Article 69 Solvency II

Paragraph (2) has effect until such time as Directive 98/78/EC of the European Parliament and of the Council of 27 October 1998^f1 on the supplementary supervision of insurance undertakings in an insurance group is repealed by Directive 2009/138/EC of the European Parliament and the Council of 25 November 2009^f2 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).

In section 3M(3)(d)^f3 (directions relating to consolidated supervision of groups), for “Directive 2009/138/EC of the European Parliament and the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)” substitute “Directive 98/78/EC of the European Parliament and of the Council of 27 October 1998 on the supplementary supervision of insurance undertakings in an insurance group”.