# Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance EU Directive 2002/83 ยท adopted 5 November 2002 Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance ## Introductory text Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Title I: DEFINITIONS AND SCOPE ## 1 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 Scope . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 3 Activities and bodies excluded . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Title II: THE TAKING UP OF THE BUSINESS OF LIFE ASSURANCE ## 4 Principle of authorisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 5 Scope of authorisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 6 Conditions for obtaining authorisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 7 Scheme of operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 8 Shareholders and members with qualifying holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 9 Refusal of authorisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 9a Prior consultation with the competent authorities of other Member States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Title III: CONDITIONS GOVERNING THE BUSINESS OF ASSURANCE ### Chapter 1: PRINCIPLES AND METHODS OF FINANCIAL SUPERVISION ## 10 Competent authorities and object of supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 11 Supervision of branches established in another Member State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 12 Prohibition on compulsory ceding of part of underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 13 Accounting, prudential and statistical information: supervisory powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 14 Transfer of portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 15 Qualifying holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 15a Assessment period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 15b Assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 15c Acquisitions by regulated financial undertakings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 16 Professional secrecy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 17 Duties of auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 18 Pursuit of life assurance and non-life insurance activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 19 Separation of life assurance and non-life insurance management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 2: RULES RELATING TO TECHNICAL PROVISIONS AND THEIR REPRESENTATION ## 20 Establishment of technical provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 21 Premiums for new business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 22 Assets covering technical provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 23 Categories of authorised assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 24 Rules for investment diversification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 25 Contracts linked to UCITS or share index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 26 Matching rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 3: RULES RELATING TO THE SOLVENCY MARGIN AND TO THE GUARANTEE FUND ## 27 Available solvency margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 28 Required solvency margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 28a Solvency margin for assurance undertakings conducting reinsurance activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 29 Guarantee fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 30 Review of the amount of the guarantee fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 31 Assets not used to cover technical provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 4: CONTRACT LAW AND CONDITIONS OF ASSURANCE ## 32 Law applicable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 33 General good . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 34 Rules relating to conditions of assurance and scales of premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 35 Cancellation period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 36 Information for policy holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 5: ASSURANCE UNDERTAKINGS IN DIFFICULTY OR IN AN IRREGULAR SITUATION ## 37 Assurance undertakings in difficulty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 38 Financial recovery plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 39 Withdrawal of authorisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Title IV: PROVISIONS RELATING TO RIGHT OF ESTABLISHMENT AND FREEDOM TO PROVIDE SERVICES ## 40 Conditions for branch establishment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 41 Freedom to provide services: prior notification to the home Member State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 42 Freedom to provide services: notification by the home Member State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 43 Freedom to provide services: changes in the nature of commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 44 Language . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 45 Rules relating to conditions of assurance and scales of premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 46 Assurance undertakings not complying with the legal provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 47 Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 48 Winding-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 49 Statistical information on cross-border activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 50 Taxes on premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Title V: RULES APPLICABLE TO AGENCIES OR BRANCHES ESTABLISHED WITHIN THE COMMUNITY AND BELONGING TO UNDERTAKINGS WHOSE HEAD OFFICES ARE OUTSIDE THE COMMUNITY ## 51 Principles and conditions of authorisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 52 Rules applicable to branches of third-country undertakings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 53 Transfer of portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 54 Technical provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 55 Solvency margin and guarantee fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 56 Advantages to undertakings authorised in more than one Member State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 57 Agreements with third countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Title VI: RULES APPLICABLE TO SUBSIDIARIES OF PARENT UNDERTAKINGS GOVERNED BY THE LAWS OF A THIRD COUNTRY AND TO THE ACQUISITIONS OF HOLDINGS BY SUCH PARENT UNDERTAKINGS ## 58 Information from Member States to the Commission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 59 Third-country treatment of Community assurance undertakings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Title VII: TRANSITIONAL AND OTHER PROVISIONS ## 60 Derogations and abolition of restrictive measures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 61 Proof of good repute . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Title VIII: FINAL PROVISIONS ## 62 Cooperation between the Member States and the Commission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 63 Reports on the development of the market under the freedom to provide services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 64 Technical adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 65 Committee procedure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 66 Rights acquired by existing branches and assurance undertakings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 67 Right to apply to the courts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 68 Review of amounts expressed in euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 69 Implementation of new provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 70 Information to the Commission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 71 Transitional period for Articles 3(6), 27, 28, 29, 30 and 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 72 Repealed directives and their correlation with this Directive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 73 Entry into force . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 74 Addressees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## ANNEX I Classes of assurance ## I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## IV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## V . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## VI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## VII . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## VIII . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## IX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## ANNEX II Matching rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## ANNEX III Information for policy holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## A Before concluding the contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## B During the term of the contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## ANNEX IV ## 1 Professional secrecy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 Activities and bodies excluded from this Directive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Division 3: Until 1 January 2004, Member States shall apply the following provisions: ## A Solvency margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## B Minimum solvency margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Division C: Guarantee fund ## 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## ANNEX V ### Division PART A: Repealed Directives together with their successive amendments (referred to in Article 72) ## Council Directive 79/267/EEC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## PART B Deadlines for implementation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## ANNEX VI --- Source: https://www.legislation.gov.uk/eudr/2002/83 (the official version) Page: https://openlegislation.uk/eu-directive-2002-83 Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.