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CHAPTER IIU.K.AMENDMENTS TO DIRECTIVES 73/239/EEC, 91/675/EEC, 92/49/EEC, 98/78/EC AND 2002/83/EC ON THE INSURANCE AND OCCUPATIONAL PENSIONS SECTORS

Article 4U.K. Directive 73/239/EEC

Directive 73/239/EEC is hereby amended as follows:

1)Article 29a shall be replaced by the following:

‘Article 29a

1.The competent authorities of the Member States shall inform the Commission and the competent authorities of the other Member States:

(a)of any authorisation of a direct or indirect subsidiary, one or more of whose parent undertakings are governed by the law of a third country;

(b)whenever such a parent undertaking acquires a holding in a Community insurance undertaking which would turn the latter into its subsidiary.

2.When the authorisation referred to in paragraph 1(a) is granted to the direct or indirect subsidiary of one or more parent undertakings governed by the law of a third country, the structure of the group shall be specified in the notification which the competent authorities shall address to the Commission.’;

2)in Article 29b(4), the second subparagraph shall be replaced by the following:

‘In the circumstances described in the first subparagraph, it may also be decided at any time, and in addition to initiating negotiations, in accordance with the procedure referred to in Article 5 of Decision 1999/468/EC(1) and in compliance with Article 7(3) and Article 8 thereof that the competent authorities of the Member States must limit or suspend their decisions regarding the following:

(a)

requests for authorisation, whether pending at the moment of the decision or submitted thereafter;

(b)

the acquisition of holdings by direct or indirect parent undertakings governed by the law of the third country in question.’

Article 5U.K. Directive 91/675/EEC

Directive 91/675/EEC is hereby amended as follows:

1.in the title, the words ‘Insurance Committee’ shall be replaced by the words ‘European Insurance and Occupational Pensions Committee’;

2.Article 1 shall be replaced by the following:

‘Article 1

1.The Commission shall be assisted by the European Insurance and Occupational Pensions Committee established by Commission Decision 2004/9/EC of 5 November 2003(2) (hereinafter the Committee).

2.The chairperson of the Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2004/6/EC(3) shall participate at the meetings of the Committee as an observer.

3.The Committee may invite experts and observers to attend its meetings.

4.The secretariat of the Committee shall be provided by the Commission.’

3.Article 2 shall be replaced by the following:

‘Article 2

1.Where acts adopted in the field of direct non-life insurance and direct life assurance, reinsurance and occupational pensions confer on the Commission powers for the implementation of the rules which they lay down, Articles 5 and 7 of Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission(4) shall apply, having regard to the provisions of Article 8 thereof.

The period laid down in Article 5(6) of Decision 1999/468/EC shall be set at three months.

2.The Committee shall adopt its rules of procedure.’

4.Articles 3 and 4 shall be deleted.

Article 6U.K. Directive 92/49/EEC

In the first sentence of Article 40(10) of Directive 92/49/EEC, the words ‘submit to the Insurance Committee set up by Directive 91/675/EEC a report summarising’ shall be replaced by the words ‘inform the European Insurance and Occupational Pensions Committee of’.

Article 7U.K. Directive 98/78/EC

Directive 98/78/EC is hereby amended as follows:

1.Article 10a(3) shall be replaced by the following:

‘3.Without prejudice to Article 300(1) and (2) of the Treaty, the Commission shall, with the assistance of the European Insurance and Occupational Pensions Committee, examine the outcome of the negotiations referred to in paragraph 1 and the resulting situation.’;

2.Article 11(5) shall be replaced by the following:

‘5.Not later than 1 January 2006 the Commission shall issue a report on the application of this Directive and, if necessary, on the need for further harmonisation.’.

Article 8U.K. Directive 2002/83/EC

Directive 2002/83/EC is hereby amended as follows:

1.

in the first sentence of Article 46(9), the words ‘the Commission shall submit to the Insurance Committee a report summarising’ shall be replaced by the words ‘the Commission shall inform the European Insurance and Occupational Pensions Committee of’;

2.

Article 58 shall be replaced by the following:

‘Article 58 ‘Information from Member States to the Commission

The competent authorities of the Member States shall inform the Commission and the competent authorities of the other Member States:

(a)

of any authorisation of a direct or indirect subsidiary, one or more of whose parent undertakings are governed by the laws of a third country;

(b)

whenever such a parent undertaking acquires a holding in a Community assurance undertaking which would turn the latter into its subsidiary.

When the authorisation referred to in point (a) is granted to the direct or indirect subsidiary of one or more parent undertakings governed by the law of third countries, the structure of the group shall be specified in the notification which the competent authorities shall address to the Commission and to the other competent authorities.’;

3.

Article 65(1) shall be replaced by the following:

‘1.The Commission shall be assisted by the European Insurance and Occupational Pensions Committee established by Commission Decision 2004/9/EC(5).’