Having regard to the Treaty establishing the European Community, and in particular Article 47(2) and Article 55 thereof,
Having regard to the proposal from the Commission [OJ C 96 E, 27.3.2001, p. 129.],
Having regard to the opinion of the Economic and Social Committee [OJ C 193, 10.7.2001, p. 16.],
Acting in accordance with the procedure laid down in Article 251 of the Treaty [Opinion of the European Parliament of 4 July 2001 (not yet published in the Official Journal) and Decision of the Council of 14 February 2002.],
(1) The financial services action plan, as endorsed by the European Council meetings in Cologne on 3 and 4 June 1999 and in Lisbon on 23 and 24 March 2000, recognises the importance of the solvency margin for insurance undertakings to protect policyholders in the single market by ensuring that insurance undertakings have adequate capital requirements in relation to the nature of their risks.
(2) First Council Directive 73/239/EEC of 24 July 1973 on the coordina
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