 4 and 5 and with the requirements regarding technical provisions, as laid down in Chapter VI, Section 2; (c) the significance with which the risk profile of the undertaking concerned deviates from the assumptions underlying the Solvency Capital Requirement as laid down in Article 101(3), calculated with the standard formula in accordance with Chapter VI, Section 4, Subsection 2 or with its partial or full internal model in accordance with Chapter VI, Section 4, Subsection 3.
(a) coordinate the calculation of technical provisions; (b) ensure the appropriateness of the methodologies and underlying models used as well as the assumptions made in the calculation of technical provisions; (c) assess the sufficiency and quality of the data used in the calculation of technical provisions; (d) compare best estimates against experience; (e) inform the administrative, management or supervisory body of the reliability and adequacy of the calculation of technical provisions; (f) oversee the calculation of technical provisions in the cases set out in Article 82; (g) express an opinion on the overall underwriting policy; (h) express an opinion on the adequacy of reinsurance arrangements; and (i) contribute to the effective implementation of the risk-management system referred to in Article 44, in particular with respect to the risk modelling underlying the calculation of the capital requirements set out in Chapter VI, Sections 4 and 5, and to the assessment referred to in Article 45.
(a) materially impairing the quality of the system of governance of the undertaking concerned; (b) unduly increasing the operational risk; (c) impairing the ability of the supervisory authorities to monitor the compliance of the undertaking with its obligations; (d) undermining continuous and satisfactory service to policy holders.
(a) the elements of the systems referred to in Articles 41, 44, 46 and 47, and in particular the areas to be covered by the asset–liability management and investment policy, as referred to in Article 44(2), of insurance and reinsurance undertakings; (b) the functions referred to in Articles 44, 46, 47 and 48.
(a) the requirements set out in Article 42 and the functions subject thereto; (b) the conditions for outsourcing, in particular to service providers located in third countries.
(a) a description of the business and the performance of the undertaking; (b) a description of the system of governance and an assessment of its adequacy for the risk profile of the undertaking; (c) a description, separately for each category of risk, of the risk exposure, concentration, mitigation and sensitivity; (d) a description, separately for assets, technical provisions, and other liabilities, of the bases and methods used for their valuation, together with an explanation of any major differences in the bases and methods used for their valuation in financial statements; (e) a description of the capital management, including at least the following: (i) the structure and amount of own funds, and their quality; (ii) the amounts of the Solvency Capital Requirement and of the Minimum Capital Requirement; (iii) the option set out in Article 304 used for the calculation of the Solvency Capital Requirement; (iv) information allowing a proper understanding of the main differences between the underlying assumptions of the standard formula and those of any internal model used by the undertaking for the calculation of its Solvency Capital Requirement; (v) the amount of any non-compliance with the Minimum Capital Requirement or any significant non-compliance with the Solvency Capital Requirement during the reporting period, even if subsequently resolved, with an explanation of its origin and consequences as well as any remedial measures taken.
(a) the average capital add-on per undertaking and the distribution of capital add-ons imposed by the supervisory authority during the previous year, measured as a percentage of the Solvency Capital Requirement, shown separately for: (i) insurance and reinsurance undertakings; (ii) life insurance undertakings; (iii) non-life insurance undertakings; (iv) insurance undertakings pursuing both life and non-life activities; (v) reinsurance undertakings;
(b) for each of the disclosures set out in point (a) of this paragraph, the proportion of capital add-ons imposed under Article 37(1)(a), (b) and (c) respectively; (c) the number of insurance and reinsurance undertakings benefiting from the limitation from regular supervisory reporting and the number of insurance and reinsurance undertakings benefiting from the exemption of reporting on an item-by-item basis referred to in Article 35(6) and (7), together with their volume of capital requirements, premiums, technical provisions and assets, respectively measured as percentages of the total volume of capital requirements, premiums, technical provisions and assets of the insurance and reinsurance undertakings of the Member State; (d) the number of groups benefiting from the limitation from regular supervisory reporting and the number of groups benefiting from the exemption of reporting on an item-by-item basis referred to in Article 254(2) together with their volume of capital requirements, premiums, technical provisions and assets, respectively measured as percentages of the total volume of capital requirements, premiums, technical provisions and assets of all the groups.
(a) for all Member States together, the total distribution of capital add-ons, measured as a percentage of the Solvency Capital Requirement, for each of the following: (i) insurance and reinsurance undertakings; (ii) life insurance undertakings; (iii) non-life insurance undertakings; (iv) insurance undertakings pursuing both life and non-life activities; (v) reinsurance undertakings;
(b) for each Member State separately, the distribution of capital add-ons, measured as a percentage of the Solvency Capital Requirement, covering all insurance and reinsurance undertakings in that Member State; (c) for each of the disclosures referred to in points (a) and (b) of this paragraph, the proportion of capital add-ons imposed under Article 37(1)(a), (b) and (c) respectively; (d) for all Member States collectively, the total number of insurance and reinsurance undertakings and groups benefiting from the limitation from regular supervisory reporting and the total number of insurance and reinsurance undertakings and groups benefiting from the exemption of reporting on an item-by-item basis referred to in Article 35(6) and (7) and Article 254(2), together with their volume of capital requirements, premiums, technical provisions and assets, respectively measured as percentages of the total volume of capital requirements, premiums, technical provisions and assets of all insurance and reinsurance undertakings and groups; (e) for each Member State separately, the number of insurance and reinsurance undertakings and groups benefiting from the limitation from regular supervisory reporting and the number of insurance and reinsurance undertakings and groups benefiting from the exemption of reporting on an item-by-item basis referred to in Article 35(6) and (7) and Article 254(2), together with their volume of capital requirements, premiums, technical provisions and assets, respectively measured as percentages of the total volume of premiums, technical provisions and assets of the insurance and reinsurance undertakings and groups of the Member State.
(a) by disclosing such information, the competitors of the undertaking would gain significant undue advantage; (b) there are obligations to policy holders or other counterparty relationships binding an undertaking to secrecy or confidentiality.
(a) non-compliance with the Minimum Capital Requirement is observed and the supervisory authorities either consider that the undertaking will not be able to submit a realistic short-term finance scheme or do not obtain such a scheme within one month of the date when non-compliance was observed; (b) significant non-compliance with the Solvency Capital Requirement is observed and the supervisory authorities do not obtain a realistic recovery plan within two months of the date when non-compliance was observed.
(a) situated or regulated outside the Community; or (b) a natural or legal person not subject to supervision under this Directive, Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)OJ L 375, 31.12.1985, p. 3 .
(a) the reputation of the proposed acquirer; (b) the reputation and experience of any person who will direct the business of the insurance or reinsurance undertaking as a result of the proposed acquisition; (c) the financial soundness of the proposed acquirer, in particular in relation to the type of business pursued and envisaged in the insurance or reinsurance undertaking in which the acquisition is proposed; (d) whether the insurance or reinsurance undertaking will be able to comply and continue to comply with the prudential requirements based on this Directive and, where applicable, other Directives, notably, Directive 2002/87/EC, in particular, whether the group of which it will become part has a structure that makes it possible to exercise effective supervision, effectively exchange information among the supervisory authorities and determine the allocation of responsibilities among the supervisory authorities; (e) whether there are reasonable grounds to suspect that, in connection with the proposed acquisition, money laundering or terrorist financing within the meaning of Article 1 of Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financingOJ L 309, 25.11.2005, p. 15 .
(a) a credit institution, insurance or reinsurance undertaking, investment firm or management company within the meaning of point 2 of Article 1a of Directive 85/611/EEC (the UCITS management company) authorised in another Member State or in a sector other than that in which the acquisition is proposed; (b) the parent undertaking of a credit institution, insurance or reinsurance undertaking, investment firm or UCITS management company authorised in another Member State or in a sector other than that in which the acquisition is proposed; or (c) a natural or legal person controlling a credit institution, insurance or reinsurance undertaking, investment firm or UCITS management company authorised in another Member State or in a sector other than that in which the acquisition is proposed.
(1) the suspension of the exercise of the corresponding voting rights; or (2) the nullity of any votes cast or the possibility of their annulment.
(1) to check that the conditions governing the taking-up of the business of insurance or reinsurance are met and to facilitate the monitoring of the conduct of such business, especially with regard to the monitoring of the technical provisions, the Solvency Capital Requirement, the Minimum Capital Requirement, and the system of governance; (2) to impose sanctions; (3) in administrative appeals against decisions of the supervisory authorities; (4) in court proceedings under this Directive.
(a) the exchange of information between several supervisory authorities in the same Member State in the discharge of their supervisory functions; (b) the exchange of information, in the discharge of their supervisory functions, between supervisory authorities and any of the following which are situated in the same Member State: (i) authorities responsible for the supervision of credit institutions and other financial organisations and the authorities responsible for the supervision of financial markets; (ii) bodies involved in the liquidation and bankruptcy of insurance undertakings or reinsurance undertakings and in other similar procedures; (iii) persons responsible for carrying out statutory audits of the accounts of insurance undertakings, reinsurance undertakings and other financial institutions; (iv) authorities responsible for supervising the obliged entities listed in points (1) and (2) of Article 2(1) of Directive (EU) 2015/849 of the European Parliament and of the Council Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73 ).
(c) the disclosure, to bodies which administer compulsory winding-up proceedings or guarantee funds, of information necessary for the performance of their duties.
(a) the authorities responsible for overseeing the bodies involved in the liquidation and bankruptcy of insurance undertakings, reinsurance undertakings and other similar procedures; (b) the authorities responsible for overseeing the persons charged with carrying out statutory audits of the accounts of insurance undertakings, reinsurance undertakings, credit institutions, investment firms and other financial institutions; (c) independent actuaries of insurance undertakings or reinsurance undertakings carrying out legal supervision of those undertakings and the bodies responsible for overseeing such actuaries.
(a) the information must be for the purpose of carrying out the overseeing or legal supervision referred to in the first subparagraph; (b) the information received must be subject to the obligation of professional secrecy laid down in Article 64; (c) where the information originates in another Member State, it must not be disclosed without the express agreement of the supervisory authority from which it originates and, where appropriate, solely for the purposes for which that authority gave its agreement.
(a) the information must be intended for the purpose of detection and investigation as referred to in the first subparagraph; (b) information received must be subject to the obligation of professional secrecy laid down in Article 64; (c) where the information originates in another Member State, it shall not be disclosed without the express agreement of the supervisory authority from which it originates and, where appropriate, solely for the purposes for which that authority gave its agreement.
(a) central banks of the European System of Central Banks (ESCB), including the European Central Bank (ECB) and other bodies with a similar function in their capacity as monetary authorities where this information is relevant to their respective statutory tasks, including the conduct of monetary policy and related liquidity provision, oversight of payments, clearing and securities settlement systems and safeguarding the stability of the financial system; (b) where appropriate, other national public authorities responsible for overseeing payment systems; and (c) the European Systemic Risk Board (ESRB), established by Regulation (EU) No 1092/2010 of the European Parliament and of the Council Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (OJ L 331, 15.12.2010, p. 1 ).
(a) the supervisory authorities participate in the activities of EIOPA; (b) the supervisory authorities make every effort to comply with the guidelines and recommendations issued by EIOPA in accordance with Article 16 of Regulation (EU) No 1094/2010 and state reasons if they do not do so; (c) national mandates conferred on the supervisory authorities do not inhibit the performance of their duties as members of EIOPA or under this Directive.
(a) a material breach of the laws, regulations or administrative provisions which lay down the conditions governing authorisation or which specifically govern pursuit of the activities of insurance and reinsurance undertakings; (b) the impairment of the continuous functioning of the insurance or reinsurance undertaking; (c) a refusal to certify the accounts or to the expression of reservations; (d) non-compliance with the Solvency Capital Requirement; (e) non-compliance with the Minimum Capital Requirement.
(a) undertakings authorised to pursue life insurance activity may obtain authorisation for non-life insurance activities for the risks listed in classes 1 and 2 in Part A of Annex I; (b) undertakings authorised solely for the risks listed in classes 1 and 2 in Part A of Annex I may obtain authorisation to pursue life insurance activity.
(a) 1 January 1981 for undertakings authorised in Greece;(b) 1 January 1986 for undertakings authorised in Spain and Portugal;(c) 1 January 1995 for undertakings authorised in Austria, Finland and Sweden;(d) 1 May 2004 for undertakings authorised in the Czech Republic, Estonia, Cyprus, Latvia, Lithuania, Hungary, Malta, Poland, Slovakia, and Slovenia;(e) 1 January 2007 for undertakings authorised in Bulgaria and Romania;(ea) 1 July 2013 for undertakings authorised in Croatia;(f) 15 March 1979 for all other undertakings.
(a) a notional life Minimum Capital Requirement with respect to their life insurance or reinsurance activity, calculated as if the undertaking concerned only pursued that activity, on the basis of the separate accounts referred to in paragraph 6; and (b) a notional non-life Minimum Capital Requirement with respect to their non-life insurance or reinsurance activity, calculated as if the undertaking concerned only pursued that activity, on the basis of the separate accounts referred to in paragraph 6.
(a) the notional life Minimum Capital Requirement, in respect of the life activity; (b) the notional non-life Minimum Capital Requirement, in respect of the non-life activity.
(a) assets shall be valued at the amount for which they could be exchanged between knowledgeable willing parties in an arm’s length transaction; (b) liabilities shall be valued at the amount for which they could be transferred, or settled, between knowledgeable willing parties in an arm’s length transaction.
(a) to the extent that the delegated acts referred to in paragraph 2 require the use of international accounting standards as adopted by the Commission in accordance with Regulation (EC) No 1606/2002, the consistency of those accounting standards with the valuation approach of assets and liabilities as laid down in paragraphs 1 and 2; (b) the methods and assumptions to be used where quoted market prices are either not available or where international accounting standards as adopted by the Commission in accordance with Regulation (EC) No 1606/2002 are either temporarily or permanently inconsistent with the valuation approach of assets and liabilities as laid down in paragraphs 1 and 2; (c) the methods and assumptions to be used in the valuation of assets and liabilities as laid down in paragraph 1, where the delegated acts referred to in paragraph 2 allow for the use of alternative valuation methods.
(a) the insurance or reinsurance undertaking has assigned a portfolio of assets, consisting of bonds and other assets with similar cash-flow characteristics, to cover the best estimate of the portfolio of insurance or reinsurance obligations and maintains that assignment over the lifetime of the obligations, except for the purpose of maintaining the replication of expected cash flows between assets and liabilities where the cash flows have materially changed; (b) the portfolio of insurance or reinsurance obligations to which the matching adjustment is applied and the assigned portfolio of assets are identified, organised and managed separately from other activities of the undertakings, and the assigned portfolio of assets cannot be used to cover losses arising from other activities of the undertakings; (c) the expected cash flows of the assigned portfolio of assets replicate each of the expected cash flows of the portfolio of insurance or reinsurance obligations in the same currency and any mismatch does not give rise to risks which are material in relation to the risks inherent in the insurance or reinsurance business to which the matching adjustment is applied; (d) the contracts underlying the portfolio of insurance or reinsurance obligations do not give rise to future premium payments; (e) the only underwriting risks connected to the portfolio of insurance or reinsurance obligations are longevity risk, expense risk, revision risk and mortality risk; (f) where the underwriting risk connected to the portfolio of insurance or reinsurance obligations includes mortality risk, the best estimate of the portfolio of insurance or reinsurance obligations does not increase by more than 5 % under a mortality risk stress that is calibrated in accordance with Article 101(2) to (5); (g) the contracts underlying the portfolio of insurance or reinsurance obligations include no options for the policy holder or only a surrender option where the surrender value does not exceed the value of the assets, valued in accordance with Article 75, covering the insurance or reinsurance obligations at the time the surrender option is exercised; (h) the cash flows of the assigned portfolio of assets are fixed and cannot be changed by the issuers of the assets or any third parties; (i) the insurance or reinsurance obligations of an insurance or reinsurance contract are not split into different parts when composing the portfolio of insurance or reinsurance obligations for the purpose of this paragraph.
(a) the matching adjustment must be equal to the difference of the following: (i) the annual effective rate, calculated as the single discount rate that, where applied to the cash flows of the portfolio of insurance or reinsurance obligations, results in a value that is equal to the value in accordance with Article 75 of the portfolio of assigned assets; (ii) the annual effective rate, calculated as the single discount rate that, where applied to the cash flows of the portfolio of insurance or reinsurance obligations, results in a value that is equal to the value of the best estimate of the portfolio of insurance or reinsurance obligations where the time value of money is taken into account using the basic risk-free interest rate term structure;
(b) the matching adjustment must not include the fundamental spread reflecting the risks retained by the insurance or reinsurance undertaking; (c) notwithstanding point (a), the fundamental spread must be increased where necessary to ensure that the matching adjustment for assets with sub-investment grade credit quality does not exceed the matching adjustments for assets of investment grade credit quality and the same duration and asset class; (d) the use of external credit assessments in the calculation of the matching adjustment must be in accordance with Article 111(1)(n).
(a) equal to the sum of the following: (i) the credit spread corresponding to the probability of default of the assets; (ii) the credit spread corresponding to the expected loss resulting from downgrading of the assets;
(b) for exposures to Member States' central governments and central banks, no lower than 30 % of the long-term average of the spread over the risk-free interest rate of assets of the same duration, credit quality and asset class, as observed in financial markets; (c) for assets other than exposures to Member States' central governments and central banks, no lower than 35 % of the long-term average of the spread over the risk-free interest rate of assets of the same duration, credit quality and asset class, as observed in financial markets.
(a) a relevant risk-free interest rate term structure to calculate the best estimate referred to in Article 77(2), without any matching adjustment or volatility adjustment; (b) for each relevant duration, credit quality and asset class a fundamental spread for the calculation of the matching adjustment referred to in Article 77c(1)(b); (c) for each relevant national insurance market a volatility adjustment to the relevant risk-free interest rate term structure referred to in Article 77d(1).
(a) the availability of long-term guarantees in insurance products in their national markets and the behaviour of insurance and reinsurance undertakings as long-term investors; (b) the number of insurance and reinsurance undertakings applying the matching adjustment, the volatility adjustment, the extension of the recovery period in accordance with Article 138(4), the duration-based equity risk sub-module and the transitional measures set out in Articles 308c and 308d; (c) the impact on the insurance and reinsurance undertakings' financial position of the matching adjustment, the volatility adjustment, the symmetric adjustment mechanism to the equity capital charge, the duration-based equity risk sub-module and the transitional measures set out in Articles 308c and 308d, at national level and in anonymised way for each undertaking; (d) the effect of the matching adjustment, the volatility adjustment, the symmetric adjustment mechanism to the equity capital charge and the duration-based equity risk sub-module on the investment behaviour of insurance and reinsurance undertakings and whether they provide undue capital relief; (e) the effect of any extension of the recovery period in accordance with Article 138(4) on the efforts of insurance and reinsurance undertakings to re-establish the level of eligible own funds covering the Solvency Capital Requirement or to reduce the risk profile in order to ensure compliance with the Solvency Capital Requirement; (f) where insurance and reinsurance undertakings apply the transitional measures set out in Articles 308c and 308d, whether they comply with the phasing-in plans referred to in Article 308e and the prospects for a reduced dependency on these transitional measures, including measures that have been taken or are expected to be taken by the undertakings and supervisory authorities, taking into account the regulatory environment of the Member State concerned.
(a) policy holder protection; (b) the functioning and stability of European insurance markets; (c) the internal market and in particular the competition and the level playing field in European insurance markets; (d) the extent to which insurance and reinsurance undertakings continue to operate as long-term investors; (e) the availability and pricing of annuity products; (f) the availability and pricing of competing products; (g) long-term investment strategies by insurance undertakings in relation to products to which Articles 77b and 77c are applied relative to those in relation to other long-term guarantees; (h) consumer choice and consumer awareness of risk; (i) the degree of diversification in the insurance business and asset portfolio of insurance and reinsurance undertakings; (j) financial stability.
(1) all expenses that will be incurred in servicing insurance and reinsurance obligations; (2) inflation, including expenses and claims inflation; (3) all payments to policy holders and beneficiaries, including future discretionary bonuses, which insurance and reinsurance undertakings expect to make, whether or not those payments are contractually guaranteed, unless those payments fall under Article 91(2).
(a) actuarial and statistical methodologies to calculate the best estimate referred to in Article 77(2); (b) the methodologies, principles and techniques for the determination of the relevant risk-free interest rate term structure to be used to calculate the best estimate referred to in Article 77(2); (c) the circumstances in which technical provisions shall be calculated as a whole, or as a sum of a best estimate and a risk margin, and the methods to be used in the case where technical provisions are calculated as a whole, as referred to in Article 77(4); (d) the methods and assumptions to be used in the calculation of the risk margin including the determination of the amount of eligible own funds necessary to support the insurance and reinsurance obligations and the calibration of the cost-of-capital rate, as referred to in Article 77(5); (e) the lines of business on the basis of which insurance and reinsurance obligations are to be segmented in order to calculate technical provisions referred to in Article 80; (f) the standards to be met with respect to ensuring the appropriateness, completeness and accuracy of the data used in the calculation of technical provisions, and the specific circumstances in which it would be appropriate to use approximations, including case-by-case approaches, to calculate the best estimate, as referred to in Article 82; (g) specifications with respect to the requirements set out in Article 77b(1) including the methods, assumptions and standard parameters to be used when calculating the impact of the mortality risk stress referred to in Article 77b(1)(e); (h) specifications with respect to the requirements set out in Article 77c including assumptions and methods to apply in the calculation of the matching adjustment and the fundamental spread; (i) methods and assumptions for the calculation of the volatility adjustment referred to in Article 77d including a formula for the calculation of the spread referred to in paragraph 2 of that Article.
(a) the methodologies to be used when calculating the counterparty default adjustment referred to in Article 81 designed to capture expected losses due to default of the counterparty; (b) where necessary, simplified methods and techniques to calculate technical provisions, in order to ensure the actuarial and statistical methods referred to in points (a) and (d) are proportionate to the nature, scale and complexity of the risks supported by insurance and reinsurance undertakings including captive insurance and reinsurance undertakings.
(1) the excess of assets over liabilities, valued in accordance with Article 75 and Section 2; (2) subordinated liabilities.
(a) unpaid share capital or initial fund that has not been called up; (b) letters of credit and guarantees; (c) any other legally binding commitments received by insurance and reinsurance undertakings.
(a) a monetary amount for each ancillary own-fund item; (b) a method by which to determine the amount of each ancillary own-fund item, in which case supervisory approval of the amount determined in accordance with that method shall be granted for a specified period of time.
(a) the status of the counterparties concerned, in relation to their ability and willingness to pay; (b) the recoverability of the funds, taking account of the legal form of the item, as well as any conditions which would prevent the item from being successfully paid in or called up; (c) any information on the outcome of past calls which insurance and reinsurance undertakings have made for such ancillary own funds, to the extent that information can be reliably used to assess the expected outcome of future calls.
(a) participations which insurance and reinsurance undertakings hold in: (i) credit institutions and financial institutions within the meaning of Article 4(1) and (5) of Directive 2006/48/EC, (ii) investment firms within the meaning of point 1 of Article 4(1) of Directive 2004/39/EC;
(b) subordinated claims and instruments referred to in Article 63 and Article 64(3) of Directive 2006/48/EC which insurance and reinsurance undertakings hold in respect of the entities defined in point (a) of this paragraph in which they hold a participation.
(a) the item is available, or can be called up on demand, to fully absorb losses on a going-concern basis, as well as in the case of winding-up (permanent availability); (b) in the case of winding-up, the total amount of the item is available to absorb losses and the repayment of the item is refused to its holder until all other obligations, including insurance and reinsurance obligations towards policy holders and beneficiaries of insurance and reinsurance contracts, have been met (subordination).
(a) whether the item is free from requirements or incentives to redeem the nominal sum (absence of incentives to redeem); (b) whether the item is free from mandatory fixed charges (absence of mandatory servicing costs); (c) whether the item is clear of encumbrances (absence of encumbrances).
(1) surplus funds falling under Article 91(2) shall be classified in Tier 1; (2) letters of credit and guarantees which are held in trust for the benefit of insurance creditors by an independent trustee and provided by credit institutions authorised in accordance with Directive 2006/48/EC shall be classified in Tier 2; (3) any future claims which mutual or mutual-type associations of shipowners with variable contributions solely insuring risks listed in classes 6, 12 and 17 in Part A of Annex I may have against their members by way of a call for supplementary contributions, within the following 12 months, shall be classified in Tier 2.
(a) the proportion of Tier 1 items in the eligible own funds is higher than one third of the total amount of eligible own funds; (b) the eligible amount of Tier 3 items is less than one third of the total amount of eligible own funds.
(a) the quantitative limits referred to in Article 98(1) and (2); (b) the adjustments that should be made to reflect the lack of transferability of those own-fund items that can be used only to cover losses arising from a particular segment of liabilities or from particular risks (ring-fenced funds).
(a) non-life underwriting risk; (b) life underwriting risk; (c) health underwriting risk; (d) market risk; (e) credit risk; (f) operational risk.
(a) the Basic Solvency Capital Requirement, as laid down in Article 104; (b) the capital requirement for operational risk, as laid down in Article 107; (c) the adjustment for the loss-absorbing capacity of technical provisions and deferred taxes, as laid down in Article 108.
(a) non-life underwriting risk; (b) life underwriting risk; (c) health underwriting risk; (d) market risk; (e) counterparty default risk.
(a) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from fluctuations in the timing, frequency and severity of insured events, and in the timing and amount of claim settlements (non-life premium and reserve risk); (b) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from significant uncertainty of pricing and provisioning assumptions related to extreme or exceptional events (non-life catastrophe risk).
(a) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from changes in the level, trend, or volatility of mortality rates, where an increase in the mortality rate leads to an increase in the value of insurance liabilities (mortality risk); (b) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from changes in the level, trend, or volatility of mortality rates, where a decrease in the mortality rate leads to an increase in the value of insurance liabilities (longevity risk); (c) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from changes in the level, trend or volatility of disability, sickness and morbidity rates (disability – morbidity risk); (d) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from changes in the level, trend, or volatility of the expenses incurred in servicing insurance or reinsurance contracts (life-expense risk); (e) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from fluctuations in the level, trend, or volatility of the revision rates applied to annuities, due to changes in the legal environment or in the state of health of the person insured (revision risk); (f) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from changes in the level or volatility of the rates of policy lapses, terminations, renewals and surrenders (lapse risk); (g) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from the significant uncertainty of pricing and provisioning assumptions related to extreme or irregular events (life-catastrophe risk).
(a) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from changes in the level, trend, or volatility of the expenses incurred in servicing insurance or reinsurance contracts; (b) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from fluctuations in the timing, frequency and severity of insured events, and in the timing and amount of claim settlements at the time of provisioning; (c) the risk of loss, or of adverse change in the value of insurance liabilities, resulting from the significant uncertainty of pricing and provisioning assumptions related to outbreaks of major epidemics, as well as the unusual accumulation of risks under such extreme circumstances.
(a) the sensitivity of the values of assets, liabilities and financial instruments to changes in the term structure of interest rates, or in the volatility of interest rates (interest rate risk); (b) the sensitivity of the values of assets, liabilities and financial instruments to changes in the level or in the volatility of market prices of equities (equity risk); (c) the sensitivity of the values of assets, liabilities and financial instruments to changes in the level or in the volatility of market prices of real estate (property risk); (d) the sensitivity of the values of assets, liabilities and financial instruments to changes in the level or in the volatility of credit spreads over the risk-free interest rate term structure (spread risk); (e) the sensitivity of the values of assets, liabilities and financial instruments to changes in the level or in the volatility of currency exchange rates (currency risk); (f) additional risks to an insurance or reinsurance undertaking stemming either from lack of diversification in the asset portfolio or from large exposure to default risk by a single issuer of securities or a group of related issuers (market risk concentrations).
(a) lists of regional governments and local authorities, exposures to whom are to be treated as exposures to the central government of the jurisdiction in which they are established, provided that there is no difference in risk between such exposures because of the specific revenue-raising powers of the former, and specific institutional arrangements exist, the effect of which is to reduce the risk of default; (b) the equity index referred to in Article 106(2), in accordance with the detailed criteria established under Article 111(1)(c) and (o); (c) the adjustments to be made for currencies pegged to the euro in the currency risk sub-module referred to in Article 105(5), in accordance with the detailed criteria for the adjustments for currencies pegged to the euro for the purpose of facilitating the calculation of the currency risk sub-module, as established under Article 111(1)(p).
(a) the mechanism for the sharing of claims is transparent and fully specified in advance of the annual period to which it applies; (b) the mechanism for the sharing of claims, the number of insurance undertakings that participate in the health risk equalisation system (HRES) and the risk characteristics of the business subject to the HRES ensure that for each undertaking participating in the HRES the volatility of annual losses of the business subject to the HRES is significantly reduced by means of the HRES, both in relation to premium and to reserve risk; (c) health insurance subject to the HRES is compulsory and serves as a partial or complete alternative to health cover provided by the statutory social security system; (d) in the event of default of insurance undertakings participating in the HRES, one or more Member States' governments guarantee to meet the policy holder claims of the insurance business that is subject to the HRES in full.
(a) a standard formula in accordance with Articles 101 and 103 to 109; (b) any sub-modules necessary or covering more precisely the risks which fall under the respective risk modules referred to in Article 104 as well as any subsequent updates; (c) the methods, assumptions and standard parameters to be calibrated to the confidence level referred to in Article 101(3) and to be used when calculating each of the risk modules or sub-modules of the basic Solvency Capital Requirement laid down in Articles 104, 105 and 304, the symmetric adjustment mechanism and the appropriate period of time, expressed in the number of months, as referred to in Article 106, and the appropriate approach for integrating the method referred to in Article 304 in the Solvency Capital Requirement as calculated in accordance with the standard formula; (d) the correlation parameters, including, where necessary, those set out in Annex IV, and the procedures for updating those parameters; (e) where insurance and reinsurance undertakings use risk-mitigation techniques, the methods and assumptions to be used to assess the changes in the risk profile of the undertaking concerned and to adjust the calculation of the Solvency Capital Requirement; (f) the qualitative criteria that the risk-mitigation techniques referred to in point (e) must fulfil in order to ensure that the risk has been effectively transferred to a third party; (fa) the method and parameters to be used when assessing the capital requirement for counterparty default risk in the case of exposures to qualifying central counterparties, those parameters ensuring consistency with the treatment of such exposures in the case of credit institutions and financial institutions within the meaning of Article 4(1)(1) and (26) of Regulation (EU) No 575/2013; (g) the methods and parameters to be used when assessing the capital requirement for operational risk set out in Article 107, including the percentage referred to in Article 107(3); (h) the methods and adjustments to be used to reflect the reduced scope for risk diversification of insurance and reinsurance undertakings relating to ring-fenced funds; (i) the method to be used when calculating the adjustment for the loss absorbing capacity of technical provisions or deferred taxes, as laid down in Article 108; (j) the subset of standard parameters in the life, non-life and health underwriting risk modules that may be replaced by undertaking-specific parameters as set out in Article 104(7); (k) the standardised methods to be used by the insurance or reinsurance undertaking to calculate the undertaking-specific parameters referred to in point (j), and any criteria with respect to the completeness, accuracy, and appropriateness of the data used that must be met before supervisory approval is given together with the procedure to be followed for such approval; (l) the simplified calculations provided for specific sub-modules and risk modules, as well as the criteria that insurance and reinsurance undertakings, including captive insurance and reinsurance undertakings, shall be required to fulfil in order to be entitled to use each of those simplifications, as set out in Article 109; (m) the approach to be used with respect to related undertakings within the meaning of Article 212 in the calculation of the Solvency Capital Requirement, in particular the calculation of the equity risk sub-module referred to in Article 105(5), taking into account the likely reduction in the volatility of the value of those related undertakings arising from the strategic nature of those investments and the influence exercised by the participating undertaking on those related undertakings; (n) how to use external credit assessments from ECAIs in the calculation of the Solvency Capital Requirement in accordance with the standard formula and the allocation of external credit assessments to a scale of credit quality steps referred to in Article 109a(1) which shall be consistent with the use of external credit assessments from ECAIs in the calculation of the capital requirements for credit institutions as defined in Article 4(1)(1) of Regulation (EU) No 575/2013 and financial institutions as defined in Article 4(1)(26) thereof; (o) the detailed criteria for the equity index referred to in Article 109a(2)(c); (p) the detailed criteria for the adjustments for currencies pegged to the euro for the purpose of facilitating the calculation of the currency risk sub-module referred to in Article 109a(2)(d); (q) the conditions for a categorisation of regional governments and local authorities referred to in Article 109a(2)(a).
(a) one or more risk modules, or sub-modules, of the Basic Solvency Capital Requirement, as set out in Articles 104 and 105; (b) the capital requirement for operational risk as set out in Article 107; (c) the adjustment referred to in Article 108.
(a) the reason for the limited scope of application of the model is properly justified by the undertaking; (b) the resulting Solvency Capital Requirement reflects more appropriately the risk profile of the undertaking and in particular complies with the principles set out in Subsection 1; (c) its design is consistent with the principles set out in Subsection 1 so as to allow the partial internal model to be fully integrated into the Solvency Capital Requirement standard formula.
(a) the adaptations to be made to the standards set out in Articles 120 to 125 in light of the limited scope of the application of the partial internal model; (b) the manner in which a partial internal model is to be fully integrated into the Solvency Capital Requirement standard formula referred to in Article 113(1)(c) and the requirements for the use of alternative integration techniques.
(a) the approval of an internal model in accordance with Article 112; and (b) the approval of major changes to an internal model and changes to the policy for changing an internal model referred to in Article 115.
(a) their risk-management system as laid down in Article 44 and their decision-making processes; (b) their economic and solvency capital assessment and allocation processes, including the assessment referred to in Article 45.
(a) it shall be calculated in a clear and simple manner, and in such a way as to ensure that the calculation can be audited; (b) it shall correspond to an amount of eligible basic own funds below which policy holders and beneficiaries are exposed to an unacceptable level of risk were insurance and reinsurance undertakings allowed to continue their operations; (c) the linear function referred to in paragraph 2 used to calculate the Minimum Capital Requirement shall be calibrated to the Value-at-Risk of the basic own funds of an insurance or reinsurance undertaking subject to a confidence level of 85 % over a one-year period; (d) it shall have an absolute floor of: (i) EUR 2500000 for non-life insurance undertakings, including captive insurance undertakings, save in the case where all or some of the risks included in one of the classes 10 to 15 listed in Part A of Annex I are covered, in which case it shall be no less than EUR3700000 ;(ii) EUR 3700000 for life insurance undertakings, including captive insurance undertakings;(iii) EUR 3600000 for reinsurance undertakings, except in the case of captive reinsurance undertakings, in which case the Minimum Capital Requirement shall be not less than EUR1200000 ;(iv) the sum of the amounts set out in points (i) and (ii) for insurance undertakings as referred to in Article 73(5).
(a) the identification, measurement, monitoring and managing of risks arising from investments in relation to the first subparagraph of Article 132(2); (b) the identification, measurement, monitoring and managing of specific risks arising from investment in derivative instruments and assets referred to in the second subparagraph of Article 132(4) and the determination of the extent to which the use of such assets qualifies as risk reduction or efficient portfolio management as referred to in the third subparagraph of Article 132(4).
(a) the requirements that need to be met by undertakings that repackage loans into tradable securities and other financial instruments (originators or sponsors) in order for an insurance or reinsurance undertaking to be allowed to invest in such securities or instruments issued after 1 January 2011 , including requirements that ensure that the originator, sponsor or original lender retains, on an ongoing basis, a material net economic interest, which, in any event, shall not be less than 5 %;(b) qualitative requirements that must be met by insurance or reinsurance undertakings that invest in such securities or instruments; (c) the specifications for the circumstances under which a proportionate additional capital charge may be imposed when the requirements laid down under points (a) and (b) of this paragraph have been breached, without prejudice to Article 101(3).
(a) a fall in financial markets which is unforeseen, sharp and steep; (b) a persistent low interest rate environment; (c) a high-impact catastrophic event.
(a) estimates of management expenses, in particular current general expenses and commissions; (b) estimates of income and expenditure in respect of direct business, reinsurance acceptances and reinsurance cessions; (c) a forecast balance sheet; (d) estimates of the financial resources intended to cover the technical provisions and the Solvency Capital Requirement and the Minimum Capital Requirement; (e) the overall reinsurance policy.
(a) the undertaking concerned does not make use of the authorisation within 12 months, expressly renounces it or ceases to pursue business for more than six months, unless the Member State concerned has made provision for authorisation to lapse in such cases; (b) the undertaking concerned no longer fulfils the conditions for authorisation; (c) the undertaking concerned fails seriously in its obligations under the regulations to which it is subject.
(a) the Member State within the territory of which it proposes to establish a branch; (b) a scheme of operations setting out, at least, the types of business envisaged and the structural organisation of the branch; (c) the name of a person who possesses sufficient powers to bind, in relation to third parties, the insurance undertaking or, in the case of Lloyd’s, the underwriters concerned and to represent it or them in relations with the authorities and courts of the host Member State (the authorised agent); (d) the address in the host Member State from which documents may be obtained and to which they may be delivered, including all communications to the authorised agent.
(a) a certificate attesting that the insurance undertaking covers the Solvency Capital Requirement and Minimum Capital Requirement calculated in accordance with Articles 100 and 129; (b) the classes of insurance which the insurance undertaking has been authorised to offer; (c) the nature of the risks or commitments which the insurance undertaking proposes to cover in the host Member State.
(a) the name and address of the representative referred to in Article 18(1)(h); (b) a declaration that it has become a member of the national bureau and national guarantee fund of the host Member State.
(a) for non-life insurance, by lines of business in accordance with the relevant delegated act; (b) for life insurance, by lines of business in accordance with the relevant delegated act.
(a) it is entitled to pursue insurance business under its national law; (b) it establishes a branch in the territory of the Member State in which authorisation is sought; (c) it undertakes to set up at the place of management of the branch accounts specific to the business which it pursues there, and to keep there all the records relating to the business transacted; (d) it designates a general representative, to be approved by the supervisory authorities; (e) it possesses in the Member State in which authorisation is sought assets of an amount equal to at least one half of the absolute floor prescribed in Article 129(1)(d) in respect of the Minimum Capital Requirement and deposits one fourth of that absolute floor as security; (f) it undertakes to cover the Solvency Capital Requirement and the Minimum Capital Requirement in accordance with the requirements referred to in Articles 100 and 128; (g) it communicates the name and address of the claims representative appointed in each Member State other than the Member State in which the authorisation is sought where the risks to be covered are classified under class 10 of Part A of Annex I, other than carrier’s liability; (h) it submits a scheme of operations in accordance with the provisions in Article 163; (i) it fulfils the governance requirements laid down in Chapter IV, Section 2.
(a) the nature of the risks or commitments which the undertaking proposes to cover; (b) the guiding principles as to reinsurance; (c) estimates of the future Solvency Capital Requirement, as laid down in Chapter VI, Section 4, on the basis of a forecast balance sheet, as well as the calculation method used to derive those estimates; (d) estimates of the future Minimum Capital Requirement, as laid down in Chapter VI, Section 5, on the basis of a forecast balance sheet, as well as the calculation method used to derive those estimates; (e) the state of the eligible own funds and eligible basic own funds of the undertaking with respect to the Solvency Capital Requirement and Minimum Capital Requirement as referred to in Chapter VI, Sections 4 and 5; (f) estimates of the cost of setting up the administrative services and the organisation for securing business, the financial resources intended to meet those costs and, where the risks to be covered are classified under class 18 in Part A of Annex I, the resources available for the provision of the assistance; (g) information on the structure of the system of governance.
(a) a forecast balance sheet; (b) estimates of the financial resources intended to cover technical provisions, the Minimum Capital Requirement and the Solvency Capital Requirement, (c) for non-life insurance: (i) estimates of management expenses other than installation costs, in particular current general expenses and commissions; (ii) estimates of premiums or contributions and claims;
(d) for life insurance, a plan setting out detailed estimates of income and expenditure in respect of direct business, reinsurance acceptances and reinsurance cessions.
(a) after taking the transfer into account the accepting undertaking possesses the necessary eligible own funds to cover the Solvency Capital Requirement; (b) the law of the Member State of the accepting undertaking permits such a transfer; and (c) that Member State has agreed to the transfer.
(a) the Solvency Capital Requirement referred to in Article 166 shall be calculated in relation to the entire business which it pursues within the Community; (b) the deposit required under Article 162(2)(e) shall be lodged in only one of those Member States; (c) the assets representing the Minimum Capital Requirement shall be localised, in accordance with Article 134, in any one of the Member States in which it pursues its activities.
(a) it has given a commitment to the Union to adopt and apply a solvency regime that is capable of being assessed equivalent in accordance with paragraph 2, before the end of that limited period and to engage in the equivalence assessment process; (b) it has established a work programme to fulfil the commitment referred to in point (a); (c) it has allocated sufficient resources to fulfil the commitment referred to in point (a); (d) it has a solvency regime that is risk based and establishes quantitative and qualitative solvency requirements and requirements relating to supervisory reporting and transparency; (e) it has entered into written arrangements to cooperate and exchange confidential supervisory information with EIOPA and supervisory authorities; (f) it has an independent system of supervision; and (g) it has established obligations on professional secrecy for all persons acting on behalf of its supervisory authorities, in particular on the exchange of information with EIOPA and supervisory authorities.
(a) third-country reinsurance undertakings which conduct reinsurance business in the Community; (b) Community reinsurance undertakings which conduct reinsurance business in the territory of a third country.
(a) that the supervisory authorities of the Member States are able to obtain the information necessary for the supervision of reinsurance undertakings which have their head offices situated in the Community and conduct business in the territory of third countries concerned; (b) that the supervisory authorities of third countries are able to obtain the information necessary for the supervision of reinsurance undertakings which have their head offices situated within their territories and conduct business in the Community.
(a) the establishment in third countries of insurance or reinsurance undertakings authorised in the Community; (b) the acquisition of holdings in third-country insurance or reinsurance undertakings; (c) the pursuit of insurance or reinsurance activities by such established undertakings; (d) the cross-border provision of insurance or reinsurance activities from the Community to third countries.
(a) the specific legal provisions relating to that insurance; (b) the particulars which must be given in the certificate which a non-life insurance undertaking must issue to an insured person where that Member State requires proof that the obligation to take out insurance has been complied with.
(a) the law applicable to the contract, where the parties do not have a free choice; (b) the fact that the parties are free to choose the law applicable and the law the insurer proposes to choose.
(a) the name of the undertaking and its legal form; (b) the name of the Member State in which the head office and, where appropriate, the branch concluding the contract is situated; (c) the address of the head office and, where appropriate, of the branch concluding the contract; (d) a concrete reference to the report on the solvency and financial condition as laid down in Article 51, allowing the policy holder easy access to this information.
(a) the definition of each benefit and each option; (b) the term of the contract; (c) the means of terminating the contract; (d) the means of payment of premiums and duration of payments; (e) the means of calculation and distribution of bonuses; (f) an indication of surrender and paid-up values and the extent to which they are guaranteed; (g) information on the premiums for each benefit, both main benefits and supplementary benefits, where appropriate; (h) for unit-linked policies, the definition of the units to which the benefits are linked; (i) an indication of the nature of the underlying assets for unit-linked policies; (j) arrangements for application of the cooling-off period; (k) general information on the tax arrangements applicable to the type of policy; (l) the arrangements for handling complaints concerning contracts by policy holders, lives assured or beneficiaries under contracts including, where appropriate, the existence of a complaints body, without prejudice to the right to take legal proceedings; (m) the law applicable to the contract where the parties do not have a free choice or, where the parties are free to choose the law applicable, the law the life insurance undertaking proposes to choose.
(a) the policy conditions, both general and special; (b) the name of the life insurance undertaking, its legal form or the address of its head office and, where appropriate, of the branch which concluded the contract; (c) all the information listed in points (d) to (j) of paragraph 3 in the event of a change in the policy conditions or amendment of the law applicable to the contract; (d) annually, information on the state of bonuses.
(a) where a contract has a duration of six months or less; (b) where, because of the status of the policy holder or the circumstances in which the contract is concluded, the policy holder does not need special protection.
(a) the risk is a large risk; (b) the risk is covered by a single contract at an overall premium and for the same period by two or more insurance undertakings each for its own part as co-insurer, one of them being the leading insurance undertaking; (c) the risk is situated within the Community; (d) for the purpose of covering the risk, the leading insurance undertaking is treated as if it were the insurance undertaking covering the whole risk; (e) at least one of the co-insurers participates in the contract through a head office or a branch established in a Member State other than that of the leading insurance undertaking; (f) the leading insurance undertaking fully assumes the leader’s role in co-insurance practice and in particular determines the terms and conditions of insurance and rating.
(a) securing compensation for the loss, damage or injury suffered by the insured person, by settlement out of court or through civil or criminal proceedings; (b) defending or representing the insured person in civil, criminal, administrative or other proceedings or in respect of any claim made against that person.
(a) legal expenses insurance where such insurance concerns disputes or risks arising out of, or in connection with, the use of sea-going vessels; (b) the activity pursued by an insurance undertaking providing civil liability cover for the purpose of defending or representing the insured person in any inquiry or proceedings where that activity is at the same time pursued in the own interest of that insurance undertaking under such cover; (c) where a Member State so decides, the activity of legal expenses insurance undertaken by an assistance insurer which complies with the following conditions: (i) the activity is pursued in a Member State other than that in which the insured person is habitually resident; (ii) the activity forms part of a contract covering solely the assistance provided for persons who fall into difficulties while travelling, while away from their home or their habitual residence.
(a) where recourse is had to a lawyer or other person appropriately qualified according to national law in order to defend, represent or serve the interests of the insured person in any inquiry or proceedings, that insured person shall be free to choose such lawyer or other person; (b) the insured persons shall be free to choose a lawyer or, where they so prefer and to the extent that national law so permits, any other appropriately qualified person, to serve their interests whenever a conflict of interests arises.
(a) the insurance is limited to cases arising from the use of road vehicles in the territory of the Member State concerned; (b) the insurance is connected to a contract to provide assistance in the event of accident or breakdown involving a road vehicle; (c) neither the legal expenses insurance undertaking nor the assistance insurer carries out any class of liability insurance; (d) measures are taken so that the legal counsel and representation of each of the parties to a dispute is effected by wholly independent lawyers where those parties are insured for legal expenses by the same insurance undertaking.
(a) those contracts comply with the specific legal provisions adopted by that Member State to protect the general good in that class of insurance; (b) the general and special conditions of that insurance be communicated to the supervisory authorities of that Member State before use.
(a) the premiums paid are calculated on the basis of sickness tables and other statistical data relevant to the Member State in which the risk is situated in accordance with the mathematical methods used in insurance; (b) a reserve is set up for increasing age; (c) the insurer may cancel the contract only within a fixed period determined by the Member State in which the risk is situated; (d) the contract provides that premiums may be increased or payments reduced, even for current contracts; (e) the contract provides that the policy holders may change their existing contract into a new contract complying with paragraph 1, offered by the same insurance undertaking or the same branch and taking account of their acquired rights.
(a) explicit and material consideration of the time value of money; (b) contractual provisions to moderate the balance of economic experience between the parties over time to achieve the target risk transfer.
(a) the scope of authorisation; (b) mandatory conditions to be included in all contracts issued; (c) fit and proper requirements, as referred to in Article 42, of the persons running the special purpose vehicle; (d) fit and proper requirements for shareholders or members having a qualifying holding in the special purpose vehicle; (e) sound administrative and accounting procedures, adequate internal control mechanisms and risk-management requirements; (f) accounting, prudential and statistical information requirements; (g) solvency requirements.
(a) "participating undertaking" means an undertaking which is either a parent undertaking or other undertaking which holds a participation, or an undertaking linked with another undertaking by a relationship as set out in Article 12(1) of Directive 83/349/EEC; (b) "related undertaking" means either a subsidiary undertaking or other undertaking in which a participation is held, or an undertaking linked with another undertaking by a relationship as set out in Article 12(1) of Directive 83/349/EEC; (c) "group" means a group of undertakings that: (i) consists of a participating undertaking, its subsidiaries and the entities in which the participating undertaking or its subsidiaries hold a participation, as well as undertakings linked to each other by a relationship as set out in Article 12(1) of Directive 83/349/EEC; or (ii) is based on the establishment, contractually or otherwise, of strong and sustainable financial relationships among those undertakings, and that may include mutual or mutual-type associations, provided that: one of those undertakings effectively exercises, through centralised coordination, a dominant influence over the decisions, including financial decisions, of the other undertakings that are part of the group; and, the establishment and dissolution of such relationships for the purposes of this Title are subject to prior approval by the group supervisor,
where the undertaking exercising the centralised coordination shall be considered as the parent undertaking, and the other undertakings shall be considered as subsidiaries;
(d) "group supervisor" means the supervisory authority responsible for group supervision, determined in accordance with Article 247; (e) "college of supervisors" means a permanent but flexible structure for the cooperation, coordination and facilitation of decision making concerning the supervision of a group; (f) "insurance holding company" means a parent undertaking which is not a mixed financial holding company and the main business of which is to acquire and hold participations in subsidiary undertakings, where those subsidiary undertakings are exclusively or mainly insurance or reinsurance undertakings, or third-country insurance or reinsurance undertakings, at least one of such subsidiary undertakings being an insurance or reinsurance undertaking; (g) "mixed-activity insurance holding company" means a parent undertaking other than an insurance undertaking, a third-country insurance undertaking, a reinsurance undertaking, a third-country reinsurance undertaking, an insurance holding company or a mixed financial holding company, which includes at least one insurance or reinsurance undertaking among its subsidiary undertakings; (h) "mixed financial holding company" means a mixed financial holding company as defined in Article 2(15) of Directive 2002/87/EC.
(a) insurance or reinsurance undertakings, which are a participating undertaking in at least one insurance undertaking, reinsurance undertaking, third-country insurance undertaking or third-country reinsurance undertaking, in accordance with Articles 218 to 258; (b) insurance or reinsurance undertakings, the parent undertaking of which is an insurance holding company or a mixed financial holding company which has its head office in the Union, in accordance with Articles 218 to 258; (c) insurance or reinsurance undertakings, the parent undertaking of which is an insurance holding company or a mixed financial holding company which has its head office in a third country or a third-country insurance or reinsurance undertaking, in accordance with Articles 260 to 263; (d) insurance or reinsurance undertakings, the parent undertaking of which is a mixed-activity insurance holding company, in accordance with Article 265.
(a) the undertaking is situated in a third country where there are legal impediments to the transfer of the necessary information, without prejudice to the provisions of Article 229; (b) the undertaking which should be included is of negligible interest with respect to the objectives of group supervision; or (c) the inclusion of the undertaking would be inappropriate or misleading with respect to the objectives of the group supervision.
(a) where method 1 is used, the percentages used for the establishment of the consolidated accounts; or (b) where method 2 is used, the proportion of the subscribed capital that is held, directly or indirectly, by the participating undertaking.
(a) where there are no capital ties between some of the undertakings in a group; (b) where a supervisory authority has determined that the holding, directly or indirectly, of voting rights or capital in an undertaking qualifies as a participation because, in its opinion, a significant influence is effectively exercised over that undertaking; (c) where a supervisory authority has determined that an undertaking is a parent undertaking of another because, in the opinion of that supervisory authority, it effectively exercises a dominant influence over that other undertaking.
(a) the value of any asset of the participating insurance or reinsurance undertaking which represents the financing of own funds eligible for the Solvency Capital Requirement of one of its related insurance or reinsurance undertakings; (b) the value of any asset of a related insurance or reinsurance undertaking of the participating insurance or reinsurance undertaking which represents the financing of own funds eligible for the Solvency Capital Requirement of that participating insurance or reinsurance undertaking; (c) the value of any asset of a related insurance or reinsurance undertaking of the participating insurance or reinsurance undertaking which represents the financing of own funds eligible for the Solvency Capital Requirement of any other related insurance or reinsurance undertaking of that participating insurance or reinsurance undertaking.
(a) surplus funds falling under Article 91(2) arising in a related life insurance or reinsurance undertaking of the participating insurance or reinsurance undertaking for which the group solvency is calculated; (b) any subscribed but not paid-up capital of a related insurance or reinsurance undertaking of the participating insurance or reinsurance undertaking for which the group solvency is calculated.
(i) subscribed but not paid-up capital which represents a potential obligation on the part of the participating undertaking; (ii) subscribed but not paid-up capital of the participating insurance or reinsurance undertaking which represents a potential obligation on the part of a related insurance or reinsurance undertaking; (iii) subscribed but not paid-up capital of a related insurance or reinsurance undertaking which represents a potential obligation on the part of another related insurance or reinsurance undertaking of the same participating insurance or reinsurance undertaking.
(a) a related undertaking; (b) a participating undertaking; (c) another related undertaking of any of its participating undertakings.
(a) it can be shown that a solvency regime capable of being assessed equivalent in accordance with paragraph 4 is currently in place or may be adopted and applied by the third country; (b) the third country has a solvency regime that is risk based and establishes quantitative and qualitative solvency requirements and requirements relating to supervisory reporting and transparency; (c) the third country's law, in principle, allows cooperation, and exchange of confidential supervisory information, with EIOPA and supervisory authorities; (d) the third country has an independent system of supervision; and (e) the third country has established obligations on professional secrecy for all persons acting on behalf of its supervisory authorities.
(a) that delegated act has been revoked; or (b) a delegated act has been adopted in accordance with paragraph 4 to the effect that the supervisory regime of that third country has been deemed to be equivalent to that laid down in Title I, Chapter VI.
(a) the own funds eligible to cover the Solvency Capital Requirement, calculated on the basis of consolidated data; (b) the Solvency Capital Requirement at group level calculated on the basis of consolidated data.
(a) the Minimum Capital Requirement as referred to in Article 129 of the participating insurance or reinsurance undertaking; (b) the proportional share of the Minimum Capital Requirement of the related insurance and reinsurance undertakings.
(a) a specific risk existing at group level would not be sufficiently covered by the standard formula or the internal model used, because it is difficult to quantify; (b) a capital add-on to the Solvency Capital Requirement of the related insurance or reinsurance undertakings is imposed by the supervisory authorities concerned, in accordance with Articles 37 and 231(7).
(a) the aggregated group eligible own funds, as provided for in paragraph 2; (b) the value in the participating insurance or reinsurance undertaking of the related insurance or reinsurance undertakings and the aggregated group Solvency Capital Requirement, as provided for in paragraph 3.
(a) the own funds eligible for the Solvency Capital Requirement of the participating insurance or reinsurance undertaking; (b) the proportional share of the participating insurance or reinsurance undertaking in the own funds eligible for the Solvency Capital Requirement of the related insurance or reinsurance undertakings.
(a) the Solvency Capital Requirement of the participating insurance or reinsurance undertaking; (b) the proportional share of the Solvency Capital Requirement of the related insurance or reinsurance undertakings.
(a) the subsidiary, in relation to which the group supervisor has not made a decision under Article 214(2), is included in the group supervision carried out by the group supervisor at the level of the parent undertaking in accordance with this Title; (b) the risk-management processes and internal control mechanisms of the parent undertaking cover the subsidiary and the parent undertaking satisfies the supervisory authorities concerned regarding the prudent management of the subsidiary; (c) the parent undertaking has received the agreement referred to in the third subparagraph of Article 246(4); (d) the parent undertaking has received the agreement referred to in Article 256(2); (e) an application for permission to be subject to Articles 238 and 239 has been submitted by the parent undertaking and a favourable decision has been made on such application in accordance with the procedure set out in Article 237 .
(a) any views and reservations of the supervisory authorities concerned; (b) any reservations of the other supervisory authorities within the college of supervisors.
(a) on the approval of the recovery plan, including any extension of the recovery period, within the four-month period referred to in paragraph 1; or (b) on the approval of the proposed measures, within the one-month period referred to in paragraph 2.
(a) after the end of the four-month or the one-month period respectively referred to in the first subparagraph; (b) after an agreement has been reached within the college in accordance with the second subparagraph of paragraph 1 or the second subparagraph of paragraph 2; (c) in the case of emergency situations as referred to in paragraph 2.
(a) the condition referred to in Article 236(a) is no longer complied with; (b) the condition referred to in Article 236(b) is no longer complied with and the group does not restore compliance with this condition in an appropriate period of time; (c) the conditions referred to in Article 236(c) and (d) are no longer complied with.
(a) the criteria for assessing whether the conditions stated in Article 236 are satisfied; (b) the criteria for assessing what should be considered an emergency situation under Article 239(2); (c) the procedures to be followed by supervisory authorities when exchanging information, exercising their rights and fulfilling their duties in accordance with Articles 237 to 240.
(a) a harmonised framework on early intervention; (b) practices in centralised group risk management and functioning of group internal models including stress testing; (c) intra-group transactions and risk concentrations; (d) the behaviour of diversification and concentration effects over time; (e) a legally binding framework for the mediation of supervisory disputes; (f) a harmonised framework on asset transferability, insolvency and winding-up procedures which eliminates the relevant national company or corporate law barriers to asset transferability; (g) an equivalent level of protection of policy holders and beneficiaries of the undertakings of the same group particularly in crisis situations; (h) a harmonised and adequately funded EU-wide solution for insurance guarantee schemes; (i) a harmonised and legally binding framework between competent authorities, central banks and ministries of finance concerning crisis management, resolution and fiscal burden-sharing which aligns supervisory powers with fiscal responsibilities.
(a) adequate mechanisms as regards group solvency to identify and measure all material risks incurred and to appropriately relate eligible own funds to risks; (b) sound reporting and accounting procedures to monitor and manage the intra-group transactions and the risk concentration.
(a) where a group is headed by an insurance or reinsurance undertaking, by the supervisory authority which has authorised that undertaking; (b) where a group is not headed by an insurance or reinsurance undertaking, by the following supervisory authority: (i) where the parent of an insurance or reinsurance undertaking is an insurance holding company or mixed financial holding company, the supervisory authority which has authorised that insurance or reinsurance undertaking, (ii) where more than one insurance or reinsurance undertaking which have their head offices in the Union have as their parent the same insurance holding company or mixed financial holding company, and one of those undertakings has been authorised in the Member State in which the insurance holding company or mixed financial holding company has its head office, the supervisory authority of the insurance or reinsurance undertaking authorised in that Member State, (iii) where the group is headed by more than one insurance holding company or mixed financial holding company which have their head offices in different Member States and there is an insurance or reinsurance undertaking in each of those Member States, the supervisory authority of the insurance or reinsurance undertaking with the largest balance sheet total, (iv) where more than one insurance or reinsurance undertaking which have their head offices in the Union have as their parent the same insurance holding company or mixed financial holding company and none of those undertakings has been authorised in the Member State in which the insurance holding company or mixed financial holding company has its head office, the supervisory authority which authorised the insurance or reinsurance undertaking with the largest balance sheet total, or (v) where the group is a group without a parent undertaking, or in any circumstances not referred to in points (i) to (iv), the supervisory authority which authorised the insurance or reinsurance undertaking with the largest balance sheet total.
(a) coordination of the gathering and dissemination of relevant or essential information for going concern and emergency situations, including the dissemination of information which is of importance for the supervisory task of a supervisory authority; (b) supervisory review and assessment of the financial situation of the group; (c) assessment of compliance of the group with the rules on solvency and of risk concentration and intra-group transactions as set out in Articles 218 to 245; (d) assessment of the system of governance of the group, as set out in Article 246, and of whether the members of the administrative, management or supervisory body of the participating undertaking fulfil the requirements set out in Articles 42 and 257; (e) planning and coordination, through regular meetings held at least annually or through other appropriate means, of supervisory activities in going-concern as well as in emergency situations, in cooperation with the supervisory authorities concerned and taking into account the nature, scale and complexity of the risks inherent in the business of all undertakings that are part of the group; (f) other tasks, measures and decisions assigned to the group supervisor by this Directive or deriving from the application of this Directive, in particular leading the process for validation of any internal model at group level as set out in Articles 231 and 233 and leading the process for permitting the application of the regime established in Articles 237 to 240.
(a) the decision-making process among the supervisory authorities concerned in accordance with Articles 231, 232 and 247; (b) consultation under paragraph 4 of this Article and under Article 218(5).
(a) consultation among the supervisory authorities concerned, in particular as referred to in Articles 213 to 217, 219 to 221, 227, 244 to 246, 250, 256, 260 and 262; (b) cooperation with other supervisory authorities.
(a) where they become aware of a significant breach of the Solvency Capital Requirement or a breach of the Minimum Capital Requirement of an individual insurance or reinsurance undertaking; (b) where they become aware of a significant breach of the Solvency Capital Requirement at group level calculated on the basis of consolidated data or the aggregated group Solvency Capital Requirement, in accordance with whichever calculation method is used in accordance with Title III, Chapter II, Section 1, Subsection 4; (c) where other exceptional circumstances are occurring or have occurred.
(a) the items which are, on a systematic basis, to be gathered by the group supervisor and disseminated to other supervisory authorities concerned or to be transmitted to the group supervisor by the other supervisory authorities concerned; (b) the items essential or relevant for supervision at group level with a view to enhancing convergence of supervisory reporting.
(a) changes in the shareholder structure, organisational or management structure of insurance and reinsurance undertakings in a group, which require the approval or authorisation of supervisory authorities; (b) the decision on the extension of the recovery period under Article 138(3) and (4); (c) major sanctions or exceptional measures taken by supervisory authorities, including the imposition of a capital add-on to the Solvency Capital Requirement under Article 37 and the imposition of any limitation on the use of an internal model for the calculation of the Solvency Capital Requirement under Title I, Chapter VI, Section 4, Subsection 3.
(a) the insurance or reinsurance undertaking subject to group supervision; (b) related undertakings of that insurance or reinsurance undertaking; (c) parent undertakings of that insurance or reinsurance undertaking; (d) related undertakings of a parent undertaking of that insurance or reinsurance undertaking.
(a) the information at the level of the group to be disclosed in accordance with paragraph 1; (b) the information for any of the subsidiaries within the group, which information must be individually identifiable and must be disclosed in accordance with Articles 51, 53, 54 and 55.
(a) the group supervisor with respect to insurance holding companies and mixed financial holding companies; (b) the supervisory authorities with respect to insurance and reinsurance undertakings.
(a) the process of the nomination of the group supervisor, the number of group supervisors and their geographical spread; (b) the working of the college of supervisors, in particular the involvement and commitment of supervisory authorities where they are not the group supervisor.
(a) it has given a commitment to the Union to adopt and apply a prudential regime that is capable of being assessed equivalent in accordance with paragraph 3, before the end of that limited period and to engage in the equivalence assessment process; (b) it has established a work programme to fulfil the commitment under point (a); (c) it has allocated sufficient resources to fulfil the commitment under point (a); (d) it has a prudential regime that is risk based and establishes quantitative and qualitative solvency requirements and requirements relating to supervisory reporting and transparency and to the supervision of groups; (e) it has entered into written arrangements to cooperate and exchange confidential supervisory information with EIOPA and supervisory authorities as defined in Article 13(10); (f) it has an independent system of supervision; (g) it has established obligations on professional secrecy for all persons acting on behalf of its supervisory authorities, in particular on the exchange of information with EIOPA and supervisory authorities as defined in Article 13(10).
(a) Articles 218 to 235, and Articles 244 to 258, mutatis mutandis ;(b) one of the methods set out in paragraph 2.
(a) a Solvency Capital Requirement determined in accordance with the principles of Article 226 where it is an insurance holding company or mixed financial holding company; (b) a Solvency Capital Requirement determined in accordance with the principles of Article 227, where it is a third-country insurance undertaking or a third-country reinsurance undertaking.
(a) insurance or reinsurance undertakings which have, as participating undertakings, undertakings within the meaning of Article 213 which have their head office situated in a third country; and (b) third-country insurance undertakings or third-country reinsurance undertakings which have, as participating undertakings, undertakings within the meaning of Article 213 which have their head office in the Community.
(a) the supervisory authorities of the Member States are able to obtain the information necessary for the supervision at the level of the group of insurance and reinsurance undertakings which have their head office in the Community and which have subsidiaries or hold participations in undertakings outside the Community; and (b) the supervisory authorities of third countries are able to obtain the information necessary for the supervision at the level of the group of third-country insurance and reinsurance undertakings which have their head office in their territories and which have subsidiaries or hold participations in undertakings in one or more Member States.
(a) insurance undertakings; (b) branches situated in the territory of the Community of third-country insurance undertakings.
(a) "competent authorities" means the administrative or judicial authorities of the Member States which are competent for the purposes of the reorganisation measures or the winding-up proceedings; (b) "branch" means a permanent presence of an insurance undertaking in the territory of a Member State other than the home Member State which pursues insurance activities; (c) "reorganisation measures" means measures involving any intervention by the competent authorities which are intended to preserve or restore the financial situation of an insurance undertaking and which affect pre-existing rights of parties other than the insurance undertaking itself, including but not limited to measures involving the possibility of a suspension of payments, suspension of enforcement measures or reduction of claims; (d) "winding-up proceedings" means collective proceedings involving the realisation of the assets of an insurance undertaking and the distribution of the proceeds among the creditors, shareholders or members as appropriate, which necessarily involve any intervention by the competent authorities, including where the collective proceedings are terminated by a composition or other analogous measure, whether or not they are founded on insolvency or are voluntary or compulsory; (e) "administrator" means a person or body appointed by the competent authorities for the purpose of administering reorganisation measures; (f) "liquidator" means a person or body appointed by the competent authorities or by the governing bodies of an insurance undertaking for the purpose of administering winding-up proceedings; (g) "insurance claim" means an amount which is owed by an insurance undertaking to insured persons, policy holders, beneficiaries or to any injured party having direct right of action against the insurance undertaking and which arises from an insurance contract or from any operation provided for in Article 2(3)(b) and (c) in direct insurance business, including an amount set aside for those persons, when some elements of the debt are not yet known.
(a) "home Member State" means the Member State in which the branch was granted authorisation in accordance with Articles 145 to 149; (b) "supervisory authorities" means the supervisory authorities of the home Member State; (c) "competent authorities" means the competent authorities of the home Member State.
(a) the assets which form part of the estate and the treatment of assets acquired by, or devolving to, the insurance undertaking after the opening of the winding-up proceedings; (b) the respective powers of the insurance undertaking and the liquidator; (c) the conditions under which set-off may be invoked; (d) the effects of the winding-up proceedings on current contracts to which the insurance undertaking is party; (e) the effects of the winding-up proceedings on proceedings brought by individual creditors, with the exception of lawsuits pending referred to in Article 292; (f) the claims which are to be lodged against the estate of the insurance undertaking and the treatment of claims arising after the opening of winding-up proceedings; (g) the rules governing the lodging, verification and admission of claims; (h) the rules governing the distribution of proceeds from the realisation of assets, the ranking of claims, and the rights of creditors who have obtained partial satisfaction after the opening of winding-up proceedings by virtue of a right in rem or through a set-off; (i) the conditions for and the effects of closure of winding-up proceedings, in particular by composition; (j) rights of the creditors after the closure of winding-up proceedings; (k) the party who is to bear the cost and expenses incurred in the winding-up proceedings; and (l) the rules relating to the nullity, voidability or unenforceability of legal acts detrimental to all the creditors.
(a) with regard to assets representing the technical provisions, insurance claims shall take absolute precedence over any other claim on the insurance undertaking; or (b) with regard to the whole of the assets of the insurance undertaking, insurance claims shall take precedence over any other claim on the insurance undertaking with the only possible exception of the following: (i) claims by employees arising from employment contracts and employment relationships; (ii) claims by public bodies on taxes; (iii) claims by social security systems; (iv) claims on assets subject to rights in rem.
(a) the asset used to cover technical provisions is subject to a right in rem in favour of a creditor or a third party, without meeting the conditions set out in paragraph 4; (b) such an asset is subject to a reservation of title in favour of a creditor or of a third party; or (c) a creditor has a right to demand the set-off of his claim against the claim of the insurance undertaking.
(a) the nature and the amount of the claim; (b) the date on which the claim arose; (c) whether he alleges preference, security in rem or reservation of title in respect of the claim; (d) where appropriate, what assets are covered by his security.
(a) "Invitation to lodge a claim; time-limits to be observed"; or (b) where the law of the home Member State provides for the submission of observations relating to claims, "Invitation to submit observations relating to a claim; time-limits to be observed".
(a) in regard to employment contracts and employment relationships, exclusively by the law of the Member State applicable to the employment contract or employment relationship; (b) in regard to contracts conferring the right to make use of or acquire immovable property, exclusively by the law of the Member State where the immovable property is situated; and (c) in regard to rights of the insurance undertaking with respect to immovable property, a ship or an aircraft subject to registration in a public register, exclusively by the law of the Member State under the authority of which the register is kept.
(a) the right to dispose of assets or have them disposed of and to obtain satisfaction from the proceeds of or income from those assets, in particular by virtue of a lien or a mortgage; (b) the exclusive right to have a claim met, in particular a right guaranteed by a lien in respect of the claim or by assignment of the claim by way of a guarantee; (c) the right to demand the assets from or to require restitution by anyone having possession or use of them contrary to the wishes of the party so entitled; (d) a right to the beneficial use of assets.
(a) in regard to immovable assets, the law of the Member State where the immovable property is situated; (b) in regard to ships or aircraft subject to registration in a public register, the law of the Member State under the authority of which the register is kept; (c) in regard to transferable or other securities, the existence or transfer of which presupposes entry in a register or account laid down by law or which are placed in a central deposit system governed by the law of a Member State, the law of the Member State under the authority of which the register, account or system is kept.
1. Article 17(2) is replaced by the following: "2. For the purposes of calculating the minimum amount of additional assets, the rules laid down in Articles 17a to 17d shall apply.". 2. The following articles are inserted: "Article 17a Available solvency margin 1. Each Member State shall require of every institution referred to in Article 17(1) which is located in its territory an adequate available solvency margin in respect of its entire business at all times which is at least equal to the requirements in this Directive. 2. The available solvency margin shall consist of the assets of the institution free of any foreseeable liabilities, less any intangible items, including: (a) the paid-up share capital or, in the case of an institution taking the form of a mutual undertaking, the effective initial fund plus any accounts of the members of the mutual undertaking which fulfil the following criteria: (i) the memorandum and articles of association must stipulate that payments may be made from those accounts to members of the mutual undertaking only in so far as this does not cause the available solvency margin to fall below the required level or, after the dissolution of the undertaking, where all the undertaking's other debts have been settled; (ii) the memorandum and articles of association must stipulate, with respect to any payments referred to in point (i) for reasons other than the individual termination of membership in the mutual undertaking, that the competent authorities must be notified at least one month in advance and can prohibit the payment within that period; and (iii) the relevant provisions of the memorandum and articles of association may be amended only after the competent authorities have declared that they have no objection to the amendment, without prejudice to the criteria stated in points (i) and (ii);
(b) reserves (statutory and free) not corresponding to underwriting liabilities; (c) the profit or loss brought forward after deduction of dividends to be paid; and (d) in so far as authorised under national law, profit reserves appearing in the balance sheet where they may be used to cover any losses which may arise and where they have not been made available for distribution to members and beneficiaries.
The available solvency margin shall be reduced by the amount of own shares directly held by the institution. 3. Member States may provide that the available solvency margin may also comprise: (a) cumulative preferential share capital and subordinated loan capital up to 50 % of the lesser of the available solvency margin and the required solvency margin, no more than 25 % of which shall consist of subordinated loans with a fixed maturity, or fixed-term cumulative preferential share capital, provided that binding agreements exist under which, in the event of the bankruptcy or liquidation of the institution, the subordinated loan capital or preferential share capital ranks after the claims of all other creditors and is not to be repaid until all other debts outstanding at the time have been settled; (b) securities with no specified maturity date and other instruments, including cumulative preferential shares other than those referred to in point (a), to a maximum of 50 % of the available solvency margin, or the required solvency margin, whichever the lesser, for the total of such securities, and the subordinated loan capital referred to in point (a) provided they fulfil the following conditions: (i) they must not be repaid on the initiative of the bearer or without the prior consent of the competent authority; (ii) the contract of issue must enable the institution to defer the payment of interest on the loan; (iii) the lender’s claims on the institution must rank entirely after those of all non-subordinated creditors; (iv) the documents governing the issue of the securities must provide for the loss-absorption capacity of the debt and unpaid interest, while enabling the institution to continue its business; and (v) only fully paid-up amounts must be taken into account.
For the purposes of point (a), subordinated loan capital shall also fulfil the following conditions: (i) only fully paid-up funds shall be taken into account; (ii) for loans with a fixed maturity, the original maturity shall be at least five years. No later than one year before the repayment date, the institution shall submit to the competent authorities for their approval a plan showing how the available solvency margin will be kept at or brought to the required level at maturity, unless the extent to which the loan may rank as a component of the available solvency margin is gradually reduced during at least the five years before the repayment date. The competent authorities may authorise the early repayment of such loans provided application is made by the issuing institution and its available solvency margin will not fall below the required level; (iii) loans the maturity of which is not fixed shall be repayable only subject to five years’ notice unless the loans are no longer considered as a component of the available solvency margin or unless the prior consent of the competent authorities is specifically required for early repayment. In the latter event the institution shall notify the competent authorities at least six months before the date of the proposed repayment, specifying the available solvency margin and the required solvency margin both before and after that repayment. The competent authorities shall authorise repayment only where the institution’s available solvency margin will not fall below the required level; (iv) the loan agreement shall not include any clause providing that in specified circumstances, other than the winding-up of the institution, the debt will become repayable before the agreed repayment dates; and (v) the loan agreement may be amended only after the competent authorities have declared that they have no objection to the amendment.
4. Upon application, with supporting evidence, by the institution to the competent authority of the home Member State and with the agreement of that competent authority, the available solvency margin may also comprise: (a) where Zillmerising is not practised or where, if practised, it is less than the loading for acquisition costs included in the premium, the difference between a non-Zillmerised or partially Zillmerised mathematical provision and a mathematical provision Zillmerised at a rate equal to the loading for acquisition costs included in the premium; (b) any hidden net reserves arising out of the valuation of assets, in so far as such hidden net reserves are not of an exceptional nature; (c) one half of the unpaid share capital or initial fund, once the paid-up part amounts to 25 % of that share capital or fund, up to 50 % of the available or required solvency margin, whichever is the lesser.
The figure referred to in point (a) shall not exceed 3,5 % of the sum of the differences between the relevant capital sums of life assurance and occupational retirement provision activities and the mathematical provisions for all policies for which Zillmerising is possible. The difference shall be reduced by the amount of any undepreciated acquisition costs entered as an asset. 5. The Commission may adopt implementing measures relating to paragraphs 2 to 4 in order to take account of developments that justify a technical adjustment of the elements eligible for the available solvency margin. Those measures, designed to amend non-essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 21b. Article 17b Required solvency margin 1. Subject to Article 17c, the required solvency margin shall be determined as laid down in paragraphs 2 to 6 according to the liabilities underwritten. 2. The required solvency margin shall be equal to the sum of the following results: (a) the first result: a 4 % fraction of the mathematical provisions relating to direct business and reinsurance acceptances gross of reinsurance cessions shall be multiplied by the ratio, which shall not be less than 85 %, for the previous financial year, of the mathematical provisions net of reinsurance cessions to the gross total mathematical provisions; (b) the second result: for policies on which the capital at risk is not a negative figure, a 0,3 % fraction of such capital underwritten by the institution shall be multiplied by the ratio, which shall not be less than 50 %, for the previous financial year, of the total capital at risk retained as the institution’s liability after reinsurance cessions and retrocessions to the total capital at risk gross of reinsurance. For temporary assurances on death of a maximum term of three years, that fraction shall be 0,1 %. For such assurance of a term of more than three years but not more than five years, that fraction shall be 0,15 %.
3. For supplementary insurances referred to in Article 2(3)(a)(iii) of 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)OJ L 335, 17.12.2009, p. 1 ".4. For capital redemption operations referred to in Article 2(3)(b)(ii) of Directive 2009/138/EC, the required solvency margin shall be equal to a 4 % fraction of the mathematical provisions calculated in compliance with paragraph 2(a). 5. For operations referred to in Article 2(3)(b)(i) of Directive 2009/138/EC, the required solvency margin shall be equal to 1 % of their assets. 6. For assurances covered by Article 2(3)(a)(i) and (ii) of Directive 2009/138/EC linked to investment funds and for the operations referred to in Article 2(3)(b)(iii), (iv) and (v) of Directive 2009/138/EC, the required solvency margin shall be equal to the sum of the following: (a) in so far as the institution bears an investment risk, a 4 % fraction of the technical provisions, calculated in compliance with paragraph 2(a); (b) in so far as the institution bears no investment risk but the allocation to cover management expenses is fixed for a period exceeding five years, a 1 % fraction of the technical provisions, calculated in compliance with paragraph 2(a); (c) in so far as the institution bears no investment risk and the allocation to cover management expenses is not fixed for a period exceeding five years, an amount equivalent to 25 % of the net administrative expenses of the previous financial year pertaining to such business; (d) in so far as the institution covers a death risk, a 0,3 % fraction of the capital at risk calculated in compliance with paragraph 2(b).
Article 17c Guarantee fund 1. Member States may provide that one third of the required solvency margin as specified in Article 17b shall constitute the guarantee fund. That fund shall comprise the items listed in Article 17a(2) and (3) and, subject to the agreement of the competent authority of the home Member State, in Article 17a(4)(b). 2. The guarantee fund shall not be less than EUR 3 million. Any Member State may provide for a 25 % reduction of the minimum guarantee fund in the case of mutual and mutual-type undertakings. Article 17d Required solvency margin for the purpose of Article 17b(3) 1. The required solvency margin shall be determined on the basis either of the annual amount of premiums or contributions, or of the average burden of claims for the past three financial years. 2. The amount of the required solvency margin shall be equal to the higher of the two results as set out in paragraphs 3 and 4. 3. The premium basis shall be calculated using the higher of gross written premiums or contributions as calculated below, and gross earned premiums or contributions. The premiums or contributions (inclusive of charges ancillary to premiums or contributions) due in respect of direct business in the previous financial year shall be aggregated. To that sum there shall be added the amount of premiums accepted for all reinsurance in the previous financial year. From that sum there shall then be deducted the total amount of premiums or contributions cancelled in the previous financial year, as well as the total amount of taxes and levies pertaining to the premiums or contributions entering into the aggregate. The amount so obtained shall be divided into two portions, the first extending up to EUR 50 million, the second comprising the excess; 18 % of the first portion and 16 % of the second shall be added together. The sum so obtained shall be multiplied by the ratio existing in respect of the sum of the previous three financial years between the amount of claims remaining to be borne by the institution after deduction of amounts recoverable under reinsurance and the gross amount of claims. That ratio shall be no less than 50 %. 4. The claims basis shall be calculated, as follows: The amounts of claims paid in respect of direct business (without any deduction of claims borne by reinsurers and retrocessionaires) in the periods specified in paragraph 1 shall be aggregated. To that sum there shall be added the amount of claims paid in respect of reinsurances or retrocessions accepted during the same periods and the amount of provisions for claims outstanding established at the end of the previous financial year both for direct business and for reinsurance acceptances. From that sum there shall be deducted the amount of recoveries effected during the periods specified in paragraph 1. From the sum then remaining, there shall be deducted the amount of provisions for claims outstanding established at the commencement of the second financial year preceding the last financial year for which there are accounts, both for direct business and for reinsurance acceptances. One third of the amount so obtained shall be divided into two portions, the first extending up to EUR 35 million and the second comprising the excess; 26 % of the first portion and 23 % of the second, shall be added together. The sum so obtained shall be multiplied by the ratio existing in respect of the sum of the previous three financial years between the amount of claims remaining to be borne by the institution after deduction of amounts recoverable under reinsurance and the gross amount of claims. That ratio shall be no less than 50 %. 5. Where the required solvency margin as calculated in paragraphs 2 to 4 is lower than the required solvency margin of the preceding year, the required solvency margin shall be at least equal to the required solvency margin of the preceding year, multiplied by the ratio of the amount of the technical provisions for claims outstanding at the end of the previous financial year and the amount of the technical provisions for claims outstanding at the beginning of the previous financial year. In those calculations technical provisions shall be calculated net of reinsurance but the ratio may be no higher than 1. ----------------------OJ L 335, 17.12.2009, p. 1 ".3. The following articles are inserted: "Article 21a Review of the amount of the guarantee fund 1. The amount in euro as laid down in Article 17c(2) shall be reviewed annually starting on 31 October 2012 , in order to take account of changes in the Harmonised Indices of Consumer Prices of all Member States as published by Eurostat.That amount shall be adapted automatically, by increasing the base amount in euro by the percentage change in that index over the period between 31 December 2009 and the review date and rounded up to a multiple of EUR100000 .If the percentage change since the last adaptation is less than 5 %, no adaptation shall take place. 2. The Commission shall inform the European Parliament and the Council annually of the review and the adapted amount referred to in paragraph 1. Article 21b Committee procedure 1. The Commission shall be assisted by the European Insurance and Occupational Pensions Committee established by Commission Decision 2004/9/EC OJ L 3, 7.1.2004, p. 34 ".2. Where reference is made to this paragraph, Article 5a(1) to (4) and Article 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof. ----------------------OJ L 3, 7.1.2004, p. 34 ".
(a) occupational retirement provision business in accordance with Article 4 of Directive 2003/41/EC, or (b) retirement benefits paid by reference to reaching, or the expectation of reaching, retirement where the premiums paid for those benefits have a tax deduction which is authorised to policy holders in accordance with the national legislation of the Member State that has authorised the undertaking; where (i) all assets and liabilities corresponding to the business are ring-fenced, managed and organised separately from the other activities of the insurance undertakings, without any possibility of transfer; (ii) the activities of the undertaking related to points (a) and (b), in relation to which the approach referred to in this paragraph is applied, are pursued only in the Member State where the undertaking has been authorised; and (iii) the average duration of the liabilities corresponding to the business held by the undertaking exceeds an average of 12 years;
to apply an equity risk sub-module of the Solvency Capital Requirement, which is calibrated using a Value-at-Risk measure, over a time period, which is consistent with the typical holding period of equity investments for the undertaking concerned, with a confidence level providing the policy holders and beneficiaries with a level of protection equivalent to that set out in Article 101, where the approach provided for in this Article is used only in respect of those assets and liabilities referred in point (i). In the calculation of the Solvency Capital Requirement those assets and liabilities shall be fully considered for the purpose of assessing the diversification effects, without prejudice to the need to safeguard the interests of policy holders and beneficiaries in other Member States. Subject to the approval of the supervisory authorities, the approach set out in the first subparagraph shall be used only where the solvency and liquidity position as well as the strategies, processes and reporting procedures of the undertaking concerned with respect to asset–liability management are such as to ensure, on an ongoing basis, that it is able to hold equity investments for a period which is consistent with the typical holding period of equity investments for the undertaking concerned. The undertaking shall be able to demonstrate to the supervisory authority that that condition is verified with the level of confidence necessary to provide policy holders and beneficiaries with a level of protection equivalent to that set out in Article 101. Insurance and reinsurance undertakings shall not revert to applying the approach set out in Article 105, except in duly justified circumstances and subject to the approval of the supervisory authorities.
(a) ancillary own funds in accordance with Article 90; (b) the classification of own funds items referred to in the third paragraph of Article 95; (c) undertaking specific parameters in accordance with Article 104(7); (d) a full or partial internal model in accordance with Articles 112 and 113; (e) special purpose vehicles to be established in their territory in accordance with Articles 211; (f) ancillary own funds of an intermediate insurance holding company in accordance with Article 226(2); (g) a group internal model in accordance with Article 230, Article 231 and Article 233(5); (h) the use of the duration based equity risk sub-module in accordance with Article 304; (i) the use of the matching adjustment to the relevant risk-free interest rate term structure in accordance with Articles 77b and 77c; (j) where Member States so require, the use of the volatility adjustment to the relevant risk-free interest rate term structure in accordance with Article 77d; (k) the use of the transitional measure on the risk-free interest rates in accordance with Article 308c; (l) the use of the transitional measure on technical provisions in accordance with Article 308d.
(a) determine the level and scope of group supervision in accordance with Title III, Chapter I, Sections 2 and 3; (b) identify the group supervisor in accordance with Article 247; (c) establish a college of supervisors in accordance with Article 248.
(a) decide to deduct any participation in accordance with the second subparagraph of Article 228; (b) determine the choice of method to calculate group solvency in accordance with Article 220; (c) make the determination on equivalence, where appropriate, in accordance with Articles 227 and 260; (d) permit insurance and reinsurance undertakings to be subject to Articles 238 and 239, in accordance with Article 236; (e) make the determinations referred to in Articles 262 and 263; (f) determine, where appropriate, the application of transitional measures in accordance with Article 308b.
(a) the undertaking has satisfied the supervisory authority that it will terminate its activity before 1 January 2019 ; or(b) the undertaking is subject to reorganisation measures set out in Title IV, Chapter II and an administrator has been appointed.
(a) paragraph 1(a) shall be subject to Titles I, II and III of this Directive from 1 January 2019 or from an earlier date where the supervisory authority is not satisfied with the progress that has been made towards terminating the undertaking's activity;(b) paragraph 1(b) shall be subject to Titles I, II and III of this Directive from 1 January 2021 or from an earlier date where the supervisory authority is not satisfied with the progress that has been made towards terminating the undertaking's activity.
(a) the undertaking is not part of a group, or if it is, all undertakings that are part of the group cease to conduct new insurance or reinsurance contracts; (b) the undertaking shall provide its supervisory authority with an annual report setting out what progress has been made in terminating its activity; (c) the undertaking has notified its supervisory authority that it applies the transitional measures.
(a) were issued before 1 January 2016 or prior to the date of entry into force of the delegated act referred to in Article 97, whichever is the earlier;(b) on 31 December 2015 could be used to meet the available solvency margin up to 50 % of the solvency margin according to the laws, regulations and administrative provisions which are adopted pursuant to Article 16(3) of Directive 73/239/EEC, Article 1 of Directive 2002/13/EC, Article 27(3) of Directive 2002/83/EC and Article 36(3) of Directive 2005/68/EC;(c) would not otherwise be classified in Tier 1 or Tier 2 in accordance with Article 94.
(a) were issued before 1 January 2016 or prior to the date of entry into force of the delegated act referred to in Article 97, whichever is the earlier;(b) on 31 December 2015 could be used to meet the available solvency margin up to 25 % of the solvency margin according to the laws, regulations and administrative provisions which are adopted pursuant to Article 16(3) of Directive 73/239/EEC, Article 1 of Directive 2002/13/EC, Article 27(3) of Directive 2002/83/EC and Article 36(3) of Directive 2005/68/EC.
(a) until 31 December 2017 the standard parameters to be used when calculating the concentration risk sub-module and the spread risk sub-module in accordance with the standard formula shall be the same in relation to exposures to Member States' central governments or central banks denominated and funded in the domestic currency of any Member State as the ones that would be applied to such exposures denominated and funded in their domestic currency;(b) in 2018 the standard parameters to be used when calculating the concentration risk sub-module and the spread risk sub-module in accordance with the standard formula shall be reduced by 80 % in relation to exposures to Member States' central governments or central banks denominated and funded in the domestic currency of any other Member State; (c) in 2019 the standard parameters to be used when calculating the concentration risk sub-module and the spread risk sub-module in accordance with the standard formula shall be reduced by 50 % in relation to exposures to Member States' central governments or central banks denominated and funded in the domestic currency of any other Member State; (d) from 1 January 2020 the standard parameters to be used when calculating the concentration risk sub-module and the spread risk sub-module in accordance with the standard formula shall not be reduced in relation to exposures to Member States' central governments or central banks denominated and funded in the domestic currency of any other Member State.
(a) the standard parameter to be used when calculating the equity risk sub-module in accordance with Article 304; and (b) the standard parameter to be used when calculating the equity risk sub-module in accordance with the standard formula without the option set out in Article 304.
(a) a notional solvency capital requirement with respect to their insurance activity, calculated without the occupational retirement provision business under Article 4 of Directive (EU) 2016/2341; (b) the solvency margin with respect to the occupational retirement provision business, calculated in accordance with the laws, regulations and administrative provisions that have been adopted to comply with Article 28 of Directive 2002/83/EC.
(a) the elimination of double use of eligible own funds and of the intra-group creation of capital set out in Articles 222 and 223; (b) the valuation of assets and liabilities set out in Article 224; (c) the application of the calculation methods to related insurance and reinsurance undertakings set out in Article 225; (d) the application of the calculation methods to intermediate insurance holding companies set out in Article 226; (e) the methods for calculating group solvency set out in Articles 230 and 233; (f) the calculation of the group Solvency Capital Requirement set out in Articles 231; (g) the setting of a capital add-on set out in Article 232; (h) the principles in calculating group solvency of an insurance holding company set out in Article 235.
(a) the interest rate as determined by the insurance or reinsurance undertaking in accordance with the laws, regulations and administrative provisions which are adopted pursuant to Article 20 of Directive 2002/83/EC at the last date of the application of that Directive; (b) the annual effective rate, calculated as the single discount rate that, where applied to the cash flows of the portfolio of admissible insurance and reinsurance obligations, results in a value that is equal to the value of the best estimate of the portfolio of admissible insurance and reinsurance obligations where the time value of money is taken into account using the relevant risk-free interest rate term structure referred to in Article 77(2).
(a) the contracts that give rise to the insurance and reinsurance obligations were concluded before the first date of the application of this Directive, excluding contract renewals on or after that date; (b) until the last date of the application of Directive 2002/83/EC, technical provisions for the insurance and reinsurance obligations were determined in accordance with the laws, regulations and administrative provisions which are adopted pursuant to Article 20 of that Directive at the last date of the application thereof; (c) Article 77b is not applied to the insurance and reinsurance obligations.
(a) not include the admissible insurance and reinsurance obligations in the calculation of the volatility adjustment set out in Article 77d; (b) not apply Article 308d; (c) as part of their report on their solvency and financial condition referred to in Article 51, publicly disclose that they apply the transitional risk-free interest rate term structure, and the quantification of the impact of not applying this transitional measure on their financial position.
(a) the technical provisions after deduction of the amounts recoverable from reinsurance contracts and special purpose vehicles, calculated in accordance with Article 76 at the first date of the application of this Directive; (b) the technical provisions after deduction of the amounts recoverable from reinsurance contracts calculated in accordance with the laws, regulations and administrative provisions which are adopted pursuant to Article 15 of Directive 73/239/EEC, Article 20 of Directive 2002/83/EC and Article 32 of Directive 2005/68/EC on the day before those Directives are repealed pursuant to Article 310 of this Directive.
(a) not apply Article 308c; (b) when they would not comply with the Solvency Capital Requirement without application of the transitional deduction, submit annually a report to their supervisory authority setting out measures taken and the progress made to re-establish at the end of the transitional period set out in paragraph 2 a level of eligible own funds covering the Solvency Capital Requirement or to reduce their risk profile to restore compliance with the Solvency Capital Requirement; (c) as part of their report on their solvency and financial condition referred to in Article 51, publicly disclose that they apply the transitional deduction to the technical provisions, and the quantification of the impact of not applying that transitional deduction on their financial position.
fixed pecuniary benefits, benefits in the nature of indemnity, combinations of the two, injury to passengers,
fixed pecuniary benefits, benefits in the nature of indemnity, combinations of the two,
land motor vehicles, land vehicles other than motor vehicles,
river and canal vessels, lake vessels, sea vessels,
fire, explosion, storm, natural forces other than storm, nuclear energy, land subsidence,
insolvency (general), export credit, instalment credit, mortgages, agricultural credit,
suretyship (direct), suretyship (indirect),
employment risks, insufficiency of income (general), bad weather, loss of benefits, continuing general expenses, unforeseen trading expenses, loss of market value, loss of rent or revenue, other indirect trading loss, other non-trading financial loss, other forms of financial loss,
(a) Classes 1 and 2: "Accident and Health Insurance"; (b) Classes 1 (fourth indent), 3, 7 and 10: "Motor Insurance"; (c) Classes 1 (fourth indent), 4, 6, 7 and 12: "Marine and Transport Insurance"; (d) Classes 1 (fourth indent), 5, 7 and 11: "Aviation Insurance"; (e) Classes 8 and 9: "Insurance against Fire and other Damage to Property"; (f) Classes 10, 11, 12 and 13: "Liability Insurance"; (g) Classes 14 and 15: "Credit and Suretyship Insurance"; (h) All classes, at the choice of the Member States, which shall notify the other Member States and the Commission of their choice.
I. The life insurance referred to in points (a)(i), (ii) and (iii) of Article 2(3) excluding those referred to in II and III; II. Marriage assurance, birth assurance; III. The insurance referred to in points (a)(i) and (ii) of Article 2(3), which are linked to investment funds; IV. Permanent health insurance, referred to in point (a)(iv) of Article 2(3); V. Tontines, referred to in point (b)(i) of Article 2(3); VI. Capital redemption operations, referred to in point (b)(ii) of Article 2(3); VII. Management of group pension funds, referred to in point (b)(iii) and (iv) of Article 2(3); VIII. The operations referred to in point (b)(v) of Article 2(3); IX. The operations referred to in Article 2(3)(c).
(1) in the case of the Kingdom of Belgium: "société anonyme/naamloze vennootschap", "société en commandite par actions/commanditaire vennootschap op aandelen", "association d'assurance mutuelle/onderlinge verzekeringsvereniging", "société coopérative/coöperatieve vennootschap", "société mutualiste/maatschappij van onderlinge bijstand"; (2) in the case of the Republic of Bulgaria: "акционерно дружество"; (3) in the case of the Czech Republic: "akciová společnost", "družstvo"; (4) in the case of the Kingdom of Denmark: "aktieselskaber", "gensidige selskaber"; (5) in the case of the Federal Republic of Germany: "Aktiengesellschaft", "Versicherungsverein auf Gegenseitigkeit", "Öffentlich-rechtliches Wettbewerbsversicherungsunternehmen"; (6) in the case of the Republic of Estonia: "aktsiaselts"; (7) in the case of Ireland: incorporated companies limited by shares or by guarantee or unlimited; (8) in the case of the Hellenic Republic: "ανώνυμη εταιρία", "αλληλασφαλιστικός συνεταιρισμός"; (9) in the case of the Kingdom of Spain: "sociedad anónima", "sociedad mutua", "sociedad cooperativa"; (10) in the case of the French Republic: "société anonyme", "société d'assurance mutuelle", "institution de prévoyance régie par le code de la sécurité sociale", "institution de prévoyance régie par le code rural", "mutuelles régies par le code de la mutualité"; (10a) in the case of the Republic of Croatia: "dioničko društvo", "društvo za uzajamno osiguranje"; (11) in the case of the Italian Republic: "società per azioni", "società cooperativa", "mutua di assicurazione"; (12) in the case of the Republic of Cyprus: "εταιρεία περιορισμένης ευθύνης με μετοχές", "εταιρεία περιορισμένης ευθύνης χωρίς μετοχικό κεφάλαιο"; (13) in the case of the Republic of Latvia: "apdrošināšanas akciju sabiedrība", "savstarpējās apdrošināšanas kooperatīvā biedrība"; (14) in the case of the Republic of Lithuania: "akcinė bendrovė", "uždaroji akcinė bendrovė"; (15) in the case of the Grand Duchy of Luxembourg: "société anonyme", "société en commandite par actions", "association d'assurances mutuelles", "société coopérative"; (16) in the case of the Republic of Hungary: "biztosító részvénytársaság", "biztosító szövetkezet", "biztosító egyesület", "külföldi székhelyű biztosító magyarországi fióktelepe"; (17) in the case of the Republic of Malta: "limited liability company/kumpannija b' responsabbilta' limitata"; (18) in the case of the Kingdom of the Netherlands: "naamloze vennootschap", "onderlinge waarborgmaatschappij"; (19) in the case of the Republic of Austria: "Aktiengesellschaft", "Versicherungsverein auf Gegenseitigkeit"; (20) in the case of the Republic of Poland: "spółka akcyjna", "towarzystwo ubezpieczeń wzajemnych"; (21) in the case of the Portuguese Republic: "sociedade anónima", "mútua de seguros"; (22) in the case of Romania: "societăți pe acțiuni", "societăți mutuale"; (23) in the case of the Republic of Slovenia: "delniška družba", "družba za vzajemno zavarovanje"; (24) in the case of the Slovak Republic: "akciová spoločnosť"; (25) in the case of the Republic of Finland: "keskinäinen vakuutusyhtiö/ömsesidigt försäkringsbolag", "vakuutusosakeyhtiö/försäkringsaktiebolag", "vakuutusyhdistys/försäkringsförening"; (26) in the case of the Kingdom of Sweden: "försäkringsaktiebolag", "ömsesidiga försäkringsbolag", "understödsföreningar"; (27) in the case of the United Kingdom: companies limited by shares or by guarantee or unlimited, societies registered under the Industrial and Provident Societies Acts, societies registered under the Friendly Societies Acts, the association of underwriters known as Lloyd’s; (28) in any event and as an alternative to the forms of non-life insurance undertaking listed in points (1) to (27) and (29), the form of a European Company (SE) as defined in Council Regulation (EC) No 2157/2001 OJ L 294, 10.11.2001, p. 1 .(29) to the extent that the Member State concerned allows for the legal form of a cooperative society to take up the business of non-life insurance and as an alternative to the forms of non-life insurance undertaking listed in points (1) to (28), the form of a European Cooperative Society in accordance with Council Regulation (EC) No 1435/2003 Council Regulation (EC) No 1435/2003 of 22 July 2003 on the Statute for a European Cooperative Society (SCE) (OJ L 207, 18.8.2003, p. 1 ).
(1) in the case of the Kingdom of Belgium: "société anonyme/naamloze vennootschap", "société en commandite par actions/commanditaire vennootschap op aandelen", "association d'assurance mutuelle/onderlinge verzekeringsvereniging", "société coopérative/coöperatieve vennootschap"; (2) in the case of the Republic of Bulgaria: "акционерно дружество", "взаимозастрахователна кооперация"; (3) in the case of the Czech Republic: "akciová společnost", "družstvo"; (4) in the case of the Kingdom of Denmark: "aktieselskaber", "gensidige selskaber", "pensionskasser omfattet af lov om forsikringsvirksomhed (tværgående pensionskasser)"; (5) in the case of the Federal Republic of Germany: "Aktiengesellschaft", "Versicherungsverein auf Gegenseitigkeit", "öffentlich-rechtliches Wettbewerbsversicherungsunternehmen"; (6) in the case of the Republic of Estonia: "aktsiaselts"; (7) in the case of Ireland: "incorporated companies limited by shares or by guarantee or unlimited", "societies registered under the Industrial and Provident Societies Acts", "societies registered under the Friendly Societies Acts"; (8) in the case of the Hellenic Republic: "ανώνυμη εταιρία"; (9) in the case of the Kingdom of Spain: "sociedad anónima", "sociedad mutua", "sociedad cooperativa"; (10) in the case of the French Republic: "société anonyme", "société d'assurance mutuelle", "institution de prévoyance régie par le code de la sécurité sociale", "institution de prévoyance régie par le code rural", "mutuelles régies par le code de la mutualité"; (10a) in the case of the Republic of Croatia: "dioničko društvo", "društvo za uzajamno osiguranje"; (11) in the case of the Italian Republic: "società per azioni", "società cooperativa", "mutua di assicurazione"; (12) in the case of the Republic of Cyprus: "εταιρεία περιορισμένης ευθύνης με μετοχές", "εταιρεία περιορισμένης ευθύνης με εγγύηση"; (13) in the case of the Republic of the Latvia: "apdrošināšanas akciju sabiedrība", "savstarpējās apdrošināšanas kooperatīvā biedrība"; (14) in the case of the Republic of Lithuania: "akcinė bendrovė", "uždaroji akcinė bendrovė"; (15) in the case of the Grand Duchy of Luxembourg: "société anonyme", "société en commandite par actions", "association d'assurances mutuelles", "société coopérative"; (16) in the case of the Republic of Hungary: "biztosító részvénytársaság", "biztosító szövetkezet", "biztosító egyesület", "külföldi székhelyű biztosító magyarországi fióktelepe"; (17) in the case of the Republic of Malta: "limited liability company/kumpannija b' responsabbilta' limitata"; (18) in the case of the Kingdom of the Netherlands: "naamloze vennootschap", "onderlinge waarborgmaatschappij"; (19) in the case of the Republic of Austria: "Aktiengesellschaft", "Versicherungsverein auf Gegenseitigkeit"; (20) in the case of the Republic of Poland: "spółka akcyjna", "towarzystwo ubezpieczeń wzajemnych"; (21) in the case of the Portuguese Republic: "sociedade anónima", "mútua de seguros"; (22) in the case of Romania: "societăți pe acțiuni", "societăți mutuale"; (23) in the case of the Republic of Slovenia: "delniška družba", "družba za vzajemno zavarovanje"; (24) in the case of the Slovak Republic: "akciová spoločnosť"; (25) in the case of the Republic of Finland: "keskinäinen vakuutusyhtiö/ömsesidigt försäkringsbolag", "vakuutusosakeyhtiö/försäkringsaktiebolag", "vakuutusyhdistys/försäkringsförening"; (26) in the case of Kingdom of Sweden: "försäkringsaktiebolag", "ömsesidiga försäkringsbolag", "understödsföreningar"; (27) in the case of the United Kingdom: companies limited by shares or by guarantee or unlimited, societies registered under the Industrial and Provident Societies Acts, societies registered or incorporated under the Friendly Societies Acts, the association of underwriters known as Lloyd’s; (28) in any event and as an alternative to the forms of life insurance undertaking listed in points (1) to (27) and (29), the form of a European Company (SE) as defined in Regulation (EC) No 2157/2001; (29) to the extent that the Member State concerned allows for the legal form of a cooperative society to take up the business of life insurance and as an alternative to the forms of life insurance undertaking listed in points (1) to (28), the form of a European Cooperative Society in accordance with Regulation (EC) No 1435/2003.
(1) in the case of the Kingdom of Belgium: "société anonyme/naamloze vennootschap", "société en commandite par actions/commanditaire vennootschap op aandelen", "association d'assurance mutuelle/onderlinge verzekeringsvereniging", "société coopérative/coöperatieve vennootschap"; (2) in the case of the Republic of Bulgaria "акционерно дружество"; (3) in the case of the Czech Republic: "akciová společnost"; (4) in the case of the Kingdom of Denmark: "aktieselskaber", "gensidige selskaber"; (5) in the case of the Federal Republic of Germany: "Aktiengesellschaft", "Versicherungsverein auf Gegenseitigkeit", "Öffentlich-rechtliches Wettbewerbsversicherungsunternehmen"; (6) in the case of the Republic of Estonia: "aktsiaselts"; (7) in the case of Ireland: incorporated companies limited by shares or by guarantee or unlimited; (8) in the case of the Hellenic Republic: "ανώνυμη εταιρία", "αλληλασφαλιστικός συνεταιρισμός"; (9) in the case of the Kingdom of Spain: "sociedad anónima"; (10) in the case of the French Republic: "société anonyme", "société d'assurance mutuelle", "institution de prévoyance régie par le code de la sécurité sociale", "institution de prévoyance régie par le code rural", "mutuelles régies par le code de la mutualité"; (10a) in the case of the Republic of Croatia: "dioničko društvo"; (11) in the case of the Italian Republic: "società per azioni"; (12) in the case of the Republic of Cyprus: "εταιρεία περιορισμένης ευθύνης με μετοχές", "εταιρεία περιορισμένης ευθύνης με εγγύηση"; (13) in the case of the Republic of Latvia: "akciju sabiedrība", "sabiedrība ar ierobežotu atbildību"; (14) in the case of the Republic of Lithuania: "akcinė bendrovė", "uždaroji akcinė bendrovė"; (15) in the case of the Grand Duchy of Luxembourg: "société anonyme", "société en commandite par actions", "association d'assurances mutuelles", "société coopérative"; (16) in the case of the Republic of Hungary: "biztosító részvénytársaság", "biztosító szövetkezet", "harmadik országbeli biztosító magyarországi fióktelepe"; (17) in the case of the Republic of Malta: "limited liability company/kumpannija tà responsabbiltà limitata"; (18) in the case of the Kingdom of the Netherlands: "naamloze vennootschap", "onderlinge waarborgmaatschappij"; (19) in the case of the Republic of Austria: "Aktiengesellschaft", "Versicherungsverein auf Gegenseitigkeit"; (20) in the case of the Republic of Poland: "spółka akcyjna", "towarzystwo ubezpieczeń wzajemnych"; (21) in the case of the Portuguese Republic: "sociedade anónima", "mútua de seguros"; (22) in the case of Romania "societate pe actiuni"; (23) in the case of the Republic of Slovenia: "delniška družba"; (24) in the case of the Slovak Republic: "akciová spoločnosť"; (25) in the case of the Republic of Finland: "keskinäinen vakuutusyhtiö/ömsesidigt försäkringsbolag", "vakuutusosakeyhtiö/försäkringsaktiebolag", "vakuutusyhdistys/försäkringsförening"; (26) in the case of the Kingdom of Sweden: "försäkringsaktiebolag", "ömsesidigt försäkringsbolag"; (27) in the case of the United Kingdom: companies limited by shares or by guarantee or unlimited, societies registered under the Industrial and Provident Societies Acts, societies registered or incorporated under the Friendly Societies Acts, the association of underwriters known as Lloyd’s; (28) in any event and as an alternative to the forms of reinsurance undertaking listed in points (1) to (27) and (29), the form of a European Company (SE) as defined in Regulation (EC) No 2157/2001; (29) to the extent that the Member State concerned allows for the legal form of a cooperative society to take up the business of reinsurance and as an alternative to the forms of reinsurance undertaking listed in points (1) to (28), the form of a European Cooperative Society in accordance with Regulation (EC) No 1435/2003.
SCR non-life denotes the non-life underwriting risk module,SCR life denotes the life underwriting risk module,SCR health denotes the health underwriting risk module,SCR market denotes the market risk module,SCR default denotes the counterparty default risk module,
| Market | Default | Life | Health | Non-life | |
|---|---|---|---|---|---|
| Market | 1 | 0,25 | 0,25 | 0,25 | 0,25 |
| Default | 0,25 | 1 | 0,25 | 0,25 | 0,5 |
| Life | 0,25 | 0,25 | 1 | 0,25 | 0 |
| Health | 0,25 | 0,25 | 0,25 | 1 | 0 |
| Non-life | 0,25 | 0,5 | 0 | 0 | 1 |
SCR nl premium and reserve denotes the non-life premium and reserve risk sub-module,SCR nl catastrophe denotes the non-life catastrophe risk sub-module,
SCR mortality denotes the mortality risk sub-module,SCR longevity denotes the longevity risk sub-module,SCR disability denotes the disability – morbidity risk sub-module,SCR life expense denotes the life expense risk sub-module,SCR revision denotes the revision risk sub-module,SCR lapse denotes the lapse risk sub-module,SCR life catastrophe denotes the life catastrophe risk sub-module,
SCR interest rate denotes the interest rate risk sub-module,SCR equity denotes the equity risk sub-module,SCR property denotes the property risk sub-module,SCR spread denotes the spread risk sub-module,SCR concentration denotes the market risk concentrations sub-module,SCR currency denotes the currency risk sub-module,
1. Accident and sickness (classes 1 and 2 of Annex I), 2. motor (classes 3, 7 and 10 of Annex I, the figures for class 10, excluding carriers’ liability, being given separately), 3. fire and other damage to property (classes 8 and 9 of Annex I), 4. aviation, marine and transport (classes 4, 5, 6, 7, 11 and 12 of Annex I), 5. general liability (class 13 of Annex I), 6. credit and suretyship (classes 14 and 15 of Annex I), 7. other classes (classes 16, 17 and 18 of Annex I).
| Council Directive 64/225/EEC | |
| ( | |
| 1973 Act of Accession, Article 29, Annex I, Point III(G)(1) | |
| ( | |
| First Council Directive 73/239/EEC | |
| ( | |
| 1994 Act of Accession, Article 29, Annex I(XI)(B)(II)(1) | |
| ( | |
| (as substituted by Council Decision 95/1/EC) | |
| ( | |
| 2003 Act of Accession, Article 20, Annex II(3)(1) | |
| ( | |
| 1985 Act of Accession, Article 26, Annex I(II)(c)(1)(a) | |
| ( | |
| Council Directive 76/580/EEC | only Article 1 |
| ( | |
| Council Directive 84/641/EEC | only Articles 1 to 14 |
| ( | |
| Council Directive 87/343/EEC | only Article 1 and Annex |
| ( | |
| Council Directive 87/344/EEC | only Article 9 |
| ( | |
| Second Council Directive 88/357/EEC | only Articles 9, 10 and 11 |
| ( | |
| Council Directive 90/618/EEC | only Articles 2, 3 and 4 |
| ( | |
| Council Directive 92/49/EEC | only Articles 4, 5, 6, 7, 9, 10, 11, 13, 14, 17, 18, 24, 32, 33 and 53 |
| ( | |
| European Parliament and Council Directive 95/26/EC | only Article 1, 2(2), third indent, and Article 3(1) |
| ( | |
| Directive 2000/26/EC of the European Parliament and of the Council | only Article 8 |
| ( | |
| Directive 2002/13/EC of the European Parliament and of the Council | only Article 1 |
| ( | |
| Directive 2002/87/EC of the European Parliament and of the Council | only Article 22 |
| ( | |
| Directive 2005/1/EC of the European Parliament and of the Council | only Article 4 |
| ( | |
| Directive 2005/68/EC of the European Parliament and of the Council | only Article 57 |
| ( | |
| Directive 2006/101/EC of the European Parliament and of the Council | only Article 1 and Annex, Point (1) |
| ( | |
| Council Directive 73/240/EEC | |
| ( | |
| Council Directive 76/580/EEC | |
| ( | |
| Council Directive 78/473/EEC | |
| ( | |
| Council Directive 84/641/EEC | |
| ( | |
| Council Directive 87/344/EEC | |
| ( | |
| Second Council Directive 88/357/EEC | |
| ( | |
| Council Directive 90/618/EEC | only Articles 5 to 10 |
| ( | |
| Council Directive 92/49/EEC | only Articles 12(1), 19, 23, 27, 30(1), 34, 35, 36, 37, 39(1), 40(1), 42(1), 43(1), 44(1), 45(1) and 46(1) |
| ( | |
| Directive 2000/26/EC of the European Parliament and of the Council | only Article 9 |
| ( | |
| Directive 2005/14/EC of the European Parliament and of the Council | only Article 3 |
| ( | |
| Council Directive 92/49/EEC | |
| ( | |
| European Parliament and Council Directive 95/26/EC | only Article 1, second indent, Article 2(1), first indent, Article 4(1), (3) and (5), and Article 5, second indent |
| ( | |
| Directive 2000/64/EC of the European Parliament and of the Council | only Article 2 |
| ( | |
| Directive 2002/87/EC of the European Parliament and of the Council | only Article 24 |
| ( | |
| Directive 2005/1/EC of the European Parliament and of the Council | only Article 6 |
| ( | |
| Directive 2005/68/EC of the European Parliament and the Council | only Article 58 |
| ( | |
| Directive 2007/44/EC of the European Parliament and of the Council | only Article 1 |
| ( | |
| Directive 98/78/EC of the European Parliament and of the Council | |
| ( | |
| Directive 2002/87/EC of the European Parliament and of the Council | only Article 28 |
| ( | |
| Directive 2005/1/EC of the European Parliament and of the Council | only Article 7 |
| ( | |
| Directive 2005/68/EC of the European Parliament and of the Council | only Article 59 |
| ( | |
| Directive 2001/17/EC of the European Parliament and of the Council | |
| ( | |
| Directive 2002/83/EC of the European Parliament and of the Council | |
| ( | |
| Council Directive 2004/66/EC | only Point II of the Annex |
| ( | |
| Directive 2005/1/EC of the European Parliament and of the Council | only Article 8 |
| ( | |
| Directive 2005/68/EC of the European Parliament and of the Council | only Article 60 |
| ( | |
| Directive 2006/101/EC of the European Parliament and of the Council | only Article 1 and Point 3 of the Annex |
| ( | |
| Directive 2007/44/EC of the European Parliament and of the Council | only Article 2 |
| ( | |
| Directive 2008/19/EC of the European Parliament and of the Council | only Article 1 |
| ( | |
| Directive 2005/68/EC of the European Parliament and of the Council | |
| ( | |
| Directive 2007/44/EC of the European Parliament and of the Council | only Article 4 |
| ( | |
| Directive 2008/19/EC of the European Parliament and of the Council | only Article 1 |
| ( | |
| Directive 2008/37/EC of the European Parliament and of the Council | only Article 1 |
| ( |
| Directive | Time-limit for transposition | Time-limit for application |
|---|---|---|
| 64/225/EEC | ||
| 73/239/EEC | ||
| 73/240/EEC | ||
| 76/580/EEC | ||
| 78/473/EEC | ||
| 84/641/EEC | ||
| 87/343/EEC | ||
| 87/344/EEC | ||
| 88/357/EEC | ||
| 90/618/EEC | ||
| 92/49/EEC | ||
| 95/26/EC | ||
| 98/78/EC | ||
| 2000/26/EC | ||
| 2000/64/EC | ||
| 2001/17/EC | ||
| 2002/13/EC | ||
| 2002/83/EC | ||
| 2002/87/EC | ||
| 2004/66/EC | ||
| 2005/1/EC | ||
| 2005/14/EC | ||
| 2005/68/EC | ||
| 2006/101/EC | ||
| 2008/19/EC | Not applicable | |
| 2008/37/EC | Not applicable |
| Directive 73/239/EEC | Directive 78/473/EEC | Directive 87/344/EEC | Directive 88/357/EEC | Directive 92/49/EEC | Directive 98/78/EC | Directive 2001/17/EC | Directive 2002/83/EC | Directive 2005/68/EC | Directive 2007/44/EC | This Directive |
|---|---|---|---|---|---|---|---|---|---|---|
| Article 1(1) | Article 2 | Article 1(1) | Article 2 FIRST sentence | Article 1(1) | Articles 1. 2(2), 2(3) AND 267 | |||||
| Article 1(2) | Article 2(2) | |||||||||
| Article 1(3) | — | |||||||||
| Article 2(1), points (a) to (c) | — | |||||||||
| Article 2(1), point (d) | Article 3(4) | Article 3 | ||||||||
| Article 2(1), point (e) | — | |||||||||
| Article 2(2), point (a) | Article 5(1) | |||||||||
| Article 2(2), point (b) | Article 5(2) | |||||||||
| Article 2(2), poInt (c) | Article 5(3) | |||||||||
| Article 2(2), point (d) | Article 5(4) | |||||||||
| Article 2(3), FIRST TO FOURTH subparagraphs | Article 6 | |||||||||
| Article 2(3), FIFTH subparagraph | Article 15(4) | |||||||||
| Article 3(1), FIRST AND SECOND subparagraphs | — | |||||||||
| Article 3(1), THIRD subparagraph | Article 4(5) | |||||||||
| Article 3(2) | Article 7 | |||||||||
| Article 4, FIRST sentence | Article 8, FIRST sentence | |||||||||
| Article 4, point (a) | Article 8(2) | |||||||||
| Article 4, point (b) | — | |||||||||
| Article 4, point (c) | Article 8(3) | |||||||||
| Article 4, point (e) | — | |||||||||
| Article 4, point (f) | Article 8(1) | |||||||||
| Article 4, point (g) | Article 8(4) | |||||||||
| Article 5, point (a) | — | |||||||||
| Article 5, point (b) | Article 1(1), point (o) | — | ||||||||
| Article 5, point (c) | Article 1(1), point (p) | Article 134(1) | ||||||||
| Article 5, point (d) | Article 13(27) | |||||||||
| Article 6 | Article 4 | Article 4 | Article 3 | Article 14(1), (2), points (a) and (b) | ||||||
| Article 7(1) and (2), FIRST subparagraph | Article 5(1) and (2), FIRST SUBPARAGRAPH | Article 5(1) and (2), FIRST SUBPARAGRAPH | Article 15(1) and (2), FIRST SUBPARAGRAPH | |||||||
| Article 7(2), SECOND subparagraph, POINT (a) | Article 5(2), SECOND subparagraph, POINT (a) | Article 15(3), FIRST SUBPARAGRAPH | ||||||||
| Article 7(2), SECOND subparagraph, POINT (b) | Article 5(2) SECOND subparagraph, POINT (b) | — | ||||||||
| Article 8(1), point (a) | Article 6(1) point (a) | Article 6(1), point (a) | Annex I | Annex IIIA and B | ||||||
| Article 8(1), point (a), final paragraph | Article 5(2) | Article 17(2) | ||||||||
| Article 8(1), point (b) | Article 6(1), point (b) | Article 6(1), point (b) | Article 6, point (a) | Article 18(1), point (a) | ||||||
| Article 6, point (a) | Article 18(1), point (b) | |||||||||
| Article 8(1), point (c) | Article 6(1), point (c) | Article 6(1), point (c) | Article 6, point (b) | Article 18(1), point (c) | ||||||
| Article 8(1), point (d) | Article 6(1), point (d) | Article 6(1), point (d) | Article 6, point (c) | Article 18(1), point (d) | ||||||
| Article 8(1), point (e) | Article 6(1), point (e) | Article 6(1), point (e) | Article 6, point (d) | Article 18(1), point (g) | ||||||
| Article 8(1), point (f) | Article 18(1), point (h) | |||||||||
| Article 8(1), SECOND TO FOUTH subparagraphs | Article 6(2) | Article 7 | Article 19 | |||||||
| Article 8(1a) | Article 6(3) | Article 8 | Article 20 | |||||||
| Article 8(2) | Article 6(2) | Article 6(4) | Article 18(2) | |||||||
| Article 8(3), FIRST subparagraph | Article 6(3), FIRST subparagraph | Article 6(5), THIRD subparagraph | Article 9(1) | Article 21(4) | ||||||
| Article 8(3), SECOND subparagraph | Article 6(3) SECOND subparagraph and Article 29 FIRST subparagraph, FIRST sentence | Article 6(5), FIRST subparagraph | Article 9(2) | Articles 21(1) FIRST subparagraph | ||||||
| Article 8(3), THIRD subparagraph | Article 6(3) THIRD subparagraph and Article 29 SECOND subparagraph | Article 21(2) | ||||||||
| Article 8(3), FOURTH subparagraph | Article 6(3) FOURTH subparagraph | Article 21(3) | ||||||||
| Article 8(4) | Article 6(4) | Article 6(6) | Article 10 | Article 22 | ||||||
| Article 9, points (a)-(d) | Article 7, points (a) –(d) | Article 7, points (a)-(d) | Article 11(1), points (a), (c), (d) and (e) | Article 23(1), points (a), (c), (d) and (e) | ||||||
| Article 9, points (e) and (f) | Article 7, points (e) and (f) | Article 11(2), points (a) and (b) | Article 23(2), point (e) | |||||||
| Article 9, points (g) and (h) | Article 7, points (g) and (h) | Article 7(f) and (g) | Article 11(2)(c) and (d) | Article 23(2)(a) and (d) | ||||||
| Article 10(1) | Article 32(1) | Article 40(1) | Article 145(1), FIRST subparagraph | |||||||
| Article 10(2), FIRST subparagraph | Article 32(2) FIRST subparagraph | Article 40(2) | Article 145(2) | |||||||
| Article 10(2), SECOND subparagraph | Article 32(2) SECOND subparagraph | Article 145(3) | ||||||||
| Article 10(3) | Article 32(3) | Article 40(3) | Article 146(1) and (2) | |||||||
| Article 10(4) | Article 32(4) | Article 40(4) | Article 146(3) | |||||||
| Article 10(5) | Article 32(5) | Article 40(5) | Article 146(3), SECOND subparagraph | |||||||
| Article 10(6) | Article 32(6) | Article 40(6) | Article 145(4) | |||||||
| Article 11 | Article 33 | — | ||||||||
| Article 12 | Article 56 | Article 9 | Article 13 | Article 25, SECOND subparagraph | ||||||
| Article 12a | Article 9a | Articles 14 and 60(2) | Article 26 | |||||||
| Article 13(1) and (2), FIRST subparagraph | Article 9(1) and (2), FIRST subparagraph | Article 10(1), first sentence and (2), FIRST subparagraph | Article 15(1), first subparagraph and (2) | Article 30(1), (2), FIRST subparagraph | ||||||
| Article 13(2), SECOND subparagraph | Article 9(2), SECOND subparagraph | Article 30(2), SECOND SUBPARAGRAPH | ||||||||
| Article 10(1), second and third sentences | Article 15(1), subparagraph 2 | Article 30(3) | ||||||||
| Article 13(2), THIRD subparagraph | Article 10(2) SECOND subparagraph | Article 60(3) | Article 32(1) | |||||||
| Article 13(3) | Article 9(3) | Article 10(3) | Article 15(4) | — | ||||||
| Article 14 | Article 10 | Article 11 | Article 16 | Article 33 | ||||||
| Article 15(1), (2) and (3), SECOND subparagraph | Article 17 | Article 20(1)-(3) and (4) SECOND subparagraph | Article 32(1)and (3) | Articles 76 to 86 | ||||||
| Article 15(3), FIRST subparagraph | Article 20(4), FIRST subparagraph | Article 32(2) | Articles 134(2) and 173 | |||||||
| Article 15a | Article 18 | Article 33 | — | |||||||
| Article 16 | Article 27 | Articles 35, 36, 60(8) | Articles 87-99 | |||||||
| Article 16a | Article 28 | Articles 37-39, 60(9) | Articles 100-127 | |||||||
| Article 17(1); | Article 29(1) | Article 40(1) | Articles 128 and 129(1) points (a)–(c) and (2) | |||||||
| Article 17(2) | Article 29(2) | Article 40(2) | Article 129(1) point (d) | |||||||
| Article 17a | Article 30 | Article 41 | — | |||||||
| Article 17b | Articles 28 and 28a | Article 60(10) | — | |||||||
| Article 18 | Article 31 | — | ||||||||
| Article 14 | Article 11 | Article 16 | Article 33 | |||||||
| Article 19(2) | Article 11(2) | Article 13(2) | Article 17(2) | Article 35 | ||||||
| Article 19(3), FIRST and second subparagraphs, points (a) and (b) | Article 10 | Article 11(3) FIRST AND SECOND subparagraphS, POINTS (a) and (b) | Article 13(3), first subparagraph and second subparagraph, points (a) and (b) | Article 17(3) and (4), FIRST subparagraph, points (a) and (b) | Article 34(1)-(3), (5), (6) AND (7) | |||||
| Article 19(3), SECOND subparagraph, POINT (c) | Article 10 | Article 11(3) SECOND subparagraph, POINT (c) | Article 13(3), SECOND subparagraph, POINT (c) | Article 17(4), FIRST subparagraph, POINT (c) | Article 34(8) | |||||
| Article 19(3), THIRD SUBPARAGRAPH | Article 10 | Article 11(3) THIRD SUBPARAGRAPH | Article 13(3), THIRD SUBPARAGRAPH | Article 17(4) SECOND SUBPARAGRAPH | Article 35(2), point (b) | |||||
| Article 20(1) | Article 37(1) | Article 42(1) | Article 137 | |||||||
| Article 20(2), FIRST SUBPARAGRAPH | Article 13(2) FIRST SUBPARAGRAPH | Article 37(2), FIRST SUBPARAGRAPH | Article 42(2), FIRST SUBPARAGRAPH | — | ||||||
| Article 20(2), SECOND SUBPARAGRAPH | Article 13(2) SECOND SUBPARAGRAPH | Article 37(2), SECOND SUBPARAGRAPH | Article 42(2), SECOND SUBPARAGRAPH | Article 138(5) | ||||||
| Article 20(3), FIRST SUBPARAGRAPH | Article 13(3) FIRST SUBPARAGRAPH | Article 37(3), FIRST SUBPARAGRAPH | Article 42(3), FIRST SUBPARAGRAPH | — | ||||||
| Article 20(3), SECOND SUBPARAGRAPH | Article 13(3) SECOND SUBPARAGRAPH | Article 37(3), SECOND SUBPARAGRAPH | Article 42(3), SECOND SUBPARAGRAPH | Article 139(3) | ||||||
| Article 20(4) | Article 13(4) | — | ||||||||
| Article 20(5) | Article 13(2), second subparagraph and (5) | Article 37(2), second subparagraph and (5) | Article 42(2), second subparagraph and (4) | Article 138(5) | ||||||
| Article 20a(1), FIRST SUBPARAGRAPH, FIRST sentence | Article 38(1), FIRST sentence | Article 43(1) | Article 138(2) and article 139(2) | |||||||
| Article 20a(1), FIRST SUBPARAGRAPH, SECOND sentence, POINTS (a)-(e) | Article 38(1), SECOND sentence, POINTS (a)-(e) | Article 43(2), POINTS (a)-(e) | Article 142(1) | |||||||
| Article 20a(2) | Article 38(2) | Article 141 | ||||||||
| Article 20a(3) | Article 38(3) | Article 43(4) | Article 140(2) | |||||||
| Article 20a(4) | Article 38(4) | Article 43(5) | — | |||||||
| Article 20a(5) | Article 38(5) | Article 43(6) | Article 142(2) | |||||||
| Article 21 | Article 11(1) | — | ||||||||
| Article 22(1) FIRST SUBPARAGRAPH, points (a), (b) and (d) | Article 14 | Article 39(1) FIRST SUBPARAGRAPH, points (a), (b) and (d) | Article 44(1) FIRST SUBPARAGRAPH, points (a), (b) and (d) | Article 144(1), points (a), (b) and (c) | ||||||
| Article 22(1) SECOND SUBPARAGRAPH, FIRST sentence | Article 39(1) SECOND SUBPARAGRAPH, FIRST SENTENCE | Article 44(1) SECOND SUBPARAGRAPH, | Article 144(2), FIRST SUBPARAGRAPH | |||||||
| Article 22(1) SECOND SUBPARAGRAPH, SECOND SENTENCE | Article 39(1) SECOND SUBPARAGRAPH, SECOND SENTENCE | Article 144(2), SECOND SUBPARAGRAPH | ||||||||
| Article 22(2) | Article 39(2) | Article 44(2) | Article 144(3) | |||||||
| Article 23(1) | Article 51(1) | Article 162(1) | ||||||||
| Article 23(2)(a)-(g) | Article 51(2) | Article 162(2), points (a)-(f) and (h) | ||||||||
| Article 23(2), point (h) | Article 162(2), point (g) | |||||||||
| Article 24 FIRST SUBPARAGRAPH, FIRST SENTENCE | Article 54 FIRST SUBPARAGRAPH, FIRST SENTENCE | Article 165, FIRST SENTENCE | ||||||||
| Article 24 FIRST SUBPARAGRAPH, SECOND SENTENCE and THIRD SUBPARAGRAPH | Article 54, FIRST SUBPARAGRAPH, SECOND SENTENCE – THIRD SUBPARAGRAPH | — | ||||||||
| Article 25 | Article 55 | Article 166 | ||||||||
| Article 26 | Article 56 | Article 167 | ||||||||
| Article 27 FIRST SUBPARAGRAPH | Article 52(2), FIRST SUBPARAGRAPH | Article 168, FIRST SUBPARAGRAPH | ||||||||
| Article 27 SECOND SUBPARAGRAPH | Article 52(2), SECOND SUBPARAGRAPH | Article 168, SECOND SUBPARAGRAPH | ||||||||
| Article 28 | Article 52(3) | Article 170 | ||||||||
| Article 28a | Article 53 | Article 53 | Article 164 | |||||||
| Article 29 | Article 57 | Article 171 | ||||||||
| Article 29a | Article 58 | Article 176, first to third subparagraphs | ||||||||
| Article 29b(1) and (2) | Article 59(1) and (2) | Article 52(1) and (2) | Article 177(1) and (2) | |||||||
| Article 29b(3)-(6) | Article 59(3)-(6) | Article 52(3) and (4) | — | |||||||
| Article 30(1) and (2), point (a) | — | |||||||||
| Article 30(2), point (b) | Article 305(1) | |||||||||
| Article 30(4) | Article 305(2) | |||||||||
| Article 30(5) | Article 305(4) | |||||||||
| Article 31 | — | |||||||||
| Article 32 | — | |||||||||
| Article 33 | Article 28 | Article 62 | Article 54(2) | Article 298(2) and (3) | ||||||
| Article 34 | Article 9 | Article 29 | Article 11(5) | Article 6(5), FOURTH SUBPARAGRAPH | Article 6 | — | ||||
| Article 35 | Article 10 | Article 10 | Article 32 | Article 57(1) | Article 11(1)-(3) | Article 31(1) and (2) | Article 69(1) to (4) | Article 64(1) | Article 7(1) | Article 309(1) |
| Article 36 | Article 11 | Article 11 | Article 33 | Article 57(2) | Article 11(4) | Article 31(3) | Article 70 | Article 64(2) | Article 7(2) | Article 309(2) |
| Article 37 | Article 34 | — | ||||||||
| Article 38 | Article 12 | Article 12 | Article 35 | Article 58 | Article 13 | Article 33 | Article 74 | Article 66 | Article 9 | Article 312 |
| Annex, part A | Article 15(2), SECOND SUBPARAGRAPH and Annex I, Part A | |||||||||
| Annex, part A, B | Annex I, Part A and B | |||||||||
| Annex, part C | Article 16 | |||||||||
| Annex, part D | — | |||||||||
| Article 1(1) FIRST SUBPARAGRAPH | Article 190(1) | |||||||||
| Article 1(1) SECOND SUBPARAGRAPH | Article 190(2) | |||||||||
| Article 1(2) | — | |||||||||
| Article 2(1) | Article 190(1) | |||||||||
| Article 2(2) | Article 190(3) | |||||||||
| Article 3 | Article 191 | |||||||||
| Article 4(1) | Article 192 first and second subparagraphs | |||||||||
| Article 4(2) | — | |||||||||
| Article 5 | Article 193 | |||||||||
| Article 6 | Article 195 | |||||||||
| Article 7 | Article 194 | |||||||||
| Article 8 | Article 196 | |||||||||
| Article 1 | — | |||||||||
| Article 2 | Article 198 | |||||||||
| Article 3(1) | Article 199 | |||||||||
| Article 3(2) FIRST SUBPARAGRAPH, FIRST SENTENCE | Article 200(1) FIRST SUBPARAGRAPH | |||||||||
| Article 3(2), points (a)-(c) | Article 200(2)-(4) | |||||||||
| Article 3(3) | Article 200(1) SECOND SUBPARAGRAPH | |||||||||
| Article 4 | Article 201 | |||||||||
| Article 5 | Article 202 | |||||||||
| Article 6 | Article 203 | |||||||||
| Article 7 | Article 204 | |||||||||
| Article 8 | Article 205 | |||||||||
| Article 9 | Article 16(2) | |||||||||
| Article 1 | — | |||||||||
| Article 2, points (a), (b) and (e) | — | |||||||||
| Article 2, point (c) | Article 1(1), point (c) | Article 2(1), point (e) | — | |||||||
| Article 2, point (d) | Article 13(13) | |||||||||
| Article 2, point (f) | Article 1, point (e) | Article 1(1), point (h) | — | |||||||
| Article 3 | Article 1, point (b), SECOND SENTENCE | Article 145(1), second subparagraph | ||||||||
| Article 4 | Article 187 | |||||||||
| Article 6 | — | |||||||||
| Article 7(1), points (a)–(e) | — | |||||||||
| Article 7(1), point (f) | Article 27 | — | ||||||||
| Article 7(1), point (g) and (3) | — | |||||||||
| Article 8(1) and (2) | Article 179(1) and (2) | |||||||||
| Article 8(3) | — | |||||||||
| Article 8(4), points (a) and (c) | Article 30(1) | — | ||||||||
| Article 8(4), point (d) | Article 179(3) | |||||||||
| Article 8(5) | Article 179(4) | |||||||||
| Article 12 | — | |||||||||
| Article 12a(1)-(3) | Article 150 | |||||||||
| Article 12a(4) FIRST SUBPARAGRAPH | Article 151 | |||||||||
| Article 12a(4) second to sixth subparagraphs | Article 152 | |||||||||
| Article 14 | Article 34 | Article 41 | Article 147 | |||||||
| Article 16(1), first and second subparagraphs | Article 35 | Article 42 | Article 148 | |||||||
| Article 16(1) THIRD SUBPARAGRAPH | Article 35 | Article 148(2) | ||||||||
| Article 17 | Article 36 | Article 43 | Article 149 | |||||||
| Article 26 | — | |||||||||
| Article 27 | — | |||||||||
| Article 31 | Article 299 | |||||||||
| Article 31 | Article 68(2) | Article 300 | ||||||||
| Annex I | Article 23 | Annex II | — | |||||||
| Annex 2A | — | |||||||||
| Annex 2B | — | |||||||||
| Articles 5, 9, 10, 11 | — | |||||||||
| Article 1, point (a) | Article 1, point (a) | Article 2, point (a) | Article 1(1), point (a) | Article 13(1) | ||||||
| Article 1, point (b) | Article 1(1), point (b) | Article 2(1), point (d) | Article 13(11) | |||||||
| Article 1, point (c) | Article 2, point (e) | Article 1(1), point (e) | Article 2(1), point (f) | Article 13(8), point (a) | ||||||
| Article 1, point (d) | Article 1(1), point (f) | Article 2(1), point (g) | — | |||||||
| Article 1, point (f) | Article 1(1), point (i) | Article 2(1), point (i) | Article 13(18) | |||||||
| Article 1, point (g) | Article 1(1), point (j) | Article 2(1), point (j) | Articles 13(21), article 24(2), and Article 63 | |||||||
| Article 1, point (h), | Article 1, point (d) | Article 1(1), point (k) | Article 2(1), point (k) | Article 13(15) | ||||||
| Article 1, point (i) | Article 1, point (e) | Article 1(1), point (l) | Article 2(1), point (l) | Article 13(16) | ||||||
| Article 1, point (j) | Article 1(1), point (m) | Article 13(22) | ||||||||
| Article 1, point (k) | Article 1, point (k) | Article 2(h) | Article 1(1), point (n) | Article 2(1), point (m) | Article 13(10) | |||||
| Article 1, point (l) | Article 1(1), point (r) | Article 2(1), point (n) | Article 13(17) | |||||||
| Article 1, point (l)(a) | Article 1, point (f) | Article 1(1), point (r)(i) | Article 2(1), point (n)(i) | Article 13(20) | ||||||
| Article 1, point (l)(b) | Article 1(1), point (r)(ii) | Article 2(1), point (n)(ii) | Article 13(18) | |||||||
| Article 3 | Article 188 | |||||||||
| Article 8 | ARTICLE 12 | Article 24(1) | ||||||||
| Article 12(2) | Article 14(1) | Article 18 | Article 39(1) | |||||||
| Article 12(3)-(6) | Article 14(2)-(5) | Article 39(2)-(6) | ||||||||
| Article 15(1) and (2) | Article 15(1) and (2) | Article 19(1) | Article 57 | |||||||
| Article 15(3) | Article 15(3) | Article 22 | Article 61 | |||||||
| Article 15(4) | Article 15(4) | Article 23 | Article 62 | |||||||
| Articles 15a | Article 15a | Article 19(2)-(8) | Article 58(1)-(7) | |||||||
| Articles 15b | Article 15b | Article 19a | Article 59 | |||||||
| Articles 15c | Article 15c | Article 20 | Article 60 | |||||||
| Article 16(1) | Article 16(1) | Article 24 | Article 64 | |||||||
| Article 16(2) | Article 16(2) | Article 25 | Article 65 | |||||||
| Article 16(3) | Article 16(3) | Article 26 | Article 66 | |||||||
| Article 16(4) | Article 16(4) | Article 27 | Article 67 | |||||||
| Article 16(5) | Article 16(5) | Article 28(1) | Article 68(1) | |||||||
| Article 16(5b) fist to fourth subparagraphs | Article 16(7) first to fourth subparagraphs | Article 28(3) first to fourth subparagraphs | Article 68(3) | |||||||
| Article 16(5b) FIFTH SUBPARAGRAPH | Article 16(7) FIFTH SUBPARAGRAPH | Article 28(3) FIFTH SUBPARAGRAPH | Article 68(4) | |||||||
| Article 16(3) | Article 66 | |||||||||
| Article 16(5c) | Article 16(8) | Article 29 | Article 70 | |||||||
| Article 16(5a) | Article 16(6) | Article 28(2) | Article 68(2) | |||||||
| Article 16a(1), point (a) | Article 17(1), point (a) | Article 31(1), first subparagraph | Article 72(1), points (a)-(c) | |||||||
| Article 16a(1), point (b) | Article 17(1)(b) | Article 31(1), second subparagraph | Article 72(1) SECOND SUBPARAGRAPH | |||||||
| Article 16a(2) | Article 17(2) | Article 31(2) | Article 72(2) | |||||||
| Article 20 | Article 22 | — | ||||||||
| Article 21 | Article 23 | Article 34(1)-(3) | — | |||||||
| Article 22 | Article 24 | Article 34(4) | — | |||||||
| Article 25 | — | |||||||||
| Article 28 | Article 33 | Article 180 | ||||||||
| Article 29 | Article 181(1) and (3) | |||||||||
| Article 30(2) | Article 181(2) | |||||||||
| Article 31 | Article 183 | |||||||||
| Article 38 | Article 44 | Article 153 | ||||||||
| Article 39(2) and (3) | Article 45 | Article 154 | ||||||||
| Article 40(2) | Article 46(1) | Article 155(8) | ||||||||
| Article 40(3) | Article 46(2) | Article 155(1) | ||||||||
| Article 40(4), (6)-(8) and (10) | Article 46(3), (5)-(7) and (9) | Article 155(2), (4)-(6) and (9) | ||||||||
| Article 40(5) | Article 46(4) | Article 155(3) | ||||||||
| Article 40(9) | Article 46(8) | Article 155(7) | ||||||||
| Article 41 | Article 47 | Article 156 | ||||||||
| Article 42(2) | Article 48 | Article 160 | ||||||||
| Article 43(2) and (3) | Article 184 | |||||||||
| Article 44(2) | Article 49 | Article 159 and Annex V | ||||||||
| Article 45(2) | Article 189 | |||||||||
| Article 46(2), first and third subparagraph. | Article 50(1), first and third subparagraphs, and (2) | Article 157 | ||||||||
| Articles 47-50 | — | |||||||||
| Article 51 | Article 64 | Article 56 | — | |||||||
| Article 51, final indent | Article 1(4) | Article 58(8) | ||||||||
| Article 52 | — | |||||||||
| Article 54 | Article 206 | |||||||||
| Article 55 | Article 207 | |||||||||
| Articles 24 and 26 | — | |||||||||
| Articles 12(1), 19, 33, 37, 39(1), 40(1), 42(1), 43(1), 44(1), 45(1), 46(1), | — | |||||||||
| Article 1, point (b) | Article 13(3) | |||||||||
| Article 1, point (c) | Article 1(1), point (s) | Article 2(1), point (c) | Article 13(4) | |||||||
| Article 1, point (g) | Article 212(1), point (a) | |||||||||
| Article 1, point (h) | Article 212(1), point (b) | |||||||||
| Article 1, point (i) | Article 59(2), point (a)(i) | Article 212(1), point (f) | ||||||||
| Article 1, point (j) | Article 59(2), point (a)(j) | Article 212(1), point (g) | ||||||||
| Article 1, point (l) | Article 59(2), point (b) | Article 13(6) | ||||||||
| Article 2 | Article 59(3) | Article 214(1) | ||||||||
| Article 3 | Article 59(3) | Article 214(1) and (2), first and second subparagraphs | ||||||||
| Article 4 | Article 59(3) | Article 247(1) | ||||||||
| Article 5(1) | Article 59(4) | Article 246 | ||||||||
| Article 5(2) | Article 254(1) | |||||||||
| Article 6 | Article 59(5) | Articles 254(2), 255(1) and (2) | ||||||||
| Article 7 | Article 59(5) | Articles 249(1), 252, 253 | ||||||||
| Article 8 | Article 59(5) | Articles 245, 246, 258(1) | ||||||||
| Article 9 | Article 59(6) | Articles 218, 219, 258(1) | ||||||||
| Article 10 | Article 59(7) | Articles 218, 219, 258(1), 260-263 | ||||||||
| Article 10a | Article 59(8) | Articles 264 | ||||||||
| Article 10b | Article 257 | |||||||||
| Article 12 | Article 32 | Article 73 | Article 65 | Article 8(1) | Article 311 | |||||
| Annex I | Article 59(9) and Annex II | Articles 213-215, 218-246 | ||||||||
| Annex II | Article 59(9) and Annex II | Articles 215-217, 220-243 | ||||||||
| Article 1(2) | Article 267 | |||||||||
| Article 2, point (b) | Article 268(1), point (b) | |||||||||
| Article 2, point (c) | Article 268(1), point (c) | |||||||||
| Article 2, point (d) | Article 268(1), point (d) | |||||||||
| Article 2, point (f) | Article 2(1), point (h) | Article 13(9) | ||||||||
| Article 2, point (g) | Article 268(1), point (a) | |||||||||
| Article 2, point (i) | Article 268(1), point (e) | |||||||||
| Article 2, point (j) | Article 268(1), point (f) | |||||||||
| Article 2, point (k) | Article 268(1), point (g) | |||||||||
| Article 3 | — | |||||||||
| Article 4 | Article 269 | |||||||||
| Article 5 | Article 270 | |||||||||
| Article 6 | Article 271 | |||||||||
| Article 7 | Article 272 | |||||||||
| Article 8 | Article 273 | |||||||||
| Article 9 | Article 274 | |||||||||
| Article 10 | Article 275 | |||||||||
| Article 11 | Article 277 | |||||||||
| Article 12 | Article 278 | |||||||||
| Article 13 | Article 279 | |||||||||
| Article 14 | Article 280 | |||||||||
| Article 15 | Article 281 | |||||||||
| Article 16 | Article 282 | |||||||||
| Article 17 | Article 283 | |||||||||
| Article 18 | Article 284 | |||||||||
| Article 19 | Article 285 | |||||||||
| Article 20 | Article 286 | |||||||||
| Article 21 | Article 287 | |||||||||
| Article 22 | Article 288 | |||||||||
| Article 23 | Article 289 | |||||||||
| Article 24 | Article 290 | |||||||||
| Article 25 | Article 291 | |||||||||
| Article 26 | Article 292 | |||||||||
| Article 27 | Article 293 | |||||||||
| Article 28 | Article 294 | |||||||||
| Article 29 | Article 295 | |||||||||
| Article 30(1) | Article 268(2) | |||||||||
| Article 30(2) | Article 296 | |||||||||
| Annex | Article 276 | |||||||||
| Article 1(1), point (d) | — | |||||||||
| Article 1(1), point (g) | Article 13(14) | |||||||||
| Article 1(1), point (q) | — | |||||||||
| Article 1(2) | Article 2(3) | — | ||||||||
| Article 2(1) | Article 2(3) | |||||||||
| Article 3(2), (3) and (8) | Article 9 | |||||||||
| Article 3(5), and (7) | Article 10 | |||||||||
| Article 3(6) | — | |||||||||
| Article 5(2) second and third subparagraphs | Article 15(2) THIRD SUBPARAGRAPH and (3) SECOND SUBPARAGRAPH | |||||||||
| Article 6(5) first and second subparagraph | Article 21(1) | |||||||||
| Article 7, point (e) | Article 23(2), point (f) | |||||||||
| Article 8 | Article 12 | Article 24(1) | ||||||||
| Article 12 | Article 208 | |||||||||
| Article 16(9) | Article 30 | Article 69 | ||||||||
| Article 18(1) to (6) | Article 73 | |||||||||
| Article 18(7) | — | |||||||||
| Article 19(1), FIRST SUBPARAGRAPH, first indent | Article 74(1) | |||||||||
| Article 19(1), first subparagraph, second indent | Article 74(3), SECOND SUBPARAGRAPH | |||||||||
| Article 19(1), SECOND SUBPARAGRAPH, (2) and (3) | Article 74(4)-(7) | |||||||||
| Article 21 | Article 209 | |||||||||
| Article 25 | — | |||||||||
| Article 26 | — | |||||||||
| Article 32 | — | |||||||||
| Article 34 | Article 182 | |||||||||
| Article 35 | Article 186 | |||||||||
| Article 36(1) | Article 185(1) | |||||||||
| Article 36(2) | Article 185(4), FIRST SENTENCE | |||||||||
| Annex III(A) | Article 185(6) | |||||||||
| Article 36(3) | Article 185(7) | |||||||||
| Article 41 | Article 147 | |||||||||
| Article 42(1)-(3) | Article 148(1), (3) and (4) | |||||||||
| Article 43 | Article 149 | |||||||||
| Article 45 | — | |||||||||
| Article 48 | Article 160 | |||||||||
| Article 49 | Article 159 | |||||||||
| Article 51(2), points (a) to (g) | Article 162(2), points (a)–(e), (g) and (h) | |||||||||
| Article 51(3) and (4) | Article 163 | |||||||||
| Article 52(1) | Article 169 | |||||||||
| Article 55(1) and (2) | Article 166(1) and (2) | |||||||||
| Article 56 | Article 167 | |||||||||
| Article 59(1) and (2) | Article 52(1) and (2) | Article 177(1) and (2) | ||||||||
| Article 59(3) and (6) | Article 52(3) and (4) | — | ||||||||
| Article 60(1) | Article 305(2), second and third subparagraphs | |||||||||
| Article 60(2) | Article 305(3) | |||||||||
| Article 31 | Article 61 | Article 43 | ||||||||
| Article 65 | Article 55 | Article 301(1) and (3) | ||||||||
| Article 66 | Article 308 | |||||||||
| Article 67 | Article 53 | Article 297 | ||||||||
| Article 68(1) | — | |||||||||
| Article 71 | — | |||||||||
| Article 72 | Article 310 | |||||||||
| Annex I | Annex II | |||||||||
| Annex III | Article 185(2), points (a) –(c), (3), and (5), FIRST SUBPARAGRAPH | |||||||||
| Annex IV | — | |||||||||
| Annex V | Annex VI | |||||||||
| Annex VI | Annex VII | |||||||||
| Article 1(2), point (d) | Article 11 | |||||||||
| Article 2(1), point (a) | Article 13(7) | |||||||||
| Article 2(1), point (b) | — | |||||||||
| Article 2(1), point (h) | Article 13(9) | |||||||||
| Article 2(1), point (o) | Article 13(25) | |||||||||
| Article 2(1), point (p) | Article 13(26) | |||||||||
| Article 2(1), point (q) | Article 210(3) | |||||||||
| Article 2(2) | — | |||||||||
| Article 4(2) | Article 15(5) | |||||||||
| Article 5(1), FIRST SUBPARAGRAPH and (2) | Article 17(1) and (2), Annex IIIC; | |||||||||
| Article 9(1) | Article 21(4) | |||||||||
| Article 11(1), point (b) | Article 23(1), point (b) | |||||||||
| Article 15(3) | Article 32(2) | |||||||||
| Article 21 | — | |||||||||
| Article 45 | — | |||||||||
| Article 46 | Article 211(1) and (2) | |||||||||
| Article 47 | Article 158 | |||||||||
| Article 48 | Article 161 | |||||||||
| Article 50 | Article 175 | |||||||||
| Article 51 | Article 176 | |||||||||
| Article 54(1) | Article 298(1) | |||||||||
| Article 61 | Article 308 | |||||||||
| Article 62 | Article 12 | |||||||||
| Article 63 | Article 307 | |||||||||
| Articles 57, 58, 59 and 60, Annex II, | — | |||||||||
| Articles 1(4), 2(4) and 4(6) | Article 58(8) | |||||||||
| Article 8(2) | Article 312 |