art_25__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 . EACH MEMBER STATE SHALL MAKE IT POSSIBLE FOR AN AUTHORIZED UNDERTAKING TO ASSIGN ALL OR PART OF ITS PORTFOLIO OF POLICIES IF THE ASSIGNEES POSSESS THE NECESSARY SOLVENCY MARGIN , DUE ACCOUNT BEING TAKEN OF THE ASSIGNMENT . THE SUPERVISORY AUTHORITIES CONCERNED SHALL CONSULT EACH OTHER BEFORE APPROVING SUCH ASSIGNMENT . 2 . ONCE APPROVED BY THE COMPETENT NATIONAL AUTHORITY , SUCH ASSIGNMENT SHALL AFFECT DIRECTLY THE POLICY-HOLDERS CONCERNED . SECTION C WITHDRAWAL OF AUTHORIZATION

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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.