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Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (Text with EEA relevance)
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Commission Delegated Regulation (EU) 2015/35, Article 37 is up to date with all changes known to be in force on or before 18 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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1.The risk margin for the whole portfolio of insurance and reinsurance obligations shall be calculated using the following formulaF1:
where:
CoC denotes the Cost-of-Capital rate;
the sum covers all integers including zero;
SCR(t) denotes the Solvency Capital Requirement referred to in Article 38(2) after t years;
r(t + 1) denotes the basic risk-free interest rate for the maturity of t + 1 years.
[F2“λ” denotes the risk tapering factor, and equals—
0.9 for life insurance and reinsurance obligations, and
1.0 for non-life insurance and reinsurance obligations;
The basic risk-free interest rate r(t + 1) shall be chosen in accordance with the currency used for the financial statements of the insurance and reinsurance undertaking.
2.Where insurance and reinsurance undertakings calculate their Solvency Capital Requirement using an approved internal model and determine that the model is appropriate to calculate the Solvency Capital Requirement referred to in Article 38(2) for each point in time over the lifetime of the insurance and reinsurance obligations, the insurance and reinsurance undertakings shall use the internal model to calculate the amounts SCR(t) referred to in paragraph 1.
3.Insurance and reinsurance undertakings shall allocate the risk margin for the whole portfolio of insurance and reinsurance obligations to the lines of business referred to in Article 80 of Directive 2009/138/EC. The allocation shall adequately reflect the contributions of the lines of business to the Solvency Capital Requirement referred to in Article 38(2) over the lifetime of the whole portfolio of insurance and reinsurance obligations.
Textual Amendments
F1 Art. 37(1) formula substituted (31.12.2023) by The Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) Regulations 2023 (S.I. 2023/1346), regs. 1(1), 2(2)(a)
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