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1. Insurance and reinsurance undertakings shall provide for an effective internal audit function.The internal audit function shall include an evaluation of the adequacy and effectiveness of the internal control system and other elements of the system of governance.2. The internal audit function...

1. Insurance and reinsurance undertakings shall provide for an effective actuarial function to:(a) coordinate the calculation of technical provisions;(b) ensure the appropriateness of the methodologies and underlying models used as well as the assumptions made in the calculation of technical...

1. Member States shall ensure that insurance and reinsurance undertakings remain fully responsible for discharging all of their obligations under this Directive when they outsource functions or any insurance or reinsurance activities.2. Outsourcing of critical or important operational functions or...

1. The Commission shall adopt delegated acts in accordance with Article 301a to further specify the following:(a) the elements of the systems referred to in Articles 41, 44, 46 and 47, and in particular the areas to be covered by the asset–liability management and investment policy, as referred to...

1. Member States shall, taking into account the information required in paragraph 3 and the principles set out in paragraph 4 of Article 35, require insurance and reinsurance undertakings to disclose publicly, on an annual basis, a report on their solvency and financial condition.That report shall...

1. Without prejudice to Article 35 of Regulation (EU) No 1094/2010, Member States shall require the supervisory authorities to provide the following information to EIOPA on an annual basis:(a) the average capital add-on per undertaking and the distribution of capital add-ons imposed by the...

1. Supervisory authorities shall permit insurance and reinsurance undertakings not to disclose information where:(a) by disclosing such information, the competitors of the undertaking would gain significant undue advantage;(b) there are obligations to policy holders or other counterparty...

1. In the event of any major development affecting significantly the relevance of the information disclosed in accordance with Articles 51 and 53, insurance and reinsurance undertakings shall disclose appropriate information on the nature and effects of that major development.For the purposes of...

1. Member States shall require insurance and reinsurance undertakings to have appropriate systems and structures in place to fulfil the requirements laid down in Articles 51 and 53 and Article 54(1), as well as to have a written policy ensuring the ongoing appropriateness of any information...