Notwithstanding Article 23(2) of Directive 88/357/EEC, in the case of a large risk within the meaning of Article 5(d) of Directive 73/239/EEC, classified under class 10, other than carrier's liability, the Member State of provision of services may provide that:
- the amount of the technical reserves relating to the contract concerned shall be determined, under the supervision of the authorities of that Member State, in accordance with its rules or, failing such rules, in accordance with established practice in that Member State, until the date by which the Member States must comply with a Directive coordinating the annual accounts of insurance undertakings,
- the covering of these reserves by equivalent and matching assets shall be under the supervision of the authorities of that Member State in accordance with its rules or practice, until the notification of a Third Directive on non-life insurance,
- the localization of the assets referred to in the second indent shall be under the su
…