Reinsurance undertakings should also possess a guarantee fund in order to ensure that they 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; however, in order to take account of the specificities of captive reinsurance undertakings, provision should be made to allow the home Member State to set the minimum guarantee fund required for captive reinsurance undertakings at a lower amount.
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New version applies from 01/07/2013 — introduced by Council Directive 2013/23/EU.
46 provisions change.
Recital 29 changes in this version: compare with the current text.