(1) This Chapter applies to Community co-insurance operations.
(2) In this Chapter "Community co-insurance operations" means coinsurance operations relating to one or more risks which are in classes 3 to 16 in Part 1 of Schedule 1 and which fulfil the following conditions: (a) the risk is a large risk; (b) the risk is covered by a single contract at an overall premium and for the same period by 2 or more insurance undertakings each for its own part as co-insurer, one of them being the leading insurance undertaking; (c) the risk is situated within the European Union; (d) for the purpose of covering the risk, the leading insurance undertaking is treated as if it were the insurance undertaking covering the whole risk; (e) at least one of the co-insurers participates in the contract through a head office or a branch established in a Member State other than that of the leading insurance undertaking; (f) the leading insurance undertaking fully assumes the leader's role
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