31.12.91 Official Journal of the European Communities No L 374/7 (Acts whose publication is not obligatory) COUNCIL COUNCIL DIRECTIVE of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings (91/674/EEC) THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular Article 54 thereof, Having regard to the proposal from the Commission (1), In cooperation with the European Parliament (2, Having regard to the opinion of the Economic and Social Committee (3), Whereas Article 54 (3) (g) of the Treaty requires coordination to the necessary extent of the safeguards which, for the protection of the interests of members and others, are required by Member States of companies and firms within the meaning of the second paragraph of Article 58 of the Treaty, with a view to making such safeguards equivalent throughout the Community; Whereas Council Directive 78/660/EEC of 25 July 1978 based on Article 54 (3) (g) of the Treaty on the annual accounts of certain types of companies (*), as last amended by Directive 90/605/EEC (), need not be applied to insurance companies, hereinafter referred to as ‘insurance undertakings’, pending further coordination; whereas, in view of the major importance of insurance undertakings in the Community, such coordination cannot be delayed any longer following = the implementation of Directive 78/660/EEC; (1) O] No C131, 18. 4. 1987, p. 1. , (3) O] No C96, 17. 4. 1989, p.93; and O] No C 326, 16. 12. 1991. (*) O] No C 319, 30. 11. 1987, p. 13. (*) O] No L 222, 14. 8. 1978, p. 11. (5) O] No L 317, 16. 11. 1990, p. 60. Whereas Council Directive 83/349/EEC of 13 June 1983 based on Article 54 (3) (g) of the Treaty on consolidated accounts (¢), as last amended by Directive 90/605/EEC, provides for derogations for insurance undertakings only until the expiry of the deadline imposed for the application of this Directive; whereas this Directive must therefore also include provisions specific to insurance undertakings in respect of consolidated accounts; Whereas such coordination is also urgently required because insurance undertakings operate across borders; whereas for creditors, debtors, members, policyholders and their advisers and for the general public, improved comparability of the annual accounts and consolidated accounts of such undertakings is of crucial importance; Whereas in the Member States insurance undertakings of different legal forms are in competition with each other; whereas undertakings engaged in the business of direct insurance customarily engage in the business of reinsurance as well and are therefore in competition with specialist reinsurance undertakings; whereas it is therefore appropriate not to confine coordination to the legal forms covered by Directive 78/660/EEC, but to choose a scope that corresponds to that of 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 (7), as last amended by Directive 90/618/EEC (8), and to that of Council Directive 79/267/EEC of 5§ March §) Of No L 193, 18. 7. 1983, p. 1. () () O] No L 228, 16. 8. 1973, p. 3. (¢) OJ No L 330, 29. 11. 1990, p. 44.