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First Council Directive of 24 July 1973 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relating to the taking-up and pursuit of the business of direct insurance other than life assurance (73/239/EEC) (repealed)

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Changes over time for: Article 5

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Version Superseded: 01/11/2012

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EU Directives are published on this site to aid cross referencing from UK legislation. Since IP completion day (31 December 2020 11.00 p.m.) no amendments have been applied to this version.

Article 5U.K.

For the purposes of this Directive:

(a)

[F1Unit of account means the European unit of account (EUA) as defined by Commission Decision 3289/75/ECSC (1) . Wherever this Directive refers to the unit of account, the conversion value in national currency to be adopted shall, as from 31 December of each year, be that of the last day of the preceding month of October for which EUA conversion values are available in all the Community currencies;]

(b)

‘Matching assets’ means the representation of underwriting liabilities expressed in a particular currency by assets expressed or realizable in the same currency;

(c)

‘Localization of assets’ means the existence of assets, whether movable of immovable, within a Member State but shall not be construed as involving a requirement that movable property be deposited or that immovable property be subjected to restrictive measures such as the registration of mortgages. Assets represented by claims against debtors shall be regarded as situated in the Member State where they are to be liquidated[F2;]

(d)

[F3 Large risks means:

(i)

risks classified under classes 4, 5, 6, 7, 11 and 12 of point A of the Annex;

(ii)

risks classified under classes 14 and 15 of point A of the Annex, where the policy-holder is engaged professionally in an industrial or commercial activity or in one of the liberal professions, and the risks relate to such activity;

(iii)

[F4risks classified under classes 3, 8, 9, 10, 13 and 16 of point A of the Annex] in so far as the policy-holder exceeds the limits of at least two of the following three criteria:

first stage: until 31 December 1992 :

  • balance-sheet total: 12,4 million ECU,

  • net turnover: 24 million ECU,

  • average number of employees during the financial year: 500.

second stage: from 1 January 1993 :

  • balance-sheet total: 6,2 million ECU,

  • net turnover: 12,8 million ECU,

  • average number of employees during the financial year: 250.

If the policy-holder belongs to a group of undertakings for which consolidated accounts within the meaning of Directive 83/349/EEC (2) are drawn up, the criteria mentioned above shall be applied on the basis of the consolidated accounts.

Each Member State may add to the category mentioned under (iii) risks insured by professional associations, joint ventures or temporary groupings.]

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