Council Directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and amending Directives 73/239/EEC and 88/357/EEC (third non-life insurance Directive) (repealed) (c. 49)

TITLE II U.K. THE TAKING UP OF THE BUSINESS OF INSURANCE

Article 7 U.K.

Article 9 of Directive 73/239/EEC shall be replaced by the following:

‘Article 9

The scheme of operations referred to in Article 8 (1) (c) shall include particulars or proof concerning:

(a)

the nature of the risks which the undertaking proposes to cover;

(b)

the guiding principles as to reinsurance;

(c)

the items constituting the minimum guarantee fund;

(d)

estimates of the costs of setting up the administrative services and the organization for securing business; the financial resources intended to meet those costs and, if the risks to be covered are classified in class 18 in point A of the Annex, the resources at the undertaking's disposal for the provision of the assistance promised

and, in addition, for the first three financial years:

(e)

estimates of management expenses other than installation costs, in particular current general expenses and commissions;

(f)

estimates of premiums or contributions and claims;

(g)

a forecast balance sheet;

(h)

estimates of the financial resources intended to cover underwriting liabilities and the solvency margin.’