Commission Implementing Regulation (EU) 2015/2015 of 11 November 2015 laying down implementing technical standards on the procedures for assessing external credit assessments in accordance with Directive 2009/138/EC of the European Parliament and of the Council (Text with EEA relevance)

• CELEX: Implementing Regulation (EU) 2015/2015
• Articles: 6

Article 1 Policy on risk management

For the purpose of assessing the appropriateness of external credit assessments used in the calculation of technical provisions and the Solvency Capital Requirement by way of additional assessments referred to in Article 44(4a) of Directive 2009/138/EC, insurance and reinsurance undertakings shall include in their policy on risk management the following:

(a)

the scope and frequency of the additional assessments;

(b)

the manner in which the additional assessments are carried out, including the assumptions on which they are based;

(c)

the frequency of the regular review of the additional assessments and the conditions requiring an ad hoc review of the additional assessments.

Article 2 Tasks of the risk-management function

Insurance and reinsurance undertakings shall ensure that the risk-management function covers the additional assessments in accordance with the risk management policy referred to in Article 1 and duly considers the results of the additional assessments in the calculation of technical provisions and the Solvency Capital Requirement.

Article 3 Information used for the additional assessments

When carrying out the additional assessments the insurance and reinsurance undertakings shall use information that is derived from reliable sources that are up to date.

Article 4 Review of additional assessments

1.   In accordance with Article 41(3) of Directive 2009/138/EC, insurance and reinsurance undertakings shall at least annually review their additional assessments.

2.   Insurance and reinsurance undertakings shall also review the additional assessments on an ad hoc basis, whenever any of the conditions under Article 1(c) take place or if the assumptions on which those assessments are based are no longer valid.

Article 5 Documentation

Insurance and reinsurance undertakings shall document the following:

(a)

the manner in which the additional assessments are carried out and the results of those assessments;

(b)

the extent to which the results of the additional assessments are taken into account in the calculation of technical provisions and the Solvency Capital Requirement.

Article 6 Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union .