Council Directive of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings (91/674/EEC)

1. Introductory Text

2. SECTION 1 Preliminary provisions and scope

   1. Article 1. (1) Articles 2, 3, 4(1), (3) to (6), Articles 6, 7, 13, 14,...

   2. Article 2. (1) The coordination measures prescribed by this Directive shall apply...

   3. Article 3. Those provisions of this Directive which relate to life assurance...

   4. Article 4. (1) This Directive shall apply to the association of underwriters...

3. SECTION 2 General provisions concerning the balance sheet and the profit and loss account

   1. Article 5. The combination of items under the conditions laid down in...

4. SECTION 3 Layout of the balance sheet

   1. Article 6. The Member States shall prescribe the following layout for balance...

   2. Article 7. Article 14 of Directive 78/660/EEC shall not apply to commitments...

5. SECTION 4 Special provisions relating to certain balance-sheet items

   1. Article 8. Article 15 (3) of Directive 78/660/EEC shall apply only to...

   2. Article 9. Assets: item C (III) (2)Debt securities and other fixed-income securities

   3. Article 10. Assets: item C (III) (3)Participation in investment pools

   4. Article 11. Assets: items C (III) (4) and (5)Loans guaranteed by mortgages and other loans

   5. Article 12. Assets: item C (III) (6)Deposits with credit institutions

   6. Article 13. Assets: item C (III) (7)Other

   7. Article 14. Assets: item C (IV)Deposits with ceding undertakings

   8. Article 15. Assets: item DInvestments for the benefit of life assurance policyholders who bear the investment risk.

   9. Article 16. Assets: item F (IV)Other

   10. Article 17. Assets: item G (I)Accrued interest and rent

   11. Article 18. Assets: item G (II)Deferred acquisition costs

   12. Article 19. Liabilities: item A (I)Subscribed capital or equivalent funds

   13. Article 20. Liabilities: item A (IV)Reserves

   14. Article 21. Liabilities: item BSubordinated liabilities

   15. Article 22. Where a Member States permits an undertaking's balance sheet to...

   16. Article 23. Liabilities: item CTechnical provisions

   17. Article 24. Liabilities: items C (1) (b), (2) (b), (3) (b), (4) (b) and (6) (b) and D (b)Reinsurance amounts

   18. Article 25. Liabilities: item C (1)Provision for unearned premiums

   19. Article 26. Liabilities: item C (6)Other technical provisions

   20. Article 27. Liabilities: item C (2)Life assurance provision

   21. Article 28. Liabilities: item C (3)Claims outstanding

   22. Article 29. Liabilities: item C (4)Provision for bonuses and rebates

   23. Article 30. Liabilities: item C (5)Equalization provision

   24. Article 31. Liabilities: item DTechnical provisions for life-assurance policies where the investment risk is borne by the policyholders.

   25. Article 32. Liabilities: item FDeposits received from reinsurers

6. SECTION 5 Layout of the profit and loss account

   1. Article 33. (1) The Member States shall prescribe the layout shown in...

   2. Article 34. Profit and loss account

7. SECTION 6 Special provisions relating to certain profit-and-loss-account items

   1. Article 35. Non-life-insurance technical account: item I (1) (a) Life-assurance technical account:...

   2. Article 36. Non-life-insurance technical account: item I (1) (b) Life-assurance technical account:...

   3. Article 37. Non-life-insurance technical account: items I (1) (c) and (d) Life-assurance...

   4. Article 38. Non-life-insurance technical account: item I (4)Life-assurance technical account: item II (5)Claims incurred, net of reinsurance

   5. Article 39. Non-life-insurance technical account: item I (6) Life-assurance technical account: item...

   6. Article 40. Non-life-insurance technical account: item I (7) (a) Life-assurance technical account:...

   7. Article 41. Non-life-insurance technical account: item I (7) (c) Life-assurance technical account:...

   8. Article 42. Life-insurance technical account: items II (2) and (9)Non-technical account: items III (3) and (5)Investment income and charges

   9. Article 43. Non-life-insurance technical account: item I (2)Life-assurance technical account: item II (2)Non-technical account: items III (4) and (6)Allocated investment return

   10. Article 44. Life-assurance technical account: items II (3) and (10)Unrealized gains and losses on investments

8. SECTION 7 Valuation rules

   1. Article 45. Article 32 of Directive 78/660/EEC, under which the valuation of...

   2. Article 46. (1) Member States may require or permit the valuation of...

   3. Article 46a. (1) Where assets and liabilities are valued in accordance with...

   4. Article 47. Where current value is applied to investments, Article 33 (2)...

   5. Article 48. (1) In the case of investments other than land and...

   6. Article 49. (1) In the case of land and buildings current value...

   7. Article 50. Where Article 33 of Directive 78/660/EEC is applied to insurance...

   8. Article 51. Article 35 of Directive 78/660/EEC shall apply to insurance undertakings...

   9. Article 52. Article 38 of Directive 78/660/EEC shall apply to assets shown...

   10. Article 53. Article 39 of Directive 78/660/EEC shall apply to assets shown...

   11. Article 54. In non-life insurance the amount of any deferred acquisition costs...

   12. Article 55. (1) (a) If they have not been valued at market...

   13. Article 56. Technical provisions

   14. Article 57. Provision for unearned premiums

   15. Article 58. Provision for unexpired risks

   16. Article 59. Life assurance provision

   17. Article 60. Provisions for claims outstanding

   18. Article 61. (1) Pending further coordination, Member States may require or permit...

   19. Article 62. Pending further coordination, those Member States which require the constitution...

9. SECTION 8 Contents of the notes on the accounts

   1. Article 63. In place of the information provided for in Article 43...

   2. Article 64. In the notes on their accounts insurance undertakings shall disclose...

10. SECTION 9 Provisions relating to consolidated accounts

    1. Article 65. (1) Insurance undertakings shall draw up consolidated accounts and consolidated...

    2. Article 66. Directive 83/349/EEC shall apply subject to the following provisions: Articles...

    3. Article 67. In consolidated accounts alone Member States may require or permit...

11. SECTION 10 Publication

    1. Article 68. (1) The duly approved annual accounts of insurance undertakings, together...

12. SECTION 11 Final provisions

    1. Article 69. The contact committee set up pursuant to Article 52 of...

    2. Article 70. (1) Member States shall adopt the laws, regulations and administrative...

    3. Article 71. Five years after the date referred to in Article 70...

    4. Article 72. This Directive is addressed to the Member States.

13. 1. ANNEX

       PROVISIONS RELATING TO LLOYD'S

       1. A. General

       2. B. Special provisions

          1. 1. Contents of syndicate accounts

          2. 2. Contents of aggregate accounts

          3. 3. Capital

          4. 4. Taxation

          5. 5. Accounting principles

          6. 6. Technical provisions

          7. 7. Open years

          8. 8. Reinsurance to close

          9. 9. Run-off years of account

          10. 10. Disclosure of deposits with cedants

          11. 11. Life business

          12. 12. Gross premiums

          13. 13. Contents of the notes on Lloyd's accounts