Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (Text with EEA relevance) (revoked)
EU Regulation 2015/35 · Adopted 10 October 2014 · Extends to United Kingdom
Commission Delegated Regulation (EU) 2015/35
of 10 October 2014
supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)
(Text with EEA relevance) (revoked)
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Annotations to the whole text
Textual amendments
- F1
Regulation revoked (30.6.2024 for the revocation of Arts. 52-54; 31.12.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 3 (with s. 1(4)); S.I. 2023/1382, reg. 5(c)(i); S.I. 2024/620, Sch. (with savings in relation to a Gibraltar group or a Gibraltar undertaking in S.I. 2024/1083, reg. 3)
Contents
- Title I: VALUATION AND RISK-BASED CAPITAL REQUIREMENTS (PILLAR I), ENHANCED GOVERNANCE (PILLAR II) AND INCREASED TRANSPARENCY (PILLAR III) Repealed
- Chapter I: GENERAL PROVISIONS Repealed
- Definitions and general principles Repealed
- 1Definitions Repealed
- 2Expert judgement Repealed
- Technical standards Repealed
- 3The PRA's powers to make technical standards and publish technical information Repealed
- 4General requirements on the use of credit assessments Repealed
- 5Issuers and issue credit assessment Repealed
- 6Double credit rating for securitisation positions Repealed
- Chapter II: VALUATION OF ASSETS AND LIABILITIES Repealed
- 7Valuation assumptions Repealed
- 8Scope Repealed
- 9Valuation methodology — general principles Repealed
- 10Valuation methodology — valuation hierarchy Repealed
- 11Recognition of contingent liabilities Repealed
- 12Valuation methods for goodwill and intangible assets Repealed
- 13Valuation methods for related undertakings Repealed
- 14Valuation methods for specific liabilities Repealed
- 15Deferred taxes Repealed
- 16Exclusion of valuation methods Repealed
- Chapter III: RULES RELATING TO TECHNICAL PROVISIONS Repealed
- General provisions Repealed
- 17Recognition and derecognition of insurance and reinsurance obligations Repealed
- 18Boundary of an insurance or reinsurance contract Repealed
- Data quality Repealed
- 19Data used in the calculation of technical provisions Repealed
- 20Limitations of data Repealed
- 21Appropriate use of approximations to calculate the best estimate Repealed
- Methodologies to calculate technical provisions Repealed
- Assumptions underlying the calculation of technical provisions Repealed
- 22General provisions Repealed
- 23Future management actions Repealed
- 24Future discretionary benefits Repealed
- 25Separate calculation of the future discretionary benefits Repealed
- 26Policyholder behaviour Repealed
- Information underlying the calculation of best estimates Repealed
- 27Credibility of information Repealed
- Cash flow projections for the calculation of the best estimate Repealed
- 28Cash flows Repealed
- 29Expected future developments in the external environment Repealed
- 30Uncertainty of cash flows Repealed
- 31Expenses Repealed
- 32Contractual options and financial guarantees Repealed
- 33Currency of the obligation Repealed
- 34Calculation methods Repealed
- 35Homogeneous risk groups of life insurance obligations Repealed
- 36Non-life insurance obligations Repealed
- Risk margin Repealed
- 37Calculation of the risk margin Repealed
- 38Reference undertaking Repealed
- 39Cost-of-Capital rate Repealed
- Calculation of technical provisions as a whole Repealed
- 40Circumstances in which technical provisions shall be calculated as a whole and the method to be used Repealed
- Recoverables from reinsurance contracts and special purpose vehicles Repealed
- 41General provisions Repealed
- 42Counterparty default adjustment Repealed
- Relevant risk-free interest rate term structure Repealed
- General provisions Repealed
- 43General provisions Repealed
- Basic risk free interest rate term structure Repealed
- 44Relevant financial instruments to derive the basic risk-free interest rates Repealed
- 45Adjustment to swap rates for credit risk Repealed
- 46Extrapolation Repealed
- 47Ultimate forward rate Repealed
- 48Basic risk-free interest rate term structure of currencies pegged to the euro Repealed
- Volatility adjustment Repealed
- 49Reference portfolios Repealed
- 50Formula to calculate the spread underlying the volatility adjustment Repealed
- 51Risk-corrected spread Repealed
- Matching adjustment Repealed
- 52Mortality risk stress Repealed
- 53Article 53 Repealed
- 54Article 54 Repealed
- Lines of business Repealed
- 55Lines of business Repealed
- Proportionality and simplifications Repealed
- 56Proportionality Repealed
- 57Simplified calculation of recoverables from reinsurance contracts and special purpose vehicles Repealed
- 58Simplified calculation of the risk margin Repealed
- 59Calculations of the risk margin during the financial year Repealed
- 60Simplified calculation of the best estimate for insurance obligations with premium adjustment mechanism Repealed
- 61Simplified calculation of the counterparty default adjustment Repealed
- Chapter IV: OWN FUNDS Repealed
- Determination of own funds Repealed
- Supervisory approval of ancillary own funds Repealed
- 62Assessment of the application Repealed
- 63Assessment of the application — Status of the counterparties Repealed
- 64Assessment of the application — Recoverability of the funds Repealed
- 65Assessment of the application — Information on the outcome of past calls Repealed
- 66Specification of amount relating to an unlimited amount of ancillary own funds Repealed
- 67Specification of amount and timing relating to the approval of a method Repealed
- Own funds treatment of participations Repealed
- 68Treatment of participations in the determination of basic own funds Repealed
- Classification of own funds Repealed
- 69Tier 1 — List of own-fund items Repealed
- 70Reconciliation Reserve Repealed
- 71Tier 1 — Features determining classification Repealed
- 72Tier 2 Basic own-funds — List of own-fund items Repealed
- 73Tier 2 Basic own-funds — Features determining classification Repealed
- 74Tier 2 Ancillary own-funds — List of own-fund items Repealed
- 75Tier 2 Ancillary own-funds — Features determining classification Repealed
- 76Tier 3 Basic own-funds– List of own-fund items Repealed
- 77Tier 3 Basic own-funds– Features determining classification Repealed
- 78Tier 3 Ancillary own-funds– List of own-funds items Repealed
- 79Supervisory Authorities approval of the assessment and classification of own-fund items Repealed
- Eligibility of own funds Repealed
- Ring-fenced funds Repealed
- 80Ring-fenced funds requiring adjustments Repealed
- 81Adjustment for ring-fenced funds and matching adjustment portfolios Repealed
- Quantitative limits Repealed
- 82Eligibility and limits applicable to Tiers 1, 2 and 3 Repealed
- Chapter V: SOLVENCY CAPITAL REQUIREMENT STANDARD FORMULA Repealed
- General provisions Repealed
- Scenario based calculations Repealed
- 83Article 83 Repealed
- Look-through approach Repealed
- 84Article 84 Repealed
- Regional governments and local authorities Repealed
- 85Article 85 Repealed
- Material basis risk Repealed
- 86Article 86 Repealed
- Calculation of the basic solvency capital requirement Repealed
- 87Article 87 Repealed
- Proportionality and simplifications Repealed
- 88Proportionality Repealed
- 89General provisions for simplifications for captives Repealed
- 90Simplified calculation for captive insurance and reinsurance undertakings of the capital requirement for non-life premium and reserve risk Repealed
- 90aSimplified calculation for discontinuance of insurance policies in the non-life lapse risk sub-module Repealed
- 90bSimplified calculation of the sum insured for natural catastrophe risks Repealed
- 90cSimplified calculation of the capital requirement for fire risk Repealed
- 91Simplified calculation of the capital requirement for life mortality risk Repealed
- 92Simplified calculation of the capital requirement for life longevity risk Repealed
- 93Simplified calculation of the capital requirement for life disability-morbidity risk Repealed
- 94Simplified calculation of the capital requirement for life-expense risk Repealed
- 95Simplified calculation of the capital requirement for permanent changes in lapse rates Repealed
- 95aSimplified calculation of the capital requirement for risks in the life lapse risk sub-module Repealed
- 96Simplified calculation of the capital requirement for life-catastrophe risk Repealed
- 96aSimplified calculation for discontinuance of insurance policies in the NSLT health lapse risk sub-module Repealed
- 97Simplified calculation of the capital requirement for health mortality risk Repealed
- 98Simplified calculation of the capital requirement for health longevity risk Repealed
- 99Simplified calculation of the capital requirement for medical expense disability-morbidity risk Repealed
- 100Simplified calculation of the capital requirement for income protection disability-morbidity risk Repealed
- 101Simplified calculation of the capital requirement for health expense risk Repealed
- 102Simplified calculation of the capital requirement for SLT health lapse risk Repealed
- 102aSimplified calculation of the capital requirement for risks in the SLT health lapse risk sub-module Repealed
- 103Simplified calculation of the capital requirement for interest rate risk for captive insurance or reinsurance undertakings Repealed
- 104Simplified calculation for spread risk on bonds and loans Repealed
- 105Simplified calculation for captive insurance or reinsurance undertakings of the capital requirement for spread risk on bonds and loans Repealed
- 105aSimplified calculation for the risk factor in the spread risk sub-module and the market risk concentration sub-module Repealed
- 106Simplified calculation of the capital requirement for market risk concentration for captive insurance or reinsurance undertakings Repealed
- 107Simplified calculation of the risk mitigating effect for reinsurance arrangements or securitisation Repealed
- 108Simplified calculation of the risk mitigating effect for proportional reinsurance arrangements Repealed
- 109Simplified calculations for pooling arrangements Repealed
- 110Simplified calculation — grouping of single name exposures Repealed
- 111Simplified calculation of the risk mitigating effect Repealed
- 111aSimplified calculation of the risk-mitigating effect on underwriting risk Repealed
- 112Simplified calculation of the risk adjusted value of collateral to take into account the economic effect of the collateral Repealed
- 112aSimplified calculation of the loss-given-default for reinsurance Repealed
- 112bSimplified calculation of the capital requirement for counterparty default risk on type 1 exposures Repealed
- Scope of the underwriting risk modules Repealed
- 113Article 113 Repealed
- Non-life underwriting risk module Repealed
- 114Non-life underwriting risk module Repealed
- 115Non-life premium and reserve risk sub-module Repealed
- 116Volume measure for non-life premium and reserve risk Repealed
- 117Standard deviation for non-life premium and reserve risk Repealed
- 118Non-life lapse risk sub-module Repealed
- 119Non-life catastrophe risk sub-module Repealed
- 120Natural catastrophe risk sub-module Repealed
- 121Windstorm risk sub-module Repealed
- 122Earthquake risk sub-module Repealed
- 123Flood risk sub-module Repealed
- 124Hail risk sub-module Repealed
- 125Subsidence risk sub-module Repealed
- 126Interpretation of catastrophe scenarios Repealed
- 127Sub-module for catastrophe risk of non-proportional property reinsurance Repealed
- 128Man-made catastrophe risk sub-module Repealed
- 129Motor vehicle liability risk sub-module Repealed
- 130Marine risk sub-module Repealed
- 131Aviation risk sub-module Repealed
- 132Fire risk sub-module Repealed
- 133Liability risk sub-module Repealed
- 134Credit and suretyship risk sub-module Repealed
- 135Sub-module for other non-life catastrophe risk Repealed
- Life underwriting risk module Repealed
- 136Correlation coefficients Repealed
- 137Mortality risk sub-module Repealed
- 138Longevity risk sub-module Repealed
- 139Disability-morbidity risk sub-module Repealed
- 140Life-expense risk sub-module Repealed
- 141Revision risk sub-module Repealed
- 142Lapse risk sub-module Repealed
- 143Life-catastrophe risk sub-module Repealed
- Health underwriting risk module Repealed
- 144Health underwriting risk module Repealed
- 145NSLT health underwriting risk sub-module Repealed
- 146NSLT health premium and reserve risk sub-module Repealed
- 147Volume measure for NSLT health premium and reserve risk Repealed
- 148Standard deviation for NSLT health premium and reserve risk Repealed
- 149Health risk equalisation systems Repealed
- 150NSLT health lapse risk sub-module Repealed
- 151SLT health underwriting risk sub-module Repealed
- 152Health mortality risk sub-module Repealed
- 153Health longevity risk sub-module Repealed
- 154Health disability-morbidity risk sub-module Repealed
- 155Capital requirement for medical expense disability-morbidity risk Repealed
- 156Capital requirement for income protection disability-morbidity risk Repealed
- 157Health expense risk sub-module Repealed
- 158Health revision risk sub-module Repealed
- 159SLT health lapse risk sub-module Repealed
- 160Health catastrophe risk sub-module Repealed
- 161Mass accident risk sub-module Repealed
- 162Accident concentration risk sub-module Repealed
- 163Pandemic risk sub-module Repealed
- Market risk module Repealed
- Correlation coefficients Repealed
- 164Article 164 Repealed
- Qualifying infrastructure investments Repealed
- 164aQualifying infrastructure investments Repealed
- 164bQualifying infrastructure corporate investments Repealed
- Interest rate risk sub-module Repealed
- 165General provisions Repealed
- 166Increase in the term structure of interest rates Repealed
- 167Decrease in the term structure of interest rates Repealed
- Equity risk sub-module Repealed
- 168General provisions Repealed
- 168aQualifying unlisted equity portfolios Repealed
- 169Standard equity risk sub-module Repealed
- 170Duration-based equity risk sub-module Repealed
- 171Strategic equity investments Repealed
- 171aLong-term equity investments Repealed
- 172Symmetric adjustment of the equity capital charge Repealed
- 173Criteria for the use of transitional measure for standard equity risk Repealed
- Property risk sub-module Repealed
- 174Article 174 Repealed
- Spread risk sub-module Repealed
- 175Scope of the spread risk sub-module Repealed
- 176Spread risk on bonds and loans Repealed
- 176aInternal assessment of credit quality steps of bonds and loans Repealed
- 176bRequirements for an undertaking's own internal credit assessment of bonds and loans Repealed
- 176cAssessment of credit quality steps of bonds and loans based on an approved internal model Repealed
- 177Spread risk on securitisation positions: general provisions Repealed
- 178Spread risk on securitisation positions: calculation of the capital requirement Repealed
- 178aSpread risk on securitisation positions: transitional provisions Repealed
- 179Spread risk on credit derivatives Repealed
- 180Specific exposures Repealed
- 181Application of the spread risk scenarios to matching adjustment portfolios Repealed
- Market risk concentrations sub-module Repealed
- 182Single name exposure Repealed
- 183Calculation of the capital requirement for market risk concentration Repealed
- 184Excess exposure Repealed
- 185Relative excess exposure thresholds Repealed
- 186Risk factor for market risk concentration Repealed
- 187Specific exposures Repealed
- Currency risk sub-module Repealed
- 188Article 188 Repealed
- Counterparty default risk module Repealed
- General provisions Repealed
- 189Scope Repealed
- 190Single name exposures Repealed
- 191Mortgage loans Repealed
- 192Loss-given-default Repealed
- 192aExposure to clearing members Repealed
- 193Loss-given-default for pool exposures of type A Repealed
- 194Loss-given-default for pool exposures of type B Repealed
- 195Loss-given-default for pool exposures of type C Repealed
- 196Risk-mitigating effect Repealed
- 197Risk-adjusted value of collateral Repealed
- 198Risk-adjusted value of mortgage Repealed
- Type 1 exposures Repealed
- 199Probability of default Repealed
- 200Type 1 exposures Repealed
- 201Variance of the loss distribution of type 1 exposures Repealed
- Type 2 exposures Repealed
- 202Type 2 exposures Repealed
- Intangible asset module Repealed
- 203Article 203 Repealed
- Operational risk Repealed
- 204Article 204 Repealed
- Adjustment for the loss-absorbing capacity of technical provisions and deferred taxes Repealed
- 205General provisions Repealed
- 206Adjustment for the loss-absorbing capacity of technical provisions Repealed
- 207Adjustment for the loss-absorbing capacity of deferred taxes Repealed
- Risk mitigation techniques Repealed
- 208Methods and Assumptions Repealed
- 209Qualitative Criteria Repealed
- 210Effective Transfer of Risk Repealed
- 211Risk-Mitigation techniques using reinsurance contracts or special purpose vehicles Repealed
- 212Financial Risk-Mitigation techniques Repealed
- 213Status of the counterparties Repealed
- 214Collateral Arrangements Repealed
- 215Guarantees Repealed
- Ring fenced funds Repealed
- 216Calculation of the Solvency Capital Requirement in the case of ring-fenced funds and matching adjustment portfolios Repealed
- 217Solvency Capital Requirement calculation method for ring-fenced funds and matching adjustment portfolios Repealed
- Undertaking-specific parameters Repealed
- 218Subset of standard parameters that may be replaced by undertaking-specific parameters Repealed
- 219Data criteria Repealed
- 220Standardised methods to calculate the undertaking-specific parameters Repealed
- Procedure for updating correlation parameters Repealed
- 221Article 221 Repealed
- Chapter VI: SOLVENCY CAPITAL REQUIREMENT — FULL AND PARTIAL INTERNAL MODELS Repealed
- Definitions Repealed
- 222Materiality Repealed
- Use test Repealed
- 223Use of the internal model Repealed
- 224Fit to the business Repealed
- 225Understanding of the internal model Repealed
- 226Support of decision-making and integration with risk management Repealed
- 227Simplified calculation Repealed
- Statistical quality standards Repealed
- 228Probability distribution forecast Repealed
- 229Adequate, applicable and relevant actuarial techniques Repealed
- 230Information and assumptions used for the calculation of the probability distribution forecast Repealed
- 231Data used in the internal model Repealed
- 232Ability to rank risk Repealed
- 233Coverage of all material risks Repealed
- 234Diversification effects Repealed
- 235Risk-mitigation techniques Repealed
- 236Future management actions Repealed
- 237Understanding of external models and data Repealed
- Calibration standards Repealed
- 238Article 238 Repealed
- Integration of partial internal models Repealed
- 239Article 239 Repealed
- Profit and loss attribution Repealed
- 240Article 240 Repealed
- Validation standards Repealed
- 241Model validation process Repealed
- 242Validation tools Repealed
- Documentation standards Repealed
- 243General provisions Repealed
- 244Minimum content of the documentation Repealed
- 245Circumstances under which the internal model does not work effectively Repealed
- 246Changes to the internal model Repealed
- External models and data Repealed
- 247Article 247 Repealed
- Chapter VII: MINIMUM CAPITAL REQUIREMENT Repealed
- 248Minimum Capital Requirement Repealed
- 249Linear Minimum Capital Requirement Repealed
- 250Linear formula component for non-life insurance and reinsurance obligations Repealed
- 251Linear formula component for life insurance and reinsurance obligations Repealed
- 252Minimum Capital Requirement: composite insurance undertakings Repealed
- 253Absolute floor of the Minimum Capital Requirement Repealed
- Chapter VIII: INVESTMENTS IN SECURITISATION POSITIONS Repealed
- 254Risk retention requirements relating to the originators, sponsors or original lenders Repealed
- 255Exemptions to risk retention requirements Repealed
- 256Qualitative requirements relating to insurance and reinsurance undertakings Repealed
- 257Requirements for investments in securitisation that no longer comply with the risk-retention and qualitative requirements Repealed
- Chapter IX: SYSTEM OF GOVERNANCE Repealed
- Elements of the system of governance Repealed
- 258General governance requirements Repealed
- 259Risk Management System Repealed
- 260Risk management areas Repealed
- 261Risk management in undertakings providing loans and/or mortgage insurance or reinsurance Repealed
- 261aRisk management for qualifying infrastructure investments or qualifying infrastructure corporate investments Repealed
- 262Overall solvency needs Repealed
- 263Alternative methods for valuation Repealed
- 264Valuation of technical provisions — validation Repealed
- 265Valuation of technical provisions — documentation Repealed
- 266Internal control system Repealed
- 267Internal control of valuation of assets and liabilities Repealed
- Functions Repealed
- 268Specific provisions Repealed
- 269Risk management function Repealed
- 270Compliance function Repealed
- 271Internal audit function Repealed
- 272Actuarial function Repealed
- Fit and proper requirements Repealed
- 273Article 273 Repealed
- Outsourcing Repealed
- 274Article 274 Repealed
- Remuneration policy Repealed
- 275Article 275 Repealed
- Chapter X: CAPITAL ADD-ON Repealed
- Circumstances for imposing a capital add-on Repealed
- 276Assessment of a significant deviation as regards the SCR Repealed
- 277Assessment of a significant deviation as regards the governance Repealed
- 278Assessment of a significant deviation as regards adjustments to the relevant risk-free rate and transitional measures Repealed
- 279Add-ons in relation to deviations from Solvency Capital Requirement assumptions Repealed
- 280Assessment of the requirement to use an internal model Repealed
- 281Appropriate timeframe for adapting the internal model Repealed
- Methodologies for calculating capital add-ons Repealed
- 282Calculation of add-ons in relation to deviations from SCR assumptions Repealed
- 283Scope and approach of modifications as regards a deviation from SCR assumptions Repealed
- 284Calculation of add-ons in relation to adjustments to the relevant risk-free rate or transitional measures Repealed
- 285Scope and approach of modifications as regards adjustments to the relevant risk-free rate and transitional measures Repealed
- 286Calculation of add-ons in relation to deviations from governance standards Repealed
- 287Apportionment of add-ons for undertakings which simultaneously pursue life and non-life insurance activities Repealed
- Chapter XI: EXTENSION OF THE RECOVERY PERIOD Repealed
- 288Assessment of exceptional adverse situations Repealed
- 289Factors and criteria to determine the extension of the recovery period Repealed
- Chapter XII: PUBLIC DISCLOSURE Repealed
- Solvency and financial condition report: structure and contents Repealed
- 290Structure Repealed
- 291Materiality Repealed
- 292Summary Repealed
- 293Business and performance Repealed
- 294System of governance Repealed
- 295Risk profile Repealed
- 296Valuation for solvency purposes Repealed
- 297Capital management Repealed
- 298Additional voluntary information Repealed
- Solvency and financial condition report: non-disclosure of information Repealed
- 299Article 299 Repealed
- Solvency and financial condition report: deadlines, means of disclosure and updates Repealed
- 300Deadlines Repealed
- 301Means of disclosure Repealed
- 302Updates Repealed
- 303Transitional arrangements on comparative information Repealed
- Chapter XIII: REGULAR SUPERVISORY REPORTING Repealed
- Elements and contents Repealed
- 304Elements of the regular supervisory reporting Repealed
- 305Materiality Repealed
- 306Own-risk and solvency assessment supervisory report Repealed
- 307Business and performance Repealed
- 308System of governance Repealed
- 309Risk profile Repealed
- 310Valuation for solvency purposes Repealed
- 311Capital management Repealed
- Deadlines and means of communication Repealed
- 312Deadlines Repealed
- 313Means of communication Repealed
- 314Transitional information requirements Repealed
- Chapter XIV: TRANSPARENCY AND ACCOUNTABILITY OF SUPERVISORY AUTHORITIES Repealed
- 315Confidential information Repealed
- 316Aggregate statistical data Repealed
- 317Means of disclosure Repealed
- Chapter XV: SPECIAL PURPOSE VEHICLES Repealed
- Authorization Repealed
- 318Article 318 Repealed
- Mandatory contract conditions Repealed
- 319Fully Funded Repealed
- 320Effective transfer of risk Repealed
- 321Rights of the providers of debt or financing mechanisms Repealed
- System of governance Repealed
- 322Fit and proper requirements of persons who effectively run a special purpose vehicle Repealed
- 323Fit and proper requirements for shareholders or members with a qualifying holding Repealed
- 324Sound administrative and accounting procedures, adequate internal control mechanisms and risk-management requirements Repealed
- Supervisory reporting Repealed
- 325Supervisory reporting Repealed
- Solvency requirements Repealed
- 326Solvency requirements Repealed
- 327Solvency requirements on investments Repealed
- Title II: INSURANCE GROUPS Repealed
- Chapter I: SOLVENCY CALCULATION AT GROUP LEVEL Repealed
- Group solvency: choice of calculation method and general principles Repealed
- 328Choice of method Repealed
- 329Treatment of specific related undertakings Repealed
- 330Availability at group level of the eligible own funds of related undertakings Repealed
- Group solvency: calculation methods Repealed
- 331Classification of own-fund items of related insurance and reinsurance undertakings at group level Repealed
- 332Classification of own-fund items of related third-country insurance or reinsurance undertakings at group level Repealed
- 333Classification of own-fund items of insurance holding companies, mixed financial holding companies, and subsidiary ancillary services undertakings at group level Repealed
- 334Classification of own-fund items of residual related undertakings Repealed
- 335Method 1: determination of consolidated data Repealed
- 336Method 1: Calculation of the consolidated group Solvency Capital Requirement Repealed
- 337Method 1: determination of the local currency for the purposes of the currency risk calculation Repealed
- 338Method 1: group-specific parameters Repealed
- 339Method 1: best estimate Repealed
- 340Method 1: Risk margin Repealed
- 341Combination of methods 1 and 2: minimum consolidated group Solvency Capital Requirement Repealed
- 342Method 2: Elimination of intra-group creation of capital in relation to the best estimate Repealed
- Chapter II: INTERNAL MODELS FOR THE CALCULATION OF THE CONSOLIDATED GROUP SOLVENCY CAPITAL REQUIREMENT Repealed
- Full and partial internal models used to calculate only the group solvency capital requirement Repealed
- 343Application for the use of an internal model to calculate only the consolidated group Solvency Capital Requirement Repealed
- 344Assessment of the application for the use of an internal model to calculate only the consolidated group Solvency Capital Requirement Repealed
- 345Decision on the application and transitional plan to extend the scope of a partial internal model used to calculate only the consolidated group Solvency Capital Requirement Repealed
- 346Use test for internal models used to calculate only the consolidated group Solvency Capital Requirement Repealed
- Use of a group internal model Repealed
- 347Application to use a group internal model Repealed
- 348Assessment of the completeness of an application to use a group internal model Repealed
- 349Decision on the application and transitional plan to extend the scope of the model Repealed
- 350Use test for group internal models Repealed
- Chapter III: SUPERVISION OF GROUP SOLVENCY FOR GROUPS WITH CENTRALISED RISK MANAGEMENT Repealed
- 351Assessment of conditions: criteria Repealed
- 352Assessment of conditions: procedures Repealed
- 353Assessment of an emergency situation: criteria Repealed
- Chapter IV: COORDINATION OF GROUP SUPERVISION Repealed
- Group specific parameters Repealed
- 354Definition of significant branches Repealed
- 355Coordination arrangements Repealed
- 356Supervisory approval of group-specific parameters Repealed
- Exchange of information Repealed
- 357Information to be exchanged on a systematic basis Repealed
- National or regional subgroup supervision Repealed
- 358Article 358 Repealed
- Chapter V: PUBLIC DISCLOSURE Repealed
- Group solvency and financial condition report Repealed
- 359Structure and contents Repealed
- 360Languages Repealed
- 361Non-disclosure of information Repealed
- 362Deadlines Repealed
- 363Updates Repealed
- 364Transitional arrangements on comparative information Repealed
- Single solvency and financial condition report Repealed
- 365Structure and contents Repealed
- 366Languages Repealed
- 367Non-disclosure of information Repealed
- 368Deadlines Repealed
- 369Updates Repealed
- 370Reference Repealed
- 371Transitional arrangements on comparative information Repealed
- Chapter VI: GROUP SUPERVISORY REPORTING Repealed
- Regular reporting Repealed
- 372Elements and contents Repealed
- 373Deadlines Repealed
- 374Languages Repealed
- 375Additional transitional information on groups Repealed
- Reporting on risk concentrations and intragroup transactions Repealed
- 376Significant risk concentrations (definition, identification and thresholds) Repealed
- 377Significant intragroup transactions (definition, identification) Repealed
- Title III: THIRD COUNTRY EEQUIVALENCE AND FINAL PROVISIONS Repealed
- Chapter I: UNDERTAKINGS CARRYING OUT REINSURANCE ACTIVITIES WITH THEIR HEAD OFFICE IN A THIRD COUNTRY Repealed
- 377AReferences to United Kingdom law Repealed
- 378Criteria for assessing third country equivalence Repealed
- 378AArticle 378A Repealed
- 378BArticle 378B Repealed
- Chapter II: RELATED THIRD COUNTRY INSURANCE AND REINSURANCE UNDERTAKINGS Repealed
- 379Criteria for assessing third country equivalence Repealed
- 379AArticle 379A Repealed
- Chapter III: INSURANCE AND REINSURANCE UNDERTAKINGS WITH THE PARENT UNDERTAKINGS OUTSIDE THE UNION Repealed
- 380Criteria for assessing third country equivalence Repealed
- 380AArticle 380A Repealed
- Chapter IV: FINAL PROVISIONS Repealed
- 380BRegulations Repealed
- 381Article 381 Repealed
- Signature
- Annex I: LINES OF BUSINESS Repealed
- Non-life insurance obligations Repealed
- (1)Medical expense insurance Repealed
- (2)Income protection insurance Repealed
- (3)Workers' compensation insurance Repealed
- (4)Motor vehicle liability insurance Repealed
- (5)Other motor insurance Repealed
- (6)Marine, aviation and transport insurance Repealed
- (7)Fire and other damage to property insurance Repealed
- (8)General liability insurance Repealed
- (9)Credit and suretyship insurance Repealed
- (10)Legal expenses insurance Repealed
- (11)Assistance Repealed
- (12)Miscellaneous financial loss Repealed
- BProportional non-life reinsurance obligations Repealed
- Non-proportional non-life reinsurance obligations Repealed
- (25)Non-proportional health reinsurance Repealed
- (26)Non-proportional casualty reinsurance Repealed
- (27)Non-proportional marine, aviation and transport reinsurance Repealed
- (28)Non-proportional property reinsurance Repealed
- Life insurance obligations Repealed
- (29)Health insurance Repealed
- (30)Insurance with profit participation Repealed
- (31)Index-linked and unit-linked insurance Repealed
- (32)Other life insurance Repealed
- (33)Division (33) Repealed
- (34)Division (34) Repealed
- Life reinsurance obligations Repealed
- (35)Health reinsurance Repealed
- (36)Life reinsurance Repealed
- Annex IISEGMENTATION OF NON-LIFE INSURANCE AND REINSURANCE OBLIGATIONS AND STANDARD DEVIATIONS FOR THE NON-LIFE PREMIUM AND RESERVE RISK SUB-MODULE Repealed
- Annex III: FACTOR FOR GEOGRAPHICAL DIVERSIFICATION OF PREMIUM AND RESERVE RISK Repealed
- 1For all segments set out in Annexes II and XIV, the factor for geographical diversification of a particular segment s referred to in Articles 116 and 147 shall be equal to the following: Repealed
- 2Division 2 Repealed
- 3Division 3 Repealed
- 4Division 4 Repealed
- 5Division 5 Repealed
- 6Division 6 Repealed
- 7Division 7 Repealed
- 8Regions for the calculation of the factor for geographical diversification Repealed
- Annex IVCORRELATION MATRIX FOR NON-LIFE PREMIUM AND RESERVE RISK Repealed
- Annex V Repealed
- PARAMETERS FOR THE WINDSTORM RISK SUB-MODULE Repealed
- Regions and windstorm risk factors Repealed
- WINDSTORM RISK CORRELATION COEFFICIENTS FOR REGIONS Repealed
- Annex VI Repealed
- PARAMETERS FOR THE EARTHQUAKE RISK SUB-MODULE Repealed
- Regions and earthquake risk factors Repealed
- EARTHQUAKE RISK CORRELATION COEFFICIENTS FOR REGIONS Repealed
- Annex VII Repealed
- PARAMETERS FOR THE FLOOD RISK SUB-MODULE Repealed
- Regions and flood risk factors Repealed
- FLOOD RISK CORRELATION COEFFICIENTS FOR REGIONS Repealed
- Annex VIII: PARAMETERS FOR THE HAIL RISK SUB-MODULE Repealed
- Regions and hail risk factors Repealed
- Hail risk correlation coefficients for regions Repealed
- Annex IXTHE GEOGRAPHICAL DIVISION OF REGIONS SET OUT IN ANNEXES V-VIII INTO RISK ZONES Repealed
- Mappings of risk zones for regions with only one risk zone Repealed
- Mappings of risk zones for regions where the zonation is based on postal codes Repealed
- Mapping of risk zones for regions where the zonation is based on administrative units — part 1 Repealed
- Mappings of risk zones for regions where the zonation is based on administrative units — part 2 Repealed
- Mapping of risk zones for the Republic of Finland Repealed
- Mapping of risk zones for the Republic of France Repealed
- Mapping of risk zones for the Republic of Slovenia Repealed
- Mapping of risk zones for the Kingdom of Denmark Repealed
- Annex X: RISK WEIGHTS FOR CATASTROPHE RISK ZONES Repealed
- Risk weights for windstorm risk Repealed
- Risk weights for earthquake risk Repealed
- Risk weights for flood risk Repealed
- Risk weights for hail risk Repealed
- Annex XILIABILITY RISK GROUPS, RISK FACTORS AND CORRELATION COEFFICIENTS FOR THE LIABILITY RISK SUB-MODULE Repealed
- LIABILITY RISK CORRELATION COEFFICIENTS Repealed
- Annex XIIGROUPS OF OBLIGATIONS AND RISK FACTORS FOR THE SUB-MODULE FOR OTHER NON-LIFE CATASTROPHE RISK Repealed
- Annex XIIILIST OF REGIONS FOR WHICH NATURAL CATASTROPHE RISK IS NOT CALCULATED BASED ON PREMIUMS Repealed
- Annex XIVSEGMENTATION OF NSLT HEALTH INSURANCE AND REINSURANCE OBLIGATIONS AND STANDARD DEVIATIONS FOR THE NSLT HEALTH PREMIUM AND RESERVE RISK SUB-MODULE Repealed
- Annex XVCORRELATION MATRIX FOR NSLT HEALTH PREMIUM AND RESERVE RISK Repealed
- Annex XVI: HEALTH CATASTROPHE RISK SUB-MODULE OF THE SOLVENCY CAPITAL REQUIREMENT STANDARD FORMULA Repealed
- GEOGRAPHICAL SEGMENTATION AND RISK FACTORS FOR THE MASS ACCIDENT RISK SUB-MODULE Repealed
- DEFINITION OF EVENTS AND RISK FACTORS FOR THE MASS ACCIDENT RISK SUB-MODULE AND ACCIDENT CONCENTRATION RISK SUB-MODULE Repealed
- DEFINITION OF HEALTHCARE UTILISATION AND RISK FACTORS FOR THE PANDEMIC RISK SUB-MODULE Repealed
- Annex XVII: METHOD-SPECIFIC DATA REQUIREMENTS AND METHOD SPECIFICATIONS FOR UNDERTAKING-SPECIFIC PARAMETERS OF THE STANDARD FORMULA Repealed
- Definitions and notations Repealed
- (1)For the purpose of this Annex, the following definitions shall apply: Repealed
- (2)Division (2) Repealed
- Premium risk method Repealed
- Input data and method-specific data requirements Repealed
- (1)The data for estimating the undertaking-specific standard deviation of segment s shall consist of the following: Repealed
- (2)The following method-specific data requirements shall apply: Repealed
- Method specification Repealed
- (3)For the purpose of paragraphs 4-6, the following notation shall apply: Repealed
- (4)The undertaking-specific standard deviation of segment s shall be equal to the following: Repealed
- (5)The standard deviation function shall be equal to the following function of two variables: Repealed
- (6)The mixing parameter and the logarithmic variation coefficient shall be the values and respectively for which the following amount becomes minimal: Repealed
- Reserve risk method 1 Repealed
- Input data and method-specific data requirements Repealed
- (1)The data for estimating the undertaking-specific standard deviation for non-life reserve risk or NSLT health reserve risk of segment s shall consist of the following: Repealed
- (2)The following method-specific data requirements shall apply: Repealed
- Method specification Repealed
- (3)For the purpose of paragraphs 4-6, the following notation shall apply: Repealed
- (4)The undertaking-specific standard deviation for non-life reserve risk or NSLT health reserve risk of segment s shall be equal to the following: Repealed
- (5)The standard deviation function shall be equal to the following function of two variables: Repealed
- (6)The mixing parameter and the logarithmic variation coefficient shall be the values and respectively for which the following amount becomes minimal: Repealed
- Reserve risk method 2 Repealed
- Input data and method-specific data requirements Repealed
- (1)Division (1) Repealed
- (2)The following method-specific data requirements shall apply: Repealed
- Method specification Repealed
- (3)For the purpose of paragraphs 4 and 5, the following notation shall apply: Repealed
- (4)The undertaking-specific standard deviation for non-life reserve risk or NSLT health reserve risk of segment s shall be equal to the following: Repealed
- (5)The mean squared error of prediction shall be equal to the following: Repealed
- Revision risk method Repealed
- Input data and method-specific data requirements Repealed
- (1)Division (1) Repealed
- (2)The following method-specific data requirements shall apply: Repealed
- Method specification Repealed
- (3)For the purpose of paragraphs 4-8, the following notation shall apply: Repealed
- (4)The undertaking-specific increase in the amount of annuity benefits shall be equal to the following: Repealed
- (5)The expected value of annuity increases shall be equal to the following: Repealed
- (6)The annuity increases shall be equal to the following: Repealed
- (7)The estimated standard deviation of the number of changes in annuity benefits shall be equal to the following: Repealed
- (8)The estimated standard deviation of changes in annuity benefits shall be equal to the following: Repealed
- Non-proportional reinsurance method 1 Repealed
- Input data and method-specific data requirements Repealed
- (1)Division (1) Repealed
- (2)The following method-specific data requirements shall apply: Repealed
- Method specification Repealed
- (3)For the purpose of paragraphs 4-7, the following notation shall apply: Repealed
- (4)The undertaking-specific specific adjustment factor for non-proportional reinsurance shall be equal to the following: Repealed
- (5)The estimated adjustment factor for non-proportional reinsurance shall be equal to the following: Repealed
- (6)The parameters, μ 2, ω 1 and ω 2 shall be equal to the following: Repealed
- (7)Notwithstanding paragraph 5, where non-proportional reinsurance covers homogeneous risk-groups within a segment, the estimated adjustment factor for non-proportional reinsurance shall be equal to the following: Repealed
- Non-proportional reinsurance method 2 Repealed
- Input data and method-specific data requirements Repealed
- Method specification Repealed
- Credibility factor Repealed
- (1)The credibility factor for segments 1, 5 and 6 set out in Annex II shall be equal to the following: Repealed
- (2)The credibility factor for segments 2 to 4 and 7 to 12 set out in Annex II, for the segments set out Annex XIV and for the revision risk method shall be equal to the following: Repealed
- (3)The time length shall be equal to the following: Repealed
- Annex XVIII: INTEGRATION TECHNIQUES FOR PARTIAL INTERNAL MODELS Repealed
- General provisions Repealed
- (1)For the purposes of this Annex, the following definitions shall apply: Repealed
- (2)Where insurance and reinsurance undertakings apply integration techniques 1 to 5, their Solvency Capital Requirement shall be the sum of the following items: Repealed
- (3)Where the adjustment for the loss-absorbing capacity of technical provisions and deferred taxes is not within the scope of the partial internal model, it shall be calculated as laid down in Articles 205 to 207, but with the following changes: Repealed
- BIntegration technique 1 Repealed
- Integration technique 2 Repealed
- (1)The Basic Solvency Capital Requirement shall be equal to the following: Repealed
- (2)The items on the aggregation list shall meet the following requirements: Repealed
- (3)The correlation parameters referred to in point (b) of paragraph 1 shall comply with the following requirements: Repealed
- Integration technique 3 Repealed
- (1)The Basic Solvency Capital Requirement shall be equal to the following: Repealed
- (2)The first implied correlation parameter shall be equal to the following: Repealed
- (3)The second implied correlation parameter shall be equal to the following: Repealed
- (4)The third implied correlation parameter shall be equal to the following: Repealed
- Integration technique 4 Repealed
- (1)The Basic Solvency Capital Requirement shall be equal to the following: Repealed
- (2)For all modules of the standard formula referred to in paragraph 1(h)(ii), the capital requirement of a particular module shall be calculated with the formula set out in paragraph 1, applying the following denominations: Repealed
- (3)For all sub-modules of the standard formula referred to in paragraph 2(h)(ii), the capital requirement of a particular sub-module shall be calculated with the formula set out in paragraph 1, applying the following denominations: Repealed
- Integration technique 5 Repealed
- (1)The Basic Solvency Capital Requirement shall be equal to the following: Repealed
- (2)For all modules of the standard formula referred to in paragraph 1(b)(ii), the capital requirement of a particular module shall be calculated with the formula set out in paragraph 1, applying the following denominations: Repealed
- (3)For all modules of the standard formula referred to in paragraph 2(b)(ii), the capital requirement of a particular module shall be calculated with the formula set out in paragraph 1, applying the following denominations: Repealed
- Annex XIXMCR RISK FACTORS FOR NON-LIFE AND HEALTH INSURANCE OR REINSURANCE OBLIGATIONS Repealed
- Annex XX: STRUCTURE OF THE SOLVENCY AND FINANCIAL CONDITION REPORT AND REGULAR SUPERVISORY REPORT Repealed
- Summary Repealed
- Business and Performance Repealed
- A.1Division A.1 Repealed
- A.2Division A.2 Repealed
- A.3Division A.3 Repealed
- A.4Division A.4 Repealed
- A.5Division A.5 Repealed
- System of Governance Repealed
- B.1Division B.1 Repealed
- B.2Division B.2 Repealed
- B.3Division B.3 Repealed
- B.4Division B.4 Repealed
- B.5Division B.5 Repealed
- B.6Division B.6 Repealed
- B.7Division B.7 Repealed
- B.8Division B.8 Repealed
- Risk Profile Repealed
- C.1Division C.1 Repealed
- C.2Division C.2 Repealed
- C.3Division C.3 Repealed
- C.4Division C.4 Repealed
- C.5Division C.5 Repealed
- C.6Division C.6 Repealed
- C.7Division C.7 Repealed
- Valuation for Solvency Purposes Repealed
- D.1Division D.1 Repealed
- D.2Division D.2 Repealed
- D.3Division D.3 Repealed
- D.4Division D.4 Repealed
- D.5Division D.5 Repealed
- Capital Management Repealed
- E.1Division E.1 Repealed
- E.2Division E.2 Repealed
- E.3Division E.3 Repealed
- E.4Division E.4 Repealed
- E.5Division E.5 Repealed
- E.6Division E.6 Repealed
- Annex XXI: AGGREGATE STATISTICAL DATA Repealed
- Data on supervised undertakings and groups Repealed
- Data with regard to insurance and reinsurance undertakings supervised under Directive 2009/138/EC Repealed
- (1)Division (1) Repealed
- (2)Division (2) Repealed
- (3)Division (3) Repealed
- (4)Division (4) Repealed
- (5)Division (5) Repealed
- (6)Division (6) Repealed
- (7)Division (7) Repealed
- (8)Division (8) Repealed
- (9)Division (9) Repealed
- (10)Division (10) Repealed
- (11)Division (11) Repealed
- (12)Division (12) Repealed
- (13)Division (13) Repealed
- (14)Division (14) Repealed
- (15)Division (15) Repealed
- (16)Division (16) Repealed
- (17)Division (17) Repealed
- (18)Division (18) Repealed
- (19)Division (19) Repealed
- (20)Division (20) Repealed
- (21)Division (21) Repealed
- (22)Division (22) Repealed
- (23)Division (23) Repealed
- Data with regard to insurance groups supervised under Directive 2009/138/EC Repealed
- (24)Division (24) Repealed
- (25)Division (25) Repealed
- (26)Division (26) Repealed
- (27)Division (27) Repealed
- (28)Division (28) Repealed
- (29)Division (29) Repealed
- (30)Division (30) Repealed
- (31)Division (31) Repealed
- (32)Division (32) Repealed
- BData on the supervisory authority Repealed
- Annex XXIICORRELATION COEFFICIENTS FOR WINDSTORM RISK Repealed
- Correlation coefficients for regions with only one risk zone Repealed
- Correlation coefficients for windstorm risk in the Republic of Austria Repealed
- Correlation coefficients for windstorm risk in the Kingdom of Belgium Repealed
- Correlation coefficients for windstorm risk in the Czech Republic Repealed
- Correlation coefficients for windstorm risk in the Kingdom of Denmark Repealed
- Correlation coefficients for windstorm risk in the French Republic Repealed
- Correlation coefficients for windstorm risk in the Federal Republic of Germany Repealed
- Correlation coefficients for windstorm risk in the Republic of Ireland Repealed
- Correlation coefficients for windstorm risk in the Kingdom of the Netherlands Repealed
- Correlation coefficients for windstorm risk in the Kingdom of Norway Repealed
- Correlation coefficients for windstorm risk in the Republic of Poland Repealed
- Correlation coefficients for windstorm risk in the Kingdom of Spain Repealed
- Correlation coefficients for windstorm risk in the Republic of Finland Repealed
- Correlation coefficients for windstorm risk in the Kingdom of Sweden Repealed
- Correlation coefficients for windstorm risk in the Republic of Slovenia Repealed
- Correlation coefficients for windstorm risk in the Swiss Confederation Repealed
- Correlation coefficients for windstorm risk in the United Kingdom of Great Britain and Northern Ireland Repealed
- Correlation coefficients for windstorm risk in the Republic of Hungary Repealed
- Annex XXIIICORRELATION COEFFICIENTS FOR EARTHQUAKE RISK Repealed
- Correlation coefficients for regions with only one risk zone Repealed
- Correlation coefficients for earthquake risk in the Republic of Austria Repealed
- Correlation coefficients for earthquake risk in the Kingdom of Belgium Repealed
- Correlation coefficients for earthquake risk in the Republic of Bulgaria Repealed
- Correlation coefficients for earthquake risk in the Czech Republic Repealed
- Correlation coefficients for earthquake risk in the Republic of Croatia Repealed
- Correlation coefficients for earthquake risk in the Republic of Cyprus Repealed
- Correlation coefficients for earthquake risk in the French Republic Repealed
- Correlation coefficients for earthquake risk in the Federal Republic of Germany Repealed
- Correlation coefficients for earthquake risk in the Guadalupe Repealed
- Correlation coefficients for earthquake risk in the Hellenic Republic Repealed
- Correlation coefficients for earthquake risk in the Republic of Hungary Repealed
- Correlation coefficients for earthquake risk in the Italian Republic Repealed
- Correlation coefficients for earthquake risk in the Portuguese Republic Repealed
- Correlation coefficients for earthquake risk in the Republic of Romania Repealed
- Correlation coefficients for earthquake risk in the Slovak Republic Repealed
- Correlation coefficients for earthquake risk in the Republic of Slovenia Repealed
- Correlation coefficients for earthquake risk in the Swiss Confederation Repealed
- Annex XXIVCORRELATION COEFFICIENTS FOR FLOOD RISK Repealed
- Correlation coefficients for flood risk in the Republic of Austria Repealed
- Correlation coefficients for flood risk in the Kingdom of Belgium Repealed
- Correlation coefficients for flood risk in the Republic of Bulgaria Repealed
- Correlation coefficients for flood risk in the Czech Republic Repealed
- Correlation coefficients for flood risk in the French Republic Repealed
- Correlation coefficients for flood risk in the Federal Republic of Germany Repealed
- Correlation coefficients for flood risk in the Republic of Hungary Repealed
- Correlation coefficients for flood risk in the Italian Republic Repealed
- Correlation coefficients for flood risk in the Republic of Poland Repealed
- Correlation coefficients for flood risk in the Republic of Romania Repealed
- Correlation coefficients for flood risk in the Slovak Republic Repealed
- Correlation coefficients for flood risk in the Swiss Confederation Repealed
- Correlation coefficients for flood risk in the Republic of Slovenia Repealed
- Correlation coefficients for flood risk in the United Kingdom of Great Britain and Northern Ireland Repealed
- Annex XXVCORRELATION COEFFICIENTS FOR HAIL RISK Repealed
- Correlation coefficients for regions with only one risk zone Repealed
- Correlation coefficients for hail risk in the Republic of Austria Repealed
- Correlation coefficients for hail risk in the Kingdom of Belgium Repealed
- Correlation coefficients for hail risk in the Czech Republic Repealed
- Correlation coefficients for hail risk in the French Republic Repealed
- Correlation coefficients for hail risk in the Federal Republic of Germany Repealed
- Correlation coefficients for hail risk in the Italian Republic Repealed
- Correlation coefficients for hail risk in the Kingdom of the Netherlands Repealed
- Correlation coefficients for hail risk in the Kingdom of Spain Repealed
- Correlation coefficients for hail risk in the Swiss Confederation Repealed
- Correlation coefficients for hail risk in the Republic of Slovenia Repealed
- Annex XXVICORRELATION COEFFICIENTS FOR SUBSIDENCE RISK Repealed
- Correlation coefficients for subsidence risk in the French Republic Repealed