Recital 5

(5)Insurers and reinsurers have the freedom to invest anywhere in the world, and are not limited to the Union. Investments in third countries can also be conducive to general development aid policies of the Union or Member States. Therefore, insurance and reinsurance undertakings should ensure that their investment policy reflects the objectives of the up-to-date EU list of non-cooperative jurisdictions for tax purposes and of Directive (EU) 2015/849 of the European Parliament and of the Council ⁴ in respect of high-risk third countries.