xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"
fixed pecuniary benefits
benefits in the nature of indemnity
combinations of the two
injury to passengers
fixed pecuniary benefits
benefits in the nature of indemnity
combinations of the two
All damage to or loss of
land motor vehicles
land vehicles other than motor vehicles
All damage to or loss of railway rolling stock
All damage to or loss of aircraft
All damage to or loss of
river and canal vessels
lake vessels
sea vessels
All damage to or loss of goods in transit or baggage, irrespective of the form of transport
All damage to or loss of property (other than property included in classes 3, 4, 5, 6 and 7) due to
fire
explosion
storm
natural forces other than storm
nuclear energy
land subsidence
All damage to or loss of property (other than property included in classes 3, 4, 5, 6 and 7) due to hail or frost, and any event such as theft, other than those mentioned under 8
All liability arising out of the use of motor vehicles operating on the land (including carrier's liability)
All liability arising out of the use of aircraft (including carrier's liability)
All liability arising out of the use of ships, vessels or boats on the sea, lakes, rivers or canals (including carrier's liability)
All liability other than those forms mentioned under Nos 10, 11 and 12
insolvency (general)
export credit
instalment credit
mortgages
agricultural credit
suretyship (direct)
suretyship (indirect)
employment risks
insufficiency of income (general)
bad weather
loss of benefits
continuing general expenses
unforeseen trading expenses
loss of market value
loss of rent or revenue
indirect trading losses other than those mentioned above
other financial loss (non-trading)
other forms of financial loss
Legal expenses and costs of litigation
Assistance for persons who get into difficulties while travelling, while away from home or while away from their permanent residence]
Textual Amendments
F1 Inserted by Council Directive of 10 December 1984 amending, particularly as regards tourist assistance, the First Directive (73/239/EEC) on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance (84/641/EEC).
The risks included in a class may not be included in any other class except in the cases referred to in point C.
Where the authorization simultaneously covers:
Classes Nos 1 and 2, it shall be named ‘Accident and Health Insurance’;
Classes Nos 1 (fourth indent), 3, 7 and 10, it shall be named ‘Motor Insurance’;
Classes Nos 1 (fourth indent), 4, 6, 7 and 12, it shall be named ‘Marine and Transport Insurance’;
Classes Nos 1 (fourth indent), 5, 7 and 11, it shall be named ‘Aviation Insurance’;
Classes Nos 8 and 9, it shall be named ‘Insurance against Fire and other Damage to Property’;
Classes Nos 10, 11, 12 and 13, it shall be named ‘Liability Insurance’;
Classes Nos 14 and 15, it shall be named ‘Credit and Suretyship Insurance’;
All classes, it shall be named at the choice of the Member State in question, which shall notifiy the other Member States and the Commission of its choice.
An undertaking obtaining an authorization for a principal risk belonging to one class or a group of classes may also insure risks included in another class without an authorization being necessary for them if they:
are connected with the principal risk,
concern the object which is covered against the principal risk, and
are covered by the contract insuring the principal risk.
[F2However, the risks included in classes 14, 15 and 17 in point A may not be regarded as risks ancillary to other classes.
Textual Amendments
Nonetheless, the risk included in class 17 (legal expenses insurance) may be regarded as an ancillary risk of class 18 where the conditions laid down in the first subparagraph are fulfilled, where the main risk relates solely to the assistance provided for persons who fall into difficulties while travelling, while away from home or while away from their permanent residence.
Legal expenses insurance may also be regarded as an ancillary risk under the conditions set out in the first subparagraph where it concerns disputes or risks arising out of, or in connection with, the use of seagoing vessels.]
All calculations shall relate to income and expenditure for the insurer's own account.
An amount in respect of any claims shortfall for each financial year shall be placed to the equalization reserve until it has reached, or is restored to, the required amount.
There shall be deemed to be a claims shortfall if the claims ratio for a financial year is lower than the average claims ratio for the reference period. The amount in respect of the claims shortfall shall be arrived at by multiplying the difference between the two ratios by the earned premiums for the financial year.
The required amount shall be equal to six times the standard devition of the claims ratios in the reference period from the average claims ratio, multiplied by the earned premiums for the financial year.
Where claims for any financial year are in excess, an amount in respect thereof shall be taken from the equalization reserve. Claims shall be deemed to be in excess if the claims ratio for the financial year is higher than the average claims ratio. The amount in respect of the excess claims shall be arrived at by multiplying the difference between the two ratios by the earned premiums for the financial year.
Irrespective of claims experience, 3,5 % of the required amount of the equalization reserve shall be first placed to that reserve each financial year until its required amount has been reached or restored.
The lenght of the reference period shall be not less than 15 years and not more than 30 years. No equalization reserve need be formed if no underwriting loss has been noted during the reference period.
The required amount of the equalization reserve and the amount to be taken from it may be reduced if the average claims ratio for the reference period in conjunction with the expenses ratio show that the premiums include a safety margin.
All calculations shall relate to income and expenditure for the insurer's own account.
An amount in respect of any claims shortfall for each financial year shall be placed to the equalization reserve until it has reached the maximum required amount.
There shall be deemed to be a claims shortfall if the claims ratio for a financial year is lower than the average claims ratio for the reference period. The amount in respect of the claims shortfall shall be arrived at by multiplying the difference betwen the two ratios by the earned premiums for the financial year.
The maximum required amount shall be equal to six times the standard deviation of the claims ratio in the reference period from the average claims ratio, multiplied by the earned premiums for the financial year.
Where claims for any financial year are in excess, an amount in respect thereof shall be taken from the equalization reserve until it has reached the minimum required amount. Claims shall be deemed to be in excess if the claims ratio for the financial year is higher than the average claims ratio. The amount in respect of the excess claims shall be arrived at by multiplying the difference between the two ratios by the earned premiums for the financial year.
The minimum required amount shall be equal to three times the standard deviation of the claims ratio in the reference from the average claims ratio multiplied by the earned premiums for the financial year.
The length of the reference period shall be not less than 15 years and not more than 30 years. No equalization reserve need be formed if no underwriting loss has been noted during the reference period.
Both required amounts of the equalization reserve and the amount to be placed to it or the amount to be taken from it may be reduced if the average claims ratio for the reference period in conjunction with the expenses ratio show that the premiums include a safety margin and that safety margin is more than one-and-a-half times the standard deviation of the claims ratio in the reference period. In such a case the amounts in question shall be multiplied by the quotient or one-and-a-half times the standard deviation and the safety margin.]
Textual Amendments
F3 Inserted by Council Directive of 22 June 1987 amending, as regards credit insurance and suretyship insurance, First Directive 73/239/EEC on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance (87/343/EEC).