Question ID: 1852
Regulation Reference: (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance)
Topic: Solvency Capital Requirement (SCR)
Article: 187(1)
Status: Final
Date of submission: 08 Feb 2019
Question
Article 187(1) refers to covered bonds described in Article 52(4) of Directive 2009/65/EC.
This definition is unclear to us. Do covered bonds need to be bonds issued by a credit institution which has its registered office in a Member State? Or would bonds issued by third-country public sector entities also qualify (as is the case for Basel 3).
Background of the question
Covered bond definition
EIOPA answer
Bonds issued by third-country public sector entities cannot qualify as covered bonds as referred to in Article 187 (1) of the Commission Delegated Regulation (EU) 2015/35.