Help Print this page 
Title and reference
Credit and suretyship insurance

Summaries of EU legislation: direct access to the main summaries page.
Languages and formats available
BG ES CS DA DE ET EL EN FR GA HR IT LV LT HU MT NL PL PT RO SK SL FI SV
HTML html ES html DE html EN html FR
Multilingual display
Text

Credit and suretyship insurance

The Directive aims to provide additional financial guarantees for credit insurance and to abolish the provisions permitting Germany to prohibit suretyship insurance from being combined with other forms of insurance.

ACT

Council Directive 87/343/EEC of 22 June 1987 amending, as regards credit insurance and suretyship insurance, first Directive 73/239/EEC 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.

SUMMARY

Removal of German specialization requirements.

Obligation on Member States to require of underwriters additional financial guarantees for credit insurance. This will be achieved by setting up an equalization reserve which will offset any technical deficit or above-average claims ratio arising for a particular financial year.

Obligation on insurance companies to increase their reserves within a set period of time as a result of these amendments.

Annex containing the four permitted methods of calculating the equalization reserve for credit insurance.

References

Act

Entry into force

Deadline for transposition in the Member States

Official Journal

Directive 87/343/EEC

04.07.1987

01.01.1990

OJ L 185 of 04.07.1987

Last updated: 06.07.2005

Top