Directive 2005/68/EC of the European Parliament and of the Council
of 16 November 2005
on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC
(Text with EEA relevance) (repealed)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE I

SCOPE AND DEFINITIONS

Scope
Article 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Definitions
Article 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE II

THE TAKING-UP OF THE BUSINESS OF REINSURANCE AND AUTHORISATION OF THE REINSURANCE UNDERTAKING

Principle of authorisation
Article 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Scope of authorisation
Article 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form of the reinsurance undertaking
Article 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Conditions
Article 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Close links
Article 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Head office of the reinsurance undertaking
Article 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Policy conditions and scales of premiums
Article 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Economic requirements of the market
Article 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Scheme of operations
Article 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shareholders and members with qualifying holdings
Article 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Refusal of authorisation
Article 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Prior consultation with the competent authorities of other Member States
Article 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE III

CONDITIONS GOVERNING THE BUSINESS OF REINSURANCE
CHAPTER 1

Principles and methods of financial supervision
Section 1

Competent authorities and general rules

Competent authorities and object of supervision
Article 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Supervision of branches established in another Member State
Article 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accounting, prudential and statistical information: supervisory powers
Article 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transfer of portfolio
Article 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 2

Qualifying holdings

Acquisitions
Article 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Assessment
Article 19a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Acquisitions by regulated financial undertakings
Article 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disposals
Article 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Information to the competent authority by the reinsurance undertaking
Article 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Qualifying holdings: powers of the competent authority
Article 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 3

Professional secrecy and exchanges of information

Obligation
Article 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exchange of information between competent authorities of Member States
Article 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cooperation agreements with third countries
Article 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Use of confidential information
Article 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exchange of information with other authorities
Article 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transmission of information to central banks and monetary authorities
Article 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure of information to government administrations responsible for financial legislation
Article 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 4

Duties of auditors

Duties of auditors
Article 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER 2

Rules relating to technical provisions

Establishment of technical provisions
Article 32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equalisation reserves
Article 33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Assets covering technical provisions
Article 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER 3

Rules relating to the solvency margin and to the guarantee fund
Section 1

Available solvency margin

General rule
Article 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Eligible items
Article 36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 2

Required solvency margin

Required solvency margin for non-life reinsurance activities
Article 37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Required solvency margin for life reassurance activities
Article 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Required solvency margin for a reinsurance undertaking simultaneously conducting non-life and life reinsurance
Article 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 3

Guarantee fund

Amount of the guarantee fund
Article 40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Review of the amount of the guarantee fund
Article 41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER 4

Reinsurance undertakings in difficulty or in an irregular situation and withdrawal of authorisation

Reinsurance undertakings in difficulty
Article 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Financial recovery plan
Article 43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Withdrawal of authorisation
Article 44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE IV

PROVISIONS RELATING TO FINITE REINSURANCE AND SPECIAL PURPOSE VEHICLES

Finite reinsurance
Article 45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Special purpose vehicles
Article 46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE V

PROVISIONS RELATING TO RIGHT OF ESTABLISHMENT AND FREEDOM TO PROVIDE SERVICES

Reinsurance undertakings not complying with the legal provisions
Article 47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Winding-up
Article 48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE VI

REINSURANCE UNDERTAKINGS WHOSE HEAD OFFICES ARE OUTSIDE THE COMMUNITY AND CONDUCTING REINSURANCE ACTIVITIES IN THE COMMUNITY

Principle and conditions for conducting reinsurance business
Article 49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Agreements with third countries
Article 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE VII

SUBSIDIARIES OF PARENT UNDERTAKINGS GOVERNED BY THE LAWS OF A THIRD COUNTRY AND ACQUISITIONS OF HOLDINGS BY SUCH PARENT UNDERTAKINGS

Information from Member States to the Commission
Article 51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Third country treatment of Community reinsurance undertakings
Article 52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE VIII

OTHER PROVISIONS

Right to apply to the courts
Article 53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cooperation between the Member States and the Commission
Article 54 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Committee procedure
Article 55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Implementing measures
Article 56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE IX

AMENDMENTS TO EXISTING DIRECTIVES

Amendments to Directive 73/239/EEC
Article 57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amendments to Directive 92/49/EEC
Article 58 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amendments to Directive 98/78/EC
Article 59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amendments to Directive 2002/83/EC
Article 60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE X

TRANSITIONAL AND FINAL PROVISIONS

Right acquired by existing reinsurance undertakings
Article 61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinsurance undertakings closing their activity
Article 62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transitional period for Articles 57(3) and 60(6)
Article 63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transposition
Article 64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Entry into force
Article 65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Addressees
Article 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ANNEX I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ANNEX II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repealed by 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) (Text with EEA relevance).