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1. The Commission shall adopt delegated acts in accordance with Article 301a to further specify the following:(a) the elements of the systems referred to in Articles 41, 44, 46 and 47, and in particular the areas to be covered by the asset–liability management and investment policy, as referred to...

1. Member States shall ensure that insurance and reinsurance undertakings remain fully responsible for discharging all of their obligations under this Directive when they outsource functions or any insurance or reinsurance activities.2. Outsourcing of critical or important operational functions or...

1. Insurance and reinsurance undertakings shall provide for an effective actuarial function to:(a) coordinate the calculation of technical provisions;(b) ensure the appropriateness of the methodologies and underlying models used as well as the assumptions made in the calculation of technical...

1. Insurance and reinsurance undertakings shall provide for an effective internal audit function.The internal audit function shall include an evaluation of the adequacy and effectiveness of the internal control system and other elements of the system of governance.2. The internal audit function...

1. Insurance and reinsurance undertakings shall have in place an effective internal control system.That system shall at least include administrative and accounting procedures, an internal control framework, appropriate reporting arrangements at all levels of the undertaking and a compliance...

1. As part of its risk-management system every insurance undertaking and reinsurance undertaking shall conduct its own risk and solvency assessment.That assessment shall include at least the following:(a) the overall solvency needs taking into account the specific risk profile, approved risk...

1. Insurance and reinsurance undertakings shall have in place an effective risk-management system comprising strategies, processes and reporting procedures necessary to identify, measure, monitor, manage and report, on a continuous basis the risks, at an individual and at an aggregated level, to...

1. Where a Member State requires of its own nationals proof of good repute, proof of no previous bankruptcy, or both, that Member State shall accept as sufficient evidence in respect of nationals of other Member States the production of an extract from the judicial record or, failing this, of an...

1. Insurance and reinsurance undertakings shall ensure that all persons who effectively run the undertaking or have other key functions at all times fulfil the following requirements:(a) their professional qualifications, knowledge and experience are adequate to enable sound and prudent management...