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) 2015/35Dangos y teitl llawn

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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Changes over time for: Article 70

Alternative versions:

10/10/2014- Amendment
Exit day: start of implementation period31/01/2020 11pm- Amendment
End of implementation period31/12/2020- Amendment
31/12/2020
Point in time

Status:

Point in time view as at 31/12/2020.

Changes to legislation:

Commission Delegated Regulation (EU) 2015/35, Article 70 is up to date with all changes known to be in force on or before 18 July 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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Article 70U.K.Reconciliation Reserve

1.The reconciliation reserve referred to in point (a)(vi) of Article 69 equals the total excess of assets over liabilities reduced by all of the following:

(a)the amount of own shares held by the insurance and reinsurance undertaking;

(b)foreseeable dividends, distributions and charges;

(c)the basic own-fund items included in points (a)(i) to (v) of Article 69, Article 72(a) and Article 76(a);

(d)the basic own-fund items not included in points (a)(i) to (v) of Article 69, point (a) of Article 72 and point (a) of Article 76, which have been approved by the supervisory authority in accordance with Article 79;

(e)the restricted own-fund items that meet one of the following requirements:

(i)

exceed the notional Solvency Capital Requirement in the case of matching adjustment portfolios and ring-fenced funds determined in accordance with Article 81(1);

(ii)

that are excluded in accordance with Article 81(2);

(f)the amount of participations held in financial and credit institutions as referred to in [F1Article 68(6) of this Regulation] deducted in accordance with Article 68, to the extent that this is not already included in points (a) to (e).

2.The excess of assets over liabilities referred to in paragraph 1 includes the amount that corresponds to the expected profit included in future premiums set out in paragraph 2 of Article 260.

3.The determination of whether, and to what extent, the reconciliation reserve displays the features set out in Article 71 shall not amount to an assessment of the features of the assets and liabilities that are included in computing the excess of assets over liabilities or the underlying items in the undertakings' financial statements.

Textual Amendments

F1 Words in Art. 70(1)(f) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 11(13) (as amended by S.I. 2020/1385, regs. 1(2), 54(2) and with savings in S.I. 2019/680, reg. 11)

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Commission Delegated Regulation (EU) 2015/35Dangos y teitl llawn

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