17.12.2009 Official Journal of the European Union L 335/1 (Acts adopted under the EC Treaty/Euratom Treaty whose publication is obligatory) DIRECTIVES DIRECTIVE 2009/ 138/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EURO- PEAN UNION, Having regard to the Treaty establishing the European Commu- nity, and in particular Article 47(2) and Article 55 thereof, Having regard to the proposal from the Commission, Having regard to the opinion of the European Economic and Social Committee (1), After consulting the Committee of the Regions, Acting in accordance with the procedure laid down in Article 251 of the Treaty (2), Whereas: (1) A number of substantial changes are to be made to First Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative pro- visions relating to the taking-up and pursuit of the busi- ness of direct insurance other than life assurance (3); Council Directive 78/473/EEC of 30 May 1978 on the coordination of laws, regulations and administrative pro- visions relating to Community co-insurance (4); Council Directive 87/344/EEC of 22 June 1987 on the coordina- tion of laws, regulations and administrative provisions relating to legal expenses insurance (°); Second Council Directive 88/357/EEC of 22 June 1988 on the coordina- tion of laws, regulations and administrative provisions (1) OJ C 224, 30.8.2008, p. 11. (%) Opinion of the European Parliament of 22 April 2009 (not yet pub- lished in the Official Journal) and Council Decision of 10 November 20009. () OJ L 228, 16.8.1973, p. 3. (# OJL 151, 7.6.1978, p. 25. () OJ L 185, 4.7.1987, p. 77. ( ( ( ( ( ( relating to direct insurance other than life assurance and laying down provisions to facilitate the effective exercise of freedom to provide services (5); 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 (third non-life insur- ance Directive) (7); Directive 98/78/EC of the European Parliament and of the Council of 27 October 1998 on the supplementary supervision of insurance undertakings in an insurance group (£); Directive 2001/17/EC of the European Parliament and of the Council of 19 March 2001 on the reorganisation and winding-up of insurance undertak- ings (%); Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance (1°); and Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance ('1). In the interests of clarity those Directives should be recast. 2)  Inorder to facilitate the taking-up and pursuit of the activi- ties of insurance and reinsurance, it is necessary to elimi- nate the most serious differences between the laws of the Member States as regards the rules to which insurance and reinsurance undertakings are subject. A legal framework should therefore be provided for insurance and reinsurance undertakings to conduct insurance business throughout the internal market thus making it easier for insurance and reinsurance undertakings with head offices in the Commu- nity to cover risks and commitments situated therein. 6) OJ L 172, 4.7.1988, p. 1. ) 7) O] L 228,11.8.1992, p. 1. %) O] L 330, 5.12.1998, p. 1. %) O] L 110, 20.4.2001, p. 28. 10) O] L 345, 19.12.2002, p. 1. 1) 0J L 323, 9.12.2005, p. 1.