{
  "url": "https://openlegislation.uk/eu-directive-2009-138/annex-IV/division-1",
  "json_url": "https://openlegislation.uk/eu-directive-2009-138/annex-IV/division-1.json",
  "legislation": "eudr/2009/138",
  "legislation_title": "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) (recast) (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-directive-2009-138",
  "path": "annex/IV/division/1",
  "kind": "division",
  "number": "1",
  "heading": "Calculation of the Basic Solvency Capital Requirement",
  "text": "The Basic Solvency Capital Requirement set out in Article 104(1) shall be equal to the following:\nBasic SCR = ∑ i,j Corr i,j × SCR i × SCR j\nwhere SCRi denotes the risk module i and SCRj denotes the risk module j, and where ‘i,j’ means that the sum of the different terms should cover all possible combinations of i and j. In the calculation, SCRi and SCRj are replaced by the following:\nSCR non-life denotes the non-life underwriting risk module,\nSCR life denotes the life underwriting risk module,\nSCR health denotes the health underwriting risk module,\nSCR market denotes the market risk module,\nSCR default denotes the counterparty default risk module,\nThe factor Corr i,j denotes the item set out in row i and in column j of the following correlation matrix:\nji\nMarket\nDefault\nLife\nHealth\nNon-life\nMarket\n1\n0,25\n0,25\n0,25\n0,25\nDefault\n0,25\n1\n0,25\n0,25\n0,5\nLife\n0,25\n0,25\n1\n0,25\n0\nHealth\n0,25\n0,25\n0,25\n1\n0\nNon-life\n0,25\n0,5\n0\n0\n1",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudr/2009/138/annex/IV/division/1",
    "retrieved_at": "2026-11-01T15:22:05.454940+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}