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Commission Delegated Regulation (EU) 2015/35Show full title
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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- Revised 30/07/202048.27 MB
- Revised 01/01/202048.00 MB
- Revised 08/07/201944.91 MB
- Revised 01/01/201946.16 MB
- Revised 15/09/201740.90 MB
- Revised 09/04/201746.19 MB
- Revised 02/04/201646.19 MB
- Revised 17/01/201539.54 MB
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Changes over time for: Article 257
Version Superseded: 01/01/2019
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Article 257U.K.Requirements for investments in securitisation that no longer comply with the risk-retention and qualitative requirements
1.Where insurance and reinsurance undertakings become aware that the originator, sponsor or original lender fails to comply with the requirements set out in Article 254, or insurance or reinsurance undertakings become aware that the requirements set out in Article 256(2) and (3) are not being complied with, they shall inform the supervisory authority immediately.
2.Where the requirements in Article 256(2) and (3) are not fulfilled in any respect by reason of the negligence or omission of the insurance or reinsurance undertaking, the supervisory authority shall impose a proportionate increase to the Solvency Capital Requirement in accordance with paragraph 3 of this Article.
3.Where the standard formula is used for the calculation of spread risk as referred to in Article 178, for the purposes of the calculation of the increased Solvency Capital Requirement referred to in paragraph 2 of this Article, the capital requirement for spread risk of the relevant securitisation positions shall be based on risk factors as referred to in Article 178, but increased by no less than 250 % of those risk factors.
4.The risk factors shall be progressively increased with each subsequent breach of the requirements set out in Article 256.
5.Where insurance and reinsurance undertakings fail to comply with any requirement set out in Article 256(4) to (7) of this Regulation, by reason of their negligence or omission, the supervisory authorities shall assess whether that failure should be considered a significant deviation from the undertaking's system of governance as referred to in Article 37(1)(c) of Directive 2009/138/EC.
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