THE FRIENDLY SOCIETIES ACTS ,
- IN THE CASE OF THE ITALIAN REPUBLIC :
" SOCIETA PER AZIONI " , " SOCIETA COOPERATIVA " , " MUTUA DI ASSICURAZIONE " AND PUBLIC-LAW INSTITUTIONS WITHIN THE MEANING OF ARTICLE 1883 OF THE CIVIL CODE .
- IN THE CASE OF THE GRAND DUCHY OF LUXEMBOURG :
" SOCIETE ANONYME " , " SOCIETE EN COMMANDITE PAR ACTIONS " , " ASSOCIATION D'ASSURANCES MUTUELLES " , " SOCIETE COOPERATIVE " ,
- IN THE CASE OF THE KINGDOM OF THE NETHERLANDS :
" NAAMLOZE VENNOOTSCHAP " , " ONDERLINGE WAARBORGMAATSCHAPPIJ " ,
- IN THE CASE OF THE UNITED KINGDOM :
INCORPORATED COMPANIES LIMITED BY SHARES OR BY GUARANTEE OR UNLIMITED , SOCIETIES REGISTERED UNDER THE INDUSTRIAL AND PROVIDENT SOCIETIES ACTS , SOCIETIES REGISTERED UNDER THE FRIENDLY SOCIETIES ACTS , THE ASSOCIATION OF UNDERWRITERS KNOWN AS LLOYD'S ;
FURTHERMORE , MEMBER STATES MAY SET UP , WHERE APPROPRIATE , UNDERTAKINGS UNDER ANY FORM OF KNOWN PUBLIC LAW OR ITS EQUIVALENT PROVIDED THAT SUCH INSTITUTIONS HAVE AS THEIR OBJECT TO CARRY ON INSURANCE OPERATIONS UNDER CONDITIONS EQUIVALENT TO THOSE OF UNDERTAKINGS UNDER PRIVATE LAW ;
( B ) LIMIT ITS BUSINESS ACTIVITIES TO THE ACTIVITIES REFERRED TO IN THIS DIRECTIVE AND OPERATIONS DIRECTLY ARISING THEREFROM , TO THE EXCLUSION OF ALL OTHER COMMERCIAL BUSINESS ;
( C ) SUBMIT A SCHEME OF OPERATIONS IN ACCORDANCE WITH ARTICLE 9 ;
( D ) POSSESS THE MINIMUM OF THE GUARANTEE FUND PROVIDED FOR IN ARTICLE 20 ( 2 ) .
2 . AN UNDERTAKING SEEKING AN AUTHORIZATION TO EXTEND ITS BUSINESS TO OTHER CLASSES OR , IN THE CASE REFERRED TO IN ARTICLE 6 ( 2 ) ( D ) , TO ANOTHER PART OF THE TERRITORY , SHALL BE REQUIRED TO SUBMIT A SCHEME OF OPERATIONS IN ACCORDANCE WITH THE PROVISIONS OF ARTICLE 9 AS REGARDS SUCH OTHER CLASSES OR OTHER PART OF THE TERRITORY .
IT SHALL , IN ADDITION , BE REQUIRED TO SHOW PROOF THAT IT POSSESSES THE MINIMUM SOLVENCY MARGIN PROVIDED FOR IN ARTICLE 19 AND THE GUARANTEE FUND REFERRED TO IN ARTICLE 20 ( 1 ) AND ( 2 ) .
3 . THE PRESENT COORDINATING MEASURES SHALL NOT PREVENT MEMBER STATES FROM APPLYING PROVISIONS REQUIRING DIRECTORS AND MANAGERS TO HAVE TECHNICAL QUALIFICATIONS OR FROM REQUIRING THE MEMORANDUM AND ARTICLES OF ASSOCIATION , THE GENERAL AND SPECIAL POLICY CONDITIONS , THE TECHNICAL BASES FOR CALCULATING IN PARTICULAR PREMIUM RATES AND RESERVES REFERRED TO IN ARTICLE 17 AND ANY OTHER DOCUMENT NECESSARY FOR THE NORMAL EXERCISE OF SUPERVISION TO BE APPROVED .
4 . THE ABOVEMENTIONED PROVISIONS MAY NOT REQUIRE THAT ANY APPLICATION FOR AN AUTHORIZATION SHALL BE DEALT WITH IN THE LIGHT OF THE ECONOMIC REQUIREMENTS OF THE MARKET .
ARTICLE 9
THE SCHEME OF OPERATIONS REFERRED TO IN ARTICLE 8 ( 1 ) ( C ) AND ( 2 ) SHALL CONTAIN THE FOLLOWING PARTICULARS OR EVIDENCE OF COVER :
( A ) THE NATURE OF THE COMMITMENTS