19.12.2002 Official Journal of the European Communities L 345/1 (Acts whose publication is obligatory) DIRECTIVE 2002/83/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 5 November 2002 concerning life assurance THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Commu- nity, and in particular Articles 47(2) and Article 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 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 (%), the second Council Directive 90/619/EEC of 8 November 1990 on the coor- dination of laws, regulations and administrative provi- sions relating to direct life assurance, laying down provi- sions to facilitate the effective exercise of freedom to provide services and amending Directive 79/267EEC () and Council Directive 92/96/EEC of 10 November 1992 on the coordination of laws, regulations and administra- tive provisions relating to direct life assurance and amending Directives 79/267[EEC and 90/619/EEC (third life assurance Directive) () have been substantially amended several times. Since further amendments are to be made, the Directives should be recast in the interests of clarity. 2)  In order to facilitate the taking-up and pursuit of the business of life assurance, it is essential to eliminate () O] C 365 E, 19.12.2000, p. 1. () O C 123, 25.4.2001, p. 24. (}) Opinion of the European Parliament of 15 March 2001 (O] C 343, 5.12.2001, p. 202), Council Common Position of 27 May 2002 (O] C 170 E, 16.7.2002, p. 45) and decision of the European Parliament of 25 September 2002 (not yet published in the Official Journal). () OJ L 63, 13.3.1979, p. 1. Directive as last amended by Directive 2002/12[EC of the European Parliament and of the Council (O] L 77,20.3.2002, p. 11). () OJ L 330, 29.11.1990, p. 50. Directive as amended by Directive 92/96/EEC (O] L 360, 9.12.1992, p. 1). () O] L 360, 9.12.1992, p. 1. Directive as amended by Directive 2000/64[EC of the European Parliament and of the Council (O] L 290, 17.11.2000, p. 27). certain divergences which exist between national super- visory legislation. In order to achieve this objective and at the same time ensure adequate protection for policy holders and beneficiaries in all Member States, the provi- sions relating to the financial guarantees required of life assurance undertakings should be coordinated. (3) It is necessary to complete the internal market in direct life assurance, from the point of view both of the right of establishment and of the freedom to provide services in the Member States, to make it easier for assurance undertakings with head offices in the Community to cover commitments situated within the Community and to make it possible for policy holders to have recourse not only to assurers established in their own country, but also to assurers which have their head office in the Community and are established in other Member States. (4)  Under the Treaty, any discrimination with regard to freedom to provide services based on the fact that an undertaking is not established in the Member State in which the services are provided is prohibited. That prohibition applies to services provided from any estab- lishment in the Community, whether it be the head office of an undertaking or an agency or branch. (5)  This Directive therefore represents an important step in the merging of national markets into an integrated market and that stage must be supplemented by other Community instruments with a view to enabling all policy holders to have recourse to any assurer with a head office in the Community who carries on business there, under the right of establishment or the freedom to provide services, while guaranteeing them adequate protection. (6)  This Directive forms part of the body of Community legislation in the field of life assurance which also includes Council Directive 91/674/EEC of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings (’). () OJ L 374, 31.12.1991, p. 7.