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In regard to reinsurance, this Directive shall not apply to the activity of reinsurance conducted or fully guaranteed by the government of a Member State when that government is acting, for reasons of substantial public interest, in the capacity of reinsurer of last resort, including in...

1. Reinsurance undertakings which by 10 December 2007 ceased to conduct new reinsurance contracts and exclusively administer their existing portfolio in order to terminate their activity shall not be subject to this Directive.2. Member States shall draw up a list of the reinsurance undertakings...

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...

1. The home Member State shall require every undertaking for which authorisation is sought:(a) in regard to insurance undertakings, to limit their objects to the business of insurance and operations arising directly therefrom, to the exclusion of all other commercial business;(b) in regard to...

Where close links exist between the insurance undertaking or reinsurance undertaking and other natural or legal persons, the supervisory authorities shall grant authorisation only if those links do not prevent the effective exercise of their supervisory functions.The supervisory authorities shall...