(4)The Commission should be empowered to adopt the measures necessary for the implementation of Directives 73/239/EEC 6 , 88/357/EEC 7 and 92/49/EEC in order to take account of technical developments in the insurance sector or on financial markets and to ensure uniform application of those Directives. More particularly, those measures are designed to extend the list of legal forms, amend the list of classes of insurance or adapt the terminology used in that list, clarify the items constituting the solvency margin, alter the minimum guarantee fund, amend the list of assets acceptable as cover for technical provisions and the rules on the spreading of investments, change the relaxations in the matching rules and clarify definitions. Since those measures are of general scope and are designed to amend non-essential elements of Directives 73/239/EEC, 88/357/EEC and 92/49/EEC, inter alia , by supplementing them with new non-essential elements, they must be adopted in accordance with the regulatory procedure with scrutiny provided for in Article 5a of Decision 1999/468/EC.
Recital 4
- 6 First Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance ( OJ L 228, 16.8.1973, p. 3 ). Directive as last amended by Directive 2006/101/EC ( OJ L 363, 20.12.2006, p. 238 ). ↩
- 7 Second Council Directive 88/357/EEC of 22 June 1988 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life insurance and laying down provisions to facilitate the effective exercise of freedom to provide services ( OJ L 172, 4.7.1988, p. 1 ). Directive as last amended by Directive 2005/14/EC of the European Parliament and of the Council ( OJ L 149, 11.6.2005, p. 14 ). ↩