Member States shall not retain or introduce for the establishment of technical provisions a system with gross reserving which requires pledging of assets to cover unearned premiums and outstanding claims provisions where the reinsurer is a third-country insurance or reinsurance undertaking, situated in a country whose solvency regime is deemed to be equivalent to that laid down in this Directive in accordance with Article 172.
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Chapter IX · Branches established within the community and belonging to insurance or reinsurance undertakings with head offices situated outside the community › Section 2 · Reinsurance › Article 173
Prohibition of pledging of assets
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