art_10__para

1 . EACH MEMBER STATE SHALL REQUIRE THAT AN UNDERTAKING HAVING ITS HEAD OFFICE IN THE TERRITORY OF ANOTHER MEMBER STATE AND SEEKING AN AUTHORIZATION TO OPEN AN AGENCY OR BRANCH SHALL : ( A ) SUBMIT ITS MEMORANDUM AND ARTICLES OF ASSOCIATION AND A LIST OF ITS DIRECTORS AND MANAGERS ; ( B ) PRODUCE A CERTIFICATE ISSUED BY THE COMPETENT AUTHORITIES OF THE HEAD OFFICE MEMBER STATE , ATTESTING THE CLASSES OF INSURANCE WHICH THE UNDERTAKING IS ENTITLED TO COVER AND THAT IT POSSESSES THE MINIMUM OF THE GUARANTEE FUND OR IF HIGHER , THE MINIMUM SOLVENCY MARGIN CALCULATED IN ACCORDANCE WITH ARTICLE 19 AND STATING THE CLASSES OF INSURANCE WHICH IT ACTUALLY UNDERWRITES AND THE FINANCIAL RESOURCES REFERRED TO IN ARTICLE 11 ( 1 ) ( E ) ; ( C ) SUBMIT A SCHEME OF OPERATIONS IN ACCORDANCE WITH ARTICLE 11 ; ( D ) DESIGNATE A GENERAL REPRESENTATIVE HAVING HIS PERMANENT RESIDENCE AND ABODE IN THE HOST COUNTRY AND POSSESSING SUFFICIENT POWERS TO BIND THE UNDERTAKING IN RELATION TO THIRD PARTIES AND TO REPRESENT IT IN RELATIONS WITH THE AUTHORITIES AND COURTS OF THE HOST COUNTRY ; IF THE REPRESENTATIVE HAS A LEGAL PERSONALITY , IT MUST HAVE ITS HEAD OFFICE IN THE HOST COUNTRY AND IT MUST IN ITS TURN DESIGNATE AN INDIVIDUAL TO REPRESENT IT WHO COMPLIES WITH THE ABOVE CONDITIONS . THE DESIGNATED REPRESENTATIVE SHALL NOT BE OBJECTED TO BY THE MEMBER STATE EXCEPT ON GROUNDS RELATING TO REPUTE OR TECHNICAL QUALIFICATIONS SUCH AS APPLY TO DIRECTORS OR MANAGERS OF UNDERTAKINGS WHOSE HEAD OFFICES ARE SITUATED IN THE TERRITORY OF THE STATE IN QUESTION . 2 . EACH MEMBER STATE SHALL REQUIRE THAT FOR THE PURPOSE OF EXTENDING THE BUSINESS OF THE AGENCY OR BRANCH , EITHER TO OTHER CLASSES OR TO OTHER PARTS OF THE NATIONAL TERRITORY IN THE CASE PROVIDED FOR IN ARTICLE 6 ( 2 ) ( D ) , THE APPLICANT FOR THE AUTHORIZATION SHALL SUBMIT A SCHEME OF OPERATIONS IN ACCORDANCE WITH ARTICLE 11 AND COMPLY WITH THE CONDITIONS CONTAINED IN PARAGRAPH 1 ( B ) OF THIS ARTICLE . 3 . THE PRESENT COORDINATING MEASURES SHALL NOT PREVENT MEMBER STATES FRON ENFORCING PROVISIONS REQUIRING , FOR ALL INSURANCE UNDERTAKINGS , APPROVAL OF THE GENERAL AND SPECIAL POLICY CONDITIONS , OF THE TECHNICAL BASES FOR CALCULATING IN PARTICULAR PREMIUM RATES AND RESERVES REFERRED TO IN ARTICLE 17 AND OF ANY OTHER DOCUMENT NECESSARY FOR THE NORMAL EXERCISE OF SUPERVISION . 4 . THE ABOVEMENTIONED PROVISIONS MAY NOT REQUIRE THAT ANY APPLICATION FOR AUTHORIZATION SHALL BE EXAMINED IN THE LIGHT OF THE ECONOMIC REQUIREMENTS OF THE MARKET .

1 national measure recorded under this provision, in 1 form — sign in to view the analysis.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-29 · Text as adopted (Official Journal); later amendments are not incorporated in this text.