Health catastrophe risk sub-module

1. The capital requirement for the health catastrophe risk sub-module shall be equal to the following:

SCR health CAT= sqrt(SCR^2 ma + SCR^2 ac + SCR^2 p)

where:

(a) SCR ma denotes the capital requirement of the mass accident risk sub-module;

(b) SCR ac denotes the capital requirement of the accident concentration risk sub-module;

(c) SCR p denotes the capital requirement of the pandemic risk sub-module.

2. Insurance and reinsurance undertakings shall apply:

(a) the mass accident risk sub-module to health insurance and reinsurance obligations other than workers' compensation insurance and reinsurance obligations;

(b) the accident concentration risk sub-module to workers' compensation insurance and reinsurance obligations and to group income protection insurance and reinsurance obligations;

(c) the pandemic risk sub-module to health insurance and reinsurance obligations other than workers' compensation insurance and reinsurance obligations.