AI Summary of Article 4 Optional application to institutions covered by Directive 2009/138/EC
The provisions outlined in Articles 9 to 14, 19 to 22, 23(1) and (2), and 24 to 58 of the Directive allow Home Member States to apply them specifically to the occupational retirement provision activities of life insurance undertakings. Crucially, this requires that all relevant assets and liabilities be ringfenced and managed separately, prohibiting any transfer to other business segments.
Furthermore, life insurance undertakings that engage in this delineated occupational retirement provision will be exempt from specific articles of Directive 2009/138/EC, ensuring regulatory relief in this context. The Home Member State must guarantee that competent authorities diligently oversee the strict separation of these activities within their supervisory framework.
Article 4 Optional application to institutions covered by Directive 2009/138/EC
Home Member States may choose to apply the provisions of Articles 9 to 14, Articles 19 to 22, Article 23(1) and (2), and Articles 24 to 58 of this Directive to the occupational retirement provision business of life insurance undertakings in accordance with points (a)(i) to (iii) of Article 2(3) and points (b)(ii) to (iv) of Article 2(3) of Directive 2009/138/EC. In that case, all assets and liabilities corresponding to the occupational retirement provision business shall be ringfenced, managed and organised separately from the other activities of the life insurance undertakings, without any possibility of transfer.
In the case referred to in the first paragraph of this Article, and only insofar as their occupational retirement provision business is concerned, life insurance undertakings shall not be subject to Articles 76 to 86, Article 132, Article 134(2), Article 173, Article 185(5), Article 185(7) and (8) and Article 209 of Directive 2009/138/EC.