(32)Undertakings formed after the dates referred to in Article 18(3) should not be authorised to carry on life assurance and non-life insurance activities simultaneously. Member States should be allowed to permit undertakings which, on the relevant dates referred to in Article 18(3), carried on these activities simultaneously to continue to do so provided that separate management is adopted for each of their activities, in order that the respective interests of life policy holders and non-life policy holders are safeguarded and the minimum financial obligations in respect of one of the activities are not borne by the other activity. Member States should be given the option of requiring those existing undertakings established in their territory which carry on life assurance and non-life insurance simultaneously to put an end to this practice. Moreover, specialised undertakings should be subject to special supervision where a non-life undertaking belongs to the same financial group as a life undertaking.
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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.
Recital 32 changes in this version: compare with the current text.