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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

DURING A PERIOD WHICH TERMINATES AT THE TIME OF THE ENTRY INTO FORCE OF AN AGREEMENT CONCLUDED WITH A THIRD COUNTRY PURSUANT TO ARTICLE 32 , AND AT THE LATEST UPON THE EXPIRY OF A PERIOD OF FOUR YEARS AFTER THE NOTIFICATION OF THIS DIRECTIVE , EACH MEMBER STATE MAY RETAIN FOR UNDERTAKINGS OF THAT COUNTRY ESTABLISHED IN ITS TERRITORY THE RULES APPLIED TO THEM ON 1 JANUARY 1979 IN RESPECT OF MATCHING ASSETS AND THE LOCALIZATION OF TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES , PROVIDED THAT NOTIFICATION IS GIVEN TO THE OTHER MEMBER STATES AND THE COMMISSION AND THAT THE LIMITS OF RELAXATIONS GRANTED PURSUANT TO ARTICLE 17 ( 2 ) IN FAVOUR OF THE UNDERTAKINGS OF MEMBER STATES ESTABLISHED IN ITS TERRITORY ARE NOT EXCEEDED .

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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.