L 110/28 Official Journal of the European Communities 20.4.2001 DIRECTIVE 2001/17/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 19 March 2001 on the reorganisation and winding-up of insurance undertakings THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Articles 47(2) and 55 thereof, Having regard to the proposal from the Commission (%), Having regard to the opinion of the Economic and Social Committee (%), Acting in accordance with the procedure laid down in Article 251 of the Treaty (%), Whereas: (1)  First Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct insurance other than life assurance (), as supplemented by Directive 92/49/EEC (°), and the First Council Directive 79/267/EEC of 5 March 1979 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct life assurance (%), as supplemented by Directive 92/96/EEC(’), provide for a single 0J C 71, 19.3.1987, p. 5, and O] C 253, 6.10.1989, p. 3. O] C 319, 30.11.1987, p. 10. Opinion of the European Parliament of 15 March 1989 (O] C 96, 17.4.1989, p. 99), confirmed on 27 October 1999, Council Common Position of 9 October 2000 (O] C 344, 1.12.2000, p. 23) and Decision of the European Parliament of 15 February 2001. OJ L 228, 16.8.1973, p. 3. Directive as last amended by European Parliament and Council Directive 95/26/EC (O] L 168, 18.7.1995, p. 7). Council Directive 92[49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and amending Directives 73/239[EEC and 88/357[EEC (third non-life insurance directive) (O] L 228, 11.8.1992, p. 1). OJ L 63, 13.3.1979, p. 1. Directive as last amended by Directive 95/26/EC. Council Directive 92/96/EEC of 10 November 1992 on the coordination of laws, regulations and administrative provisions relating to direct life assurance and amending Directives 79/267EEC and 90/619/EEC (third life assurance directive) (O] L 360, 9.12.1992, p. 1). authorisation of the insurance undertakings granted by the home Member State supervisory authority. This single authorisation allows the insurance undertaking to carry out its activities in the Community by means of establishment or free provision of services without any further authorisation by the host Member State and under the sole prudential supervision of the home Member State supervisory authorities. The insurance directives providing a single authorisation with a Community scope for the insurance undertakings do not contain coordination rules in the event of winding-up proceedings. Insurance undertakings as well as other financial institutions are expressly excluded from the scope of Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings (]). It is in the interest of the proper functioning of the internal market and of the protection of creditors that coordinated rules are established at Community level for winding-up proceedings in respect of insurance undertakings. Coordination rules should also be established to ensure that the reorganisation measures, adopted by the competent authority of a Member State in order to preserve or restore the financial soundness of an insurance undertaking and to prevent as much as possible a winding-up situation, produce full effects throughout the Community. The reorganisation measures covered by this Directive are those affecting pre-existing rights of parties other than the insurance undertaking itself. The measures provided for in Article 20 of Directive 73/239/EEC and Article 24 of Directive 79/267[EEC should be included within the scope of this Directive provided that they comply with the conditions contained in the definition of reorganisation measures. This Directive has a Community scope which affects insurance undertakings as defined in Directives 73/239/EEC and 79/267/EEC which have their head office in the Community, Community branches of insurance undertakings which have their head office in third countries and creditors resident in the Community. This Directive should not regulate the effects of the reorganisation measures and winding-up proceedings vis-a-vis third countries. () OJ L 160, 30.6.2000, p. 1.