ARTICLE 27

1 . EACH MEMBER STATE SHALL MAKE ACCESS TO THE ACTIVITIES REFERRED TO IN ARTICLE 1 BY ANY UNDERTAKING WHOSE HEAD OFFICE IS OUTSIDE THE COMMUNITY SUBJECT TO AN OFFICIAL AUTHORIZATION . 2 . A MEMBER STATE MAY GRANT AN AUTHORIZATION IF THE UNDERTAKING FULFILS AT LEAST THE FOLLOWING CONDITIONS : ( A ) IT IS ENTITLED TO UNDERTAKE INSURANCE ACTIVITIES COVERED BY ARTICLE 1 UNDER ITS NATIONAL LAW ; ( B ) IT ESTABLISHES AN AGENCY OR BRANCH IN THE TERRITORY OF SUCH MEMBER STATE ; ( C ) IT UNDERTAKES TO ESTABLISH AT THE PLACE OF MANAGEMENT OF THE AGENCY OR BRANCH ACCOUNTS SPECIFIC TO THE ACTIVITY WHICH IT CARRIES ON THERE AND TO KEEP THERE ALL THE RECORDS RELATING TO THE BUSINESS TRANSACTED ; ( D ) IT DESIGNATES A GENERAL REPRESENTATIVE , TO BE APPROVED BY THE COMPETENT AUTHORITIES ; ( E ) IT POSSESSES IN THE MEMBER STATE WHERE IT CARRIES ON AN ACTIVITY ASSETS OF AN AMOUNT EQUAL IN VALUE TO AT LEAST ONE HALF OF THE MINIMUM AMOUNT PRESCRIBED IN ARTICLE 20 ( 2 ) ( A ) IN RESPECT OF THE GUARANTEE FUND AND DEPOSITS ONE FOURTH OF THE MINIMUM AMOUNT AS SECURITY ; ( F ) IT UNDERTAKES TO KEEP A SOLVENCY MARGIN COMPLYING WITH ARTICLE 29 ; ( G ) IT SUBMITS A SCHEME OF OPERATIONS IN ACCORDANCE WITH ARTICLE 11 ( 1 ) AND ( 2 ) .

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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.