Question ID: 3557
Regulation Reference: (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII)
Topic: Solvency Capital Requirement (SCR)
Article: Article 173 (of (EU) No 2015/35 amended by 2026/269)
Status: Rejected
Date of submission: 28 Apr 2026
Question
Article 173 of Delegated Regulation (EU) 2015/35, as amended by Delegated Regulation (EU) 2026/269, introduces a preferential treatment for equity investments made under qualifying legislative programmes, whereby the applicable risk factor is reduced in proportion to the quantified reduction in credit risk achieved under the programme. The European Commission's Q&A (published 29 October 2025) illustrates this provision using the long-term equity (LTE) risk factor of 22% (under Article 171a) as a base. However, I wondered whether this example is exhaustive or merely illustrative. We therefore ask: Does the preferential treatment under Article 173 also apply to other preferential treatments — for instance, qualifying infrastructure equity investments subject to the 30% stress factor under Article 169(3) and (4)?
Background of the question
This question arises from a research perspective on a practical implementation ahead of the application date of Delegated Regulation (EU) 2026/269 on 30 January 2027, in the context of planning investments in infrastructure projects and corporates that may qualify both under Article 164a (qualifying infrastructure) and under a legislative programme benefitting from public guarantees or subsidies.
EIOPA answer
The question has been rejected because the issue it deals with is already explained or addressed in Article 173 of Commission Delegated Regulation (EU) 2026/269 of 29 October 2025 amending Delegated Regulation (EU) 2015/35. Article 173 refers to the percentages laid down in Article 169 and to the “standard equity risk sub-module”. Pursuant to Article 169, the standard equity risk sub-module includes also qualifying infrastructure equity investments.