1.Article 2 (2) (d) shall be replaced by the following: '(d) pending further coordination, export credit insurance operations for the account of or guaranteed by the State, or where the State is the insurer.'
2.In the second subparagraph of Article 7 (2) (c), the words 'credit and suretyship insurance' shall be deleted.
3.The following Article shall be inserted: 'Article 15a 1. Each Member State shall require undertakings established on its territory and underwriting risks included under class 14 in point A of the Annex (hereinafter referred to as "credit insurance") to set up an equalization reserve for the purpose of offsetting any technical deficit or above-average claims ratio arising in that class for a financial year. 2. The equalization reserve must be calculated, under the rules laid down by each Member State, in accordance with one of the four methods set out in point D of the Annex which shall be regarded as being equivalent. 3. Up to the amount calculated in accordance with the methods set out in point D of the Annex, the equalization reserve shall be disregarded for purposes of calculating the solvency margin. 4. Member States may exempt establishments from the obligation to set up an equalization reserve for credit insurance business where the premiums or contributions receivable in respect of credit insurance are less than 4 % of the total premiums or contributions receivable by them and less than 2 500 000 ECU.'
4.In Article 16 (2), the second sentence shall be replaced by the following text: 'In the case, however, of undertakings which essentially underwrite only one or more of the risks of credit, storm, hail or frost, the last seven financial years shall be taken as the reference period for the average burden of claims.'
5.The first indent of Article 17 (2) (a) shall be replaced by the following indents: '- 1 400 000 ECU in the case where all or some of the risks included in the class listed in point A of the Annex under No 14 are covered. This provision shall apply to every undertaking for which the annual amount of premiums or contributions due in this class for each of the last three financial years exceeded 2 500 000 ECU or 4 % of the total amount of premiums or contributions receivable by the undertaking concerned; - 400 000 ECU in the case where all or some of the risks included in one of the classes listed in point A of the Annex under Nos 10, 11, 12, 13 and 15 and, insofar as the first indent does not apply, No 14.'
6.The following subparagraph shall be added to Article 17 (2): '(d) Where an undertaking carrying on credit insurance is required to increase the fund referred to in subparagraph (a), first indent, to 1 400 000 ECU, the Member State concerned shall allow such undertaking: - a period of three years in which to bring the fund up to 1 000 000 ECU, - a period of five years to bring the fund up to 1 200 000 ECU, - a period of seven years to bring the fund up to 1 400 000 ECU. These periods shall run from the date from which the conditions referred to in the first indent of subparagraph (a) are fulfilled.'
7.The following shall be inserted in Article 19: '1a. In respect of credit insurance, the undertaking shall make available to the supervisory authority accounts showing both the technical results and the technical reserves relating to that business.'
8.Point D in the Annex to this Directive shall be added to the Annex. Article 2 Member States shall take the measures necessary to comply with this Directive by 1 January 1990. They shall forthwith inform the Commission thereof. They shall apply these measures from 1 July 1990 at the latest.