1. The separate management referred to in Article 13(3) must be organized in such a way that the activities covered by this Directive are distinct from the activities covered by the first coordination Directive (non-life insurance) in order that:
-
the respective interests of life policy-holders and non-life policy-holders are not prejudiced and, in particular, that profits from life assurance benefit life policy-holders as if the undertaking only carried on the activity of life assurance,
-
the minimum financial obligations, in particular solvency margins, in respect of one or other of the two activities, namely an activity under this Directive and an activity under the first coordination Directive (non-life insurance) are not borne by the other activity.
However, as long as the minimum financial obligations are fulfilled under the conditions laid down in the second indent of the first subparagraph and, provided the competent authority is informed, the undertaking may use those