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

Delegated Regulation (EU) 2015/35 · Regulation · 407 articles

Data as of 2026-07-04 · Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗

Jump to article

Article 1 Article 2 Article 3 Article 4 Article 5 Article 6 Article 7 Article 8 Article 9 Article 10 Article 11 Article 12 Article 13 Article 14 Article 15 Article 16 Article 17 Article 18 Article 19 Article 20 Article 21 Article 22 Article 23 Article 24 Article 25 Article 26 Article 27 Article 28 Article 29 Article 30 Article 31 Article 32 Article 33 Article 34 Article 35 Article 36 Article 37 Article 38 Article 39 Article 40 Article 41 Article 42 Article 43 Article 44 Article 45 Article 46 Article 47 Article 48 Article 49 Article 50 Article 51 Article 52 Article 53 Article 54 Article 55 Article 56 Article 57 Article 58 Article 59 Article 60 Article 61 Article 62 Article 63 Article 64 Article 65 Article 66 Article 67 Article 68 Article 69 Article 70 Article 71 Article 72 Article 73 Article 74 Article 75 Article 76 Article 77 Article 78 Article 79 Article 80 Article 81 Article 82 Article 83 Article 84 Article 85 Article 86 Article 87 Article 88 Article 89 Article 90 Article 91 Article 92 Article 93 Article 94 Article 95 Article 96 Article 97 Article 98 Article 99 Article 100 ANNEX I ANNEX II ANNEX III ANNEX IV ANNEX V ANNEX VI ANNEX VII ANNEX VIII ANNEX IX ANNEX X ANNEX XI ANNEX XII ANNEX XIII ANNEX XIV ANNEX XV ANNEX XVI ANNEX XVII ANNEX XVIII ANNEX XIX ANNEX XX ANNEX XXI ANNEX XXII ANNEX XXIII ANNEX XXIV ANNEX XXV ANNEX XXVI Article 101 Article 102 Article 103 Article 104 Article 105 Article 106 Article 107 Article 108 Article 109 Article 110 Article 111 Article 112 Article 113 Article 114 Article 115 Article 116 Article 117 Article 118 Article 119 Article 120 Article 121 Article 122 Article 123 Article 124 Article 125 Article 126 Article 127 Article 128 Article 129 Article 130 Article 131 Article 132 Article 133 Article 134 Article 135 Article 136 Article 137 Article 138 Article 139 Article 140 Article 141 Article 142 Article 143 Article 144 Article 145 Article 146 Article 147 Article 148 Article 149 Article 150 Article 151 Article 152 Article 153 Article 154 Article 155 Article 156 Article 157 Article 158 Article 159 Article 160 Article 161 Article 162 Article 163 Article 164 Article 165 Article 166 Article 167 Article 168 Article 169 Article 170 Article 171 Article 172 Article 173 Article 174 Article 175 Article 176 Article 177 Article 178 Article 179 Article 180 Article 181 Article 182 Article 183 Article 184 Article 185 Article 186 Article 187 Article 188 Article 189 Article 190 Article 191 Article 192 Article 193 Article 194 Article 195 Article 196 Article 197 Article 198 Article 199 Article 200 Article 201 Article 202 Article 203 Article 204 Article 205 Article 206 Article 207 Article 208 Article 209 Article 210 Article 211 Article 212 Article 213 Article 214 Article 215 Article 216 Article 217 Article 218 Article 219 Article 220 Article 221 Article 222 Article 223 Article 224 Article 225 Article 226 Article 227 Article 228 Article 229 Article 230 Article 231 Article 232 Article 233 Article 234 Article 235 Article 236 Article 237 Article 238 Article 239 Article 240 Article 241 Article 242 Article 243 Article 244 Article 245 Article 246 Article 247 Article 248 Article 249 Article 250 Article 251 Article 252 Article 253 Article 254 Article 255 Article 256 Article 257 Article 258 Article 259 Article 260 Article 261 Article 262 Article 263 Article 264 Article 265 Article 266 Article 267 Article 268 Article 269 Article 270 Article 271 Article 272 Article 273 Article 274 Article 275 Article 276 Article 277 Article 278 Article 279 Article 280 Article 281 Article 282 Article 283 Article 284 Article 285 Article 286 Article 287 Article 288 Article 289 Article 290 Article 291 Article 292 Article 293 Article 294 Article 295 Article 296 Article 297 Article 298 Article 299 Article 300 Article 301 Article 302 Article 303 Article 304 Article 305 Article 306 Article 307 Article 308 Article 309 Article 310 Article 311 Article 312 Article 313 Article 314 Article 315 Article 316 Article 317 Article 318 Article 319 Article 320 Article 321 Article 322 Article 323 Article 324 Article 325 Article 326 Article 327 Article 328 Article 329 Article 330 Article 331 Article 332 Article 333 Article 334 Article 335 Article 336 Article 337 Article 338 Article 339 Article 340 Article 341 Article 342 Article 343 Article 344 Article 345 Article 346 Article 347 Article 348 Article 349 Article 350 Article 351 Article 352 Article 353 Article 354 Article 355 Article 356 Article 357 Article 358 Article 359 Article 360 Article 361 Article 362 Article 363 Article 364 Article 365 Article 366 Article 367 Article 368 Article 369 Article 370 Article 371 Article 372 Article 373 Article 374 Article 375 Article 376 Article 377 Article 378 Article 379 Article 380 Article 381

This instrument has 407 articles. This page lists the table of contents, plus 253 articles that fall under no subdivision; read the full text on each subdivision page or article page.

Table of contents

TITLE I — VALUATION AND RISK-BASED CAPTAL REQUIREMENTS (PILLAR I), ENHANCED GOVERNANCE (PILLAR II) AND INCREASED TRANPARENCY (PILLAR III)Article 1–Article 100
CHAPTER I — GENERAL PROVISIONSArticle 1–Article 6
SECTION 1 — Definitions and general principlesArticle 1–Article 2
SECTION 2 — External credit assessmentsArticle 3–Article 6
CHAPTER II — VALUATION OF ASSETS AND LIABILITIESArticle 7–Article 16
CHAPTER III — RULES RELATING TO TECHNICAL PROVISIONSArticle 17–Article 61
SECTION 1 — General provisionsArticle 17–Article 18
SECTION 2 — Data qualityArticle 19–Article 21
SECTION 3 — Methodologies to calculate technical provisionsArticle 22–Article 42
Subsection 1 — Assumptions underlying the calculation of technical provisionsArticle 22–Article 26
Subsection 2 — Information underlying the calculation of best estimatesArticle 27
Subsection 3 — Cash flow projections for the calculation of the best estimateArticle 28–Article 36
Subsection 4 — Risk marginArticle 37–Article 39
Subsection 5 — Calculation of technical provisions as a wholeArticle 40
Subsection 6 — Recoverables from reinsurance contracts and special purpose vehiclesArticle 41–Article 42
SECTION 4 — Relevant risk-free interest rate term structureArticle 43–Article 54
Subsection 1 — General provisionsArticle 43
Subsection 2 — Basic risk free interest rate term structureArticle 44–Article 48
Subsection 3 — Volatility adjustmentArticle 49–Article 51
Subsection 4 — Matching adjustmentArticle 52–Article 54
SECTION 5 — Lines of businessArticle 55
SECTION 6 — Proportionality and simplificationsArticle 56–Article 61
CHAPTER IV — OWN FUNDSArticle 62–Article 82
SECTION 1 — Determination of own fundsArticle 62–Article 68
Subsection 1 — Supervisory approval of ancillary own fundsArticle 62–Article 67
Subsection 2 — Own funds treatment of participationsArticle 68
SECTION 2 — Classification of own fundsArticle 69–Article 79
SECTION 3 — Eligibility of own fundsArticle 80–Article 82
Subsection 1 — Ring-fenced fundsArticle 80–Article 81
Subsection 2 — Quantitative limitsArticle 82
CHAPTER V — SOLVENCY CAPITAL REQUIREMENT STANDARD FORMULAArticle 83–Article 100
SECTION 1 — General provisionsArticle 83–Article 100
Subsection 1 — Scenario based calculationsArticle 83
Subsection 2 — Look-through approachArticle 84
Subsection 3 — Regional governments and local authoritiesArticle 85
Subsection 4 — Material basis riskArticle 86
Subsection 5 — Calculation of the basic solvency capital requirementArticle 87
Subsection 6 — Proportionality and simplificationsArticle 88–Article 100
TITLE I — VALUATION AND RISK-BASED CAPTAL REQUIREMENTS (PILLAR I), ENHANCED GOVERNANCE (PILLAR II) AND INCREASED TRANPARENCY (PILLAR III)Article 101–Article 327
CHAPTER V — SOLVENCY CAPITAL REQUIREMENT STANDARD FORMULAArticle 101–Article 221
SECTION 1 — General provisionsArticle 101–Article 113
Subsection 6 — Proportionality and simplificationsArticle 101–Article 112
Subsection 7 — Scope of the underwriting risk modulesArticle 113
SECTION 2 — Non-life underwriting risk moduleArticle 114–Article 135
SECTION 3 — Life underwriting risk moduleArticle 136–Article 143
SECTION 4 — Health underwriting risk moduleArticle 144–Article 163
SECTION 5 — Market risk moduleArticle 164–Article 188
Subsection 1 — Correlation coefficientsArticle 164
Subsection 2 — Interest rate risk sub-moduleArticle 165–Article 167
Subsection 3 — Equity risk sub-moduleArticle 168–Article 173
Subsection 4 — Property risk sub-moduleArticle 174
Subsection 5 — Spread risk sub-moduleArticle 175–Article 181
Subsection 6 — Market risk concentrations sub-moduleArticle 182–Article 187
Subsection 7 — Currency risk sub-moduleArticle 188
SECTION 6 — Counterparty default risk moduleArticle 189–Article 202
Subsection 1 — General provisionsArticle 189–Article 198
Subsection 2 — Type 1 exposuresArticle 199–Article 201
Subsection 3 — Type 2 exposuresArticle 202
SECTION 7 — Intangible asset moduleArticle 203
SECTION 8 — Operational riskArticle 204
SECTION 9 — Adjustment for the loss-absorbing capacity of technical provisions and deferred taxesArticle 205–Article 207
SECTION 10 — Risk mitigation techniquesArticle 208–Article 215
SECTION 11 — Ring fenced fundsArticle 216–Article 217
SECTION 12 — Undertaking-specific parametersArticle 218–Article 220
SECTION 13 — Procedure for updating correlation parametersArticle 221
CHAPTER VI — SOLVENCY CAPITAL REQUIREMENT — FULL AND PARTIAL INTERNAL MODELSArticle 222–Article 247
SECTION 1 — DefinitionsArticle 222
SECTION 2 — Use testArticle 223–Article 227
SECTION 3 — Statistical quality standardsArticle 228–Article 237
SECTION 4 — Calibration standardsArticle 238
SECTION 5 — Integration of partial internal modelsArticle 239
SECTION 6 — Profit and loss attributionArticle 240
SECTION 7 — Validation standardsArticle 241–Article 242
SECTION 8 — Documentation standardsArticle 243–Article 246
SECTION 9 — External models and dataArticle 247
CHAPTER VII — MINIMUM CAPITAL REQUIREMENTArticle 248–Article 253
CHAPTER VIII — INVESTMENTS IN SECURITISATION POSITIONSArticle 254–Article 257
CHAPTER IX — SYSTEM OF GOVERNANCEArticle 258–Article 275
SECTION 1 — Elements of the system of governanceArticle 258–Article 267
SECTION 2 — FunctionsArticle 268–Article 272
SECTION 3 — Fit and proper requirementsArticle 273
SECTION 4 — OutsourcingArticle 274
SECTION 5 — Renumeration policyArticle 275
CHAPTER X — CAPITAL ADD-ONArticle 276–Article 287
SECTION 1 — Circumstances for imposing a capital add-onArticle 276–Article 281
SECTION 2 — Methodologies for calculating capital add-onsArticle 282–Article 287
CHAPTER XI — EXTENSION OF THE RECOVERY PERIODArticle 288–Article 289
CHAPTER XII — PUBLIC DISCLOSUREArticle 290–Article 303
SECTION 1 — Solvency and financial condition report: structure and contentsArticle 290–Article 298
SECTION 2 — Solvency and financial condition report: non-disclosure of informationArticle 299
SECTION 3 — Solvency and financial condition report: deadlines, means of disclosure and updatesArticle 300–Article 303
CHAPTER XIII — REGULAR SUPERVISORY REPORTINGArticle 304–Article 314
SECTION 1 — Elements and contentsArticle 304–Article 311
SECTION 2 — Deadlines and means of communicationArticle 312–Article 314
CHAPTER XIV — TRANSPARENCY AND ACCOUNTABILITY OF SUPERVISORY AUTHORITIESArticle 315–Article 317
CHAPTER XV — SPECIAL PURPOSE VEHICLESArticle 318–Article 327
SECTION 1 — AuthorizationArticle 318
SECTION 2 — Mandatory contract conditionsArticle 319–Article 321
SECTION 3 — System of governanceArticle 322–Article 324
SECTION 4 — Supervisory reportingArticle 325
SECTION 5 — Solvency requirementsArticle 326–Article 327
TITLE II — INSURANCE GROUPSArticle 328–Article 377
CHAPTER I — SOLVENCY CALCULATION AT GROUP LEVELArticle 328–Article 342
SECTION 1 — Group solvency: choice of calculation method and general principlesArticle 328–Article 330
SECTION 2 — Group solvency: calculation methodsArticle 331–Article 342
CHAPTER II — INTERNAL MODELS FOR THE CALCULATION OF THE CONSOLIDATED GROUP SOLVENCY CAPITAL REQUIREMENTArticle 343–Article 350
SECTION 1 — Full and partial internal models used to calculate only the group solvency capital requirementArticle 343–Article 346
SECTION 2 — Use of a group internal modelArticle 347–Article 350
CHAPTER III — SUPERVISION OF GROUP SOLVENCY FOR GROUPS WITH CENTRALISED RISK MANAGEMENTArticle 351–Article 353
CHAPTER IV — COORDINATION OF GROUP SUPERVISIONArticle 354–Article 358
SECTION 1 — Colleges of supervisorsArticle 354–Article 356
SECTION 2 — Exchange of informationArticle 357
SECTION 3 — National or regional subgroup supervisionArticle 358
CHAPTER V — PUBLIC DISCLOSUREArticle 359–Article 371
SECTION 1 — Group solvency and financial condition reportArticle 359–Article 364
SECTION 2 — Single solvency and financial condition reportArticle 365–Article 371
CHAPTER VI — GROUP SUPERVISORY REPORTINGArticle 372–Article 377
SECTION 1 — Regular reportingArticle 372–Article 375
SECTION 2 — Reporting on risk concentrations and intragroup transactionsArticle 376–Article 377
TITLE III — THIRD COUNTRY EEQUIVALENCE AND FINAL PROVISIONSArticle 378–Article 381
CHAPTER I — UNDERTAKINGS CARRYING OUT REINSURANCE ACTIVITIES WITH THEIR HEAD OFFICE IN A THIRD COUNTRYArticle 378
CHAPTER II — RELATED THIRD COUNTRY INSURANCE AND REINSURANCE UNDERTAKINGSArticle 379
CHAPTER III — INSURANCE AND REINSURANCE UNDERTAKINGS WITH THE PARENT UNDERTAKINGS OUTSIDE THE UNIONArticle 380
CHAPTER IV — FINAL PROVISIONSArticle 381

Supplementary provisions

ANNEX ISupplementary provisionsLINES OF BUSINESS

ANNEX IISupplementary provisionsSEGMENTATION OF NON-LIFE INSURANCE AND REINSURANCE OBLIGATIONS AND STANDARD DEVIATIONS FOR THE NON-LIFE PREMIUM AND RESERVE RISK SUB-MODULE

ANNEX IIISupplementary provisionsFACTOR FOR GEOGRAPHICAL DIVERSIFICATION OF PREMIUM AND RESERVE RISK

ANNEX IVSupplementary provisionsCORRELATION MATRIX FOR NON-LIFE PREMIUM AND RESERVE RISK

ANNEX VSupplementary provisions

ANNEX VISupplementary provisions

ANNEX VIISupplementary provisions

ANNEX VIIISupplementary provisions

ANNEX IXSupplementary provisionsTHE GEOGRAPHICAL DIVISION OF REGIONS SET OUT IN ANNEX V INTO RISK ZONES

ANNEX XSupplementary provisionsRISK WEIGHTS FOR CATASTROPHE RISK ZONES

ANNEX XISupplementary provisionsLIABILITY RISK GROUPS, RISK FACTORS AND CORRELATION COEFFICIENTS FOR THE LIABILITY RISK SUB-MODULE

ANNEX XIISupplementary provisionsGROUPS OF OBLIGATIONS AND RISK FACTORS FOR THE SUB-MODULE FOR OTHER NON-LIFE CATASTROPHE RISK

ANNEX XIIISupplementary provisionsLIST OF REGIONS FOR WHICH NATURAL CATASTROPHE RISK IS NOT CALCULATED BASED ON PREMIUMS

ANNEX XIVSupplementary provisionsSEGMENTATION OF NSLT HEALTH INSURANCE AND REINSURANCE OBLIGATIONS AND STANDARD DEVIATIONS FOR THE NSLT HEALTH PREMIUM AND RESERVE RISK SUB-MODULE

ANNEX XVSupplementary provisionsCORRELATION MATRIX FOR NSLT HEALTH PREMIUM AND RESERVE RISK

ANNEX XVISupplementary provisionsHEALTH CATASTROPHE RISK SUB-MODULE OF THE SOLVENCY CAPITAL REQUIREMENT STANDARD FORMULA

ANNEX XVIISupplementary provisionsMETHOD-SPECIFIC DATA REQUIREMENTS AND METHOD SPECIFICATIONS FOR UNDERTAKING-SPECIFIC PARAMETERS OF THE STANDARD FORMULA

ANNEX XVIIISupplementary provisionsINTEGRATION TECHNIQUES FOR PARTIAL INTERNAL MODELS

ANNEX XIXSupplementary provisionsMCR RISK FACTORS FOR NON-LIFE AND HEALTH INSURANCE OR REINSURANCE OBLIGATIONS

ANNEX XXSupplementary provisionsSTRUCTURE OF THE SOLVENCY AND FINANCIAL CONDITION REPORT AND REGULAR SUPERVISORY REPORT

ANNEX XXISupplementary provisionsAGGREGATE STATISTICAL DATA

ANNEX XXIISupplementary provisionsCORRELATION COEFFICIENTS FOR WINDSTORM RISK

ANNEX XXIIISupplementary provisionsCORRELATION COEFFICIENTS FOR EARTHQUAKE RISK

ANNEX XXIVSupplementary provisionsCORRELATION COEFFICIENTS FOR FLOOD RISK

ANNEX XXVSupplementary provisionsCORRELATION COEFFICIENTS FOR HAIL RISK

ANNEX XXVISupplementary provisionsCORRELATION COEFFICIENTS FOR SUBSIDENCE RISK

TITLE I — VALUATION AND RISK-BASED CAPTAL REQUIREMENTS (PILLAR I), ENHANCED GOVERNANCE (PILLAR II) AND INCREASED TRANPARENCY (PILLAR III)

CHAPTER V — SOLVENCY CAPITAL REQUIREMENT STANDARD FORMULA

SECTION 1 — General provisions

Subsection 6 — Proportionality and simplifications

Article 101Simplified calculation of the capital requirement for health expense risk

Article 102Simplified calculation of the capital requirement for SLT health lapse risk

Article 103Simplified calculation of the capital requirement for interest rate risk for captive insurance or reinsurance undertakings

Article 104Simplified calculation for spread risk on bonds and loans

Article 105Simplified calculation for captive insurance or reinsurance undertakings of the capital requirement for spread risk on bonds and loans

Article 106Simplified calculation of the capital requirement for market risk concentration for captive insurance or reinsurance undertakings

Article 107Simplified calculation of the risk mitigating effect for reinsurance arrangements or securitisation

Article 108Simplified calculation of the risk mitigating effect for proportional reinsurance arrangements

Article 109Simplified calculations for pooling arrangements

Article 110Simplified calculation — grouping of single name exposures

Article 111Simplified calculation of the risk mitigating effect

Article 112Simplified calculation of the risk adjusted value of collateral to take into account the economic effect of the collateral

Subsection 7 — Scope of the underwriting risk modules

Article 113

SECTION 2 — Non-life underwriting risk module

Article 114Non-life underwriting risk module

Article 115Non-life premium and reserve risk sub-module

Article 116Volume measure for non-life premium and reserve risk

Article 117Standard deviation for non-life premium and reserve risk

Article 118Non-life lapse risk sub-module

Article 119Non-life catastrophe risk sub-module

Article 120Natural catastrophe risk sub-module

Article 121Windstorm risk sub-module

Article 122Earthquake risk sub-module

Article 123Flood risk sub-module

Article 124Hail risk sub-module

Article 125Subsidence risk sub-module

Article 126Interpretation of catastrophe scenarios

Article 127Sub-module for catastrophe risk of non-proportional property reinsurance

Article 128Man-made catastrophe risk sub-module

Article 129Motor vehicle liability risk sub-module

Article 130Marine risk sub-module

Article 131Aviation risk sub-module

Article 132Fire risk sub-module

Article 133Liability risk sub-module

Article 134Credit and suretyship risk sub-module

Article 135Sub-module for other non-life catastrophe risk

SECTION 3 — Life underwriting risk module

Article 136Correlation coefficients

Article 137Mortality risk sub-module

Article 138Longevity risk sub-module

Article 139Disability-morbidity risk sub-module

Article 140Life-expense risk sub-module

Article 141Revision risk sub-module

Article 142Lapse risk sub-module

Article 143Life-catastrophe risk sub-module

SECTION 4 — Health underwriting risk module

Article 144Health underwriting risk module

Article 145NSLT health underwriting risk sub-module

Article 146NSLT health premium and reserve risk sub-module

Article 147Volume measure for NSLT health premium and reserve risk

Article 148Standard deviation for NSLT health premium and reserve risk

Article 149Health risk equalisation systems

Article 150NSLT health lapse risk sub-module

Article 151SLT health underwriting risk sub-module

Article 152Health mortality risk sub-module

Article 153Health longevity risk sub-module

Article 154Health disability-morbidity risk sub-module

Article 155Capital requirement for medical expense disability-morbidity risk

Article 156Capital requirement for income protection disability-morbidity risk

Article 157Health expense risk sub-module

Article 158Health revision risk sub-module

Article 159SLT health lapse risk sub-module

Article 160Health catastrophe risk sub-module

Article 161Mass accident risk sub-module

Article 162Accident concentration risk sub-module

Article 163Pandemic risk sub-module

SECTION 5 — Market risk module

Subsection 1 — Correlation coefficients

Article 164

Subsection 2 — Interest rate risk sub-module

Article 165General provisions

Article 166Increase in the term structure of interest rates

Article 167Decrease in the term structure of interest rates

Subsection 3 — Equity risk sub-module

Article 168General provisions

Article 169Standard equity risk sub-module

Article 170Duration-based equity risk sub-module

Article 171Strategic equity investments

Article 172Symmetric adjustment of the equity capital charge

Article 173Criteria for the use of transitional measure for standard equity risk

Subsection 4 — Property risk sub-module

Article 174

Subsection 5 — Spread risk sub-module

Article 175Scope of the spread risk sub-module

Article 176Spread risk on bonds and loans

Article 177Spread risk on securitisation positions: general provisions

Article 178Spread risk on securitisation positions: calculation of the capital requirement

Article 179Spread risk on credit derivatives

Article 180Specific exposures

Article 181Application of the spread risk scenarios to matching adjustment portfolios

Subsection 6 — Market risk concentrations sub-module

Article 182Single name exposure

Article 183Calculation of the capital requirement for market risk concentration

Article 184Excess exposure

Article 185Relative excess exposure thresholds

Article 186Risk factor for market risk concentration

Article 187Specific exposures

Subsection 7 — Currency risk sub-module

Article 188

SECTION 6 — Counterparty default risk module

Subsection 1 — General provisions

Article 189Scope

Article 190Single name exposures

Article 191Mortgage loans

Article 192Loss-given-default

Article 193Loss-given-default for pool exposures of type A

Article 194Loss-given-default for pool exposures of type B

Article 195Loss-given-default for pool exposures of type C

Article 196Risk-mitigating effect

Article 197Risk-adjusted value of collateral

Article 198Risk-adjusted value of mortgage

Subsection 2 — Type 1 exposures

Article 199Probability of default

Article 200Type 1 exposures

Article 201Variance of the loss distribution of type 1 exposures

Subsection 3 — Type 2 exposures

Article 202Type 2 exposures

SECTION 7 — Intangible asset module

Article 203

SECTION 8 — Operational risk

Article 204

SECTION 9 — Adjustment for the loss-absorbing capacity of technical provisions and deferred taxes

Article 205General provisions

Article 206Adjustment for the loss-absorbing capacity of technical provisions

Article 207Adjustment for the loss-absorbing capacity of deferred taxes

SECTION 10 — Risk mitigation techniques

Article 208Methods and Assumptions

Article 209Qualitative Criteria

Article 210Effective Transfer of Risk

Article 211Risk-Mitigation techniques using reinsurance contracts or special purpose vehicles

Article 212Financial Risk-Mitigation techniques

Article 213Status of the counterparties

Article 214Collateral Arrangements

Article 215Guarantees

SECTION 11 — Ring fenced funds

Article 216Calculation of the Solvency Capital Requirement in the case of ring-fenced funds and matching adjustment portfolios

Article 217Solvency Capital Requirement calculation method for ring-fenced funds and matching adjustment portfolios

SECTION 12 — Undertaking-specific parameters

Article 218Subset of standard parameters that may be replaced by undertaking-specific parameters

Article 219Data criteria

Article 220Standardised methods to calculate the undertaking-specific parameters

SECTION 13 — Procedure for updating correlation parameters

Article 221

CHAPTER VI — SOLVENCY CAPITAL REQUIREMENT — FULL AND PARTIAL INTERNAL MODELS

SECTION 1 — Definitions

Article 222Materiality

SECTION 2 — Use test

Article 223Use of the internal model

Article 224Fit to the business

Article 225Understanding of the internal model

Article 226Support of decision-making and integration with risk management

Article 227Simplified calculation

SECTION 3 — Statistical quality standards

Article 228Probability distribution forecast

Article 229Adequate, applicable and relevant actuarial techniques

Article 230Information and assumptions used for the calculation of the probability distribution forecast

Article 231Data used in the internal model

Article 232Ability to rank risk

Article 233Coverage of all material risks

Article 234Diversification effects

Article 235Risk-mitigation techniques

Article 236Future management actions

Article 237Understanding of external models and data

SECTION 4 — Calibration standards

Article 241Model validation process

Article 242Validation tools

SECTION 8 — Documentation standards

Article 243General provisions

Article 244Minimum content of the documentation

Article 245Circumstances under which the internal model does not work effectively

Article 246Changes to the internal model

SECTION 9 — External models and data

Article 247

CHAPTER VII — MINIMUM CAPITAL REQUIREMENT

Article 248Minimum Capital Requirement

Article 249Linear Minimum Capital Requirement

Article 250Linear formula component for non-life insurance and reinsurance obligations

Article 251Linear formula component for life insurance and reinsurance obligations

Article 252Minimum Capital Requirement: composite insurance undertakings

Article 253Absolute floor of the Minimum Capital Requirement

CHAPTER VIII — INVESTMENTS IN SECURITISATION POSITIONS

Article 254Risk retention requirements relating to the originators, sponsors or original lenders

Article 255Exemptions to risk retention requirements

Article 256Qualitative requirements relating to insurance and reinsurance undertakings

Article 257Requirements for investments in securitisation that no longer comply with the risk-retention and qualitative requirements

CHAPTER IX — SYSTEM OF GOVERNANCE

SECTION 1 — Elements of the system of governance

Article 258General governance requirements

Article 259Risk Management System

Article 260Risk management areas

Article 261Risk management in undertakings providing loans and/or mortgage insurance or reinsurance

Article 262Overall solvency needs

Article 263Alternative methods for valuation

Article 264Valuation of technical provisions — validation

Article 265Valuation of technical provisions — documentation

Article 266Internal control system

Article 267Internal control of valuation of assets and liabilities

SECTION 2 — Functions

Article 268Specific provisions

Article 269Risk management function

Article 270Compliance function

Article 271Internal audit function

Article 272Actuarial function

SECTION 3 — Fit and proper requirements

Article 276Assessment of a significant deviation as regards the SCR

Article 277Assessment of a significant deviation as regards the governance

Article 278Assessment of a significant deviation as regards adjustments to the relevant risk-free rate and transitional measures

Article 279Add-ons in relation to deviations from Solvency Capital Requirement assumptions

Article 280Assessment of the requirement to use an internal model

Article 281Appropriate timeframe for adapting the internal model

SECTION 2 — Methodologies for calculating capital add-ons

Article 282Calculation of add-ons in relation to deviations from SCR assumptions

Article 283Scope and approach of modifications as regards a deviation from SCR assumptions

Article 284Calculation of add-ons in relation to adjustments to the relevant risk-free rate or transitional measures

Article 285Scope and approach of modifications as regards adjustments to the relevant risk-free rate and transitional measures

Article 286Calculation of add-ons in relation to deviations from governance standards

Article 287Apportionment of add-ons for undertakings which simultaneously pursue life and non-life insurance activities

CHAPTER XI — EXTENSION OF THE RECOVERY PERIOD

Article 288Assessment of exceptional adverse situations

Article 289Factors and criteria to determine the extension of the recovery period

CHAPTER XII — PUBLIC DISCLOSURE

SECTION 1 — Solvency and financial condition report: structure and contents

Article 290Structure

Article 291Materiality

Article 292Summary

Article 293Business and performance

Article 294System of governance

Article 295Risk profile

Article 296Valuation for solvency purposes

Article 297Capital management

Article 298Additional voluntary information

SECTION 2 — Solvency and financial condition report: non-disclosure of information

Article 299

SECTION 3 — Solvency and financial condition report: deadlines, means of disclosure and updates

Article 300Deadlines

Article 301Means of disclosure

Article 302Updates

Article 303Transitional arrangements on comparative information

CHAPTER XIII — REGULAR SUPERVISORY REPORTING

SECTION 1 — Elements and contents

Article 304Elements of the regular supervisory reporting

Article 305Materiality

Article 306Own-risk and solvency assessment supervisory report

Article 307Business and performance

Article 308System of governance

Article 309Risk profile

Article 310Valuation for solvency purposes

Article 311Capital management

SECTION 2 — Deadlines and means of communication

Article 312Deadlines

Article 313Means of communication

Article 314Transitional information requirements

CHAPTER XIV — TRANSPARENCY AND ACCOUNTABILITY OF SUPERVISORY AUTHORITIES

Article 315Confidential information

Article 316Aggregate statistical data

Article 317Means of disclosure

CHAPTER XV — SPECIAL PURPOSE VEHICLES

SECTION 1 — Authorization

Article 318

SECTION 2 — Mandatory contract conditions

Article 319Fully Funded

Article 320Effective transfer of risk

Article 321Rights of the providers of debt or financing mechanisms

SECTION 3 — System of governance

Article 322Fit and proper requirements of persons who effectively run a special purpose vehicle

Article 323Fit and proper requirements for shareholders or members with a qualifying holding

Article 324Sound administrative and accounting procedures, adequate internal control mechanisms and risk-management requirements

SECTION 4 — Supervisory reporting

Article 325Supervisory reporting

SECTION 5 — Solvency requirements

Article 326Solvency requirements

Article 327Solvency requirements on investments

Other acts of the same type

Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.

What to look at next

Browse all EU Legal ActsEvery instrument by type and year, full text free to read section by sectionEuropean Union legislation EU Legal Acts by type and yearGrouped by instrument type and year of enactment, so you can find others of the same kindBrowse by type and year European Union: what this database coversWhich datasets are here, which official source they come from, and how current they areEuropean Union overview