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).
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, with regard to such other classes, the provisions of Article 17 (2) require a higher minimum guarantee fund than previously, that it possesses such minimum.
3.These coordinating measures do not prevent Member States from applying provisions requiring directors and managers to have technical qualifications or from requiring the memorandum or articles of association, general and special policy conditions, tariffs and any other documents necessary for the normal exercise of supervision to be approved.
4.The abovementioned provisions may not require that any application for an authorization shall be dealt with in the light of the economic requirements of the market.