Elukindlustusega tegelev kindlustusandja, kes sõlmib pensionilepinguid, on kohustatud investeerima pensionilepingute kattevara lahus teiste kindlustuslepingute kattevarast ja kindlustusandja muust varast ning hoidma pensionilepingute kattevaraks olevat raha ja väärtpabereid eraldi kontodel.
Insurance undertakings pursuing both life and non-life activities should manage those activities separately, in order to protect the interests of life policy holders. In particular, those undertakings should be subject to the same capital requirements as those applicable to an equivalent insurance group, made up of a life insurance undertaking and a non-life undertaking, taking into account the increased transferability of capital in the case of composite insurance undertakings.
Both IORPs and life insurance undertakings manage occupational pension schemes.
Wherever the term 'financial undertaking' is used in this Directive, it shall be replaced by:
- 'credit institution' where this Directive amends Directives 77/780/EEC and 89/646/EEC;
- 'insurance undertaking' where this Directive amends Directives 73/239/EEC and 92/49/EEC, and 'life assurance undertaking' where this Directive amends Directives 79/267/EEC and 92/96/EEC; - 'investment firm' where this Directive amends Directive 93/22/EEC; - 'undertaking for collective investment in transferable securities (Ucits) or an undertaking contributing towards its business activity' where this Directive amends Directive 85/611/EEC.
Insurance or assurance undertakings the activities of which are subject to appropriate monitoring by the competent prudential-supervision authorities and which are subject to Directive 2009/138/EC of the European Parliament and of the Council (14) should be excluded from the scope of this Directive when carrying out the activities referred to in that Directive.
For the purposes of Article 104a of the Treaty, 'financial institutions' means:
- credit institutions as defined in the first indent of Article 1 of Directive 77/780/EEC (4), - insurance undertakings as defined in Article 1, point (a) of Directive 92/49/EEC (5), - assurance undertakings as defined in Article 1, point (a) of Directive 92/96/EEC (6), ...
