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- Point in Time (01/07/2013)
- Original (As adopted by EU)
Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC (Text with EEA relevance) (repealed)
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1.The scheme of operations referred to in Article 6(b) shall include particulars or evidence of:
(a)the nature of the risks which the reinsurance undertaking proposes to cover;
(b)the kinds of reinsurance arrangements which the reinsurance undertaking proposes to make with ceding undertakings;
(c)the guiding principles as to retrocession;
(d)the items constituting the minimum guarantee fund;
(e)estimates of the costs of setting up the administrative services and the organisation for securing business and the financial resources intended to meet those costs.
2.In addition to the requirements in paragraph 1, the scheme of operations shall for the first three financial years contain:
(a)estimates of management expenses other than installation costs, in particular current general expenses and commissions;
(b)estimates of premiums or contributions and claims;
(c)a forecast balance sheet;
(d)estimates of the financial resources intended to cover underwriting liabilities and the solvency margin.
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