http://www.legislation.gov.uk/eudr/2009/138/article/88Directive 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)Directive 2009/138/EC of the European Parliament and of the CouncilDirective 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)2020-12-12King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02009L0138-20190113texttext/xmlen2019-01-13<num>TITLE I</num><heading>GENERAL RULES ON THE TAKING-UP AND PURSUIT OF DIRECT INSURANCE AND REINSURANCE ACTIVITIES</heading><chapter eId="title-I-chapter-VI"><num>CHAPTER VI</num><heading>Rules relating to the valuation of assets and liabilities, technical provisions, own funds, Solvency Capital Requirement, Minimum Capital Requirement and investment rules</heading><section eId="title-I-chapter-VI-section-3"><num>Section 3</num><heading>Own funds</heading><subsection eId="title-I-chapter-VI-section-3-subsection-1"><num>Subsection 1</num><heading>Determination of own funds</heading><article eId="article-88" uk:target="true"><num>Article 88</num><heading>Basic own funds</heading><content><p>Basic own funds shall consist of the following items:</p><blockList class="ordered arabic parens" ukl:Name="OrderedList" ukl:Type="arabic" ukl:Decoration="parens"><item><num>(1)</num><p>the excess of assets over liabilities, valued in accordance with Article 75 and Section 2;</p></item><item><num>(2)</num><p>subordinated liabilities.</p></item></blockList><p>The excess amount referred to in point (1) shall be reduced by the amount of own shares held by the insurance or reinsurance undertaking.</p></content></article></subsection></section></chapter>
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