1. Without prejudice to Article 90 of Directive 2009/138/EC, where an own-fund item is not included in the list of own-funds items set out in Articles 69, 72, 74, 76 and 78, insurance or reinsurance undertakings shall only consider that item as own funds where an approval of the item's assessment and classification has been received from the supervisory authority.
2. The supervisory authority shall assess the following, on the basis of documents submitted by the insurance or reinsurance undertaking, when approving the assessment and classification of own-fund items not included in the list of own-fund items set out in Articles 69, 72, 74, 76 and 78:
(a) where the undertaking is applying for approval for classification as Tier 1, whether the basic own-fund item substan tially possesses the characteristics set out in Article 93(1)(a) and (b) of Directive 2009/138/EC, taking into consid eration the features set out in Article 93(2) of that Directive;
(b) where the undertaking is apply
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