Version status: Entered into force | Document consolidation status: Updated to reflect all known changes
Version date: 6 January 2010 - onwards
  Version 2 of 2    

Article 162 Principle of authorisation and conditions

1. Member States shall make access to the business referred to in the first subparagraph of Article 2(1) by any undertaking with a head office outside the Community subject to an authorisation.

2. A Member State may grant an authorisation where the undertaking fulfils at least the following conditions:

(a) it is entitled to pursue insurance business under its national law;

(b) it establishes a branch in the territory of the Member State in which authorisation is sought;

(c) it undertakes to set up at the place of management of the branch accounts specific to the business which it pursues there, and to keep there all the records relating to the business transacted;

(d) it designates a general representative, to be approved by the supervisory authorities;

(e) it possesses in the Member State in which authorisation is sought assets of an amount equal to at least one half of the absolute floor prescribed in Article 129(1)(d) in respect of the Minimum Capital Requirement and deposits one fo