# 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), Article 88: Basic own funds

Extent: E+W+S+N.I.

Basic own funds shall consist of the following items:
(1) the excess of assets over liabilities, valued in accordance with Article 75 and Section 2;
(2) subordinated liabilities.
The excess amount referred to in point (1) shall be reduced by the amount of own shares held by the insurance or reinsurance undertaking.

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Source: https://www.legislation.gov.uk/eudr/2009/138/article/88 (the official version)
Page: https://openlegislation.uk/eu-directive-2009-138/article-88
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.