18.12.2013 Official Journal of the European Union L 341/1 (Legislative acts) DIRECTIVES DIRECTIVE 2013/58/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 11 December 2013 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 (Solvency I) (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, Acting in accordance with the ordinary legislative procedure (1), Whereas: (1)  Directive 2009/138/EC of the European Parliament and of the Council (3 provides a modern, risk-based system (1) Position of the European Parliament of 21 November 2013 (not yet published in the Official Journal) and Council decision of 5 December 2013. (%) 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) (O] L 335, 17.12.2009, p. 1). 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. (2)  Directive 2011/89/EU of the European Parliament and of the Council (}) makes certain amendments to Articles 212 to 262 of Directive 2009/138/EC, which are to be applicable from 10 June 2013. (3)  Directive 2012/23/EU of the European Parliament and of the Council (¥) amends Directive 2009/138/EC by post- poning the date for transposition from 31 October 2012 to 30 June 2013, the date of application from 1 November 2012 to 1 January 2014 and the date of (}) Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011 amending Directives 98/78[EC, 2002/87[EC, 2006/48[EC and 2009/138/EC regarding the supple- mentary supervision of financial entities in a financial conglomerate (O] L 326, 8.12.2011, p. 113). Directive 2012/23/EU of the European Parliament and of the Council of 12 September 2012 amending Directive 2009/138/EC as regards the date for its transposition and the date of its appli- cation, and the date of repeal of certain Directives (O] L 249, 14.9.2012, p. 1). = =