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Preamble
Recitals 44
Title I - SCOPE AND DEFINITIONS (Article 1-2) 2
Title II - THE TAKING-UP OF THE BUSINESS OF REINSURANCE AND AUTHORISATION OF THE REINSURANCE UNDERTAKING (Article 3-14) 12
Title III - CONDITIONS GOVERNING THE BUSINESS OF REINSURANCE (Article 15-44) 31
- Chapter 1 - Principles and methods of financial supervision (Article 15-31) 18
- Chapter 2 - Rules relating to technical provisions (Article 32-34) 3
- Chapter 3 - Rules relating to the solvency margin and to the guarantee fund (Article 35-41) 7
  - Section 1 - Available solvency margin (Article 35-36) 2
  - Section 2 - Required solvency margin (Article 37-39) 3
  - Section 3 - Guarantee fund (Article 40-41) 2
    
    Article 40
    
    Article 41
- Chapter 4 - Reinsurance undertakings in difficulty or in an irregular situation and withdrawal of authorisation (Article 42-44) 3
Title IV - PROVISIONS RELATING TO FINITE REINSURANCE AND SPECIAL PURPOSE VEHICLES (Article 45-46) 2
Title V - PROVISIONS RELATING TO RIGHT OF ESTABLISHMENT AND FREEDOM TO PROVIDE SERVICES (Article 47-48) 2
Title VI - REINSURANCE UNDERTAKINGS WHOSE HEAD OFFICES ARE OUTSIDE THE COMMUNITY AND CONDUCTING REINSURANCE ACTIVITIES IN THE COMMUNITY (Article 49-50) 2
Title VII - SUBSIDIARIES OF PARENT UNDERTAKINGS GOVERNED BY THE LAWS OF A THIRD COUNTRY AND ACQUISITIONS OF HOLDINGS BY SUCH PARENT UNDERTAKINGS (Article 51-52) 2
Title VIII - OTHER PROVISIONS (Article 53-56) 4
Title IX - AMENDMENTS TO EXISTING DIRECTIVES (Article 57-60) 4
Title X - TRANSITIONAL AND FINAL PROVISIONS (Article 61-66) 6
Annexes 2
- Annex I - Forms of reinsurance undertakings:
- Annex II - CALCULATION OF THE ADJUSTED SOLVENCY OF INSURANCE UNDERTAKINGS AND REINSURANCE UNDERTAKINGS
Amending acts 3

Article 40

Comparing 10/12/2005 → 21/09/2007: 2 added, 0 removed, 2 changed Close comparison

Amount of the guarantee fund

1. 1. One third of the required solvency margin as specified in Articles 37, 38 and 39 shall constitute the guarantee fund. This fund shall consist of the items listed in Article 36(1), (2) and (3) and, with the agreement of the competent authority of the home Member State, in Article 36(4)(c).

2.The guarantee fund shall not be less than a minimum of EUR 3 000 000.

~~2. The guarantee fund shall not be less than a minimum of EUR 3 000 000.~~ Any Member State may provide that as regards captive reinsurance undertakings, the minimum guarantee fund shall not be not less than EUR 1 000 000.

Official text · consolidated version 21/09/2007 (no longer in force) Open full page ↗

Metadata

Not in force

↻ Amendments (1)

21/09/2007 current by Directive 2007/44/EC
10/12/2005 first version in the database