1.Each Member State shall require that any undertaking set up in its territory for which an authorization is sought shall: (a) Adopt one of the following forms: - in the case of the Kingdom of Belgium: "société anonyme/naamloze vennootschap", "société en commandite par actions/vennootschap bij wijze van geldschieting op aandelen", "association d'assurance mutuelle/onderlinge verzekeringsmaatschappij", "société coopérative/cooperative vennootschap", - in the case of Denmark: "Aktieselskaber" (joint stock companies), "gensidige selskaber" (mutuals), - in the case of the Federal Republic of Germany: "Aktiengesellschaft", "Versicherungsverein auf Gegenseitigkeit", "Öffentlich-rechtliches Wettbewerbs-Versicherungsunternehmen", - in the case of the French Republic: "société anonyme", "société à forme mutuelle", "mutuelle", "union de mutuelles", - in the case of the Republic of Ireland: "incorporated companies limited by shares or by guarantee or unlimited", - in the case of the Italian Republic: "società per azioni", "società cooperativa", "mutua di assicurazione", - in the case of the Grand Duchy of Luxembourg: "société anonyme", "société en commandite par actions", "association d'assurances mutuelles", "société coopérative", - in the case of the Kingdom of the Netherlands: "naamloze vennootschap", "onderlinge waarborgmaatschappij", "coöperative vereniging", - in the case of the United Kingdom: "incorporated companies limited by shares or by guarantee or unlimited", "societies registered under the Industrial and Provident Societies Acts", "societies registered under the Friendly Societies Act" Lloyd's underwriters. Furthermore, Member States may set up, where appropriate, undertakings under any form of known public law provided that such institutions have as their object insurance operations in conditions equivalent to those undertakings under private law; (b) Limit its business activities to the business of insurance and operations directly arising therefrom to the exclusion of all other commercial business; (c) Submit a scheme of operations in accordance with the provisions of Article 9; (d) Possess the minimum guarantee fund provided for in Article 17 (2).
1.The home Member State shall require every insurance undertaking for which authorization is sought to:
(a)adopt one of the following forms:
in the case of the Kingdom of Belgium: ‘société anonyme —naamloze vennootschap’ —, ‘société en commandite par actions —commanditaire vennootschap op aandelen’ —,‘association d'assurance mutuelle —onderlinge verzekeringsvereniging’ —,‘société coopérative —coöperatieve vennootschap’;
in the case of the Kingdom of Denmark: ‘aktieselskaber’, ‘gensidige selskaber’;
in the case of the Federal Republic of Germany: ‘Aktiengesellschaft’, ‘Versicherungsverein auf Gegenseitigkeit’, ‘Öffentlich-rechtliches Wettbewerbsversicherungsunternehmen’;
in the case of the French Republic: ‘société anonyme’, ‘société d'assurance mutuelle’, ‘institution de prévoyance régie par le code de la sécurité sociale’, ‘institution de prévoyance régie par le code rural’ and ‘mutuelles régies par le code de la mutualité’;
in the case of Ireland: incorporated companies limited by shares or by guarantee or unlimited;
in the case of the Italian Republic: ‘società per azioni’, ‘società cooperativa’, ‘mutua di assicurazione’;
in the case of the Grand Duchy of Luxembourg: ‘société anonyme’, ‘société en commandite par actions’, ‘association d'assurances mutuelles’, ‘société coopérative’;
in the case of the Kingdom of the Netherlands: ‘naamloze vennootschap’, ‘onderlinge waarborgmaatschappij’;
in the case of the United Kingdom: incorporated companies limited by shares or by guarantee or unlimited, societies registered under the Industrial and Provident Societies Acts, societies registered under the Friendly Societies Acts, the association of underwriters known as Lloyd's;
in the case of the Hellenic Republic: ‘ανώνυμη εταιρία’, ‘αλληλασφαλιστικός συνεταιρισμός’;
in the case of the Kingdom of Spain: ‘sociedad anónima’, ‘sociedad mutua’, ‘sociedad cooperativa’;
in the case of the Portuguese Republic: ‘sociedade anónima’, ‘mútua de seguros’;
in the case of the Republic of Austria: ‘Aktiengesellschaft’, ‘Versicherungsverein auf Gegenseitigkeit’;
in the case of the Republic of Finland: ‘keskinäinen vakuutusyhtiö —ömsesidigt försäkringsbolag’ —,‘vakuutusosakeyhtiö —försäkringsaktiebolag’ —,‘vakuutusyhdistys —försäkringsförening’;
in the case of the Kingdom of Sweden: ‘försäkringsaktiebolag’, ‘ömsesidiga försäkringsbolag’, ‘understödsföreningar’;
in the case of the Czech Republic: ‘akciová společnost’, ‘družstvo’;
in the case of the Republic of Estonia: ‘aktsiaselts’;
in the case of the Republic of Cyprus: ‘Εταιρεία περιορισμένης ευθύνης με μετοχές ή εταιρεία περιορισμένης ευθύνης χωρίς μετοχικό κεφάλαιο’;
in the case of the Republic of Latvia: ‘apdrošināšanas akciju sabiedrība’, ‘savstarpējās apdrošināšanas kooperatīvā biedrība’;
in the case of the Republic of Lithuania: ‘akcinės bendrovės’, ‘uždarosios akcinės bendrovės’;
in the case of the Republic of Hungary: ‘biztosító részvénytársaság’, ‘biztosító szövetkezet’, ‘biztosító egyesület’, ‘külföldi székhelyű biztosító magyarországi fióktelepe’;
in the case of the Republic of Malta: ‘kumpanija pubblika’, ‘kumpanija privata’, ‘fergħa’, ‘Korp ta' l- Assikurazzjoni Rikonnoxxut’;
in the case of the Republic of Poland: ‘spółka akcyjna’, ‘towarzystwo ubezpieczeń wzajemnych’;
in the case of the Republic of Slovenia: ‘delniška družba’, ‘družba za vzajemno zavarovanje’;
in the case of the Slovak Republic: ‘akciová spoločnosť’.
An insurance undertaking may also adopt the form of a European Company (SE) when that has been established.
Furthermore, Member States may, where appropriate, set up undertakings in any public-law form provided that such bodies have as their objects insurance operations under conditions equivalent to those under which private-law undertakings operate;
(b)limit its objects to the business of insurance and operations arising directly therefrom, to the exclusion of all other commercial business;
(c)submit a scheme of operations in accordance with Article 9;
(d)possess the minimum guarantee fund provided for in Article 17 (2);
(e)be effectively run by persons of good repute with appropriate professional qualifications or experience;
(f)communicate the name and address of the claims representative appointed in each Member State other than the Member State in which the authorisation is sought if the risks to be covered are classified in class 10 of point A of the Annex, other than carrier's liability.
Moreover, where close links exist between the insurance undertaking and other natural or legal persons, the competent authorities shall grant authorization only if those links do not prevent the effective exercise of their supervisory functions.
The competent authorities shall also refuse authorization if the laws, regulations or administrative provisions of a non-member country governing one or more natural or legal persons with which the undertaking has close links, or difficulties involved in their enforcement, prevent the effective exercise of their supervisory functions.
The competent authorities shall require insurance undertaking to provide them with the information they require to monitor compliance with the conditions referred to in this paragraph on a continuous basis.
1a. Member States shall require that the head offices of insurance undertakings be situated in the same Member State as their registered offices.
2.An undertaking seeking authorization to extend its business to other classes or to extend an authorization covering only some of the risks pertaining to one class shall be required to submit a scheme of operations in accordance with Article 9.
2. An undertaking seeking an authorization to extend its business to other classes or, in the case referred to in Article 6 (2) (d), to another part of the territory, shall be required to submit a scheme of operations in accordance with the provisions of Article 9 as regards such other classes or other part of the territory. It shall, furthermore, be required to show proof that it possesses the solvency margin provided for in Article 16 and, if,if with regard to such other classes, the provisions ofclasses Article 17 (2) requirerequires a higher minimum guarantee fund than previously,before, that itis possesses suchthat minimum.
3.TheseNothing coordinatingin measuresthis doDirective notshall prevent Member States from applyingmaintaining in force or introducing laws, regulations or administrative provisions requiring directorsapproval and managers to have technical qualifications or from requiringof the memorandum orand articles of association, generalassociation and specialcommunication policy conditions, tariffs andof any other documents necessary for the normal exercise of supervision to be approved.supervision.
Member States shall not, however, adopt provisions requiring the prior approval or systematic notification of general and special policy conditions, scales of premiums and forms and other printed documents which an undertaking intends to use in its dealings with policyholders.
Member States may not retain or introduce prior notification or approval of proposed increases in premium rates except as part of general price-control systems.
Nothing in this Directive shall prevent Member States from subjecting undertakings seeking or having obtained authorization for class 18 in point A of the Annex to checks on their direct or indirect resources in staff and equipment, including the qualification of their medical teams and the quality of the equipment available to such undertakings to meet their commitments arising out of this class of insurance.
4.The abovementioned provisions may not require that any application for an authorization shall be dealt withconsidered in the light of the economic requirements of the market.