It is necessary to require a guarantee fund, the amount and composition of which are such as to provide an assurance that the undertakings possess adequate resources when they are set up and that in the subsequent course of business the solvency margin in no event falls below a minimum of security. The whole or a specified part of this guarantee fund must consist of explicit asset items.
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New version applies from 01/01/2016 — introduced by Directive 2013/58/EU.
145 provisions change.
Recital 42 is deleted from 01/01/2016.