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

Also known as

The First Council Directive 79/267/EEC aims to coordinate laws and regulations related to the business of direct life assurance across member states to eliminate divergences and ensure adequate protection for policyholders. Key provisions include the requirement for financial guarantees, the classification of insurance activities subject to compulsory authorization, and the establishment of a solvency margin to safeguard against business fluctuations. The directive applies to all undertakings operating in the market, including agencies and branches from outside the community, and mandates close collaboration between the Commission and member states for uniform application.AI