Council Directive 78/473/EEC of 30 May 1978 on the coordination of laws, regulations and administrative provisions relating to Community co-insurance

• Published date: 07 June 1978
• Subject Matter: Freedom of establishment
• Official Gazette Publication: Official Journal of the European Communities, L 151, 7 June 1978

|

31978L0473

Council Directive 78/473/EEC of 30 May 1978 on the coordination of laws, regulations and administrative provisions relating to Community co-insurance

Official Journal L 151 , 07/06/1978 P. 0025 - 0027
Finnish special edition: Chapter 6 Volume 2 P. 0003
Greek special edition: Chapter 06 Volume 2 P. 0014
Swedish special edition: Chapter 6 Volume 2 P. 0003
Spanish special edition: Chapter 06 Volume 2 P. 0028
Portuguese special edition Chapter 06 Volume 2 P. 0028

COUNCIL DIRECTIVE of 30 May 1978 on the coordination of laws, regulations and administrative provisions relating to Community co-insurance (78/473/EEC)

THE COUNCIL OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Economic Community, and in particular Articles 57 (2) and 66 thereof,

Having regard to the proposal from the Commission,

Having regard to the opinion of the European Parliament (1),

Having regard to the opinion of the Economic and Social Committee (2),

Whereas the effective pursuit of Community co-insurance business should be facilitated by a minimum of coordination in order to prevent distortion of competition and inequality of treatment, without affecting the freedom existing in several Member States;

Whereas such coordination covers only those co-insurance operations which are economically the most important, i.e. those which by reason of their nature or their size are liable to be covered by international co-insurance;

Whereas this Directive thus constitutes a first step towards the coordination of all operations which may be carried out by virtue of the freedom to provide services ; whereas this coordination, in fact, is the object of the proposal for a second Council Directive on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and laying down provisions to facilitate the effective exercise of freedom to provide services, which the Commission forwarded to the Council on 30 December 1975 (3);

Whereas the leading insurer is better placed than the other co-insurers to assess claims and to fix the minimum amount of reserves for outstanding claims;

Whereas work is in progress on the winding-up of insurance undertakings ; whereas provision must be made at this stage to ensure that, in the event of winding-up, beneficiaries under Community co-insurance...