Commission Delegated Regulation (EU) 2015/35Show full title

Article 276 U.K. Assessment of a significant deviation as regards the SCR

F1 ... In concluding that the risk profile of an insurance or reinsurance undertaking deviates significantly from the assumptions underlying the Solvency Capital Requirement as calculated using the standard formula or an internal model, supervisory authorities shall take into account all relevant factors including all of the following:

(a)

the nature, type and size of the deviation;

(b)

the likelihood and severity of any adverse impact on policyholders and beneficiaries;

(c)

the level of sensitivity of the assumptions to which the deviation relates;

(d)

the anticipated duration and volatility of the deviation over the duration of the deviation.

Textual Amendments

F1 Words in Art. 276 omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 11(41) (as amended by S.I. 2020/1385, regs. 1(2), 54(2) and with savings in S.I. 2019/680, reg. 11)