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Directive 2009/138/EC of the European Parliament and of the CouncilShow full title

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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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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