ARTICLE 28

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

MEMBER STATES SHALL REQUIRE UNDERTAKINGS TO ESTABLISH RESERVES , REFERRED TO IN ARTICLE 17 , ADEQUATE TO COVER THE UNDERWRITING LIABILITIES ASSUMED IN THEIR TERRITORIES . MEMBER STATES SHALL SEE THAT THE AGENCY OR BRANCH COVERS SUCH RESERVES BY MEANS OF ASSETS WHICH ARE EQUIVALENT TO SUCH RESERVES AND , TO THE EXTENT FIXED BY THE MEMBER STATE IN QUESTION , MATCHING ASSETS . THE LAW OF THE MEMBER STATES SHALL BE APPLICABLE TO THE CALCULATION OF SUCH RESERVES , THE DETERMINATION OF CATEGORIES OF INVESTMENT AND THE VALUATION OF ASSETS , AND , WHERE APPROPRIATE , THE DETERMINATION OF THE EXTENT TO WHICH THESE ASSETS MAY BE USED FOR THE PURPOSE OF COVERING SUCH RESERVES . THE MEMBER STATE IN QUESTION SHALL REQUIRE THAT THE ASSETS COVERING THESE RESERVES , SHALL BE LOCALIZED IN ITS TERRITORY . ARTICLE 17 ( 3 ) SHALL , HOWEVER , APPLY .

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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.