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New version applies from 01/05/2004 — introduced by Council Directive 2004/66/EC. 146 provisions change. Later versions: 13/04/2005, 10/12/2005, 01/01/2007, 21/09/2007, 20/03/2008, 01/07/2013, 01/01/2016. Article 7 changes in this version: compare with the current text.

Article 7 - Scheme of operations

Article 7
Scheme of operations

The scheme of operations referred to in Article 6(1)(c) and (4) shall include particulars or evidence of:

((a))

the nature of the commitments which the assurance undertaking proposes to cover;

((b))

the guiding principles as to reassurance;

((c))

the items constituting the minimum guarantee fund;

((d))

estimates relating to the costs of setting up the administrative services and the organisation for securing business and the financial resources intended to meet those costs;

in addition, for the first three financial years:

((e))

a plan setting out detailed estimates of income and expenditure in respect of direct business, reassurance acceptances and reassurance cessions;

((f))

a forecast balance sheet;

((g))

estimates relating to the financial resources intended to cover underwriting liabilities and the solvency margin.

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