(14)The protection of policy holders presupposes that insurance and reinsurance undertakings are subject to effective solvency requirements that result in an efficient allocation of capital across the European Union. In light of market developments the current system is no longer adequate. It is therefore necessary to introduce a new regulatory framework.
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New version applies from 15/09/2012 — introduced by Directive 2012/23/EU.
145 provisions change.
Later versions: 01/07/2013, 19/12/2013, 23/05/2014, 31/03/2015, 12/01/2017, 09/07/2018, 13/01/2019, 30/06/2021, 19/10/2021, 09/01/2024, 17/01/2025, 30/01/2027.
Recital 14 changes in this version: compare with the current text.