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Home
…
Rulebook
Solvency II Single Rulebook
DELEGATED REGULATION (EU) 2015/35
DELEGATED REGULATION (EU) 2015/35
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✔
DELEGATED REGULATION (EU) 2015/35
✔
TITLE I - VALUATION AND RISK-BASED CAPITAL REQUIREMENTS (PILLAR I), ENHANCED GOVERNANCE (PILLAR II) AND INCREASED TRANSPARENCY (PILLAR III)
✔
CHAPTER I - General Provisions
✔
SECTION 1 - Definitions and general principles
✔
Article 1 - Definitions
✔
Article 2 - Expert Judgement
✔
SECTION 2 - External Credit assessments
✔
Article 3 - Association of credit assessments to credit quality steps
✔
Article 4 - General requirements on the use of credit assessments
✔
Article 5 - Issuers and issue credit assessment
✔
Article 6 - Double credit rating for securitisation positions
✔
CHAPTER II - Valuation of assets and liabilities
✔
Article 7 - Valuation assumptions
✔
Article 8 - Scope
✔
Article 9 - Valuation methodology — general principles
✔
Article 10 - Valuation methodology — valuation hierarchy
✔
Article 11 - Recognition of contingent liabilities
✔
Article 12 - Valuation methods for goodwill and intangible assets
✔
Article 14 - Valuation methods for specific liabilities
✔
Article 15 - Deferred taxes
✔
Article 16 - Exclusion of valuation methods
✔
Article Valuation methods for related undertakings - Article 13
✔
CHAPTER III - Rules relating to Technical Provisions
✔
SECTION 1 - Definitions and general principles
✔
Article 17 - Recognition and derecognition of insurance and reinsurance obligations
✔
Article 18 - Boundary of an insurance or reinsurance contract
✔
SECTION 2 - Data Quality
✔
Article 19 - Data used in the calculation of technical provisions
✔
Article 20 - Limitations of data
✔
Article 21 - Appropriate use of approximations to calculate the best estimate
✔
SECTION 3 - Methodologies to calculate technical provisions
✔
SUBSECTION 1 - Assumptions underlying the calculation of technical Provisions
✔
Article 22 - General provisions
✔
Article 23 - Future management actions
✔
Article 24 - Future discretionary benefits
✔
Article 25 - Separate calculation of the future discretionary benefits
✔
Article 26 - Policyholder behaviour
✔
SUBSECTION 2 - Information underlying the calculation of Best Estimates
✔
Article 27 - Credibility of information
✔
SUBSECTION 3 - Cah Flow projections for the calculation of the Best Estimate
✔
Article 28 - Cash flows
✔
Article 29 - Expected future developments in the external environment
✔
Article 30 - Uncertainty of cash flows
✔
Article 31 - Expenses
✔
Article 32 - Contractual options and financial guarantees
✔
Article 33 - Currency of the obligation
✔
Article 34 - Calculation methods
✔
Article 35 - Homogeneous risk groups of life insurance obligations
✔
Article 36 - Non-life insurance obligations
✔
SUBSECTION 4 - Risk Margin
✔
Article 37 - Calculation of the risk margin
✔
Article 38 - Reference undertaking
✔
Article 39 - Cost-of-Capital rate
✔
SUBSECTION 5 - Calculation of Technical Provisions as a whole
✔
Article 40 - Circumstances in which technical provisions shall be calculated as a whole and the method to be used
✔
SUBSECTION 6 - Recoverables from reinsurance contracts and Special Purpose Vehicles
✔
Article 41 - General provisions
✔
Article 42 - Counterparty default adjustment
✔
SECTION 4 - Relevant Risk Free interest rate term structure
✔
SUBSECTION 1 - General Provisions
✔
Article 43 - General provisions
✔
SUBSECTION 2 - Basic Risk Free interest rate term structure
✔
Article 44 - Relevant financial instruments to derive the basic risk-free interest rates
✔
Article 45 - Adjustment to swap rates for credit risk
✔
Article 46 - Extrapolation
✔
Article 47 - Ultimate forward rate
✔
Article 48 - Basic risk-free interest rate term structure of currencies pegged to the euro
✔
Article 68 - Treatment of participations in the determination of basic own funds
✔
SUBSECTION 3 - Volatility Adjustment
✔
Article 49 - Reference portfolios
✔
Article 50 - Formula to calculate the spread underlying the volatility adjustment
✔
Article 51 - Risk-corrected spread
✔
SUBSECTION 4 - Matching Adjustment
✔
Article 52 - Mortality risk stress
✔
Article 53 - Calculation of the matching adjustment
✔
Article 54 - Calculation of the fundamental spread
✔
SECTION 5 - Lines of Business
✔
Article 55 - Lines of business
✔
SECTION 6 - Proportionality and simplifications
✔
Article 57 - Simplified calculation of recoverables from reinsurance contracts and special purpose vehicles
✔
Article 58 - Simplified calculation of the risk margin
✔
Article 59 - Calculations of the risk margin during the financial year
✔
Article 60 - Simplified calculation of the best estimate for insurance obligations with premium adjustment mechanism
✔
Article 61 - Simplified calculation of the counterparty default adjustment
✔
CHAPTER IV - Own Funds
✔
SECTION 1 - Determination of Own Funds
✔
SUBSECTION 1 - Supervisory approval of ancillary own funds
✔
Article 62 - Assessment of the application
✔
Article 63 - Assessment of the application — Status of the counterparties
✔
Article 64 - Assessment of the application — Recoverability of the funds
✔
Article 65 - Assessment of the application — Information on the outcome of past calls
✔
Article 66 - Specification of amount relating to an unlimited amount of ancillary own funds
✔
Article 67 - Specification of amount and timing relating to the approval of a method
✔
SUBSECTION 2 - Own Funds treatment of participations
✔
Article 68 - Treatment of participations in the determination of basic own funds
✔
SECTION 2 - Classification of Own Funds
✔
Article 68 - Treatment of participations in the determination of basic own funds
✔
Article 69 - Tier 1 — List of own-fund items
✔
Article 70 - Reconciliation Reserve
✔
Article 71 - Tier 1 — Features determining classification
✔
Article 72 - Tier 2 Basic own-funds — List of own-fund items
✔
Article 73 - Tier 2 Basic own-funds — Features determining classification
✔
Article 74 - Tier 2 Ancillary own-funds — List of own-fund items
✔
Article 75 - Tier 2 Ancillary own-funds — Features determining classification
✔
Article 76 - Tier 3 Basic own-funds– List of own-fund items
✔
Article 77 - Tier 3 Basic own-funds– Features determining classification
✔
Article 78 - Tier 3 Ancillary own-funds– List of own-funds items
✔
Article 79 - Supervisory Authorities approval of the assessment and classification of own-fund items
✔
SECTION 3 - Eligibility of Own Funds
✔
SUBSECTION 1 - Ring-fenced funds
✔
Article 80 - Ring-fenced funds requiring adjustments
✔
Article 81 - Adjustment for ring-fenced funds and matching adjustment portfolios
✔
SUBSECTION 2 - Quantitative limits
✔
Article 82 - Eligibility and limits applicable to Tiers 1, 2 and 3
✔
CHAPTER V - Solvency capital requirement standard formula
✔
SECTION 1 - General Provisions
✔
SUBSECTION 1 - Scenario based calculation
✔
Article 83 - Scenario based calculations
✔
SUBSECTION 2 - Look-through approach
✔
Article 84 - Look-through approach
✔
SUBSECTION 3 - Regional governaments and local authorities
✔
Article 85 - Regional governments and local authorities
✔
SUBSECTION 4 - Material basis risk
✔
Article 86 - Material basis risk
✔
SUBSECTION 5 - Calculation of the basic Solvency Capital Requirement
✔
Article 87 - Calculation of the basic Solvency Capital Requirement
✔
SUBSECTION 6 - Proportionality and simplifications
✔
Article 88 - Proportionality
✔
Article 89 - General provisions for simplifications for captives
✔
Article 90 - Simplified calculation for captive insurance and reinsurance undertakings of the capital requirement for non-life premium and reserve risk
✔
Article 90 - Simplified calculation for captive insurance and reinsurance undertakings of the capital requirement for non-life premium and reserve risk
✔
Article 90a - Simplified calculation for discontinuance of insurance policies in the non-life lapse risk sub-module
✔
Article 90b - Simplified calculation of the sum insured for natural catastrophe risks
✔
Article 90b - Simplified calculation of the sum insured for natural catastrophe risks
✔
Article 90c - Simplified calculation of the capital requirement for fire risk
✔
Article 90c - Simplified calculation of the capital requirement for fire risk
✔
Article 91 - Simplified calculation of the capital requirement for life mortality risk
✔
Article 91 - Simplified calculation of the capital requirement for life mortality risk
✔
Article 92 - Simplified calculation of the capital requirement for life longevity risk
✔
Article 92 - Simplified calculation of the capital requirement for life longevity risk
✔
Article 93 - Simplified calculation of the capital requirement for life disability-morbidity risk
✔
Article 94 - Simplified calculation of the capital requirement for life-expense risk
✔
Article 95 - Simplified calculation of the capital requirement for permanent changes in lapse rates
✔
Article 95a - Simplified calculation of the capital requirement for risks in the life lapse risk sub-module
✔
Article 96 - Simplified calculation of the capital requirement for life-catastrophe risk
✔
Article 96a - Simplified calculation for discontinuance of insurance policies in the NSLT health lapse risk sub-module
✔
Article 97 - Simplified calculation of the capital requirement for health mortality risk
✔
Article 98 - Simplified calculation of the capital requirement for health longevity risk
✔
Article 99 - Simplified calculation of the capital requirement for medical expense disability-morbidity risk
✔
Article 100 - Simplified calculation of the capital requirement for income protection disability-morbidity risk
✔
Article 101 - Simplified calculation of the capital requirement for health expense risk
✔
Article 102 - Simplified calculation of the capital requirement for SLT health lapse risk
✔
Article 102a - Simplified calculation of the capital requirement for risks in the SLT health lapse risk sub-module
✔
Article 103 - Simplified calculation of the capital requirement for interest rate risk for captive insurance or reinsurance undertakings
✔
Article 104 - Simplified calculation for spread risk on bonds and loans
✔
Article 105 - Simplified calculation for captive insurance or reinsurance undertakings of the capital requirement for spread risk on bonds and loans
✔
Article 105a - Simplified calculation for the risk factor in the spread risk sub-module and the market risk concentration sub-module
✔
Article 106 - Simplified calculation of the capital requirement for market risk concentration for captive insurance or reinsurance undertakings
✔
Article 107 - Simplified calculation of the risk mitigating effect for reinsurance arrangements or securitisation
✔
Article 108 - Simplified calculation of the risk mitigating effect for proportional reinsurance arrangements
✔
Article 109 - Simplified calculations for pooling arrangements
✔
Article 110 - Simplified calculation — grouping of single name exposures
✔
Article 111 - Simplified calculation of the risk mitigating effect
✔
Article 111a - Simplified calculation of the risk-mitigating effect on underwriting risk
✔
Article 112 - Simplified calculation of the risk adjusted value of collateral to take into account the economic effect of the collateral
✔
Article 112a - Simplified calculation of the loss-given-default for reinsurance
✔
Article 112b - Simplified calculation of the capital requirement for counterparty default risk on type 1 exposures
✔
SUBSECTION 7 - Scope of the underwriting risk modules
✔
Article 113 - Scope of the underwriting risk modules
✔
SECTION 2 - Non-life underwriting risk module
✔
Article 114 - Non-life underwriting risk module
✔
Article 115 - Non-life premium and reserve risk sub-module
✔
Article 116 - Volume measure for non-life premium and reserve risk
✔
Article 117 - Standard deviation for non-life premium and reserve risk
✔
Article 118 - Non-life lapse risk sub-module
✔
Article 119 - Non-life catastrophe risk sub-module
✔
Article 120 - Natural catastrophe risk sub-module
✔
Article 121 - Windstorm risk sub-module
✔
Article 122 - Earthquake risk sub-module
✔
SECTION 3 - Life underwriting risk module
✔
SECTION 4 - Health underwriting risk module
✔
SECTION 5 - Market risk module
✔
SUBSECTION 1 - Correlation coefficients
✔
SUBSECTION 1a - Qualifying infrastructure investments
✔
SUBSECTION 2 - Interest rate risk sub-module
✔
SUBSECTION 3 - Equity risk submodule
✔
SUBSECTION 4 - Property risk sub-module
✔
SUBSECTION 5 - Spread risk submodule
✔
SUBSECTION 6 - Market risk concentrations sub-module
✔
SUBSECTION 7 - Currency risk sub-module
✔
SECTION 6 - Counterparty Default risk module
✔
SUBSECTION 1 - General Provisions
✔
SUBSECTION 2 - Type 1 exposures
✔
SUBSECTION 3 - Type 2 exposures
✔
SECTION 7 - Intangible assets module
✔
SECTION 8 - Operational risk
✔
SECTION 9 - Adjustment for the loss absorbing capacity of Technical Provisionsand deferred taxes
✔
SECTION 10 - Risk mitigation techniques
✔
SECTION 11 - Ring fenced funds
✔
SECTION 12 - Undertaking-specifica parameters
✔
SECTION 13 - Procedure for updating correlation parameters
✔
CHAPTER 6 - Solvency Capital Requirements - full and partial internal Models
✔
SECTION 1 - Definitions
✔
SECTION 2 - Use test
✔
SECTION 3 - Statistical quality standards
✔
SECTION 4 - Calibration standards
✔
SECTION 5 - Integration of Partial Internal Models
✔
SECTION 6 - Validation standards
✔
SECTION 7 - Validation Standards
✔
SECTION 8 - Documentation standards
✔
SECTION 9 - Externalmodels and data
✔
CHAPTER 7 - Minimum Capital Requirement
✔
CHAPTER 8 - Investments in securitisation positions
✔
CHAPTER 9 - System of governance
✔
SECTION 1 - Elements of the system of governance
✔
Article 258 - General governance requirements
✔
SECTION 2 - Functions
✔
SECTION 3 - Fit and Proper requirements
✔
SECTION 4 - Outsourcing
✔
SECTION 5 - Remuneration policy
✔
CHAPTER 10 - Capital add-on
✔
SECTION 1 - Circumstances for imposing a capital add-on
✔
SECTION 2 - Methodologies for calculating capital add-on
✔
CHAPTER 11 - Extension of the recovery period
✔
CHAPTER 12 - Public Disclosure
✔
SECTION 1 - Solvency and Financial Condition Report: structure and contents
✔
SECTION 2 - Solvency and Financial Condition Report: non-disclosure of information
✔
Article 299 - Solvency and financial condition report: non-disclosure of information
✔
SECTION 3 - Solvency and Financial Condition Report: deadlines, means of disclosure and updates
✔
Article 300 - Deadlines
✔
Article 301 - Means of disclosure
✔
Article 302 - Updates
✔
Article 303 - Transitional arrangements on comparative information
✔
CHAPTER 13 - Regular Supervisory Reporting
✔
SECTION 1 - Elements and contents
✔
Article 304 - Elements of the regular supervisory reporting
✔
Article 305 - Materiality
✔
Article 306 - Own-risk and solvency assessment supervisory report
✔
Article 307 - Business and performance
✔
Article 308 - System of governance
✔
Article 309 - Risk profile
✔
Article 310 - Valuation for solvency purposes
✔
Article 311 - Capital management
✔
SECTION 2 - Deadlines and means of communication
✔
Article 312 - Deadlines
✔
Article 313 - Means of communication
✔
Article 314 - Transitional information requirements
✔
CHAPTER 14 - Transparency and accountability of supervisory authorities
✔
Article 315 - Confidential information
✔
Article 316 - Aggregate statistical data
✔
Article 317 - Means of disclosure
✔
CHAPTER 15 - Special Purpose Vehicles
✔
SECTION 1 - Authorization
✔
Article 318 - Authorization
✔
SECTION 2 - Mandatory contract conditions
✔
Article 319 - Fully Funded
✔
Article 320 - Effective transfer of risk
✔
Article 321 - Rights of the providers of debt or financing mechanisms
✔
SECTION 3 - System of governance
✔
Article 322 - Fit and proper requirements of persons who effectively run a special purpose vehicle
✔
Article 323 - Fit and proper requirements for shareholders or members with a qualifying holding
✔
Article 324 - Sound administrative and accounting procedures, adequate internal control mechanisms and risk-management requirements
✔
SECTION 4 - Supervisory reporting
✔
Article 325 - Supervisory reporting
✔
SECTION 5 - Solvency requirements
✔
Article 326 - Solvency requirements
✔
Article 327 - Solvency requirements on investments
✔
TITLE II - INSURANCE GROUPS
✔
CHAPTER 1 - Solvency calculation at group level
✔
SECTION 1 - Group solvency: choice of calculation method and general principles
✔
Article 328 - Choice of method
✔
Article 329 - Treatment of specific related undertakings
✔
Article 330 - Availability at group level of the eligible own funds of related undertakings
✔
SECTION 2 - Group solvency: calculation methods
✔
Article 331 - Classification of own-fund items of related insurance and reinsurance undertakings at group level
✔
Article 332 - Classification of own-fund items of related third-country insurance or reinsurance undertakings at group level
✔
Article 333 - Classification of own-fund items of insurance holding companies, mixed financial holding companies, and subsidiary ancillary services undertakings at group level
✔
Article 334 - Classification of own-fund items of residual related undertakings
✔
Article 335 - Method 1: determination of consolidated data
✔
Article 336 - Method 1: Calculation of the consolidated group Solvency Capital Requirement
✔
Article 337 - Method 1: determination of the local currency for the purposes of the currency risk calculation
✔
Article 338 - Method 1: group-specific parameters
✔
Article 339 - Method 1: best estimate
✔
Article 340 - Method 1: Risk margin
✔
Article 341 - Combination of methods 1 and 2: minimum consolidated group Solvency Capital Requirement
✔
Article 342 - Method 2: Elimination of intra-group creation of capital in relation to the best estimate
✔
CHAPTER 2 - Internal Models for the calculation of the consolidated group Solvency Capital Requirement
✔
SECTION 1 - Full and partial Internal Models used to calculate only the group Solvency Capital Requirement
✔
Article 343 - Application for the use of an internal model to calculate only the consolidated group Solvency Capital Requirement
✔
Article 344 - Assessment of the application for the use of an internal model to calculate only the consolidated group Solvency Capital Requirement
✔
Article 345 - Decision on the application and transitional plan to extend the scope of a partial internal model used to calculate only the consolidated group Solvency Capital Requireme
✔
Article 346 - Use test for internal models used to calculate only the consolidated group Solvency Capital Requirement
✔
SECTION 2 - Use of a group Internal Model
✔
Article 347 - Application to use a group internal model
✔
Article 348 - Assessment of the completeness of an application to use a group internal model
✔
Article 349 - Joint decision on the application and transitional plan to extend the scope of the model
✔
Article 350 - Use test for group internal models
✔
CHAPTER 3 - Supervision of group solvency for groups with centralised risk management
✔
Article 351 - Assessment of conditions: criteria
✔
Article 352 - Assessment of conditions: procedures
✔
Article 353 - Assessment of an emergency situation: criteria
✔
CHAPTER 4 - Coordination of group supervision
✔
SECTION 1 - Colleges of supervisors
✔
Article 354 - Participation of supervisors of significant branches and related undertakings
✔
Article 355 - Coordination arrangements
✔
Article 356 - Supervisory approval of group-specific parameters
✔
SECTION 2 - Exchange of information
✔
Article 357 - Information to be exchanged on a systematic basis
✔
SECTION 3 - National or regional sub-group supervision
✔
Article 358 - National or regional subgroup supervision
✔
CHAPTER 5 - Public Disclosure
✔
SECTION 1 - Group Solvency and Financial Condition Report
✔
Article 359 - Structure and contents
✔
Article 360 - Languages
✔
Article 361 - Non-disclosure of information
✔
Article 362 - Dealines
✔
Article 363 - Updates
✔
Article 364 - Transitional arrangements on comparative information
✔
SECTION 2 - Single Solvency and Financial Condition Report
✔
Article 365 - Structure and contents
✔
Article 366 - Languages
✔
Article 367 - Non-disclosure of information
✔
Article 368 - Deadlines
✔
Article 369 - Updates
✔
Article 370 - Reference
✔
Article 371 - Transitional arrangements on comparative information
✔
CHAPTER 6 - Group supervisory reporting
✔
SECTION 1 - Regular reporting
✔
Article 372 - Elements and contents
✔
Article 373 - Deadlines
✔
Article 374 - Languages
✔
Article 375 - Additional transitional information on groups
✔
SECTION 2 - Reporting on risk concentrations and intragroup transactions
✔
Article 376 - Significant risk concentrations (definition, identification and thresholds)
✔
Article 377 - Significant intragroup transactions (definition, identification)
✔
TITLE III - THIRD COUNTRY BRANCHES EQUIVALENCE AND FINAL PROVISIONS
✔
CHAPTER 1 - Undertakings carrying out reinsurance ativities with their head office in a third country
✔
Article 378 - Criteria for assessing third country equivalence
✔
CHAPTER 2 - Related third country insurance and reinsurance undertakings
✔
Article 379 - Criteria for assessing third country equivalence
✔
CHAPTER 3 - Insurance and reinsurance undertakings with the parent undertakings outside the union
✔
Article 380 - Criteria for assessing third country equivalence
✔
CHAPTER 4 - Final provisions
✔
Article 381 - Final Provisions