THE COUNCIL OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Economic Community, and in particular Article 54 thereof,

Having regard to the proposal from the Commission [OJ No C 131, 18. 4. 1987, p. 1],

In cooperation with the European Parliament [OJ No C 96, 17. 4. 1989, p. 93; and OJ No C 326, 16. 12. 1991],

Having regard to the opinion of the Economic and Social Committee [OJ No C 319, 30. 11. 1987, p. 13],

Whereas Article 54(3)(g) of the Treaty requires coordination to the necessary extent of the safeguards which, for the protection of the interests of members and others, are required by Member States of companies and firms within the meaning of the second paragraph of Article 58 of the Treaty, with a view to making such safeguards equivalent throughout the Community;

Whereas Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies [OJ No L 222, 14. 8. 1978, p. 11], as last amended by Directive 90/605/EEC [OJ No L 317, 16. 11. 1990, p. 60], need not be applied to insurance companies, hereinafter referred to as 'insurance undertakings', pending further coordination; whereas, in view of the major importance of insurance undertakings in the Community, such coordination cannot be delayed any longer following the implementation of Directive 78/660/EEC;