ARTICLE 14

1 . THE SEPARATE MANAGEMENT REFERRED TO IN ARTICLE 13 ( 3 ) MUST BE ORGANIZED IN SUCH A WAY THAT THE ACTIVITIES COVERED BY THIS DIRECTIVE ARE DISTINCT FROM THE ACTIVITIES COVERED BY THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) IN ORDER THAT : THE SUPERVISORY AUTHORITIES SHALL ANALYZE THE RESULTS IN BOTH ACTIVITIES SO AS TO ENSURE THAT THE PROVISIONS OF THIS PARAGRAPH ARE COMPLIED WITH . 2 . ( A ) ACCOUNTS SHALL BE DRAWN UP IN SUCH A MANNER AS TO SHOW THE SOURCES OF THE RESULTS FOR EACH OF THE TWO ACTIVITIES , LIFE ASSURANCE AND NON-LIFE INSURANCE . TO THIS END ALL INCOME ( IN PARTICULAR PREMIUMS , PAYMENTS BY RE-INSURERS AND INVESTMENT INCOME ) AND EXPENDITURE ( IN PARTICULAR INSURANCE SETTLEMENTS , ADDITIONS TO TECHNICAL RESERVES , REINSURANCE PREMIUMS , OPERATING EXPENSES IN RESPECT OF INSURANCE BUSINESS ) SHALL BE BROKEN DOWN ACCORDING TO ORIGIN . ITEMS COMMON TO BOTH ACTIVITIES SHALL BE ENTERED IN ACCORDANCE WITH METHODS OF APPORTIONMENT TO BE ACCEPTED BY THE COMPETENT SUPERVISORY AUTHORITY . ( B ) UNDERTAKINGS MUST , ON THE BASIS OF THE ACCOUNTS , PREPARE A STATEMENT CLEARLY IDENTIFYING THE ITEMS MAKING UP EACH SOLVENCY MARGIN , IN ACCORDANCE WITH ARTICLE 18 OF THIS DIRECTIVE AND ARTICLE 16 ( 1 ) OF THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) . 3 . IF ONE OF THE SOLVENCY MARGINS IS INSUFFICIENT , THE SUPERVISORY AUTHORITIES SHALL APPLY TO THE DEFICIENT ACTIVITY THE MEASURES PROVIDED FOR IN THE RELEVANT DIRECTIVE , WHATEVER THE RESULTS IN THE OTHER ACTIVITY . BY WAY OF DEROGATION FROM THE SECOND INDENT OF THE FIRST SUBPARAGRAPH OF PARAGRAPH 1 , THESE MEASURES MAY INVOLVE THE AUTHORIZATION OF A TRANSFER FROM ONE ACTIVITY TO THE OTHER . SECTION B CONDITIONS FOR CARRYING ON ACTIVITIES THE RESPECTIVE INTERESTS OF LIFE POLICY-HOLDERS AND NON-LIFE POLICY-HOLDERS ARE NOT PREJUDICED AND , IN PARTICULAR , THAT PROFITS FROM LIFE ASSURANCE BENEFIT LIFE POLICY-HOLDERS AS IF THE UNDERTAKING ONLY CARRIED ON THE ACTIVITY OF LIFE ASSURANCE , THE MINIMUM FINANCIAL OBLIGATIONS , IN PARTICULAR SOLVENCY MARGINS , IN RESPECT OF ONE OR OTHER OF THE TWO ACTIVITIES , NAMELY AN ACTIVITY UNDER THIS DIRECTIVE AND AN ACTIVITY UNDER THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) ARE NOT BORNE BY THE OTHER ACTIVITY . HOWEVER , AS LONG AS THE MINIMUM FINANCIAL OBLIGATIONS ARE FULFILLED UNDER THE CONDITIONS LAID DOWN IN THE SECOND INDENT OF THE FIRST SUBPARAGRAPH AND , PROVIDED THE COMPETENT AUTHORITY IS INFORMED , THE UNDERTAKING MAY USE THOSE EXPLICIT ITEMS OF THE SOLVENCY MARGIN WHICH ARE STILL AVAILABLE FOR ONE OR OTHER ACTIVITY .

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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.