- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (31/12/2020)
- Gwreiddiol (Fel y’i mabwysiadwyd gan yr UE)
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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Point in time view as at 31/12/2020.
Commission Delegated Regulation (EU) 2015/35, Article 9 is up to date with all changes known to be in force on or before 17 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.Insurance and reinsurance undertakings shall recognise assets and liabilities in conformity with the [F1UK-adopted international accounting standards].
2.Insurance and reinsurance undertakings shall value assets and liabilities in accordance with [F2UK-adopted international accounting standards] provided that those standards include valuation methods that are consistent with the valuation approach set out in Article 75 of Directive 2009/138/EC. Where those standards allow for the use of more than one valuation method, insurance and reinsurance undertakings shall only use valuation methods that are consistent with Article 75 of Directive 2009/138/EC.
3.Where the valuation methods included in [F3UK-adopted international accounting standards] are not consistent either temporarily or permanently with the valuation approach set out in Article 75 of Directive 2009/138/EC, insurance and reinsurance undertakings shall use other valuation methods that are deemed to be consistent with Article 75 of Directive 2009/138/EC.
4.By way of derogation from paragraphs 1 and 2, and in particular by respecting the principle of proportionality laid down in paragraphs 3 and 4 of Article 29 of Directive 2009/138/EC, insurance and reinsurance undertakings may recognise and value an asset or a liability based on the valuation method it uses for preparing its annual or consolidated financial statements provided that:
(a)the valuation method is consistent with Article 75 of Directive 2009/138/EC;
(b)the valuation method is proportionate with respect to the nature, scale and complexity of the risks inherent in the business of the undertaking;
(c)the undertaking does not value that asset or liability using [F4UK-adopted international accounting standards] in its financial statements;
(d)valuing assets and liabilities using international accounting standards would impose costs on the undertaking that would be disproportionate with respect to the total administrative expenses.
5.Insurance and reinsurance undertakings shall value individual assets separately.
6.Insurance and reinsurance undertakings shall value individual liabilities separately.
Textual Amendments
F1 Words in Art. 9(1) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 11(5)(a) (as amended by S.I. 2019/1390, regs. 1(4), 11(3)(c); S.I. 2020/1385, regs. 1(2), 54(2); and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2 Words in Art. 9(2) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 11(5)(b) (as amended by S.I. 2019/1390, regs. 1(4), 11(3)(c); S.I. 2020/1385, regs. 1(2), 54(2); and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3 Words in Art. 9(3) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 11(5)(a) (as amended by S.I. 2019/1390, regs. 1(4), 11(3)(c); S.I. 2020/1385, regs. 1(2), 54(2); and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4 Words in Art. 9(4) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 11(5)(a) (as amended by S.I. 2019/1390, regs. 1(4), 11(3)(c); S.I. 2020/1385, regs. 1(2), 54(2); and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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