# Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance), Article 173: Prohibition of pledging of assets

Extent: E+W+S+N.I.

Member States shall not retain or introduce for the establishment of technical provisions a system with gross reserving which requires pledging of assets to cover unearned premiums and outstanding claims provisions where the reinsurer is a third-country insurance or reinsurance undertaking, situated in a country whose solvency regime is deemed to be equivalent to that laid down in this Directive in accordance with Article 172.

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Source: https://www.legislation.gov.uk/eudr/2009/138/article/173 (the official version)
Page: https://openlegislation.uk/eu-directive-2009-138/article-173
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.