1. THE COMMISSION SHALL SUBMIT TO THE COUNCIL, WITHIN SIX YEARS FROM THE DATE OF NOTIFICATION OF THIS DIRECTIVE, A REPORT DEALING WITH THE EFFECTS OF THE FINANCIAL REQUIREMENTS IMPOSED BY THIS DIRECTIVE ON THE SITUATION IN THE INSURANCE MARKETS OF THE MEMBER STATES. IF NECESSARY, THE COMMISSION SHALL SUBMIT INTERIM REPORTS TO THE COUNCIL BEFORE THE END OF THE TRANSITIONAL PERIOD PROVIDED FOR IN ARTICLE 33 (1).
2. FOLLOWING A PERIOD OF 10 YEARS FROM THE NOTIFICATION OF THIS DIRECTIVE, THE COMMISSION SHALL SUBMIT TO THE COUNCIL A REPORT DEALING WITH THE OPERATIONS OF THE TWO TYPES OF UNDERTAKINGS COVERED BY THIS DIRECTIVE: THAT IS TO SAY, THOSE UNDERTAKINGS WHICH CARRY ON SIMULTANEOUSLY THE ACTIVITY COVERED BY THE FIRST COORDINATION DIRECTIVE (NON-LIFE INSURANCE) IN ADDITION TO THE ACTIVITY COVERED BY THIS DIRECTIVE AND THOSE UNDERTAKINGS WHICH CARRY ON ONLY THE ACTIVITY COVERED BY THIS DIRECTIVE.
3. THE COUNCIL, ACTING ON A PROPOSAL FROM THE COMMISSION, SHALL EVERY TWO YEARS EXAMINE AND, WHERE APPROPRIATE, REVIEW THE AMOUNTS EXPRESSED IN UNITS OF ACCOUNT IN THIS DIRECTIVE, IN THE LIGHT OF HOW THE COMMUNITY'S ECONOMIC AND MONETARY SITUATION HAS EVOLVED. THE COMMISSION SHALL SUBMIT ITS FIRST PROPOSAL IN THIS CONNECTION TO THE COUNCIL AT THE TIME AS A PROPOSAL CONCERNING NON-LIFE INSURANCE, AS LAID DOWN IN ARTICLE 3 OF DIRECTIVE 76/580/EEC (8), AND NOT LATER THAN FOUR YEARS AFTER THE DATE OF NOTIFICATION OF THIS DIRECTIVE.