14.9.2012 Official Journal of the European Union L 249/1 | (Legislative acts) DIRECTIVES DIRECTIVE 2012/23/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 September 2012 amending Directive 2009/138/EC (Solvency 1I) as regards the date for its transposition and the date of its application, and the date of repeal of certain Directives (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53(1) and Article 62 thereof, Having regard to the proposal from the European Commission, After transmission of the draft legislative act to the national parliaments, Acting in accordance with the ordinary legislative procedure (1), Whereas: (2) 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 1I) (%) provides a modern, risk-based system for the regulation and supervision of insurance and reinsurance undertakings of the Union. That system is essential in order to ensure a safe and solid insurance sector that can provide sustainable insurance products and support the real economy by encouraging long- term investments and additional stability. Directive 2009/138/EC sets 31 October 2012 as the date for transposition and 1 November 2012 as the date of application. Furthermore, that Directive sets 1 November 2012 as the date of repeal of the existing insurance and reinsurance Directives (}) (collectively referred to as ‘Solvency T)). (1) Position of the European Parliament of 3 July 2012 (not yet published in the Official Journal) and decision of the Council of 5 September 2012. () OJ L 335, 17.12.2009, p. 1. (}) Council Directive 64/225[EEC of 25 February 1964 on the abolition of restrictions on freedom of establishment and freedom to provide services in respect of reinsurance and retrocession (O] 56, 4.4.1964, p. 878/64); 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 (O] L 228, 16.8.1973, p. 3); Council Directive 73/240/EEC of 24 July 1973 abolishing restrictions on freedom of establishment in the business of direct insurance other than life assurance (O] L 228, 16.8.1973, p. 20); Council Directive 76/580/EEC of 29 June 1976 amending Directive 73/239/EEC (O] L 189, 13.7.1976, p. 13); Council Directive 78/473/EEC of 30 May 1978 on the coordination of laws, regulations and administrative provisions relating to Community co-insurance (O] L 151, 7.6.1978, p. 25); Council Directive 84/641/EEC of 10 December 1984 amending, particularly as regards tourist assistance, the First Directive (73/239/EEC) (O] L 339, 27.12.1984, p. 21); Council Directive 87/344/EEC of 22 June 1987 on the coordination of laws, regulations and administrative provisions relating to legal expenses insurance (O] L 185, 4.7.1987, p. 77); Second Council Directive 88/357/EEC of 22 June 1988 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and laying down provisions to facilitate the effective exercise of freedom to provide services (O] L 172, 4.7.1988, p. 1); 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 insurance Directive) (O] L 228, 11.8.1992, p. 1); 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 (O] L 330, 5.12.1998, p. 1); Directive 2001/17EC of the European Parliament and of the Council of 19 March 2001 on the reorganisation and winding-up of insurance undertakings (O] L 110, 20.4.2001, p. 28); Directive 200283 /EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance (O] L 345, 19.12.2002, p. 1), and Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance (O] L 323, 9.12.2005, p. 1).