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Version status: Entered into force | Document consolidation status: Updated to reflect all known changes
Version date: 6 January 2010 - onwards
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Article 18 Conditions for authorisation

1. The home Member State shall require every undertaking for which authorisation is sought:

(a) in regard to insurance undertakings, to limit their objects to the business of insurance and operations arising directly therefrom, to the exclusion of all other commercial business;

(b) in regard to reinsurance undertakings, to limit their objects to the business of reinsurance and related operations; that requirement may include a holding company function and activities with respect to financial sector activities within the meaning of Article 2(8) of Directive 2002/87/EC;

(c) to submit a scheme of operations in accordance with Article 23;

(d) to hold the eligible basic own funds to cover the absolute floor of the Minimum Capital Requirement provided for in Article 129(1)(d);

(e) to show evidence that it will be in a position to hold eligible own funds to cover the Solvency Capit