Directive 2005/68 - Reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC

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Contents

  1. Current status
  2. Key information
  3. Key dates
  4. Legislative text
  5. Original proposal
  6. Sources and disclaimer
  7. Full version
  8. EU Monitor

1.

Current status

This directive was in effect from December 10, 2005 until December 31, 2015 and should have been implemented in national regulation on December 10, 2007 at the latest.

2.

Key information

official title

Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC
 
Legal instrument Directive
Number legal act Directive 2005/68
Original proposal COM(2004)273 EN
CELEX number240 32005L0068

3.

Key dates

Document 16-11-2005
Publication in Official Journal 09-12-2005; Special edition in Romanian: Chapter 06 Volume 007,Special edition in Bulgarian: Chapter 06 Volume 007,OJ L 323, 9.12.2005,Special edition in Croatian: Chapter 06 Volume 007
Effect 10-12-2005; Entry into force Date pub. +1 See Art 65
End of validity 31-12-2015; Repealed by 32009L0138 And See 32012L0023 And 32013L0058
Transposition 10-12-2007; At the latest

4.

Legislative text

9.12.2005   

EN

Official Journal of the European Union

L 323/1
 

DIRECTIVE 2005/68/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 16 November 2005

on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC

(Text with EEA relevance)

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

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

Having regard to the proposal from the Commission,

Having regard to the opinion of the European Economic and Social Committee (1),

After consulting the Committee of the Regions,

Acting in accordance with the procedure laid down in Article 251 of the Treaty (2),

Whereas:

 

(1)

Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance (3), Council Directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance (4) and Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance (5) have laid down the provisions relating to the taking-up and pursuit of direct insurance in the Community.
 

(2)

Those Directives provide for the legal framework for insurance undertakings to conduct insurance business in the internal market, from the point of view both of the right of establishment and of the freedom to provide services, in order to make it easier for insurance undertakings with head offices in the Community to cover commitments situated within the Community and to make it possible for policy holders to have recourse not only to insurers established in their own country, but also to insurers which have their head office in the Community and are established in other Member States.
 

(3)

The regime laid down by those Directives applies to direct insurance undertakings in respect of their entire business carried on, both direct insurance activities as well as reinsurance activities by way of acceptances; however reinsurance activities conducted by specialised reinsurance undertakings are neither subject to that regime nor any other regime provided for by Community law.
 

(4)

Reinsurance is a major financial activity as it allows direct insurance undertakings, by facilitating a wider distribution of risks at worldwide level, to have a higher underwriting capacity to engage in insurance business and provide insurance cover and also to reduce their capital costs; furthermore, reinsurance plays a fundamental role in financial stability, since it is an essential element in ensuring the financial soundness and the stability of direct insurance markets as well as the financial system as a whole, because it involves major financial intermediaries and institutional investors.
 

(5)

Council Directive 64/225/EEC of 25 February 1964 on the abolition of restrictions on freedom of establishment and freedom to provide services in respect of reinsurance and retrocession (6) has removed the restrictions on the right of establishment and the freedom to provide services related to the nationality or residence of the provider of reinsurance. It has not however removed restrictions caused by divergences between national provisions as regards prudential regulation of reinsurance. This situation has resulted in significant differences in the level of supervision of reinsurance undertakings in the Community, which create barriers to the pursuit of reinsurance business, such as the obligation for the reinsurance undertaking to pledge assets in order to cover its part of the technical provisions of the direct insurance undertaking, as well as the compliance by reinsurance...


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This text has been adopted from EUR-Lex.

5.

Original proposal

 

6.

Sources and disclaimer

For further information you may want to consult the following sources that have been used to compile this dossier:

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7.

Full version

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8.

EU Monitor

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  • 1. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 2. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 3. 
    Standard
     
  • 4. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p. 1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p. 1).

     
  • 5. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 6. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 7. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 8. 
    Directives 73/239/EEC (OJ, L 228, 16.8.1973, p. 3), Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1), Directive 2002/83/EC (OJ L 345, 19.12.2002, p. 1)

     
  • 9. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 10. 
    Or a Community insurance undertaking authorised in accordance with the non-life insurance or life assurance Directives (Directives 73/239/EEC and 2002/83/EC).

     
  • 11. 
    Directive 73/239/EEC, art. 16, as amended by Directive 92/49/EEC, art. 11 and Directive 2002/83/EC art. 11.

     
  • 12. 
    Directive 92/49/EEC, art. 15 and Directive 2002/83/EC, art. 15.

     
  • 13. 
    Directive 92/49/EEC, art.16 and Directive 2002/83/EC, art. 16.

     
  • 14. 
    Directive 92/49/EEC, art 16a) inserted by Directive 95/26/EC (OJ L 168, 18.7.1995, p. 7) and Directive 2002/83/EC, art. 17.

     
  • 15. 
    OJ L 374, 31.12.1991 p.7.

     
  • 16. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 17. 
    OJ L L 110, 20.04.2001 p.28.

     
  • 18. 
    Directives 73/239/EEC (OJ, L 228, 16.8.1973, p. 3), Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1), Directive 2002/83/EC (OJ L 345, 19.12.2002, p. 1)

     
  • 19. 
    Standard
     
  • 20. 
    Non-Life: Directives 73/239/EEC, 88/357/EEC, 92/49/EEC; Life: Directive 2002/83/EEC; Insurance Groups: Directive 98/78/EEC (OJ L 330, 5.12.1998, p. 1).

     
  • 21. 
    Or a Community insurance undertaking authorised in accordance with the non-life insurance or life assurance Directives (Directives 73/239/EEC and 2002/83/EC).

     
  • 22. 
    OJ L 330, 5.12.1998, p. 1.

     
  • 23. 
    OJ L 35, 11.2.2003, p. 1.

     
  • 24. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 25. 
    OJ C , , p. .

     
  • 26. 
    OJ C , , p. .

     
  • 27. 
    OJ C , , p. .

     
  • 28. 
    OJ C , , p. .

     
  • 29. 
    OJ L 228, 16.8.1973, p.3.

     
  • 30. 
    OJ L 228, 11.8.1992 p. 1. Directive as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p. 1)

     
  • 31. 
    OJ L 345, 19.12.2002, p. 1.

     
  • 32. 
    OJ 56, 4.4.1964 p.878.

     
  • 33. 
    OJ L 330, 5.12.1998, p. 1. Directive as last amended by Directive 2002/87/EC (OJ L 35, 11.2.2003, p 1).

     
  • 34. 
    OJ L 374, 31.12.1991, p. 7. Directive amended by Directive 2003/51/EC of the European Parliament and of the Council (OJ L 178, 17.7.2003, p. 16).

     
  • 35. 
    OJ L 374, 31.12.1991, p. 32.

     
  • 36. 
    OJ L 184, 17.7.1999 p. 23.

     
  • 37. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 38. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 39. 
    OJ L 235, 23.9.2003, p. 10.

     
  • 40. 
    OJ L 193, 18.7.1983, p. 1.

     
  • 41. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 42. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 43. 
    OJ L 184, 6.7.2001 p. 66

     
  • 44. 
    OJ L 294, 10.11.2001.p.1

     
  • 45. 
    OJ L 35, 11.02.2003 p. 1

     
  • 46. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 47. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 48. 
    OJ L 126, 12.5.1984, p. 20.

     
  • 49. 
    OJ L 222, 14.8.1978, p. 11.

     
  • 50. 
    OJ L 375, 31.12.1985, p. 3.

     
  • 51. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 52. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 53. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 54. 
    OJ L 141, 11.6.1993, p. 27.

     
  • 55. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p. 1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p. 1).

     
  • 56. 
    Or a Community insurance undertaking authorised in accordance with the non-life insurance or life assurance Directives (Directives 73/239/EEC and 2002/83/EC).

     
  • 57. 
    OJ L 141, 11.6.1993, p. 1.

     
  • 58. 
    Standard
     
  • 59. 
    Standard
     
  • 60. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 61. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 62. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 63. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 64. 
    Standard
     
  • 65. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 66. 
    Standard
     
  • 67. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 68. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 69. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 70. 
    Directives 73/239/EEC (OJ, L 228, 16.8.1973, p. 3), Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1), Directive 2002/83/EC (OJ L 345, 19.12.2002, p. 1)

     
  • 71. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 72. 
    Standard
     
  • 73. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p. 1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p. 1).

     
  • 74. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 75. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 76. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 77. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 78. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 79. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 80. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p. 1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p. 1).

     
  • 81. 
    Or a Community insurance undertaking authorised in accordance with the non-life insurance or life assurance Directives (Directives 73/239/EEC and 2002/83/EC).

     
  • 82. 
    Standard
     
  • 83. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p. 1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p. 1).

     
  • 84. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 85. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p. 1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p. 1).

     
  • 86. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 87. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 88. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 89. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p. 1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p. 1).

     
  • 90. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 91. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 92. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 93. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 94. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p. 1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p. 1).

     
  • 95. 
    Or a Community insurance undertaking authorised in accordance with the non-life insurance or life assurance Directives (Directives 73/239/EEC and 2002/83/EC).

     
  • 96. 
    Standard
     
  • 97. 
    Standard
     
  • 98. 
    Standard
     
  • 99. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p. 1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p. 1).

     
  • 100. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 101. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 102. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 103. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 104. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 105. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 106. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 107. 
    See also an Issues Paper prepared by IAIS Working Group on Reinsurance, 'Reinsurance and reinsurers: relevant issues for establishing general supervisory principles standards and practices', Amsterdam 2000, p. 20 ff. Website: www.iaisweb.org/ .

     
  • 108. 
    Source: OECD.

     
  • 109. 
    idem.

     
  • 110. 
    The low cession rate for life insurance is due to the fact that only the risk component of it, not the larger savings component, that is reinsured.

     
  • 111. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 112. 
    Standard
     
  • 113. 
    Council Directive of 25 February 1964 on the abolition of restrictions of establishment and freedom to provide services in respect of reinsurance and retrocession (64/225/EEC), O.J. S64 of 4.4.64.

     
  • 114. 
    'Report: results of questionnaire on the supervision of reinsurance undertakings', European Commission, doc XV/2040/99
     
  • 115. 
    Directly means that any reinsurer conducting business in the Member State is required to be authorised in some way by the supervisor. Indirectly means that the supervisor only examines a reinsurer when it examines the adequacy of a reinsurance contract taken out by a primary insurer with that reinsurer. (Commission questionnaire, see footnote 6).

     
  • 116. 
    See www.cea.assur.org.

     
  • 117. 
    See www.oecd.org/home/ .

     
  • 118. 
    See www.fsforum.org/home/ home.html.

     
  • 119. 
    The study - prepared by the KPMG - is available at the Commission website: europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm.

     
  • 120. 
    ibid.

     
  • 121. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 122. 
    Standard
     
  • 123. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p.

    1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p.

    1).

     
  • 124. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 125. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 126. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 127. 
    Directives 73/239/EEC (OJ, L 228, 16.8.1973, p.

    3), Directive 92/49/EEC (OJ L 228, 11.8.1992, p.

    1), Directive 2002/83/EC (OJ L 345, 19.12.2002, p.

    1)

     
  • 128. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 129. 
    Or a Community insurance undertaking authorised in accordance with the non-life insurance or life assurance Directives (Directives 73/239/EEC and 2002/83/EC).

     
  • 130. 
    Directive 73/239/EEC, art. 16, as amended by Directive 92/49/EEC, art. 11 and Directive 2002/83/EC art. 11.

     
  • 131. 
    Directive 92/49/EEC, art. 15 and Directive 2002/83/EC, art. 15.

     
  • 132. 
    Directive 92/49/EEC, art.16 and Directive 2002/83/EC, art. 16.

     
  • 133. 
    Directive 92/49/EEC, art 16a) inserted by Directive 95/26/EC (OJ L 168, 18.7.1995, p.

    7) and Directive 2002/83/EC, art. 17.

     
  • 134. 
    OJ L 374, 31.12.1991 p.7.

     
  • 135. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 136. 
    OJ L L 110, 20.04.2001 p.28.

     
  • 137. 
    Directives 73/239/EEC (OJ, L 228, 16.8.1973, p.

    3), Directive 92/49/EEC (OJ L 228, 11.8.1992, p.

    1), Directive 2002/83/EC (OJ L 345, 19.12.2002, p.

    1)

     
  • 138. 
    Standard
     
  • 139. 
    Non-Life: Directives 73/239/EEC, 88/357/EEC, 92/49/EEC; Life: Directive 2002/83/EEC; Insurance Groups: Directive 98/78/EEC (OJ L 330, 5.12.1998, p.

    1).

     
  • 140. 
    Or a Community insurance undertaking authorised in accordance with the non-life insurance or life assurance Directives (Directives 73/239/EEC and 2002/83/EC).

     
  • 141. 
    OJ L 330, 5.12.1998, p. 1.

     
  • 142. 
    OJ L 35, 11.2.2003, p. 1.

     
  • 143. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 144. 
    OJ C , , p. .

     
  • 145. 
    OJ C , , p. .

     
  • 146. 
    OJ C , , p. .

     
  • 147. 
    OJ C , , p. .

     
  • 148. 
    OJ L 228, 16.8.1973, p.3.

     
  • 149. 
    OJ L 228, 11.8.1992 p. 1. Directive as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p.

    1)

     
  • 150. 
    OJ L 345, 19.12.2002, p. 1.

     
  • 151. 
    OJ 56, 4.4.1964 p.878.

     
  • 152. 
    OJ L 330, 5.12.1998, p. 1. Directive as last amended by Directive 2002/87/EC (OJ L 35, 11.2.2003, p 1).

     
  • 153. 
    OJ L 374, 31.12.1991, p. 7. Directive amended by Directive 2003/51/EC of the European Parliament and of the Council (OJ L 178, 17.7.2003, p. 16).

     
  • 154. 
    OJ L 374, 31.12.1991, p. 32.

     
  • 155. 
    OJ L 184, 17.7.1999 p. 23.

     
  • 156. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: http://europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 157. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 158. 
    OJ L 235, 23.9.2003, p. 10.

     
  • 159. 
    OJ L 193, 18.7.1983, p. 1.

     
  • 160. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: http://europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 161. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 162. 
    OJ L 184, 6.7.2001 p. 66

     
  • 163. 
    OJ L 294, 10.11.2001.p.1

     
  • 164. 
    OJ L 35, 11.02.2003 p. 1

     
  • 165. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 166. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: http://europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 167. 
    OJ L 126, 12.5.1984, p. 20.

     
  • 168. 
    OJ L 222, 14.8.1978, p. 11.

     
  • 169. 
    OJ L 375, 31.12.1985, p. 3.

     
  • 170. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: http://europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 171. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 172. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 173. 
    OJ L 141, 11.6.1993, p. 27.

     
  • 174. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p.

    1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p.

    1).

     
  • 175. 
    Or a Community insurance undertaking authorised in accordance with the non-life insurance or life assurance Directives (Directives 73/239/EEC and 2002/83/EC).

     
  • 176. 
    OJ L 141, 11.6.1993, p. 1.

     
  • 177. 
    Standard
     
  • 178. 
    Standard
     
  • 179. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: http://europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 180. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 181. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 182. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 183. 
    Standard
     
  • 184. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: http://europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 185. 
    Standard
     
  • 186. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 187. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: http://europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 188. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 189. 
    Directives 73/239/EEC (OJ, L 228, 16.8.1973, p.

    3), Directive 92/49/EEC (OJ L 228, 11.8.1992, p.

    1), Directive 2002/83/EC (OJ L 345, 19.12.2002, p.

    1)

     
  • 190. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 191. 
    Standard
     
  • 192. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p.

    1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p.

    1).

     
  • 193. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 194. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 195. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 196. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: http://europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 197. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 198. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 199. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p.

    1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p.

    1).

     
  • 200. 
    Or a Community insurance undertaking authorised in accordance with the non-life insurance or life assurance Directives (Directives 73/239/EEC and 2002/83/EC).

     
  • 201. 
    Standard
     
  • 202. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p.

    1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p.

    1).

     
  • 203. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 204. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p.

    1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p.

    1).

     
  • 205. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 206. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: http://europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 207. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 208. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p.

    1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p.

    1).

     
  • 209. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 210. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: http://europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 211. 
    europa.eu.int/comm/internal_market/ insurance/studies/reins-sup_en.htm

     
  • 212. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 213. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p.

    1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p.

    1).

     
  • 214. 
    Or a Community insurance undertaking authorised in accordance with the non-life insurance or life assurance Directives (Directives 73/239/EEC and 2002/83/EC).

     
  • 215. 
    Standard
     
  • 216. 
    Standard
     
  • 217. 
    Standard
     
  • 218. 
    Directive 92/49/EEC (OJ L 228, 11.8.1992, p. 1, as last amended by Directive 2002/87/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p.

    1), and Directive 92/96/EEC (OJ L 360, 9.12.1992, p.1), this Directive has been recast by Directive 2002/83/EC (OJ L 19.12.2002, p.

    1).

     
  • 219. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 220. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 221. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 222. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 223. 
    For more extensive presentation of the issues included in this chapter, see the Extended Impact Assessment concerning the Proposal for a Reinsurance Directive available at the Commission website: http://europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm

     
  • 224. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 225. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 226. 
    See also an Issues Paper prepared by IAIS Working Group on Reinsurance, 'Reinsurance and reinsurers: relevant issues for establishing general supervisory principles standards and practices', Amsterdam 2000, p. 20 ff. Website: www.iaisweb.org/ .

     
  • 227. 
    Source: OECD.

     
  • 228. 
    idem.

     
  • 229. 
    The low cession rate for life insurance is due to the fact that only the risk component of it, not the larger savings component, that is reinsured.

     
  • 230. 
    Source: 'Reinsurance - a systemic risk?'; Sigma 5/2003, Swiss Re.

     
  • 231. 
    Standard
     
  • 232. 
    Council Directive of 25 February 1964 on the abolition of restrictions of establishment and freedom to provide services in respect of reinsurance and retrocession (64/225/EEC), O.J. S64 of 4.4.64.

     
  • 233. 
    'Report: results of questionnaire on the supervision of reinsurance undertakings', European Commission, doc XV/2040/99
     
  • 234. 
    Directly means that any reinsurer conducting business in the Member State is required to be authorised in some way by the supervisor. Indirectly means that the supervisor only examines a reinsurer when it examines the adequacy of a reinsurance contract taken out by a primary insurer with that reinsurer. (Commission questionnaire, see footnote 6).

     
  • 235. 
    See www.cea.assur.org.

     
  • 236. 
    See www.oecd.org/home/ .

     
  • 237. 
    See www.fsforum.org/home/ home.html.

     
  • 238. 
    The study - prepared by the KPMG - is available at the Commission website: europa.eu.int/comm/internal_market/ insurance/reinsurance_en.htm.

     
  • 239. 
    ibid.

     
  • 240. 
    Deze databank van de Europese Unie biedt de mogelijkheid de actuele werkzaamheden (workflow) van de Europese instellingen (Europees Parlement, Raad, ESC, Comité van de Regio's, Europese Centrale Bank, Hof van Justitie enz.) te volgen. EURlex volgt alle voorstellen (zoals wetgevende en begrotingsdossiers) en mededelingen van de Commissie, vanaf het moment dat ze aan de Raad of het Europees Parlement worden voorgelegd.
     
  • 241. 
    EUR-lex provides an overview of the proposal, amendments, citations and legality.