TITLE I VALUATION AND RISK-BASED CAPTAL REQUIREMENTS (PILLAR I), ENHANCED GOVERNANCE (PILLAR II) AND INCREASED TRANPARENCY (PILLAR III)

CHAPTER V SOLVENCY CAPITAL REQUIREMENT STANDARD FORMULA

SECTION 2 Non-life underwriting risk module

Article 135 Sub-module for other non-life catastrophe risk

The capital requirement for other non-life catastrophe risk shall be equal to the loss in basic own funds of insurance and reinsurance undertakings that would result from an instantaneous loss, without deduction of the amounts recoverable from reinsurance contracts and special purpose vehicles, that is equal to the following amount:

where:

(a)

P _1, P _2, P _3, P ₄ and P ₅ denote estimates of the gross premium, without deduction of the amounts recoverable from reinsurance contracts, expected to be earned by the insurance or reinsurance undertaking during the following 12 months in relation to the groups of insurance and reinsurance obligations 1 to 5 set out in Annex XII;

(b)

c _1, c _2, c _3, c ₄ and c ₅ denote the risk factors for the groups of insurance and reinsurance obligations 1 to 5 set out in Annex XII.