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Directive 2009/138/EC of the European Parliament and of the CouncilShow full title

Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance)

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Article 88U.K.Basic own funds

Basic own funds shall consist of the following items:

(1)

the excess of assets over liabilities, valued in accordance with Article 75 and Section 2;

(2)

subordinated liabilities.

The excess amount referred to in point (1) shall be reduced by the amount of own shares held by the insurance or reinsurance undertaking.

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