preamble_11

Council Directive 76/580/EEC of 29 June 1976 amending Directive 73/239/EEC on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct insurance other than life assurance · European Union

Whereas by Decision 75/250/EEC (4) the Council defined on 21 April 1975 a European unit of account representing the average of any changes in the value of the currencies of the Member States ; whereas the conversion rate for each currency against this unit of account is fixed automatically by reference to daily quotations on the exchange markets ; whereas the use of this European unit of account places insurance undertakings on the same competitive footing; (1)OJ No C 28, 9.2.1976, p. 16. (2)OJ No C 35, 16.2.1976, p. 17. (3)OJ No L 228, 16.8.1973, p. 3. (4)OJ No L 104, 24.4.1975, p. 35.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-06 · Text as adopted (Official Journal); later amendments are not incorporated in this text.