THE COUNCIL OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Economic Community, and in particular Article 57(2) thereof,

Having regard to the proposal from the Commission [OJ No C 245, 29. 9. 1979, p. 7 and OJ No C 5, 7. 1. 1983, p. 2],

Having regard to the opinion of the European Parliament [OJ No C 291, 10. 11. 1980, p. 70],

Having regard to the opinion of the Economic and Social Committee [OJ No C 146, 16. 6. 1980, p. 6],

Whereas First Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance [OJ No L 228, 16. 8. 1973, p. 3], as amended by Directive 76/580/EEC [OJ No L 189, 13. 7. 1976, p. 13], eliminated a number of divergencies in the laws of the Member States in order to facilitate the taking-up and pursuit of that business;

Whereas, however, Article 2(2)(d) of the said Directive states that it does not apply, 'pending further coordination, which shall be implemented within four years of notification of this Directive', to 'export credit insurance operations for the account of or with the support of the State'; whereas, since the protection of insured persons normally provided by the Directive is provided by the State itself where export credit insurance operations are carried out for the account of or with the guarantee of the State, such operations should continue to be excluded from the scope of the said Directive pending further coordination;