Article 7 1

(a)

NCBs may grant derogations to the smallest insurance corporations in terms of market share as defined in Article 35(6) of Directive 2009/138/EC, provided that the insurance corporations that contribute to the quarterly aggregated balance sheet account for at least 80 % of the total market share of insurance corporations in each euro area Member State;

(b)

an insurance corporation that is granted a derogation under point (a) shall comply with the reporting requirements in Article 4 on an annual basis so that the insurance corporations that contribute to the annual aggregated balance sheet account for at least 95 % of the total market share of insurance corporations, in each euro area Member State;

(c)

an insurance corporation that is not required to report any data under point (a) and (b) shall report a reduced set of information, as defined by the relevant NCB;

(d)

NCBs shall check the fulfilment of the conditions set out in points (a) and (b) annually and in good time in order to grant or withdraw, if necessary, any derogation with effect from the start of the following calendar year.