For the purposes of this Directive, the following definitions shall apply:(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...

1. The taking-up of the business of direct insurance or reinsurance covered by this Directive shall be subject to prior authorisation.2. The authorisation referred to in paragraph 1 shall be sought from the supervisory authorities of the home Member State by the following:(a) any undertaking which...

1. An authorisation pursuant to Article 14 shall be valid for the entire Community. It shall permit insurance and reinsurance undertakings to pursue business there, that authorisation covering also the right of establishment and the freedom to provide services.2. Subject to Article 14...

1. An insurance undertaking which has obtained an authorisation for a principal risk belonging to one class or a group of classes as set out in Annex I may also insure risks included in another class without the need to obtain authorisation in respect of such risks provided that the risks fulfil...

1. The home Member State shall require every undertaking for which authorisation is sought under Article 14 to adopt one of the legal forms set out in Annex III.2. Member States may set up undertakings of a form governed by public law, provided that such bodies have insurance or reinsurance...

Without prejudice to the main objective of supervision as set out in Article 27, Member States shall ensure that, in the exercise of their general duties, supervisory authorities shall duly consider the potential impact of their decisions on the stability of the financial systems concerned in the...

1. Supervision shall be based on a prospective and risk-based approach. It shall include the verification on a continuous basis of the proper operation of the insurance or reinsurance business and of the compliance with supervisory provisions by insurance and reinsurance undertakings.2...

1. The financial supervision of insurance and reinsurance undertakings, including that of the business they pursue either through branches or under the freedom to provide services, shall be the sole responsibility of the home Member State.2. Financial supervision pursuant to paragraph 1 shall...

1. The supervisory authorities shall conduct their tasks in a transparent and accountable manner with due respect for the protection of confidential information.2. Member States shall ensure that the following information is disclosed:(a) the texts of laws, regulations, administrative rules and...