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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

Type Delegated Regulation
Publication 2015-01-17
Last updated 2027-01-30
State In force
Department European Commission
Source EUR-Lex
articles 421
Reform history JSON API
5.

Supervisory authorities concerned may request that all or part of the application be provided in a language different from the language in which the application was provided to the group supervisor. The group supervisor shall, after consultation with the other supervisory authorities concerned, require the applicant to provide the application, or the relevant part of it, in that different language or in a language most commonly understood by the other supervisory authorities concerned.

6.

An application to use a group internal model shall include the following documents and information, where applicable:

  • (a) the documents and information required in accordance with Article343(5) in relation to the use of an internal model for the calculation of the consolidated group Solvency Capital Requirement; in relation to Article 343(5)(a)(i), the documentation shall also include a list of all the insurance and reinsurance undertakings applying for the use of the group internal model to calculate their Solvency Capital Requirement.
  • (b) the documents required in accordance with Title I, Chapter VI, Section 4, Sub-section 3 of Directive 2009/138/EC in relation to the use of an internal model for the calculation of the Solvency Capital Requirement of each insurance and reinsurance undertaking in the group applying for the use of the group internal model to calculate their Solvency Capital Requirement; for this purpose, the insurance or reinsurance undertaking may restrict these documents to those whose content is not already covered in the documents submitted by the participating insurance or reinsurance undertaking in accordance with point (a).

Article 348

Assessment of the completeness of an application to use a group internal model

1. The group supervisor shall determine whether the application is complete within 45 days from the day of the receipt of the application. An application shall be considered as complete if it includes all the documentation set out in Article 347.

2. Where the group supervisor determines that the application is not complete, it shall immediately notify the applicant that the six month period referred to in Article 231 of Directive 2009/138/EC has not yet begun, specifying the documents in respect of which the application is not complete.
3.

Where the group supervisor determines that the application is complete, it shall notify the applicant without delay that the application is complete and the date from which the six month period referred to in Article 231 of Directive 2009/138/EC. That date shall be the date on which the complete application was received.

Article 349

Joint decision on the application and transitional plan to extend the scope of the model

1.

Prior to reaching a joint decision with other supervisory authorities concerned, as referred to in Article 231(2) of Directive 2009/138/EC, the group supervisor shall consult the other supervisory authorities involved in the assessment of the application, referred to in Article343(2) of this Regulation.

2.

The joint decision by the supervisory authorities concerned shall be provided in an official language of the Member State of the group supervisor. The group supervisor shall provide the applicant and each supervisory authority concerned with the decision translated in an official language of the Member State where the applicant has its head office. Each related insurance or reinsurance undertaking applying for the use of the group internal model to calculate their Solvency Capital Requirement shall be provided with the joint decision or, where relevant, with a translation of that decision, by the supervisory authority having authorised that undertaking.

3.

In the joint decision, the supervisory authorities concerned may require the applicant to submit a realistic transitional plan to extend the scope of the group internal model.

Article 350

Use test for group internal models

1.

Where a group internal model is used, in accordance with Article 231(1) of Directive 2009/138/EC, the requirements set out in Articles 223 to 227 of this Regulation shall be complied with by the following undertakings:

- (a) the participating undertaking which calculates the consolidated group Solvency Capital Requirement on the basis of the group internal model, in relation to the output of the internal model at group level and in case of a participating insurance or reinsurance undertaking additionally in relation to the output of the internal model at the level of that undertaking;
  • (b) each related insurance and reinsurance undertaking which calculates its Solvency Capital Requirement on the basis of the group internal model, both in relation to the output of the internal model at group level and at the level of the undertaking;
  • (c) each other related insurance and reinsurance undertaking whose business is fully or partly in the scope of the group internal model, only in relation to the output of the internal model at group level;
  • (d) each related insurance holding company or mixed financial holding company whose business is fully or partly in the scope of the group internal model, only in relation to the output of the internal model at group level.
2. For the purposes of paragraph 1, an insurance or reinsurance undertaking or insurance holding company or mixed financial holding company shall only comply with the requirements set out in Article 225 of this Regulation in relation to the parts of the group internal model which cover the risks of that undertaking and the risks of its related undertakings.

CHAPTER III **SUPERVISION OF GROUP SOLVENCY FOR GROUPS WITH CENTRALISED RISK MANAGEMENT**

Article 351

Assessment of conditions: criteria

1.

In assessing whether the risk management processes and internal control mechanisms of the parent undertaking cover the subsidiary in accordance with point (b) of Article 236 of Directive 2009/138/EC, the group supervisor and the other supervisory authorities concerned shall consider whether all of the following criteria are met:

- (a) the risk management function referred to in Article 44(4) of Directive 2009/138/EC is carried out, in respect of the subsidiary, to a significant extent by the parent undertaking, in such a way that the parent undertaking carries out most of the tasks of the risk management function listed in Article 269 of this Regulation;

- (b) the compliance function referred to in Article 46 of Directive 2009/138/EC is carried out, in respect of the subsidiary, to a significant extent by the parent undertaking, in such a way that the parent undertaking carries out most of the tasks of the compliance function listed in Article 270 of this Regulation;

- (c) the requirements on outsourcing set out in Article 49 of Directive 2009/138/EC are complied with by the subsidiary in relation to the risk management and compliance activities carried out by the parent undertaking.
2.

In assessing whether the subsidiary is managed prudently in accordance with Article 236(b) of Directive 2009/138/EC, the group supervisor and the other supervisory authorities concerned shall consider whether all the following criteria are met:

  • (a) the system of governance of the group, as referred to in Article 246 of Directive 2009/138/EC, is sufficiently effective and does not result in a situation similar to a significant deviation as referred to in Article 37(1)(c) of that Directive;
  • (b) the system of governance of the subsidiary, as referred to in Article 41 of Directive 2009/138/EC, is sufficiently effective and does not result in a situation similar to a significant deviation as referred to in Article 37(1)(c) of Directive 2009/138/EC;
  • (c) the system of governance of the subsidiary, as referred to in Article 41 of Directive 2009/138/EC, is not impaired by the risk management and compliance functions of the parent undertaking covering the subsidiary.

Article 352

Assessment of conditions: procedures

1. For the purposes of this Chapter, ‘the supervisory authorities concerned’ shall be the supervisory authorities of the Member States in which the head office of the subsidiaries for which permission to be subject to Articles 238 and 239 of Directive 2009/138/EC has been submitted are situated.
2.

Where the parent undertaking decides to submit applications in relation to several subsidiaries at the same time, those applications shall be considered jointly by the group supervisor and the other supervisory authorities concerned in accordance with Article 237 of Directive 2009/138/EC.

Article 353

Assessment of an emergency situation: criteria

In assessing whether a situation should be considered as an emergency situation, in accordance with Article 239(2) of Directive 2009/138/EC, the supervisory authority having authorised the subsidiary shall consider whether any of the following criteria is met:

  • (1) the time required to cooperate, exchange information and consult within the college would jeopardise the effectiveness of the measures to be taken;
  • (2) a delay in the application of the proposed measures is likely to cause the financial conditions of the subsidiary to further deteriorate in such a way that there is a risk that the subsidiary will not comply with its Minimum Capital Requirement in the following three months.

CHAPTER IV **COORDINATION OF GROUP SUPERVISION**

SECTION 1 Colleges of supervisors

Article 354

Participation of supervisors of significant branches and related undertakings

1.

For the purposes of Article 248(3) of Directive 2009/138/EC, ‘significant branch’ of an insurance or reinsurance undertaking shall mean a branch of an insurance or reinsurance undertaking for which at least one of the following conditions is met:

  • (a) the annual gross written premium of the branch exceeds 5 % of the annual gross written premium of the group, measured with reference to the last available consolidated financial statements of the group;
  • (b) the annual gross written premium of the branch exceeds 5 % of total annual gross written premiums for the life activity, the non-life activity, or both in the Member State in which the risk is situated, measured with reference to the last available financial statements.

Upon its own initiative or following a reasoned request from the supervisory authority responsible for the supervision of a branch, where the branch meets at least one of the conditions in points (a) or (b) of this paragraph, the group supervisor shall invite that supervisory authority to participate in any relevant activity of the college of supervisors.

2.

Upon its own initiative or following a reasoned request from a supervisory authority responsible for the supervision of a related undertaking in the group, the group supervisor may, where considers it appropriate to enhance the efficient exchange of information and to facilitate the exercise of group supervision, and after consultation with the other supervisory authorities in the college of supervisors, invite that supervisory authority of a related undertaking to participate in any relevant activity of the college of supervisors.

Article 355

Coordination arrangements

1.

The coordination arrangements to be concluded in accordance with Article 248(4) of Directive 2009/138/EC shall be in writing.

2.

The coordination arrangements shall, with regard to both going concern and emergency situations, specify the following:

  • (a) the minimum information to be transmitted to the group supervisor by the other supervisory authorities in the college of supervisors or disseminated by the group supervisor to the other supervisory authorities in the college of supervisors;
- (b) the language and frequency of the information to be transmitted to the group supervisor by the other supervisory authorities in the college of supervisors or disseminated by the group supervisor to the other supervisory authorities in the college of supervisors;
  • (c) the language and frequency of the information to be exchanged with any other authorities concerned;
  • (d) the obligation to adopt a work plan revised at least annually and agreed by the college of supervisors for coordinating the supervisory activities of the college in the following 12 months;
  • (e) an emergency plan agreed by the college of supervisors.
3.

The emergency plan referred to in point (e) of paragraph 2 shall be adapted to the specific risks of the insurance or reinsurance group. It shall include provisions covering all of the following elements:

- (a) recognition of the existence of a crisis;

- (b) preparation of the crisis management;
  • (c) crisis assessment;
  • (d) crisis management;
  • (e) external communication.
4.

The emergency plan shall provide that all of the following information shall be exchanged among supervisory authorities within the college of supervisors as soon as it is becomes available:

  • (a) a description of the emergency situation, with an indication of any impact on policyholders and on the financial markets;
  • (b) an identification of the undertakings in the group which are affected by the emergency situation referred to in point (a), with relevant information on their financial situation;
  • (c) an overview of any measures taken by the group in relation to the emergency situation referred to in point (a);
  • (d) an overview of any measures taken by any of the supervisory authorities concerned in relation to the emergency situation referred to in point (a) and a description of any existing national measures relevant to the management and resolution of the crisis.
5.

The coordination arrangements referred to in paragraph 2 shall be regularly tested and reviewed by the college of supervisors.

Article 356

Supervisory approval of group-specific parameters
1.

An application to use group-specific parameters, as referred to in Article 338, shall be provided in writing to the group supervisor, by the participating insurance or reinsurance undertaking, the insurance holding company or the mixed financial holding company (for the purposes of this Article, referred to as ‘the applicant’) in one of the official languages of the group supervisor's Member State or in a language for which the group supervisor has given prior approval.

2. The group supervisor shall inform the other supervisory authorities within the college of supervisors without delay of the receipt of the application and shall also forward the application to the other supervisory authorities within the college of supervisors.

3. Prior to making its final decision, the group supervisor shall consult the other supervisory authorities within the college of supervisors. After this consultation, the group supervisor shall make its own decision on the application. The group supervisor shall provide its decision to the applicant and to the other supervisory authorities within the college of supervisors. The decision shall be written in an official language of the Member State of the group supervisor, and in another language most commonly understood by the other supervisory authorities.

SECTION 2 Exchange of information

Article 357

Information to be exchanged on a systematic basis

1.

The information referred in paragraphs 2 and 3 shall be exchanged on a systematic basis between the supervisory authorities in the college, unless they decide as part of a coordination arrangement in accordance with Article 355 (2)(a), that part of it is not needed for the activities of the college of supervisors. The exchange shall take place either by transmitting the information or by facilitating the access to it.

2.

The other supervisory authorities within the college of supervisors shall exchange with the group supervisor on a systematic basis, for each related insurance or reinsurance undertaking falling within the scope of group supervision, the following information:

  • (a) the solvency and financial condition report, unless the group supervisor has agreed under Article 256(2) of Directive 2009/138/EC to the inclusion of subsidiaries within the group in a single solvency and financial condition report;
  • (b) the regular supervisory report, as well as relevant annual and quarterly quantitative templates;
  • (c) the conclusions drawn by the supervisory authority concerned following the supervisory review process carried out at the level of the individual undertaking.
3. The group supervisor shall exchange with the other supervisory authorities within the college on a systematic basis the following information:
  • (a) regarding the participating insurance or reinsurance undertaking, the insurance holding company, or the mixed financial holding company:
  • (i) the group solvency and financial condition report;
  • (ii) the group regular supervisory report, as well as relevant group annual and quarterly quantitative templates;
  • (iii) the conclusions drawn by the group supervisor following the supervisory review process carried out at group level.
  • (b) for each related insurance or reinsurance undertaking falling within the scope of group supervision, the information referred to in paragraph 2.

SECTION 3 National or regional subgroup supervision

Article 358

Where Member States allow supervisory authorities to exercise group supervision on a subgroup according to Articles 216 or 217 of Directive 2009/138/EC, such a decision by the supervisory authorities shall only be taken in circumstances justified by objective differences in the operations, the organisation or the risk-profile between the subgroup and the group.

CHAPTER V **PUBLIC DISCLOSURE**

SECTION 1 Group solvency and financial condition report

Article 359

Structure and contents

Article 290 , Article 291 and Articles 293 to 298 of this Regulation shall apply to the group solvency and financial condition report which participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies are required to disclose publicly. In addition, the group solvency and financial condition report shall contain all of the following information:

- (a) regarding the group's business and performance:

  • (i) a description of the legal structure and the governance and organisational structure of the group, with a description of all subsidiaries, material related undertakings within the meaning of Article 256a of Directive 2009/138/EC and significant branches within the meaning of Article 354(1) of this Regulation;
  • (ii) qualitative and quantitative information on relevant operations and transactions within the group;
- (b) regarding the group’s system of governance, information on any material intra-group outsourcing arrangements;
  • (c) regarding the group's risk profile: qualitative and quantitative information on any significant risk concentration at the level of the group, as referred to in Article 376 of this Regulation;
  • (d) regarding the group's valuation for solvency purposes: where the bases, methods and main assumptions used at group level for the valuation for solvency purposes of the group's assets, technical provisions and other liabilities differ materially from those used by any of its subsidiaries for the valuation for solvency purposes of its assets, technical provisions and other liabilities, a quantitative and qualitative explanation of any material differences;
  • (e) regarding the group's capital management:
  • (i) whether method 1 or method 2, as referred to in Articles 230 and 233 of Directive 2009/138/EC, is used to calculate the group solvency and where a combination of method 1 and 2 is used for which related undertakings method 2 is used;
  • (ii) qualitative and quantitative information on any significant restriction to the fungibility and transferability of own funds eligible for covering the group Solvency Capital Requirement, including the quantification referred to in Article 308b(17), second subparagraph of Directive 2009/138/EC;
  • (iii) where method 1 is used to calculate the group solvency, the amount of the consolidated group Solvency Capital Requirement, with separate indication of the amounts referred to in Article 336 of this Regulation;
  • (iv) qualitative and quantitative information on the material sources of group diversification effects;
  • (v) where applicable, the sum of amounts referred to in points (a) and (b) of the second subparagraph of Article 230(2) of Directive 2009/138/EC;
  • (vi) where applicable, a description of the undertakings which are in the scope of any internal model used to calculate the group Solvency Capital Requirement;
  • (vii) a description of the main differences, if any, between any internal model used at individual undertaking level and any internal model used to calculate the group Solvency Capital Requirement.

Article 360

Languages
1.

Participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies shall disclose their group solvency and financial condition report in the language or languages determined by the group supervisor.

2.

Where the college of supervisors comprises supervisory authorities from more than one Member State, the group supervisor may, after consultation with the other supervisory authorities concerned and the group itself, require participating insurance and reinsurance undertaking, insurance holding company or mixed financial holding company to also disclose the report referred to in paragraph 1 in another language most commonly understood by the other supervisory authorities concerned, as agreed in the college of supervisors.

Article 361

Non-disclosure of information

Article 299 shall apply to non-disclosure of information in the group solvency and financial condition report by participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies.

Article 363

Updates

1.

Where participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies have to disclose publicly, appropriate information on the nature and effects of any major development that materially affect the relevance of their group solvency and financial condition report, they shall provide an updated version of that report. Articles 359, 360 and 361 of this Regulation shall apply to that updated version.

2. Without prejudice to the requirements for immediate disclosure set out in Article 54(1) of Directive 2009/138/EC, any updated version of the group solvency and financial condition report shall be clearly identified, and shall indicate the date of the update. It shall be disclosed as soon as possible after the major development referred to in paragraph 1 of this Article, and shall replace the previously disclosed version.

SECTION 2 Single solvency and financial condition report

Article 365

Structure and contents

1. Where participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies provide a single solvency and financial condition report, the requirements set out in this Section shall apply.
2.

The single solvency and financial condition report shall present separately the information which must be disclosed at group level in accordance with Article 256(1) of Directive 2009/138/EC and the information which must be disclosed in accordance with Articles 51, 53, 54 and 55 of that Directive for any subsidiary covered by that report.

3.

The information at group level shall follow the structure set out in Annex XX Section A.2. The information for any subsidiary covered by that report shall contain the information required by Article 51 of Directive 2009/138 /EC and shall follow the structure set out in Annex XX, Section A. Participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies may decide, when providing any part of the information to be disclosed for a subsidiary covered other than information included in the part targeted at policy holders and beneficiaries, to refer to the corresponding information disclosed at group level, provided that such information is equivalent in both nature and scope to the information that would otherwise be provided at the level of the subsidiary.

Article 366

Languages

1.

Participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies shall disclose their single solvency and financial condition report in the language or languages determined by the group supervisor.

2. Where the college of supervisors comprises supervisory authorities from more than one Member State, the group supervisor may, after  consulting the other supervisory authorities concerned and the group itself, require the participating insurance and reinsurance undertaking, insurance holding company or mixed financial holding company to also disclose the report referred to in paragraph 1 in another language most commonly understood by the other supervisory authorities concerned, as agreed in the college of supervisors.

Article 367

Non-disclosure of information

1.

Article 361 shall apply as regards the information at the level of the group.

2.

Article 299 shall apply as regards the information for any of the subsidiaries within the group.

Article 369

Updates

1.

Where participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies have to disclose publicly information on the nature and effects of any major development that materially affect the relevance of their single solvency and financial condition report, they shall provide an updated version of that report. Articles 365, 366 and 367 of this Regulation shall apply to that updated version.

2. Without prejudice to the requirements for immediate disclosure set out in Article 54(1) of Directive 2009/138/EC, any updated version of the single solvency and financial condition report shall be clearly identified as such and shall indicate the date of the update. It shall be disclosed as soon as possible after the major development referred to in paragraph 1 of this Article and shall replace the previously disclosed version.

Article 370

Reference

1.

Where participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies provide a single solvency and financial condition report in respect of some of their subsidiaries only, all of the following obligations shall apply:

  • (a) the other insurance and reinsurance undertakings which are subsidiaries of that participating insurance or reinsurance undertaking, insurance holding company or mixed financial holding company shall include in their solvency and financial condition report a reference to the single solvency and financial condition report disclosed;
- (b) the single solvency and financial condition reports disclosed in accordance with Article 256(2) of Directive 2009/138/EC shall equally include a reference to the solvency and financial condition report of those other insurance and reinsurance undertakings.
2.

Where participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies do not provide a single solvency and financial condition report, the insurance and reinsurance undertakings which are subsidiaries of that participating insurance or reinsurance undertaking, insurance holding company or mixed financial holding company shall include in their solvency and financial condition report a reference to the group solvency and financial condition reports disclosed in accordance with Article 256(1) of Directive 2009/138/EC.

CHAPTER VI **GROUP SUPERVISORY REPORTING**

SECTION 1 Regular reporting

Article 372

Elements and contents

1.

Articles 304 to 311 of this Regulation shall apply to the information which participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies are to submit to the group supervisor. Where all insurance and reinsurance undertakings in the group are exempted from quarterly reporting obligations pursuant Article 35a(1) of Directive 2009/138/EC, the group regular supervisory report shall include annual quantitative templates only. Annual reporting obligations shall not include reporting on an item-by-item basis where all undertakings in the group are exempted from such reporting on an item-by-item basis in accordance with Article 35a(2) of that Directive.

2.

The group regular supervisory report shall contain all of the following additional information:

- (a) regarding the group’s business and performance:

  • (i) a description of the activities and sources of profits or losses for each material related undertaking referred to in Article 256a of Directive 2009/138/EC and for each significant branch referred to in Article 354(1) of this Regulation;
  • (ii) qualitative and quantitative information on significant intra-group transactions by insurance and reinsurance undertakings with the group, the amount of such transactions over the reporting period, and the outstanding balances at the end of the reporting period;
- (b) regarding the group’s system of governance:
  • (i) a description of how the risk management and internal control systems and reporting procedures are implemented consistently by all undertakings within the scope of group supervision, as required by Article 246 of Directive 2009/138/EC;
  • (ii) qualitative and quantitative information on material specific risks at group level that are not captured by the Group Solvency Capital Requirement calculation and were not already covered by the ORSA supervisory report;
  • (iii) information on any material intragroup outsourcing arrangements;
  • (c) regarding the group’s capital management:
  • (i) qualitative and quantitative information on the Solvency Capital Requirement and own funds, in a format that allows for the assessment of the availability of own funds at group level, for any of the following related undertakings, insofar as the undertaking is included in the calculation of the group solvency:
  • (1) each insurance or reinsurance undertaking within the group;
  • (2) each intermediate insurance holding company, insurance holding company, intermediate mixed financial holding company, mixed financial holding company and ancillary services undertaking within the group, in which case notional solvency capital requirements shall be calculated in accordance with Article 226(1) of Directive 2009/138/EC;
  • (3) each related undertaking which is a credit institution, an investment firm, a financial institution, a UCITS management company, an alternative investment fund manager, or an institution for occupational retirement provisions;
  • (4) each related undertaking which is a non-regulated undertaking carrying out financial activities in which case notional solvency capital requirement shall be calculated;
  • (5) each related third country insurance or reinsurance undertaking;
  • (6) any other related undertaking;
  • (ii) a description of special purpose vehicles within the group which comply with Article 211 of Directive 2009/138/EC;
  • (iii) a description of special purpose vehicles within the group which are regulated by a third-country supervisory authority and comply with requirements equivalent to those set out in Article 211(2) of Directive 2009/138/EC, together with a description of the verification carried out by the participating insurance and reinsurance undertaking, insurance holding company or mixed financial holding company, assessing whether the requirements to which these special purpose vehicles are subject to in the third country are equivalent to those set out in Article 211(2) of Directive 2009/138/EC;
  • (iv) a description of each special purpose entity within the group other than those referred to in points (iii) and (vii) together with qualitative and quantitative information on the solvency requirement and own funds of those entities, where such is included in the calculation of the group solvency;
  • (v) where relevant, for all related insurance and reinsurance undertakings which are included in the calculation of the group solvency, qualitative and quantitative information on how those undertakings comply with Article 222(2) to (5) of Directive 2009/138/EC;
  • (vi) where relevant, qualitative and quantitative information on the own- fund items referred to in Article 222(3) of Directive 2009/138/EC that cannot effectively be made available to cover the Solvency Capital Requirement of the participating insurance or reinsurance undertaking, insurance holding company or mixed financial holding company for which the group solvency is calculated, including a description of how the adjustment to group own funds has been made;
  • (vii) where relevant, qualitative information on the reasons for the classification of own-fund items referred to in Articles 332 and 333 of this Regulation. For the purposes of point (c)(i)(5), for undertakings whose head office is headquartered in a third-country whose solvency regime is deemed to be equivalent pursuant to Article 227 of Directive 2009/138/EC, where method 2 within the meaning of Article 233 of that Directive is used, the Solvency Capital Requirement and the own funds eligible to satisfy that requirement as laid down by the third country concerned shall be separately identified.

Article 372a

Single Regular Supervisory Report: Structure and contents

1.

Where participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies provide a single regular supervisory report, this Section shall apply.

2.

The single regular supervisory report shall present separately the information to be reported at group level in accordance with Article 372, and the information to be reported in accordance with Articles 307 to 312 for each subsidiary covered by that report.

3.

The information at group level and the information for any subsidiary covered by the single regular supervisory report shall each follow the structure set out in Annex XX, Section B. Participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies may decide, when providing any part of the information to be reported for a subsidiary covered, to refer to information at group level, where that information is equivalent in both nature and scope.

Article 373

Information on material changes

Article 312 of this Regulation shall apply in relation to the group regular supervisory report or single regular supervisory report.

Article 374

Languages

1.

Participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies shall report their group regular supervisory reporting in the language or languages determined by the group supervisor.

2.

For the purposes of paragraph 1, where there is a college of supervisors and where the group supervisor intends to request the group regular supervisory reporting in multiple languages after having consulted the other supervisory authorities and the group itself, the languages to be used shall include at least one language commonly understood by the supervisory authorities concerned, as agreed in the college of supervisors.

SECTION 2 Reporting on risk concentrations and intragroup transactions

Article 376

Significant risk concentrations (definition, identification and thresholds)

1.

Participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies shall consider risk concentrations that could threaten the group solvency or liquidity position as significant risk concentrations.

2.

For the purposes of identifying significant risk concentrations, participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies shall consider, at least, direct and indirect exposures of undertakings in the group to all of the following:

  • (a) individual counterparties;
  • (b) groups of individual but interconnected counterparties, for example undertakings within the same corporate group;
  • (c) specific geographical areas or industry sectors;
  • (d) natural disasters or catastrophes.
3.

When determining appropriate thresholds in a particular group for significant risk concentrations to be reported, the group supervisor shall consider the following elements:

  • (a) the solvency and liquidity position of the group;

- (b) the complexity of the structure of the group;

- (c) the importance of regulated entities from other financial sectors or non-regulated entities carrying out financial activities;
  • (d) the diversification of the group's investments portfolio;
  • (e) the diversification of the group's insurance activities, in terms of geographical areas and lines of business.
Article 377

Significant intragroup transactions (definition, identification)

1.

Participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies shall consider as significant intragroup transactions the intragroup transactions that materially influence the solvency or liquidity position of the group or of one of the undertakings involved in these transactions.

2.

For the purposes of identifying significant intragroup transactions, participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies shall consider at least all of the following:

  • (a) investments;
  • (b) intercompany balances, including loans, receivables and arrangements to centralise the management of assets or cash;
  • (c) guarantees and commitments such as letters of credit;
  • (d) derivative transactions;
  • (e) dividends, coupons, and other interest payments;

- (f) reinsurance operations;

- (g) provision of services or agreements to share costs;

- (h) purchase, sale or lease of assets.

CHAPTER VII **PROPORTIONALITY MEASURES AT GROUP LEVEL**

Article 377a

Investments in intangibles asset capital requirement for identifying small and non-complex groups

The capital requirements referred to in Article 213a(1), point (e)(iii), of Directive 2009/138/EC shall be the capital requirement for intangible asset risk referred to in Article 203 of this Regulation.

Article 377b

Proportionality measures for groups that are not classified as small and non-complex

1.

When assessing whether to approve the use of a proportionality measure as referred to in Article 29d(1) of Directive 2009/138/EC to a parent insurance or reinsurance undertaking, insurance holding company or mixed financial holding company of a group as referred to in Article 213 of that Directive, Title I, Chapter XVI of this Regulation shall apply at the level of the group.

2.

When assessing whether the group does not have a complex business model, the group supervisor shall also take into account the following:

  • (a) the group structure;
  • (b) the number of jurisdictions in which the group operates;
  • (c) the proportion of the group’s total revenues stemming from activities conducted outside the home Member State of the parent undertaking;
  • (d) the significance, both in numbers and revenues, of undertakings within the group that are not insurance or reinsurance undertakings;
  • (e) the materiality of the intragroup transactions.

TITLE III **THIRD COUNTRY EEQUIVALENCE AND FINAL PROVISIONS**

CHAPTER I **UNDERTAKINGS CARRYING OUT REINSURANCE ACTIVITIES WITH THEIR HEAD OFFICE IN A THIRD COUNTRY**

Article 378

Criteria for assessing third country equivalence

The criteria to be taken into account in order to assess whether the solvency regime of a third country that applies to reinsurance activities of undertakings with their head office in that third country is equivalent to that laid down in Title I of Directive 2009/138/EC shall be the following:

  • (a) whether the supervisory authorities of that third country have the power, by law or regulation, to effectively supervise domestic insurance undertakings carrying out reinsurance activities or reinsurance undertakings and impose sanctions or take enforcement action where necessary;
  • (b) whether the supervisory authorities of that third country have the necessary means, the relevant expertise, capacities including financial and human resources, and mandate to effectively protect policy holders and beneficiaries regardless of their nationality or place of residence;
  • (c) whether the supervisory authorities of that third country, in the exercise of their general duties, duly consider the potential impact of their decisions on the stability of financial systems globally, particularly during emergency situations, on the basis of the information available at that time;

- (d) whether the supervisory authorities of that third country take into account the potential pro-cyclical effects of their actions where exceptional movements in the financial markets occur;

- (e) whether the taking-up of the business of reinsurance in that third country is subject to prior authorisation conditional on a clear, objective and publicly available set of written standards;
  • (f) whether the solvency regime of that third country requires domestic insurance or reinsurance undertakings carrying out reinsurance activities to have an effective system of governance in place which provides for sound and prudent management of the business and prescribes all of the following:
  • (i) the existence of an adequate, transparent organisational structure with a clear allocation and appropriate segregation of responsibilities,
  • (ii) requirements for ensuring that persons who effectively run the undertaking are fit and proper, which are equivalent to Article 42 of Directive 2009/138/EC,
  • (iii) the existence of effective processes to ensure the timely transmission of information both within the undertaking and to the relevant supervisory authorities;
  • (iv) requirements for ensuring that the outsourced functions or activities are effectively supervised;
  • (g) whether the solvency regime of that third country requires domestic insurance or reinsurance undertakings carrying out reinsurance activities to have an effective risk-management system in place comprising all of the following:
  • (i) strategies, processes and internal reporting procedures necessary to identify, measure, monitor, manage and report risks, to which the undertaking is or could be exposed, at an individual and an aggregated level and on a continuous basis, and their interdependencies;
  • (ii) an effective internal control system;
  • (h) whether the solvency regime of that third country requires domestic insurance or reinsurance undertakings carrying out reinsurance activities to establish and maintain effective risk-management, compliance, internal audit and actuarial functions;
  • (i) whether the solvency regime of that third country requires domestic insurance or reinsurance undertakings carrying out reinsurance activities to:
  • (i) provide third country supervisory authorities with any information necessary for the purposes of supervision;
  • (ii) disclose publicly, on at least an annual basis, a report on their solvency and financial condition equivalent to that specified in Article 51 of Directive 2009/138/EC;
  • (j) whether the solvency regime of that third country requires that proposed changes to the business policy or management of domestic insurance or reinsurance undertakings carrying out reinsurance activities, or to qualifying holdings in such undertakings, are consistent with maintaining a sound and prudent management of those undertakings;
  • (k) whether the assessment of the financial position of domestic insurance or reinsurance undertakings carrying out reinsurance activities relies on sound economic principles and whether solvency requirements are based on an economic valuation of all assets and liabilities;
  • (l) whether the solvency regime of that third country requires domestic insurance or reinsurance undertakings carrying out reinsurance activities to hold adequate financial resources including all of the following requirements:
  • (i) a requirement that those undertakings establish technical provisions with respect to all of their reinsurance obligations towards policy holders and beneficiaries of reinsurance contracts,
  • (ii) a requirement that assets held to cover technical provisions are invested in the best interests of all policy holders and beneficiaries taking into account any disclosed policy objective,
  • (iii) a requirement that those undertakings only invest in assets and instruments whose risks the undertaking concerned can properly identify, measure, monitor, manage, control and report,
  • (iv) a requirement that those undertakings meet capital requirements set at a level equivalent to that referred to in Article 101(3) of Directive 2009/138/EC which ensures that in the event of significant losses policy holders and beneficiaries are adequately protected and continue to receive payments as they become due,
  • (v) a requirement that those undertakings maintain a minimum level of capital, non-compliance with which triggers immediate and ultimate supervisory intervention,
  • (vi) a requirement that those undertakings meet the capital requirements referred to in points (iv) and (v) with own funds that are of a sufficient quality and which are able to absorb significant losses, and that own-fund items considered by the supervisory authorities to be of a high quality shall absorb losses both in a going concern and in case of a winding up;
  • (m) whether the capital requirements of the solvency regime of that third country are risk-based with the objective of capturing quantifiable risks and that where a significant risk is not quantifiable and cannot be captured in the capital requirements, then that risk is addressed through another supervisory mechanism;
  • (n) whether the solvency regime of that third country ensures timely intervention by supervisory authorities of the third country in the event that the capital requirement referred to in point (l)(iv) is not complied with;
  • (o) whether the solvency regime of the third country provides that all persons who are working or who have worked for the supervisory authorities of that third country, as well as auditors and experts acting on behalf of those authorities, are bound by obligations of professional secrecy and whether such obligations of professional secrecy extend to information received from all supervisory authorities;
  • (p) whether the solvency regime of the third country provides that, without prejudice to cases covered by criminal law, any confidential information received by all persons who are working or who have worked for the supervisory authorities of that third country is not divulged to any person or authority whatsoever, except in summary or aggregate form, such that individual insurance and reinsurance undertakings cannot be identified;

- (q) whether the solvency regime of the third country provides that, where an insurance or reinsurance undertaking has been declared bankrupt or is being compulsorily wound up, confidential information which does not concern third parties involved in attempts to rescue that undertaking may be divulged in civil or commercial proceedings;

- (r) whether third country supervisory authorities which receive confidential information from supervisory authorities only use that information in the course of their duties and for any of the following purposes:
  • (i) to check that the conditions governing the taking-up of business of reinsurance, system of governance and public disclosure and solvency assessment have been met,
  • (ii) to impose sanctions,
  • (iii) in administrative appeals against decisions of the supervisory authorities,
  • (iv) in court proceedings relating to the solvency regime in that third country;
  • (s) whether third country supervisory authorities are permitted to exchange information received from supervisory authorities, in the discharge of their supervisory functions or the detection and investigation of breaches of company law, with other authorities, bodies or persons where that authority, body or person is subject to the obligation of professional secrecy in the relevant third country and whether that information is only disclosed once the express agreement of the supervisory authority from which it originates has been obtained and, where appropriate, has been obtained solely for the purposes for which the authority gave its agreement.

Article 379

Criteria for assessing third country equivalence

The criteria to be taken into account in order to assess whether the solvency regime of a third country that applies to insurance and reinsurance undertakings with their head office in that third country is equivalent to that laid down in Title I, Chapter VI of Directive 2009/138/EC shall be the following:

  • (a) whether the assessment of the financial position of domestic insurance and reinsurance undertakings relies on sound economic principles and whether solvency requirements are based on an economic valuation of all assets and liabilities;
  • (b) whether the solvency regime of that third country requires domestic insurance or reinsurance undertakings to hold adequate financial resources including all of the following:
  • (i) a requirement that those undertakings establish technical provisions with respect to all of their insurance and reinsurance obligations towards policy holders and beneficiaries of insurance and reinsurance contracts,
  • (ii) a requirement that assets held to cover technical provisions are invested in the best interests of all policy holders and beneficiaries taking into account any disclosed policy objective,
  • (iii) a requirement that those undertakings only invest in assets and instruments whose risks the undertaking concerned can properly identify, measure, monitor, manage, control and report,
  • (iv) a requirement that those undertakings meet capital requirements set at a level equivalent to that achieved by Article 101(3) of Directive 2009/138/EC which ensures that in the event of significant losses policy holders and beneficiaries are adequately protected and continue to receive payments as they become due,
  • (v) a requirement that those undertakings maintain a minimum level of capital, non-compliance with which triggers immediate and ultimate supervisory intervention,
  • (vi) a requirement that those undertakings meet the capital requirements referred to in points (iv) and (v) with own funds that are of a sufficient quality and which are able to absorb significant losses, and that own-fund items considered by the supervisory authorities to be of a high quality shall absorb losses both in a going concern and in case of a winding up;
  • (c) whether the capital requirements of the solvency regime of that third country are risk-based with the objective of capturing quantifiable risks and, where a significant risk is not quantifiable and cannot be captured in the capital requirements, whether that risk is addressed through another supervisory mechanism;
  • (d) whether the solvency regime of that third country ensures timely intervention by supervisory authorities of the third country in the event that the capital requirement referred to in point (b)(iv) is not complied with;
  • (e) whether the solvency regime of the third country provides that all persons who are working or who have worked for the supervisory authorities of that third country, as well as auditors and experts acting on behalf of those authorities, are bound by obligations of professional secrecy and whether such obligations of professional secrecy extend to information received from all supervisory authorities;
  • (f) whether the solvency regime of the third country provides that, without prejudice to cases covered by criminal law, any confidential information received by all persons who are working or who have worked for the supervisory authorities of that third country is not divulged to any person or authority whatsoever, except in summary or aggregate form, such that individual insurance and reinsurance undertakings cannot be identified;
  • (g) whether the solvency regime of the third country provides that, where an insurance or reinsurance undertaking has been declared bankrupt or is being compulsorily wound up, confidential information which does not concern third parties involved in attempts to rescue that undertaking may be divulged in civil or commercial proceedings;
  • (h) whether third country supervisory authorities which receive confidential information from supervisory authorities only use that information in the course of their duties and for any of the following purposes:
  • (i) to check that the conditions governing the taking-up of business, system of governance and public disclosure and solvency assessment have been met,
  • (ii) to impose sanctions,
  • (iii) in administrative appeals against decisions of the supervisory authorities,
  • (iv) in court proceedings relating to the solvency regime in that third country;
  • (i) whether third country supervisory authorities are permitted to exchange information received from supervisory authorities, in the discharge of their supervisory functions or the detection and investigation of breaches of company law, with other authorities, bodies or persons where that authority, body or person is subject to the obligation of professional secrecy in the relevant third country and whether that information is only disclosed once the express agreement of the supervisory authority from which it originates has been obtained and, where appropriate, has been obtained solely for the purposes for which the authority gave its agreement.

CHAPTER III **INSURANCE AND REINSURANCE UNDERTAKINGS WITH THE PARENT UNDERTAKINGS OUTSIDE THE UNION**

Article 380

Criteria for assessing third country equivalence

The criteria which shall be taken into account in order to assess whether the prudential regime in a third country for the supervision of groups is equivalent to that laid down in Title III of Directive 2009/138/EC shall be the following:

  • (a) whether the supervisory authorities of the third country have the necessary means, the relevant expertise, capacities including financial and human resources, and mandate to effectively protect policy holders and beneficiaries, regardless of their nationality or place of residence;
  • (b) whether the supervisory authorities of the third country are empowered by law or regulation to:
  • (i) determine which undertakings fall under the scope of supervision at group level,
  • (ii) supervise insurance and reinsurance undertakings which are part of a group,
  • (iii) impose sanctions or take enforcement action where necessary;
  • (c) whether the supervisory authorities of the third country are able to effectively assess the risk profile and solvency and financial position of insurance and reinsurance undertakings which are part of a group as well as that group's business strategy;
  • (d) whether the scope of supervision at group level at least includes all undertakings over which a participating undertaking, as defined in Article 212(1)(a) of Directive 2009/138/EC, exercises dominant or significant influence unless where this would be inappropriate to the objectives of group supervision;
  • (e) whether the supervisory authorities of the third country, in the exercise of their general duties, duly consider the potential impact of their decisions on the stability of financial systems globally, particularly during emergency situations, on the basis of the information available at the time;
  • (f) whether the supervisory authorities of that third country take into account the potential pro-cyclical effects of their actions where exceptional movements in the financial markets occur;
  • (g) whether the prudential regime of that third country requires an effective system of governance at the group level which provides for sound and prudent management of the business and prescribes all of the following:
  • (i) the existence of an adequate transparent organisational structure with a clear allocation and appropriate segregation of responsibilities;
  • (ii) requirements for ensuring that persons who effectively run the undertaking are fit and proper, which are equivalent to Article 42 of Directive 2009/138/EC;
  • (iii) the existence of effective processes to ensure the timely transmission of information both within the group and to the relevant supervisory authorities;
  • (iv) requirements for ensuring that the outsourced functions or activities are effectively supervised;

- (h) whether the prudential regime of that third country requires an effective risk-management system in place at the group level comprising at least all of the following:

  • (i) strategies, processes and internal reporting procedures necessary to identify, measure, monitor, manage and report risks on a continuous basis, to which the group is or could be exposed and their interdependencies;
  • (ii) an effective internal control system;
- (i) whether the prudential regime of that third country requires the group to have sound reporting and accounting procedures to monitor and manage the intra-group transactions and the risk concentrations;
  • (j) whether the prudential regime of that third country requires that effective risk-management, compliance, internal audit and actuarial functions are established and maintained by the group;
  • (k) whether the prudential regime of that third country requires the group to do all of the following:
  • (i) to provide third country supervisory authorities with any information necessary for the purposes of supervision;
  • (ii) to report significant risk concentration at the level of the group and significant intra-group transactions, on at least an annual basis;
  • (iii) to disclose publicly, on at least an annual basis, a report on the solvency and financial condition of the group which is equivalent to that specified in Article 51 of Directive 2009/138/EC;

- (l) whether the prudential regime of that third country requires that proposed changes to the business policy or management of the group, or to qualifying holdings in the group, are consistent with the sound and prudent management of the group;

  • (m) whether the assessment of the financial position of the group relies on sound economic principles and whether the assessment of solvency is based on an economic valuation of all assets and liabilities;

- (n) whether the prudential regime of that third country requires the group to hold adequate financial resources including all of the following:

  • (i) a requirement that the group establishes technical provisions with respect to all of its insurance and reinsurance obligations towards policy holders and beneficiaries of insurance and reinsurance undertakings which are part of the group;
  • (ii) a requirement that assets held to cover technical provisions are invested in the best interests of all policy holders and beneficiaries taking into account any disclosed policy objective;
  • (iii) a requirement that the group only invests in assets and instruments whose risks it can properly identify, measure, monitor, manage, control and report;
  • (iv) a requirement by the supervisory authorities of the third country that the group meet capital requirements set at a level equivalent to that achieved by Article 101(3) of Directive 2009/138/EC which ensures that in the event of significant losses policy holders and beneficiaries are adequately protected and continue to receive payments as they become due;
  • (v) a requirement that insurance or reinsurance undertakings which are part of the group maintain a minimum level of capital, non-compliance with which triggers immediate and ultimate supervisory intervention;
  • (vi) a requirement that the group capital requirement is met with own funds that are of a sufficient quality and which are able to absorb significant losses, and that own-fund items considered by the supervisory authorities to be of a high quality shall absorb losses both in a going concern and in case of a winding up;
  • (o) whether the capital requirements of the prudential regime of that third country are risk-based with the objective of capturing quantifiable risks and, where a significant risk is not quantifiable and cannot be captured in the capital requirements, whether that risk is addressed through another supervisory mechanism;
  • (p) whether the prudential regime of that third country ensures timely intervention by supervisory authorities of the third country in the event that the capital requirement referred to in point (n)(iv) is not complied with;
  • (q) whether the supervisory authorities of the third country restrict the use of own-fund items of a related insurance or reinsurance undertaking where they consider that they cannot effectively be made available to cover the capital requirement of the participating undertaking for which the group solvency is calculated;
  • (r) whether the calculation of group solvency in the third country's prudential regime produces a result that is at least equivalent to the result achieved by either one of the calculation methods set out in Articles 230 and 233 of Directive 2009/138/EC, or a combination of them, and that calculation ensures that there is no double use of own funds to meet the group capital requirement and that the intra-group creation of capital through reciprocal financing is eliminated;
  • (s) whether the prudential regime of the third country provides that all persons who are working or who have worked for the supervisory authorities of that third country, as well as auditors and experts acting on behalf of those authorities, are bound by obligations of professional secrecy and whether such obligations of professional secrecy extend to information received from all supervisory authorities;
  • (t) whether the prudential regime of the third country provides that, without prejudice to cases covered by criminal law, any confidential information received by all persons who are working or who have worked for the supervisory authorities of that third country is not divulged to any person or authority whatsoever, except in summary or aggregate form, such that individual insurance and reinsurance undertakings cannot be identified;
  • (u) whether the prudential regime of the third country provides that, where an insurance or reinsurance undertaking has been declared bankrupt or is being compulsorily wound up, confidential information which does not concern third parties involved in attempts to rescue that undertaking may be divulged in civil or commercial proceedings;
  • (v) whether third country supervisory authorities which receive confidential information from other supervisory authorities only use that information in the course of their duties and for any of the following purposes:
  • (i) to check that the conditions governing the taking-up of business, system of governance and public disclosure and solvency assessment have been met;
  • (ii) to impose sanctions;
  • (iii) in administrative appeals against decisions of the supervisory authorities;
  • (iv) in court proceedings relating to the solvency regime in that third country;
  • (w) whether third country supervisory authorities are permitted to exchange information received from supervisory authorities, in the discharge of their supervisory functions or the detection and investigation of breaches of company law, with other authorities, bodies or persons where that authority, body or person is subject to the obligation of professional secrecy in the relevant third country and whether that information is only disclosed once the express agreement of the supervisory authority from which it originates has been obtained and, where appropriate, has been obtained solely for the purposes for which the authority gave its agreement.

CHAPTER IV **FINAL PROVISIONS**

Article 381

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

This Regulation shall be binding in its entirety and directly applicable in all Member States.

ANNEX I

LINES OF BUSINESS

A. Non-life insurance obligations

  • (1) Medical expense insurance
  • Medical expense insurance obligations where the underlying business is not pursued on a similar technical basis to that of life insurance, other than obligations included in the line of business 3.
  • (2) Income protection insurance
  • Income protection insurance obligations where the underlying business is not pursued on a similar technical basis to that of life insurance, other than obligations included in the line of business 3.
  • (3) Workers' compensation insurance
  • Health insurance obligations which relate to accidents at work, industrial injury and occupational diseases and where the underlying business is not pursued on a similar technical basis to that of life insurance.
  • (4) Motor vehicle liability insurance
  • Insurance obligations which cover all liabilities arising out of the use of motor vehicles operating on land (including carrier's liability).

- (5) Other motor insurance

  • Insurance obligations which cover all damage to or loss of land vehicles (including railway rolling stock).

- (6) Marine, aviation and transport insurance

  • Insurance obligations which cover all damage or loss to sea, lake, river and canal vessels, aircraft, and damage to or loss of goods in transit or baggage irrespective of the form of transport. Insurance obligations which cover liabilities arising out of the use of aircraft, ships, vessels or boats on the sea, lakes, rivers or canals (including carrier's liability).
  • (7) Fire and other damage to property insurance
  • Insurance obligations which cover all damage to or loss of property other than those included in the lines of business 5 and 6 due to fire, explosion, natural forces including storm, hail or frost, nuclear energy, land subsidence and any event such as theft.
  • (8) General liability insurance
  • Insurance obligations which cover all liabilities other than those in the lines of business 4 and 6.
  • (9) Credit and suretyship insurance
  • Insurance obligations which cover insolvency, export credit, instalment credit, mortgages, agricultural credit and direct and indirect suretyship.
  • (10) Legal expenses insurance
  • (11) Assistance
  • Insurance obligations which cover assistance for persons who get into difficulties while travelling, while away from home or while away from their habitual residence.
  • (12) Miscellaneous financial loss
  • Insurance obligations which cover employment risk, insufficiency of income, bad weather, loss of benefit, continuing general expenses, unforeseen trading expenses, loss of market value, loss of rent or revenue, indirect trading losses other than those mentioned above, other financial loss (non-trading) as well as any other risk of non-life insurance not covered by the lines of business 1 to 11.

B. Proportional non-life reinsurance obligations

The lines of business 13 to 24 shall include proportional reinsurance obligations which relate to the obligations included in lines of business 1 to 12 respectively.

C. Non-proportional non-life reinsurance obligations

  • (25) Non-proportional health reinsurance
  • Non-proportional reinsurance obligations relating to insurance obligations included in lines of business 1 to 3.
  • (26) Non-proportional casualty reinsurance

- Non-proportional reinsurance obligations relating to insurance obligations included in lines of business 4 and 8.

  • (27) Non-proportional marine, aviation and transport reinsurance
  • Non-proportional reinsurance obligations relating to insurance obligations included in line of business 6.
  • (28) Non-proportional property reinsurance
  • Non-proportional reinsurance obligations relating to insurance obligations included in lines of business 5, 7 and 9 to 12.

D. Life insurance obligations

- (29) Health insurance

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