Natural catastrophe risk sub-module

1. The natural catastrophe risk sub-module shall consist of all of the following sub-modules:

(a) the windstorm risk sub-module;

(b) the earthquake risk sub-module;

(c) the flood risk sub-module;

(d) the hail risk sub-module;

(e) the subsidence risk sub-module.

2. The capital requirement for natural catastrophe risk shall be equal to the following:

SCR natCAT = sum i SCR i^2

where:

(a) the sum includes all possible combinations of the sub-modules i set out in paragraph 1;

(b) SCR i denotes the capital requirement for sub-module i.