Article 40 | Solvency II Directive | Directive 2009/138/EC

Article 40 - Directive 2009/138/EC (Solvency II Directive)

Attention! This article was amended after the current consolidated version was issued. The amendments apply since 28/01/2025. Please consult Directive 2025/2 to review the changes made to the article.

Article 40

Responsibility of the administrative, management or supervisory body

Member States shall ensure that the administrative, management or supervisory body of the insurance or reinsurance undertaking has the ultimate responsibility for the compliance, by the undertaking concerned, with the laws, regulations and administrative provisions adopted pursuant to this Directive.

TITLE I - GENERAL RULES ON THE TAKING-UP AND PURSUIT OF DIRECT INSURANCE AND REINSURANCE ACTIVITIES (Article 1-177)

CHAPTER I - Subject matter, scope and definitions (Article 1-13)

CHAPTER II - Taking-up of business (Article 14-26)

CHAPTER III - Supervisory authorities and general rules (Article 27-39)

CHAPTER IV - Conditions governing business (Article 40-72)

Section 1 - Responsibility of the administrative, management or supervisory body (Article 40)Article 40 - Responsibility of the administrative, management or supervisory body GL

Section 2 - System of governance (Article 41-50)

Section 3 - Public disclosure (Article 51-56)

Section 4 - Qualifying holdings (Article 57-63)

Section 5 - Professional secrecy, exchange of information and promotion of supervisory convergence (Article 64-71)

Section 6 - Duties of auditors (Article 72)

CHAPTER V - Pursuit of life and non-life insurance activity (Article 73-74)

CHAPTER VI - Rules relating to the valuation of assets and liabilities, technical provisions, own funds, Solvency Capital Requirement, Minimum Capital Requirement and investment rules (Article 75-135)

CHAPTER VII - Insurance and reinsurance undertakings in difficulty or in an irregular situation (Article 136-144)

CHAPTER VIII - Right of establishment and freedom to provide services (Article 145-161)

CHAPTER IX - Branches established within the community and belonging to insurance or reinsurance undertakings with head offices situated outside the community (Article 162-175)

CHAPTER X - Subsidiaries of insurance and reinsurance undertakings governed by the laws of a third country and acquisitions of holdings by such undertakings (Article 176-177)

TITLE II - SPECIFIC PROVISIONS FOR INSURANCE AND REINSURANCE (Article 178-211)

TITLE III - SUPERVISION OF INSURANCE AND REINSURANCE UNDERTAKINGS IN A GROUP (Article 212-266)

TITLE IV - REORGANISATION AND WINDING-UP OF INSURANCE UNDERTAKINGS (Article 267-296)

TITLE V - OTHER PROVISIONS (Article 297-304)

TITLE VI - TRANSITIONAL AND FINAL PROVISIONS (Article 305-312)

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Level 2 legal acts

Related documents

Article 40 - Directive 2009/138/EC (Solvency II Directive)

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