do-me/EUR-LEX huggingface dataset:
Re-examined proposal for a THIRD COUNCIL DIRECTIVE 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
Date: 1992-06-04
Institutions: European Commission
Subjects: approximation of laws, freedom to provide services, insurance, insurance company, right of establishment

COMMISSION OF THE EUROPEAN  COMMUNITIES 

C0M(92)252  final  - SYN291 

Brussels,  4  June 1992 

Re-examined proposal  for a 

THIRD COUNCIL DIRECTIVE 

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 

(presented by the Commission  pursuant  to Article  149.2(d) 
of the EEC treaty) 

._ji—WBaaasas! 

EXPLANATORY  MEMORANDUM 

On  25 February  1992, the Council  adopted  a comnv:>n position  wi.lch  took  over 

the  text of  the amended  proposal  of  24 February  1992^1) for  a  third 

Council  Directive  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. 

On  13 May  1992, the Parliament  approved  the common  position  and  proposed  one 

amendment  in order  to clarify  that  the admissibility  of  cumulative 

preferential  shares  and  subordinated  loans  in the solvency  margin  is a 

Member  State option. 

This solution  was  also  adopted  in the directive  on  a definition  of  own  funds 

for  credit  institutions  and  was  approved  by unanimity  at  the  time of 

adoption  of  the  common  position.  Unfortunately,  the drafting  of  this  point 

remains ambiguous. 

The Commission  entirely  supports  parliament's objective  and  thus proposes  to 

amend  in Article  16 of  Directive 73/239/EEC, as modified  by Article  24 of 

the present  directive,  the  introductory  sentence of  the  seventh  indent  of 

paragraph  1. 

(1)  COM  (92) 63  final  SYN  291. O.J. C 93 of  13 April  1992, p. 1 

PROVISION 

In Article 24, the  introductory sentence to the 7th  indent of  paragraph 1 of 

Article  18 of  Directive  73/239/EEC  is replaced by  the  following  : 

"-  cumulative 

preferential 

share  capital 

and  suherdinated 

lean  capital  may 

he  Included  Put, 

If  so,  anly  up  to  50  X  of 

the  margin,  no  more  than  25  X  ef 

welt*  shell  eenslst 

ef  suherdinated 

leans  with  a  fixed  maturity 

of 

fixed-

term  cumulatIve  preferential 

share  capital, 

if 

the 

following  minimum 

criteria 

are  met ." 

ISSN 0254-1475 

COM(92) 252  final 

DOCUMENTS 

EN 

10 06 

Catalogue number: CB-CO-92-262-EN-C 

ISBN 92-77-44998-5 

Office for Official Publications of the European Communities 
L-2985 Luxembourg