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1. Member States shall provide at least that persons authorised within the meaning of Eighth Council Directive 84/253/EEC of 10 April 1984 based on Article 54(3)(g) of the Treaty on the approval of persons responsible for carrying out the statutory audits of accounting documents ( 11 ), who...

1. Insurance undertakings shall not be authorised to pursue life and non-life insurance activities simultaneously.2. By way of derogation from paragraph 1, Member States may provide that:(a) undertakings authorised to pursue life insurance activity may obtain authorisation for non-life insurance...

1. The separate management referred to in Article 73 shall be organised in such a way that the life insurance activity is distinct from non-life insurance activity.The respective interests of life and non-life policy holders shall not be prejudiced and, in particular, profits from life insurance...

1. Member States shall ensure that, unless otherwise stated, insurance and reinsurance undertakings value assets and liabilities as follows:(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)...

1. Member States shall ensure that insurance and reinsurance undertakings establish technical provisions with respect to all of their insurance and reinsurance obligations towards policy holders and beneficiaries of insurance or reinsurance contracts.2. The value of technical provisions shall...

1. The value of technical provisions shall be equal to the sum of a best estimate and a risk margin as set out in paragraphs 2 and 3.2. The best estimate shall correspond to the probability-weighted average of future cash-flows, taking account of the time value of money (expected present value of...

The determination of the relevant risk-free interest rate term structure referred to in Article 77(2) shall make use of, and be consistent with, information derived from relevant financial instruments. That determination shall take into account relevant financial instruments of those maturities...

1. Insurance and reinsurance undertakings may apply a matching adjustment to the relevant risk-free interest rate term structure to calculate the best estimate of a portfolio of life insurance or reinsurance obligations, including annuities stemming from non-life insurance or reinsurance contracts...

1. For each currency the matching adjustment referred to in Article 77b shall be calculated in accordance with the following principles:(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...