Council of the European Union and European Parliament 5 November 2002, Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance

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European Union · · · Cited by 1,556 · 05-11-2002

TITLE I. DEFINITIONS AND SCOPE
Article 1. Definitions
Article 2. Scope
Article 3. Activities and bodies excluded
TITLE II. THE TAKING UP OF THE BUSINESS OF LIFE ASSURANCE
Article 4. Principle of authorisation
Article 5. Scope of authorisation
Article 6. Conditions for obtaining authorisation
Article 7. Scheme of operations
Article 8. Shareholders and members with qualifying holdings
Article 9. Refusal of authorisation
TITLE III. CONDITIONS GOVERNING THE BUSINESS OF ASSURANCE
CHAPTER 1. PRINCIPLES AND METHODS OF FINANCIAL SUPERVISION
Article 10. Competent authorities and object of supervision
Article 11. Supervision of branches established in another Member State
Article 12. Prohibition on compulsory ceding of part of underwriting
Article 13. Accounting, prudential and statistical information: supervisory powers
Article 14. Transfer of portfolio
Article 15. Qualifying holdings
Article 16. Professional secrecy
Article 17. Duties of auditors
Article 18. Pursuit of life assurance and non-life insurance activities
Article 19. Separation of life assurance and non-life insurance management
CHAPTER 2. RULES RELATING TO TECHNICAL PROVISIONS AND THEIR REPRESENTATION
Article 20. Establishment of technical provisions
Article 21. Premiums for new business
Article 22. Assets covering technical provisions
Article 23. Categories of authorised assets
Article 24. Rules for investment diversification
Article 25. Contracts linked to UCITS or share index
Article 26. Matching rules
CHAPTER 3. RULES RELATING TO THE SOLVENCY MARGIN AND TO THE GUARANTEE FUND
Article 27. Available solvency margin
Article 28. Required solvency margin
Article 29. Guarantee fund
Article 30. Review of the amount of the guarantee fund
Article 31. Assets not used to cover technical provisions
CHAPTER 4. CONTRACT LAW AND CONDITIONS OF ASSURANCE
Article 32. Law applicable
Article 33. General good
Article 34. Rules relating to conditions of assurance and scales of premiums
Article 35. Cancellation period
Article 36. Information for policy holders
CHAPTER 5. ASSURANCE UNDERTAKINGS IN DIFFICULTY OR IN AN IRREGULAR SITUATION
Article 37. Assurance undertakings in difficulty
Article 38. Financial recovery plan
Article 39. Withdrawal of authorisation
TITLE IV. PROVISIONS RELATING TO RIGHT OF ESTABLISHMENT AND FREEDOM TO PROVIDE SERVICES
Article 40. Conditions for branch establishment
Article 41. Freedom to provide services: prior notification to the home Member State
Article 42. Freedom to provide services: notification by the home Member State
Article 43. Freedom to provide services: changes in the nature of commitments
Article 44. Language
Article 45. Rules relating to conditions of assurance and scales of premiums
Article 46. Assurance undertakings not complying with the legal provisions
Article 47. Advertising
Article 48. Winding-up
Article 49. Statistical information on cross-border activities
Article 50. Taxes on premiums
TITLE V. RULES APPLICABLE TO AGENCIES OR BRANCHES ESTABLISHED WITHIN THE COMMUNITY AND BELONGING TO UNDERTAKINGS WHOSE HEAD OFFICES ARE OUTSIDE THE COMMUNITY
Article 51. Principles and conditions of authorisation
Article 52. Rules applicable to branches of third-country undertakings
Article 53. Transfer of portfolio
Article 54. Technical provisions
Article 55. Solvency margin and guarantee fund
Article 56. Advantages to undertakings authorised in more than one Member State
Article 57. Agreements with third countries
TITLE VI. RULES APPLICABLE TO SUBSIDIARIES OF PARENT UNDERTAKINGS GOVERNED BY THE LAWS OF A THIRD COUNTRY AND TO THE ACQUISITIONS OF HOLDINGS BY SUCH PARENT UNDERTAKINGS
Article 58. Information from Member States to the Commission
Article 59. Third-country treatment of Community assurance undertakings
TITLE VII. TRANSITIONAL AND OTHER PROVISIONS
Article 60. Derogations and abolition of restrictive measures
Article 61. Proof of good repute
TITLE VIII. FINAL PROVISIONS
Article 62. Cooperation between the Member States and the Commission
Article 63. Reports on the development of the market under the freedom to provide services
Article 64. Technical adjustment
Article 65. Committee procedure
Article 66. Rights acquired by existing branches and assurance undertakings
Article 67. Right to apply to the courts
Article 68. Review of amounts expressed in euro
Article 69. Implementation of new provisions
Article 70. Information to the Commission
Article 71. Transitional period for Articles 3(6), 27, 28, 29, 30 and 38
Article 72. Repealed directives and their correlation with this Directive
Article 73. Entry into force
Article 74. Addressees
ANNEX I. Classes of assurance

19.12.2002

Official Journal of the European Communities

L 345/1

DIRECTIVE 2002/83/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 5 November 2002

concerning life assurance

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community, and in particular Articles 47(2) and Article 55 thereof,

Having regard to

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