1.

The text of point 11 (Council Directive 79/267/EEC) shall be replaced with the following: ‘32002 L 0083: Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance (OJ L 345, 19.12.2002, p. 1). The text of the Directive shall, for the purposes of the present Agreement, be read with the following adaptations: (a) the following shall be added to Article 6.1(a): — in the case of Iceland: Hlutafélag, Gagnkvæmt félag. — in the case of Liechtenstein: Aktiengesellschaft, Genossenschaft, Stiftung. — in the case of Norway: Aksjeselskaper, Gjensidige selskaper. (b) Article 57 shall not apply; the following provision shall be applicable: Each Contracting Party may, by means of agreements concluded with one or more third countries, agree to the application of provisions different from those provided for in Articles 51, 52 and 54 to 56 of the Directive on the condition that its insured persons are given adequate and equivalent protection. The Contracting Parties shall inform and consult each other prior to concluding such agreements. The Contracting Parties shall not apply provisions to branches of insurance undertakings having their head office outside the territory of the Contracting Parties which result in more favourable treatment than that accorded to branches of insurance undertakings having their head office within the territory of the Contracting Parties; (c) As regards relations with third-country insurance undertakings described in Article 59 the following shall apply: 1. With a view to achieving a maximum degree of convergence in the application of a third-country regime for insurance undertakings, the Contracting Parties shall exchange information as described in Articles 59(1) and 59(5). Consultations shall be held regarding matters referred to in Articles 59(2), 59(3) and 59(4), within the framework of the EEA Joint Committee and according to specific procedures to be agreed by the Contracting Parties. 2. Authorisations granted by the competent authorities of a Contracting Party to insurance undertakings which are direct or indirect subsidiaries of parent undertakings governed by the laws of a third country shall have validity in accordance with the provisions of the Directive throughout the territory of all Contracting Parties. However, (a) where a third country imposes quantitative restrictions on the establishment of insurance undertakings of an EFTA State, or imposes restrictions on such insurance undertakings that it does not impose on Community insurance undertakings, authorisations granted by competent authorities within the Community to insurance undertakings which are direct or indirect subsidiaries of parent undertakings governed by the laws of that third country shall have validity only in the Community, except where an EFTA State decides otherwise for its own jurisdiction; (b) where the Community has decided that decisions regarding authorisations of insurance undertakings which are direct or indirect subsidiaries of parent undertakings governed by the laws of a third country, shall be limited or suspended, any authorisation granted by a competent authority of an EFTA State to such insurance undertakings shall have validity only in its jurisdiction, except where another Contracting Party decides otherwise for its own jurisdiction, (c) the limitations or suspensions referred to in subparagraphs (a) and (b) may not apply to insurance undertakings or their subsidiaries already authorised in the territory of a Contracting Party. 3. Whenever the Community negotiates with a third country on the basis of Article 59(3) and 59(4), in order to obtain national treatment and effective market access for its insurance undertakings, it shall endeavour to obtain equal treatment for the insurance undertakings of the EFTA States; (d) In Article 30(1), the words “European index of consumer prices comprising all Member States” shall be replaced with the words “EEA index of consumer prices comprising all Contracting Parties”.’