PURPOSE: to harmonise Member State provisions concerning the compulsory winding-up of insurance companies.
COMMUNITY MEASURE: Directive 2001/17/EC of the European Parliament and of the Council.
CONTENT: This Directive applies to reorganisation measures and winding-up proceedings concerning insurance undertakings. This Directive also applies, to the extent provided for in Article 30, to reorganisation measures and winding-up proceedings concerning branches in the territory of the Community of insurance undertakings having their head office outside the Community. The main provisions of the Directive are the following:
- information to known creditors- right to lodge claims;
- winding-up proceedings;
- applicable law. In particular, the law of the home Member State shall determine many aspects of the winding-up procedure;
- treatment of insurance claims;
- subrogation to a guarantee scheme;
- representation of preferential claims by assets;
- withdrawal of the authorisation;
- publication of the decision to open winding-up proceedings;
- information to known creditors;
- right to lodge claims;
- language and form;
- regular information to the creditors.
Finally, provisions common to reorganisation measures and winding-up proceedings concern inter alia, effects on certain contracts and rights, third parties' rights in rem, reservation of title, regulated markets and administrators and liquidators.
ENTRY INTO FORCE: 20.04.2001.�