Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance)
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Changes over time for: Article 5
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Status:
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.Operations
In regard to non-life insurance, this Directive shall not apply to the following operations:
(1)
capital redemption operations, as defined by the law in each Member State;
(2)
operations of provident and mutual benefit institutions whose benefits vary according to the resources available and in which the contributions of the members are determined on a flat-rate basis;
(3)
operations carried out by organisations not having a legal personality with the purpose of providing mutual cover for their members without there being any payment of premiums or constitution of technical reserves; or
(4)
export credit insurance operations for the account of or guaranteed by the State, or where the State is the insurer.
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