art_11__para

First Council Directive 79/267/EEC of 5 March 1979 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct life assurance · European Union

1 . THE SCHEME OF OPERATIONS OF THE AGENCY OR BRANCH REFERRED TO IN ARTICLE 10 ( 1 ) ( C ) AND ( 2 ) SHALL CONTAIN THE FOLLOWING PARTICULARS OR EVIDENCE OF : ( A ) THE NATURE OF THE COMMITMENTS WHICH THE UNDERTAKING PROPOSES TO TAKE ON IN THE HOST COUNTRY ; THE GENERAL AND SPECIAL POLICY CONDITIONS WHICH IT PROPOSES TO USE ; ( B ) THE TECHNICAL BASES WHICH THE UNDERTAKING PROPOSES TO EMPLOY FOR EACH CLASS OF BUSINESS , INCLUDING THE DATA NEEDED TO CALCULATE PREMIUM RATES AND RESERVES REFERRED TO IN ARTICLE 17 ; ( C ) THE GUIDING PRINCIPLES AS TO REINSURANCE ; ( D ) THE STATE OF THE UNDERTAKING'S SOLVENCY MARGIN AND GUARANTEE FUND REFERRED TO IN ARTICLES 18 , 19 AND 20 ; ( E ) ESTIMATES RELATING TO THE EXPENSES OF INSTALLING THE ADMINISTRATIVE SERVICES AND THE ORGANIZATION FOR SECURING BUSINESS AND THE FINANCIAL RESOURCES INTENDED TO COVER THEM ; AND , IN ADDITION SHALL INCLUDE , FOR THE FIRST THREE FINANCIAL YEARS : ( F ) A FORECAST BALANCE SHEET FOR THE AGENCY OR BRANCH ; ( G ) A PLAN SETTING OUT DETAILED ESTIMATES OF INCOME AND EXPENDITURE IN RESPECT OF DIRECT BUSINESS , REINSURANCE ACCEPTANCES AND REINSURANCE CESSIONS . 2 . THE SCHEME OF OPERATIONS SHALL BE ACCOMPANIED BY THE BALANCE SHEET AND PROFIT AND LOSS ACCOUNT OF THE UNDERTAKING FOR EACH OF THE PAST THREE FINANCIAL YEARS . IF , HOWEVER , IT HAS NOT YET BEEN IN BUSINESS FOR THREE FINANCIAL YEARS IT SHALL BE REQUIRED TO FURNISH THEM ONLY FOR THE FINANCIAL YEARS COMPLETED . 3 . THE SCHEME OF OPERATIONS , TOGETHER WITH THE OBSERVATIONS OF THE AUTHORITIES COMPETENT TO ISSUE AUTHORIZATION , SHALL BE FORWARDED TO THE COMPETENT AUTHORITIES OF THE HEAD-OFFICE MEMBER STATE . THE LATTER AUTHORITIES SHALL COMMUNICATE THEIR OPINION TO THE FORMER WITHIN THREE MONTHS FROM THE RECEIPT OF THE DOCUMENTS ; IF THEIR OPINION HAS NOT BEEN COMMUNICATED UPON THE EXPIRY OF THIS TIME , IT SHALL BE DEEMED TO BE FAVOURABLE .

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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.