Article 5
Operations
In regard to non-life insurance, this Directive shall not apply to the following operations:
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(1) |
capital redemption operations, as defined by the law in each Member State; |
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(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; |
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(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 |
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(4) |
export credit insurance operations for the account of or guaranteed by the State, or where the State is the insurer. |