ARTICLE 21

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 . MEMBER STATES SHALL NOT PRESCRIBE ANY RULES AS TO THE CHOICE OF THE ASSETS IN EXCESS OF THOSE REPRESENTING THE RESERVES REFERRED TO IN ARTICLE 17 . 2 . SUBJECT TO ARTICLE 17 ( 2 ) , ARTICLE 24 ( 1 ) AND ( 3 ) AND THE LAST SUBPARAGRAPH OF ARTICLE 26 ( 1 ) , MEMBER STATES SHALL NOT RESTRAIN THE FREE DISPOSAL OF ASSETS , WHETHER MOVABLE OR IMMOVABLE , FORMING PART OF THE ASSETS OF AUTHORIZED UNDERTAKINGS . 3 . THIS ARTICLE SHALL NOT PRECLUDE ANY MEASURES WHICH MEMBER STATES , WHILE OBSERVING THE RULES PREVAILING IN COUNTRIES WHERE ACTIVITIES ARE CARRIED ON AS REQUIRED UNDER ARTICLE 17 ( 2 ) AND WHILE SAFEGUARDING THE INTERESTS OF POLICY-HOLDERS , ARE ENTITLED TO TAKE AS OWNERS OR MEMBERS OR ASSOCIATES OF THE UNDERTAKINGS IN QUESTION .

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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.