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Insurance companies: annual accounts

This Directive provides for the same layout and the same item headings for the balance sheets of all Community insurance companies in order to ensure comparability.

ACT

Council Directive 91/674/EEC of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings [Official Journal L 374, 31.12.1991].

SUMMARY

The Directive applies to all insurance companies or firms except small mutual associations.

A precise layout for the balance sheet is prescribed. There are special provisions relating to certain balance-sheet items.

A precise layout for the profit-and-loss account is prescribed. There are special provisions relating to certain items in the profit and loss account.

Valuation rules are laid down. Pending further coordination, Member States may either impose a specific set of rules or leave companies a choice between alternative rules contained in the Directive.

Certain requirements are set out relating to the content of the notes on the accounts, e.g. gross premiums broken down by category of activity (accident and health, motor, fire, etc.) and by geographical market.

A number of provisions are included on the presentation of consolidated accounts.

Rules on the publication of accounts and annual reports. It must be possible to obtain a copy of these documents upon request at a price not exceeding their administrative cost.

REFERENCES

ActEntry into force - Date of expiryDeadline for transposition in the Member StatesOfficial Journal
Directive 91/674/EEC23.12.199101.01.1994OJ L 374, 31.12.1991
Directive 2003/51/EC17.07.200301.01.2005OJ L 178, 17.07.2003
Directive 2006/43/EC29.06.200629.06.2008OJ L 157, 09.06.2006
Directive 2006/46/EC05.09.200605.09.2008OJ L 224, 16.08.2006

RELATED ACTS

Directive 2006/46/EC of the European Parliament and of the Council of 14 June 2006 amending Council Directives 78/660/EEC on the annual accounts of certain types of companies, 83/349/EEC on consolidated accounts, 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions and 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings [Official Journal L 224, 16.08.2006].

Council Directive 2006/43/EC of 17 May 2006 onstatutory audits of annual accountsand consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC [Official Journal L 157, 09.06.2006].
This Directive aims to increase the credibility of financial reporting and to enhance the European Union's (EU) protection against financial scandals. It establishes, among other things, a requirement for external quality assurance, provisions on public supervision, the application of international standards, the duties of statutory auditors and the principles of independence applicable to statutory auditors.

Directive 2003/51/EC of the European Parliament and of the Council of 18 June 2003 amending Council Directives78/660/EEC,83/349/EEC,86/635/EECand 91/674/EEC on the annual and consolidated accounts of certain types of companies, banks and other financial institutions and insurance undertakings [Official Journal L 178, 17.07.2003].
This Directive aims to harmonise the accounting rules applying to companies and other bodies not subject to European Parliament and Council Regulation (EC) No 1606/2002 on the application of international accounting standards to listed companies (around 5 million such companies). It thus removes any discrepancy between the accounting directives and the Regulation on the application of international accounting standards (IAS) since it makes it possible to apply the IAS accounting options to companies that retain the accounting directives as their basic legislation. The Directive also clarifies the treatment of off-balance-sheet financing (debts and loans) and extends beyond the financial aspects the risk analysis made in companies' management reports. It also spells out the compulsory content of an audit report.

Commission Recommendation of 30 May 2001 on environmental issues in the annual accounts and annual reports of companies [C(2001)453/EC - Official Journal L 156, 13.06.2001].
This Recommendation advocates that the annual accounts and annual reports of companies take environmental issues into account as regards accounting entries and the evaluation and disclosure of information.
It clarifies the accounting rules applicable and indicates how to improve the quality, transparency and comparability of environmental data in annual company accounts and reports. The lack of a shared set of rules for the disclosure of environmental issues in financial information makes it very difficult to make valid comparisons between companies. The Recommendation helps and encourages companies to improve the environmental information made available to regulating authorities, investors, financial analysts and the general public. It is applicable to the accounting directives on certain forms of companies (Fourth and Seventh Directives), banks and insurance companies. It also takes into account the provisions requiring companies quoted on the stock exchange to apply international accounting standards (IAS) as of 2005.

Last updated: 25.01.2007
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