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Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance) article 5 CELEX: 02009L0138-20250117 Operations
In regard to non-life insurance, this Directive shall not apply to the following operations: (1) capital redemption operations, as defined by the law in each Member State; (2) operations of provident and mutual benefit institutions whose benefits vary according to the resources available and in which the contributions of the members are determined on a flat-rate basis; (3) operations carried out by organisations not having a legal personality with the purpose of providing mutual cover for their members without there being any payment of premiums or constitution of technical reserves; or
(4) export credit insurance operations for the account of or guaranteed by the State, or where the State is the insurer. |