(4)The existing solvency margin rules as established by Directive 79/267/EEC have been substantially unchanged by subsequent Community legislation and Council Directive 92/96/EEC of 10 November 1992 on the coordination of laws, regulations and administrative provisions relating to direct life assurance (third life assurance Directive)(5) required the Commission to submit a report to the Insurance Committee set up by Council Directive 91/675/EEC(6) on the need for further harmonisation of the solvency margin.