Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance)Text with EEA relevance

Publication Date01 July 2013
SubjectMercato interno - Principi,Libertà di stabilimento,ravvicinamento delle legislazioni,Marché intérieur - Principes,Liberté d'établissement,rapprochement des législations,Mercado interior - Principios,Libertad de establecimiento,aproximación de las legislaciones,Binnenmarkt - Grundsätze,Niederlassungsfreiheit,Angleichung der Rechtsvorschriften
Official Gazette PublicationGazzetta ufficiale dell’Unione europea, L 335, 17 dicembre 2009,Journal officiel de l’Union européenne, L 335, 17 décembre 2009,Diario Oficial de la Unión Europea, L 335, 17 de diciembre de 2009,Amtsblatt der Europäischen Union, L 335, 17. Dezember 2009
Consolidated TEXT: 32009L0138 — EN — 30.06.2021

02009L0138 — EN — 30.06.2021 — 010.002


This text is meant purely as a documentation tool and has no legal effect. The Union's institutions do not assume any liability for its contents. The authentic versions of the relevant acts, including their preambles, are those published in the Official Journal of the European Union and available in EUR-Lex. Those official texts are directly accessible through the links embedded in this document

►B DIRECTIVE 2009/138/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance) (OJ L 335 17.12.2009, p. 1)

Amended by:

Official Journal
No page date
►M1 DIRECTIVE 2011/89/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL Text with EEA relevance of 16 November 2011 L 326 113 8.12.2011
►M2 DIRECTIVE 2012/23/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL Text with EEA relevance of 12 September 2012 L 249 1 14.9.2012
►M3 COUNCIL DIRECTIVE 2013/23/EU of 13 May 2013 L 158 362 10.6.2013
►M4 DIRECTIVE 2013/58/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL Text with EEA relevance of 11 December 2013 L 341 1 18.12.2013
►M5 DIRECTIVE 2014/51/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 April 2014 L 153 1 22.5.2014
►M6 DIRECTIVE (EU) 2016/2341 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL Text with EEA relevance of 14 December 2016 L 354 37 23.12.2016
►M7 REGULATION (EU) 2017/2402 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 December 2017 L 347 35 28.12.2017
►M8 DIRECTIVE (EU) 2018/843 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL Text with EEA relevance of 30 May 2018 L 156 43 19.6.2018
►M9 DIRECTIVE (EU) 2019/2177 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL Text with EEA relevance of 18 December 2019 L 334 155 27.12.2019


Corrected by:

►C1 Corrigendum, OJ L 219, 25.7.2014, p. 66 (2009/138/EC)




▼B

DIRECTIVE 2009/138/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 25 November 2009

on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)

(recast)

(Text with EEA relevance)



TABLE OF CONTENTS
TITLE I GENERAL RULES ON THE TAKING-UP AND PURSUIT OF DIRECT INSURANCE AND REINSURANCE ACTIVITIES
CHAPTER I Subject matter, scope and definitions
SECTION 1 Subject matter and scope
SECTION 2 Exclusions from scope
Subsection 1 General
Subsection 2 Non-life
Subsection 3 Life
Subsection 4 Reinsurance
SECTION 3 Definitions
CHAPTER II Taking-up of business
CHAPTER III Supervisory authorities and general rules
CHAPTER IV Conditions governing business
SECTION 1 Responsibility of the administrative, management or supervisory body
SECTION 2 System of governance
SECTION 3 Public disclosure
SECTION 4 Qualifying holdings
SECTION 5 Professional sedcrecy, exchange of information and promotion of supervisory convergence
SECTION 6 Duties of auditors
CHAPTER V Pursuit of life and non-life insurance activity
CHAPTER VI Rules relating to the valuation of assets and liabilities, technical provisions, own funds, solvency capital requirement, minimum capital requirement and investment rules
SECTION 1 Valuation of assets and liabilities
SECTION 2 Rules relating to technical provisions
SECTION 3 Own funds
Subsection 1 Determination of own funds
Subsection 2 Classification of own funds
Subsection 3 Eligibility of own funds
SECTION 4 Solvency capital requirement
Subsection 1 General provisions for the solvency capital requirement using the standard formula or an internal model
Subsection 2 Solvency capital requirement standard formula
Subsection 3 Solvency capital requirement full and partial internal models
SECTION 5 Minimum capital requirement
SECTION 6 Investments
CHAPTER VII Insurance and reinsurance undertakings in difficulty or in an irregular situation
CHAPTER VIII Right of establishment and freedom to provide services
SECTION 1 Establishment by insurance undertakings
SECTION 2 Freedom to provide services: by insurance undertakings
Subsection 1 General provisions
Subsection 2 Third party motor vehicle liability
SECTION 3 Competencies of the supervisory authorities of the host member state
Subsection 1 Insurance
Subsection 2 Reinsurance
SECTION 4 Statistical information
SECTION 5 Treatment of contracts of branches in winding-up proceedings
CHAPTER IX Branches established within the community and belonging to insurance or reinsurance undertakings with head offices situated outside the community
SECTION 1 Taking-up of business
SECTION 2 Reinsurance
CHAPTER X Subsidiaries of insurance and reinsurance undertakings governed by the laws of a third country and acquisitions of holdings by such undertakings
TITLE II SPECIFIC PROVISIONS FOR INSURANCE AND REINSURANCE
CHAPTER I Applicable law and conditions of direct insurance contracts
SECTION 1 Applicable law
SECTION 2 Compulsory insurance
SECTION 3 General good
SECTION 4 Conditions of insurance contracts and scales of premiums
SECTION 5 Information for policy holders
Subsection 1 Non-life insurance
Subsection 2 Life insurance
CHAPTER II Provisions specific to non-life insurance
SECTION 1 General provisions
SECTION 2 Community co-insurance
SECTION 3 Assistance
SECTION 4 Legal expenses insurance
SECTION 5 Health insurance
SECTION 6 Insurance against accidents at work
CHAPTER III Provisions specific to life insurance
CHAPTER IV Rules specific to reinsurance
TITLE III SUPERVISION OF INSURANCE AND REINSURANCE UNDERTAKINGS IN A GROUP
CHAPTER I Group supervision: definitions, cases of application, scope and levels
SECTION 1 Definitions
SECTION 2 Cases of application and scope
SECTION 3 Levels
CHAPTER II Financial position
SECTION 1 Group solvency
Subsection 1 General provisions
Subsection 2 Choice of calculation method and general principles
Subsection 3 Application of the calculation methods
Subsection 4 Calculation methods
Subsection 5 Supervision of group solvency for insurance and reinsurance undertakings that are subsidiaries of an insurance holding company or a mixed financial holding company
Subsection 6 Supervision of group solvency for groups with centralised risk management
SECTION 2 Risk concentration and intra-group transactions
SECTION 3 Risk management and internal control
CHAPTER III Measures to facilitate group supervision
CHAPTER IV Third countries
CHAPTER V Mixed-activity insurance holding companies
TITLE IV REORGANISATION AND WINDING-UP OF INSURANCE UNDERTAKINGS
CHAPTER I Scope and definitions
CHAPTER II Reorganisation measures
CHAPTER III Winding-up proceedings
CHAPTER IV Common provisions
TITLE V OTHER PROVISIONS
TITLE VI TRANSITIONAL AND FINAL PROVISIONS
CHAPTER I Transitional provisions
SECTION 1 Insurance
SECTION 2 Reinsurance
SECTION 3 Insurance and reinsurance
CHAPTER II Final provisions
ANNEX I CLASSES OF NON-LIFE INSURANCE
A. Classification of risks according to classes of insurance
B. Description of authorisations granted for more than one class of insurance
ANNEX II CLASSES OF LIFE INSURANCE
ANNEX III LEGAL FORMS OF UNDERTAKINGS
A. Forms of non-life insurance undertaking:
B. Forms of life insurance undertaking:
C. Forms of reinsurance undertaking:
ANNEX IV SOLVENCY CAPITAL REQUIREMENT (SCR) STANDARD FORMULA
1. Calculation of the Basic Solvency Capital Requirement
2. Calculation of the non-life underwriting risk module
3. Calculation of the life underwriting risk module
4. Calculation of the market risk module
ANNEX V GROUPS OF NON-LIFE INSURANCE CLASSES FOR THE PURPOSES OF ARTICLE 159
ANNEX VI
Part A Repealed Directives with list of their successive amendments (referred to in Article 310)
Part B List of time-limits for transposition into national law (referred to in Article 310)
ANNEX VII CORRELATION TABLE



TITLE I

GENERAL RULES ON THE TAKING-UP AND PURSUIT OF DIRECT INSURANCE AND REINSURANCE ACTIVITIES



CHAPTER I

Subject matter, scope and definitions



Section 1

Subject matter and scope

Article 1

Subject matter

This Directive lays down rules concerning the following:

(1)

the taking-up and pursuit, within the Community, of the self-employed activities of direct insurance and reinsurance;

(2)

the supervision of insurance and reinsurance groups;

(3)

the reorganisation and winding-up of direct insurance undertakings.

Article 2

Scope

1. This Directive shall apply to direct life and non-life insurance undertakings which are established in the territory of a Member State or which wish to become established there.

It shall also apply to reinsurance undertakings which conduct only reinsurance activities and which are established in the territory of a Member State or which wish to become established there with the exception of Title IV.

2. In regard to non-life insurance, this Directive shall apply to activities of the classes set out in Part A of Annex I. For the purposes of the first subparagraph of paragraph 1, non-life insurance shall include the activity which consists of assistance provided for persons who get into difficulties while travelling, while away from their home or...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT