1. Member States shall, taking into account the information required in paragraph 3 and the principles set out in paragraph 4 of Article 35, require insurance and reinsurance undertakings to disclose publicly, on an annual basis, a report on their solvency and financial condition.
That report shall contain the following information, either in full or by way of references to equivalent information, both in nature and scope, disclosed publicly under other legal or regulatory requirements:
(a) a description of the business and the performance of the undertaking;
(b) a description of the system of governance and an assessment of its adequacy for the risk profile of the undertaking;
(c) a description, separately for each category of risk, of the risk exposure, concentration, mitigation and sensitivity;
(d) a description, separately for assets, technical provisions, and other liabilities, of the bases and methods used for their valuation, together with an explanation of any major differences
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