Directive 2005/1/EC of the European Parliament and of the CouncilShow full title

Article 4 U.K. Directive 73/239/EEC

Directive 73/239/EEC is hereby amended as follows:

1) Article 29a shall be replaced by the following:

‘Article 29a

1. The competent authorities of the Member States shall inform the Commission and the competent authorities of the other Member States:

(a) of any authorisation of a direct or indirect subsidiary, one or more of whose parent undertakings are governed by the law of a third country;

(b) whenever such a parent undertaking acquires a holding in a Community insurance undertaking which would turn the latter into its subsidiary.

2. When the authorisation referred to in paragraph 1(a) is granted to the direct or indirect subsidiary of one or more parent undertakings governed by the law of a third country, the structure of the group shall be specified in the notification which the competent authorities shall address to the Commission.’;

2) in Article 29b(4), the second subparagraph shall be replaced by the following:

‘In the circumstances described in the first subparagraph, it may also be decided at any time, and in addition to initiating negotiations, in accordance with the procedure referred to in Article 5 of Decision 1999/468/EC(1) and in compliance with Article 7(3) and Article 8 thereof that the competent authorities of the Member States must limit or suspend their decisions regarding the following:

(a)

requests for authorisation, whether pending at the moment of the decision or submitted thereafter;

(b)

the acquisition of holdings by direct or indirect parent undertakings governed by the law of the third country in question.’

(1)

OJ L 184, 17.7.1999, p. 23.’