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Chapter I Subject matter, scope and definitions (arts. 1-13) |
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Section 1 Subject matter and scope (arts. 1-2) |
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Article 1 Subject matter |
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⚠ Article 2 Scope |
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Section 2 Exclusions from scope (arts. 3-12) |
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Subsection 1 General (arts. 3-4) |
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Article 3 Statutory systems |
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⚠ Article 4 Exclusion from scope due to size |
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Subsection 2 Non-life (arts. 5-8) |
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Article 5 Operations |
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⚠ Article 6 Assistance |
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Article 7 Mutual undertakings |
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⚠ Article 8 Institutions |
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Subsection 3 Life (arts. 9-10) |
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Article 9 Operations and activities |
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Article 10 Organisations, undertakings and institutions |
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Subsection 4 Reinsurance (arts. 11-12) |
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Article 11 Reinsurance |
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Article 12 Reinsurance undertakings closing their activity |
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Section 3 Definitions (art. 13) |
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⚠ Article 13 Definitions |
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Chapter II Taking-up of business (arts. 14-26) |
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Article 14 Principle of authorisation |
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Article 15 Scope of authorisation |
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Article 16 Ancillary risks |
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Article 17 Legal form of the insurance or reinsurance undertaking |
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⚠ Article 18 Conditions for authorisation |
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Article 19 Close links |
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Article 20 Head office of insurance undertakings and reinsurance undertakings |
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Article 21 Policy conditions and scales of premiums |
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Article 22 Economic requirements of the market |
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⚠ Article 23 Scheme of operations |
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⚠ Article 24 Shareholders and members with qualifying holdings |
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⚠ Article 25 Refusal of authorisation |
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⚠ Article 25a Notification and publication of authorisations or withdrawals of authorisation |
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⚠ Article 26 Prior consultation of the authorities of other Member States |
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Chapter III Supervisory authorities and general rules (arts. 27-39) |
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Article 27 Main objective of supervision |
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Article 28 Financial stability and pro-cyclicality |
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⚠ Article 29 General principles of supervision |
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⚠ Draft Article 29a Criteria for identifying small and non-complex undertakings |
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⚠ Draft Article 29b Process of classification for undertakings complying with the criteria |
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⚠ Draft Article 29c Use of proportionality measures by undertakings classified as small and non-complex undertakings |
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⚠ Draft Article 29d Use of proportionality measures by undertakings not classified as small and non-complex undertakings |
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⚠ Draft Article 29e Monitoring of the use of proportionality measures |
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⚠ Article 30 Supervisory authorities and scope of supervision |
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Article 31 Transparency and accountability |
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Article 32 Prohibition of refusal of reinsurance contracts or retrocession contracts |
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Article 33 Supervision of branches established in another Member State |
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Article 34 General supervisory powers |
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⚠ Article 35 Information to be provided for supervisory purposes |
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⚠ Draft Article 35a Exemptions and limitations to quantitative regular supervisory reporting granted by supervisory authorities |
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⚠ Draft Article 35b Reporting deadlines |
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⚠ Article 36 Supervisory review process |
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⚠ Article 37 Capital add-on |
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Article 38 Supervision of outsourced functions and activities |
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Article 39 Transfer of portfolio |
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Chapter IV Conditions governing business (arts. 40-72) |
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Section 1 Responsibility of the administrative, management or supervisory body (art. 40) |
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⚠ Article 40 Responsibility of the administrative, management or supervisory body |
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Section 2 System of governance (arts. 41-50) |
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⚠ Article 41 General governance requirements |
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⚠ Article 42 Fit and proper requirements for persons who effectively run the undertaking or have other key functions |
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Article 43 Proof of good repute |
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⚠ Article 44 Risk management |
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⚠ Article 45 Own risk and solvency assessment |
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⚠ Draft Article 45a Climate change scenario analysis |
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Article 46 Internal control |
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Article 47 Internal audit |
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Article 48 Actuarial function |
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Article 49 Outsourcing |
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Article 50 Delegated acts and regulatory technical standards |
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Section 3 Public disclosure (arts. 51-56) |
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⚠ Article 51 Report on solvency and financial condition: contents |
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⚠ Draft Article 51a Solvency and financial condition report: audit requirements |
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⚠ Article 52 Information for and reports by the European Insurance and Occupational Pensions Authority |
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⚠ Article 53 Report on solvency and financial condition: applicable principles |
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Article 54 Report on solvency and financial condition: updates and additional voluntary information |
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Article 55 Report on solvency and financial condition: policy and approval |
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⚠ Article 56 Solvency and financial condition report: delegated acts and implementing technical standards |
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Section 4 Qualifying holdings (arts. 57-63) |
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Article 57 Acquisitions |
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⚠ Article 58 Assessment period |
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Article 59 Assessment |
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⚠ Article 60 Acquisitions by regulated financial undertakings |
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Article 61 Information to the supervisory authority by the insurance or reinsurance undertaking |
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⚠ Article 62 Qualifying holdings, powers of the supervisory authority |
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⚠ Article 63 Voting rights |
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Section 5 Professional secrecy, exchange of information and promotion of supervisory convergence (arts. 64-71) |
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⚠ Article 64 Professional secrecy |
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Article 65 Exchange of information between supervisory authorities of Member States |
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Article 65a Cooperation with EIOPA |
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Article 66 Cooperation agreements with third countries |
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Article 67 Use of confidential information |
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Article 67a European Parliament powers of investigation |
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⚠ Article 68 Exchange of information with other authorities |
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Article 69 Disclosure of information to government administrations responsible for financial legislation |
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⚠ Article 70 Transmission of information to central banks, monetary authorities, payment systems overseers and the European Systemic Risk Board |
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Article 71 Supervisory convergence |
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Section 6 Duties of auditors (art. 72) |
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⚠ Article 72 Duties of auditors |
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Chapter V Pursuit of life and non-life insurance activity (arts. 73-74) |
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Article 73 Pursuit of life and non-life insurance activity |
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Article 74 Separation of life and non-life insurance management |
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Chapter VI Rules relating to the valuation of assets and liabilities, technical provisions, own funds, Solvency Capital Requirement, Minimum Capital Requirement and investment rules (arts. 75-135) |
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Section 1 Valuation of assets and liabilities (art. 75) |
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Article 75 Valuation of assets and liabilities |
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Section 2 Rules relating to technical provisions (arts. 76-86) |
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Article 76 General provisions |
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⚠ Article 77 Calculation of technical provisions |
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⚠ Article 77a Extrapolation of the relevant risk-free interest rate term structure |
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⚠ Article 77b Matching adjustment to the relevant risk-free interest rate term structure |
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Article 77c Calculation of the matching adjustment |
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⚠ Article 77d Volatility adjustment to the relevant risk-free interest rate term structure |
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⚠ Article 77e Technical information produced by the European Insurance and Occupational Pensions Authority |
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Article 77f Review of long-term guarantees measures and measures on equity risk |
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Article 78 Other elements to be taken into account in the calculation of technical provisions |
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Article 79 Valuation of financial guarantees and contractual options included in insurance and reinsurance contracts |
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Article 80 Segmentation |
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Article 81 Recoverables from reinsurance contracts and special purpose vehicles |
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Article 82 Data quality and application of approximations, including case-by-case approaches, for technical provisions |
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Article 83 Comparison against experience |
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Article 84 Appropriateness of the level of technical provisions |
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Article 85 Increase of technical provisions |
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⚠ Article 86 Delegated acts and regulatory and implementing technical standards |
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Section 3 Own funds (arts. 87-99) |
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Subsection 1 Determination of own funds (arts. 87-92) |
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Article 87 Own funds |
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Article 88 Basic own funds |
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Article 89 Ancillary own funds |
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Article 90 Supervisory approval of ancillary own funds |
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Article 91 Surplus funds |
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⚠ Article 92 Delegated acts and regulatory and implementing technical standards |
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Subsection 2 Classification of own funds (arts. 93-97) |
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Article 93 Characteristics and features used to classify own funds into tiers |
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Article 94 Main criteria for the classification into tiers |
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⚠ Article 95 Classification of own funds into tiers |
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⚠ Article 96 Classification of specific insurance own-fund items |
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Article 97 Delegated acts and regulatory technical standards |
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Subsection 3 Eligibility of own funds (arts. 98-99) |
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Article 98 Eligibility and limits applicable to Tiers 1, 2 and 3 |
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Article 99 Delegated acts on the eligibility of own funds |
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Section 4 Solvency capital requirement (arts. 100-127) |
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Subsection 1 General provisions for the solvency capital requirement using the standard formula or an internal model (arts. 100-102) |
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Article 100 General provisions |
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Article 101 Calculation of the Solvency Capital Requirement |
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Article 102 Frequency of calculation |
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Subsection 2 Solvency capital requirement standard formula (arts. 103-111) |
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Article 103 Structure of the standard formula |
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Article 104 Design of the Basic Solvency Capital Requirement |
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⚠ Article 105 Calculation of the Basic Solvency Capital Requirement |
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⚠ Draft Article 105a Long-term equity investments |
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⚠ Article 106 Calculation of the equity risk sub-module: symmetric adjustment mechanism |
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Article 107 Capital requirement for operational risk |
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Article 108 Adjustment for the loss-absorbing capacity of technical provisions and deferred taxes |
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⚠ Article 109 Simplifications in the standard formula |
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Article 109a Harmonised technical inputs to standard formula |
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Article 110 Significant deviations from the assumptions underlying the standard formula calculation |
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⚠ Article 111 Delegated acts and regulatory and implementing technical standards concerning Articles 103 to 109 |
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Subsection 3 Solvency capital requirement full and partial internal models (arts. 112-127) |
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⚠ Article 112 General provisions for the approval of full and partial internal models |
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Article 113 Specific provisions for the approval of partial internal models |
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Article 114 Delegated acts and implementing technical standards concerning the Solvency Capital Requirement internal models |
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Article 115 Policy for changing the full and partial internal models |
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Article 116 Responsibilities of the administrative, management or supervisory bodies |
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Article 117 Reversion to the standard formula |
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Article 118 Non-compliance of the internal model |
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Article 119 Significant deviations from the assumptions underlying the standard formula calculation |
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Article 120 Use test |
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Article 121 Statistical quality standards |
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⚠ Article 122 Calibration standards |
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Article 123 Profit and loss attribution |
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Article 124 Validation standards |
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Article 125 Documentation standards |
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Article 126 External models and data |
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Article 127 Delegated acts concerning Articles 120 to 126 |
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Section 5 Minimum capital requirement (arts. 128-131) |
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Article 128 General provisions |
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Article 129 Calculation of the Minimum Capital Requirement |
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Article 130 Delegated acts |
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Article 131 Transitional arrangements regarding compliance with the Minimum Capital Requirement |
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Section 6 Investments (arts. 132-135) |
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⚠ Article 132 Prudent person principle |
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⚠ Article 133 Freedom of investment |
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Article 134 Localisation of assets and prohibition of pledging of assets |
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Article 135 Delegated acts and regulatory technical standards concerning qualitative requirements |
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Chapter VII Insurance and reinsurance undertakings in difficulty or in an irregular situation (arts. 136-144) |
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Article 136 Identification and notification of deteriorating financial conditions by the insurance and reinsurance undertaking |
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⚠ Draft Article 136a Deterioration of solvency position |
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Article 137 Non-Compliance with technical provisions |
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⚠ Article 138 Non-Compliance with the Solvency Capital Requirement |
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⚠ Article 139 Non-Compliance with the Minimum Capital Requirement |
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Article 140 Prohibition of free disposal of assets located within the territory of a Member State |
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⚠ Article 141 Supervisory powers in deteriorating financial conditions |
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Article 142 Recovery plan and finance scheme |
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Article 143 Delegated acts and regulatory technical standards concerning Article 138(4) |
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⚠ Article 144 Withdrawal of authorisation |
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Draft Chapter VIIa Macroprudential tools (draft arts. 144a-144d) |
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⚠ Draft Article 144a Liquidity risk management |
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⚠ Draft Article 144b Supervisory powers to remedy liquidity vulnerabilities in exceptional circumstances |
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⚠ Draft Article 144c Supervisory measures to preserve the financial position of undertakings during exceptional sector-wide shocks |
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⚠ Draft Article 144d Application of additional macroprudential tools |
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Chapter VIII Right of establishment and freedom to provide services (arts. 145-161) |
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Section 1 Establishment by insurance undertakings (arts. 145-146) |
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⚠ Article 145 Conditions for branch establishment |
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Article 146 Communication of information |
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Section 2 Freedom to provide services: by insurance undertakings (arts. 147-152) |
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Subsection 1 General provisions (arts. 147-149) |
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Article 147 Prior notification to the home Member State |
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Article 148 Notification by the home Member State |
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⚠ Article 149 Changes in the nature of the risks or commitments |
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Subsection 2 Third party motor vehicle liability (arts. 150-152) |
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Article 150 Compulsory insurance on third party motor vehicle liability |
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Article 151 Non-discrimination of persons pursuing claims |
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Article 152 Representative |
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⚠ Section 2A Notification and collaboration platforms (arts. 152a-152b) |
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⚠ Article 152a Notification |
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⚠ Draft Article 152aa Significant cross-border activities |
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⚠ Draft Article 152ab Enhanced supervisory cooperation and information exchange between home and host supervisory authorities in relation to significant-cross-border activities |
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⚠ Article 152b Collaboration platforms |
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Section 3 Competencies of the supervisory authorities of the host member state (arts. 153-158) |
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Subsection 1 Insurance (arts. 153-157) |
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⚠ Article 153 Language |
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Article 154 Prior notification and prior approval |
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Article 155 Insurance undertakings not complying with the legal provisions |
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Article 156 Advertising |
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Article 157 Taxes on premiums |
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Subsection 2 Reinsurance (art. 158) |
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Article 158 Reinsurance undertakings not complying with the legal provisions |
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Section 4 Statistical information (art. 159) |
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Article 159 Statistical information on cross-border activities |
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Section 5 Treatment of contracts of branches in winding-up proceedings (arts. 160-161) |
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Article 160 Winding-up of insurance undertakings |
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Article 161 Winding-up of reinsurance undertakings |
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Chapter IX Branches established within the community and belonging to insurance or reinsurance undertakings with head offices situated outside the community (arts. 162-175) |
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Section 1 Taking-up of business (arts. 162-171) |
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Article 162 Principle of authorisation and conditions |
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Article 163 Scheme of operations of the branch |
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Article 164 Transfer of portfolio |
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Article 165 Technical provisions |
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Article 166 Solvency Capital Requirement and Minimum Capital Requirement |
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Article 167 Advantages to undertakings authorised in more than one Member State |
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Article 168 Accounting, prudential and statistical information and undertakings in difficulty |
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Article 169 Separation of non-life and life business |
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Article 170 Withdrawal of authorisation for undertakings authorised in more than one Member State |
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Article 171 Agreements with third countries |
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Section 2 Reinsurance (arts. 172-175) |
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Article 172 Equivalence in relation to reinsurance undertakings |
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Article 173 Prohibition of pledging of assets |
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Article 174 Principle and conditions for conducting reinsurance activity |
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Article 175 Agreements with third countries |
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Chapter X Subsidiaries of insurance and reinsurance undertakings governed by the laws of a third country and acquisitions of holdings by such undertakings (arts. 176-177) |
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Article 176 Information from Member States to the Commission and EIOPA |
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Article 177 Third-country treatment of Community insurance and reinsurance undertakings |
