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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 version PDFs
- 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 62
Changes to legislation:
Commission Delegated Regulation (EU) 2015/35, Article 62 is up to date with all changes known to be in force on or before 28 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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Changes and effects yet to be applied to Article 62:
- Recital 53 Sentence 1 replacement by EUR 2016/2283 Regulation
Changes and effects yet to be applied to the whole legislation item and associated provisions
- Art. 1(18a) words substituted by S.I. 2024/705 Sch. 2 para. 27(a)
- Art. 1(18b)(a) substituted by S.I. 2024/705 Sch. 2 para. 27(b)(i)
- Art. 1(18b)(a) word omitted by S.I. 2024/705 Sch. 2 para. 27(b)(ii)
- Art. 1(18b)(c) and word inserted by S.I. 2024/705 Sch. 2 para. 27(b)(iii)
- Art. 1(19) words substituted by S.I. 2024/705 Sch. 2 para. 27(c)
- Art. 1(20) words substituted by S.I. 2024/705 Sch. 2 para. 27(d)
- Art. 1(21) words substituted by S.I. 2024/705 Sch. 2 para. 27(e)
- Art. 1(22) words substituted by S.I. 2024/705 Sch. 2 para. 27(f)
- Art. 1(23) words substituted by S.I. 2024/705 Sch. 2 para. 27(g)
- Art. 177(2)(b) words omitted by S.I. 2019/407 reg. 11(25)(a) (This amendment not applied to legislation.gov.uk. Reg. 11(25)(39) omitted immediately before IP completion day by virtue of S.I. 2019/710, regs. 1(2), 22)
- Art. 177(2)(h)(i) words omitted by S.I. 2019/407 reg. 11(25)(b)(ii) (This amendment not applied to legislation.gov.uk. Reg. 11(25)(39) omitted immediately before IP completion day by virtue of S.I. 2019/710, regs. 1(2), 22)
- Art. 177(2)(h)(i) words substituted by S.I. 2019/407 reg. 11(25)(b)(i) (This amendment not applied to legislation.gov.uk. Reg. 11(25)(39) omitted immediately before IP completion day by virtue of S.I. 2019/710, regs. 1(2), 22)
- Art. 177(2)(r) words substituted by S.I. 2019/407 reg. 11(25)(c) (This amendment not applied to legislation.gov.uk. Reg. 11(25)(39) omitted immediately before IP completion day by virtue of S.I. 2019/710, regs. 1(2), 22)
- Art. 177(2)(s) words substituted by S.I. 2019/407 reg. 11(25)(c) (This amendment not applied to legislation.gov.uk. Reg. 11(25)(39) omitted immediately before IP completion day by virtue of S.I. 2019/710, regs. 1(2), 22)
- Art. 177(2)(t) words substituted by S.I. 2019/407 reg. 11(25)(d) (This amendment not applied to legislation.gov.uk. Reg. 11(25)(39) omitted immediately before IP completion day by virtue of S.I. 2019/710, regs. 1(2), 22)
- Art. 177(5)(a) words substituted by S.I. 2019/407 reg. 11(25)(f) (This amendment not applied to legislation.gov.uk. Reg. 11(25)(39) omitted immediately before IP completion day by virtue of S.I. 2019/710, regs. 1(2), 22)
- Art. 177(5)(c) words substituted by S.I. 2019/407 reg. 11(25)(f) (This amendment not applied to legislation.gov.uk. Reg. 11(25)(39) omitted immediately before IP completion day by virtue of S.I. 2019/710, regs. 1(2), 22)
- Art. 257(1A) inserted by S.I. 2024/705 Sch. 2 para. 28(3)
- Art. 257(6) inserted by S.I. 2024/705 Sch. 2 para. 28(7)
Article 62U.K.Assessment of the application
1.Supervisory authorities shall take all of the following into account for the purposes of the assessment referred to in Article 90 (4) of Directive 2009/138/EC:
(a)the legal effectiveness and enforceability of the terms of the commitment in all relevant jurisdictions;
(b)the contractual terms of the arrangement that the insurance or reinsurance undertaking has entered into, or will enter into, with the counterparties to provide funds;
(c)where relevant, the insurance or reinsurance undertaking's memorandum and articles of association or statutes;
(d)whether the insurance or reinsurance undertaking has processes in place to inform the supervisory authorities of any future changes, which may have the effect of reducing the loss-absorbency of the ancillary own-fund item, to any of the following:
(i)
the structure or contractual terms of the arrangement;
(ii)
the status of the counterparties concerned;
(iii)
the recoverability of the ancillary own funds item.
2.Supervisory authorities shall also assess whether Article 90 of Directive 2009/138/EC is complied with taking into account the range of circumstances under which the item can be called up to absorb losses.
3.Where the insurance or reinsurance undertaking is seeking approval of a method by which to determine the amount of each ancillary own-fund item, the supervisory authorities shall assess whether the undertaking's process for regularly validating the method is appropriate to ensure that the results of the method reflect the loss-absorbency of the item on an ongoing basis.
4.In addition to the requirements set out in paragraphs 1 to 3, supervisory authorities shall assess the application for approval of ancillary own funds on the basis of the criteria set out in Articles 63, 64 and 65.
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