The insurance or reinsurance undertaking shall submit a cover letter. That cover letter shall confirm all of the following:
(a) any legal or contractual terms governing the ancillary own-fund item or any connected arrangement are unambiguous and clearly defined;
(b) the amount ascribed to the ancillary own-fund item in the application complies with Article 90(2) of Directive 2009/138/EC;
(c) the economic substance of the ancillary own-fund item, including how the item provides basic own funds once called up, has been fully reflected in the application;
(d) taking into account likely future developments as well as the circumstances at the date of the application, the insurance or reinsurance undertaking considers that the ancillary own-fund item complies with the criteria for the classification of own funds;
(e) no facts have been omitted which if known by the supervisory authority could influence its decision regarding whether to approve an ancillary own-fund item, the amount for which
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