Table of Contents
Directive 2009/138/EC - Insurance and Reinsurance Directive (recast) (Solvency II)RecitalsTitle I General Rules on the Taking-Up and Pursuit of Direct Insurance and Reinsurance Activities (arts. 1-177)Chapter I Subject matter, scope and definitions (arts. 1-13)Section 1 Subject matter and scope (arts. 1-2)Article 1 Subject matterArticle 2 ScopeSection 2 Exclusions from scope (arts. 3-12)Subsection 1 General (arts. 3-4)Article 3 Statutory systemsArticle 4 Exclusion from scope due to sizeSubsection 2 Non-life (arts. 5-8)Article 5 OperationsArticle 6 AssistanceArticle 7 Mutual undertakingsArticle 8 InstitutionsSubsection 3 Life (arts. 9-10)Article 9 Operations and activitiesArticle 10 Organisations, undertakings and institutionsSubsection 4 Reinsurance (arts. 11-12)Article 11 ReinsuranceArticle 12 Reinsurance undertakings closing their activitySection 3 Definitions (art. 13)Article 13 DefinitionsChapter II Taking-up of business (arts. 14-26)Article 14 Principle of authorisationArticle 15 Scope of authorisationArticle 16 Ancillary risksArticle 17 Legal form of the insurance or reinsurance undertakingArticle 18 Conditions for authorisationArticle 19 Close linksArticle 20 Head office of insurance undertakings and reinsurance undertakingsArticle 21 Policy conditions and scales of premiumsArticle 22 Economic requirements of the marketArticle 23 Scheme of operationsArticle 24 Shareholders and members with qualifying holdingsArticle 25 Refusal of authorisationArticle 25a Notification and publication of authorisations or withdrawals of authorisationArticle 26 Prior consultation of the authorities of other Member StatesChapter III Supervisory authorities and general rules (arts. 27-39)Article 27 Main objective of supervisionArticle 28 Financial stability and pro-cyclicalityArticle 29 General principles of supervisionDraft Article 29a Criteria for identifying small and non-complex undertakingsDraft Article 29b Process of classification for undertakings complying with the criteriaDraft Article 29c Use of proportionality measures by undertakings classified as small and non-complex undertakingsDraft Article 29d Use of proportionality measures by undertakings not classified as small and non-complex undertakingsDraft Article 29e Monitoring of the use of proportionality measuresArticle 30 Supervisory authorities and scope of supervisionArticle 31 Transparency and accountabilityArticle 32 Prohibition of refusal of reinsurance contracts or retrocession contractsArticle 33 Supervision of branches established in another Member StateArticle 34 General supervisory powersArticle 35 Information to be provided for supervisory purposesDraft Article 35a Exemptions and limitations to quantitative regular supervisory reporting granted by supervisory authoritiesDraft Article 35b Reporting deadlinesArticle 36 Supervisory review processArticle 37 Capital add-onArticle 38 Supervision of outsourced functions and activitiesArticle 39 Transfer of portfolioChapter IV Conditions governing business (arts. 40-72)Section 1 Responsibility of the administrative, management or supervisory body (art. 40)Article 40 Responsibility of the administrative, management or supervisory bodySection 2 System of governance (arts. 41-50)Article 41 General governance requirementsArticle 42 Fit and proper requirements for persons who effectively run the undertaking or have other key functionsArticle 43 Proof of good reputeArticle 44 Risk managementArticle 45 Own risk and solvency assessmentDraft Article 45a Climate change scenario analysisArticle 46 Internal controlArticle 47 Internal auditArticle 48 Actuarial functionArticle 49 OutsourcingArticle 50 Delegated acts and regulatory technical standardsSection 3 Public disclosure (arts. 51-56)Article 51 Report on solvency and financial condition: contentsDraft Article 51a Solvency and financial condition report: audit requirementsArticle 52 Information for and reports by the European Insurance and Occupational Pensions AuthorityArticle 53 Report on solvency and financial condition: applicable principlesArticle 54 Report on solvency and financial condition: updates and additional voluntary informationArticle 55 Report on solvency and financial condition: policy and approvalArticle 56 Solvency and financial condition report: delegated acts and implementing technical standardsSection 4 Qualifying holdings (arts. 57-63)Article 57 AcquisitionsArticle 58 Assessment periodArticle 59 AssessmentArticle 60 Acquisitions by regulated financial undertakingsArticle 61 Information to the supervisory authority by the insurance or reinsurance undertakingArticle 62 Qualifying holdings, powers of the supervisory authorityArticle 63 Voting rightsSection 5 Professional secrecy, exchange of information and promotion of supervisory convergence (arts. 64-71)Article 64 Professional secrecyArticle 65 Exchange of information between supervisory authorities of Member StatesArticle 65a Cooperation with EIOPAArticle 66 Cooperation agreements with third countriesArticle 67 Use of confidential informationArticle 67a European Parliament powers of investigationArticle 68 Exchange of information with other authoritiesArticle 69 Disclosure of information to government administrations responsible for financial legislationArticle 70 Transmission of information to central banks, monetary authorities, payment systems overseers and the European Systemic Risk BoardArticle 71 Supervisory convergenceSection 6 Duties of auditors (art. 72)Article 72 Duties of auditorsChapter V Pursuit of life and non-life insurance activity (arts. 73-74)Article 73 Pursuit of life and non-life insurance activityArticle 74 Separation of life and non-life insurance managementChapter 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)Section 1 Valuation of assets and liabilities (art. 75)Article 75 Valuation of assets and liabilitiesSection 2 Rules relating to technical provisions (arts. 76-86)Article 76 General provisionsArticle 77 Calculation of technical provisionsArticle 77a Extrapolation of the relevant risk-free interest rate term structureArticle 77b Matching adjustment to the relevant risk-free interest rate term structureArticle 77c Calculation of the matching adjustmentArticle 77d Volatility adjustment to the relevant risk-free interest rate term structureArticle 77e Technical information produced by the European Insurance and Occupational Pensions AuthorityArticle 77f Review of long-term guarantees measures and measures on equity riskArticle 78 Other elements to be taken into account in the calculation of technical provisionsArticle 79 Valuation of financial guarantees and contractual options included in insurance and reinsurance contractsArticle 80 SegmentationArticle 81 Recoverables from reinsurance contracts and special purpose vehiclesArticle 82 Data quality and application of approximations, including case-by-case approaches, for technical provisionsArticle 83 Comparison against experienceArticle 84 Appropriateness of the level of technical provisionsArticle 85 Increase of technical provisionsArticle 86 Delegated acts and regulatory and implementing technical standardsSection 3 Own funds (arts. 87-99)Subsection 1 Determination of own funds (arts. 87-92)Article 87 Own fundsArticle 88 Basic own fundsArticle 89 Ancillary own fundsArticle 90 Supervisory approval of ancillary own fundsArticle 91 Surplus fundsArticle 92 Delegated acts and regulatory and implementing technical standardsSubsection 2 Classification of own funds (arts. 93-97)Article 93 Characteristics and features used to classify own funds into tiersArticle 94 Main criteria for the classification into tiersArticle 95 Classification of own funds into tiersArticle 96 Classification of specific insurance own-fund itemsArticle 97 Delegated acts and regulatory technical standardsSubsection 3 Eligibility of own funds (arts. 98-99)Article 98 Eligibility and limits applicable to Tiers 1, 2 and 3Article 99 Delegated acts on the eligibility of own fundsSection 4 Solvency capital requirement (arts. 100-127)Subsection 1 General provisions for the solvency capital requirement using the standard formula or an internal model (arts. 100-102)Article 100 General provisionsArticle 101 Calculation of the Solvency Capital RequirementArticle 102 Frequency of calculationSubsection 2 Solvency capital requirement standard formula (arts. 103-111)Article 103 Structure of the standard formulaArticle 104 Design of the Basic Solvency Capital RequirementArticle 105 Calculation of the Basic Solvency Capital RequirementDraft Article 105a Long-term equity investmentsArticle 106 Calculation of the equity risk sub-module: symmetric adjustment mechanismArticle 107 Capital requirement for operational riskArticle 108 Adjustment for the loss-absorbing capacity of technical provisions and deferred taxesArticle 109 Simplifications in the standard formulaArticle 109a Harmonised technical inputs to standard formulaArticle 110 Significant deviations from the assumptions underlying the standard formula calculationArticle 111 Delegated acts and regulatory and implementing technical standards concerning Articles 103 to 109Subsection 3 Solvency capital requirement full and partial internal models (arts. 112-127)Article 112 General provisions for the approval of full and partial internal modelsArticle 113 Specific provisions for the approval of partial internal modelsArticle 114 Delegated acts and implementing technical standards concerning the Solvency Capital Requirement internal modelsArticle 115 Policy for changing the full and partial internal modelsArticle 116 Responsibilities of the administrative, management or supervisory bodiesArticle 117 Reversion to the standard formulaArticle 118 Non-compliance of the internal modelArticle 119 Significant deviations from the assumptions underlying the standard formula calculationArticle 120 Use testArticle 121 Statistical quality standardsArticle 122 Calibration standardsArticle 123 Profit and loss attributionArticle 124 Validation standardsArticle 125 Documentation standardsArticle 126 External models and dataArticle 127 Delegated acts concerning Articles 120 to 126Section 5 Minimum capital requirement (arts. 128-131)Article 128 General provisionsArticle 129 Calculation of the Minimum Capital RequirementArticle 130 Delegated actsArticle 131 Transitional arrangements regarding compliance with the Minimum Capital RequirementSection 6 Investments (arts. 132-135)Article 132 Prudent person principleArticle 133 Freedom of investmentArticle 134 Localisation of assets and prohibition of pledging of assetsArticle 135 Delegated acts and regulatory technical standards concerning qualitative requirementsChapter VII Insurance and reinsurance undertakings in difficulty or in an irregular situation (arts. 136-144)Article 136 Identification and notification of deteriorating financial conditions by the insurance and reinsurance undertakingDraft Article 136a Deterioration of solvency positionArticle 137 Non-Compliance with technical provisionsArticle 138 Non-Compliance with the Solvency Capital RequirementArticle 139 Non-Compliance with the Minimum Capital RequirementArticle 140 Prohibition of free disposal of assets located within the territory of a Member StateArticle 141 Supervisory powers in deteriorating financial conditionsArticle 142 Recovery plan and finance schemeArticle 143 Delegated acts and regulatory technical standards concerning Article 138(4)Article 144 Withdrawal of authorisationDraft Chapter VIIa Macroprudential tools (draft arts. 144a-144d)Draft Article 144a Liquidity risk managementDraft Article 144b Supervisory powers to remedy liquidity vulnerabilities in exceptional circumstancesDraft Article 144c Supervisory measures to preserve the financial position of undertakings during exceptional sector-wide shocksDraft Article 144d Application of additional macroprudential toolsChapter VIII Right of establishment and freedom to provide services (arts. 145-161)Section 1 Establishment by insurance undertakings (arts. 145-146)Article 145 Conditions for branch establishmentArticle 146 Communication of informationSection 2 Freedom to provide services: by insurance undertakings (arts. 147-152)Subsection 1 General provisions (arts. 147-149)Article 147 Prior notification to the home Member StateArticle 148 Notification by the home Member StateArticle 149 Changes in the nature of the risks or commitmentsSubsection 2 Third party motor vehicle liability (arts. 150-152)Article 150 Compulsory insurance on third party motor vehicle liabilityArticle 151 Non-discrimination of persons pursuing claimsArticle 152 RepresentativeSection 2A Notification and collaboration platforms (arts. 152a-152b)Article 152a NotificationDraft Article 152aa Significant cross-border activitiesDraft Article 152ab Enhanced supervisory cooperation and information exchange between home and host supervisory authorities in relation to significant-cross-border activitiesArticle 152b Collaboration platformsSection 3 Competencies of the supervisory authorities of the host member state (arts. 153-158)Subsection 1 Insurance (arts. 153-157)Article 153 LanguageArticle 154 Prior notification and prior approvalArticle 155 Insurance undertakings not complying with the legal provisionsArticle 156 AdvertisingArticle 157 Taxes on premiumsSubsection 2 Reinsurance (art. 158)Article 158 Reinsurance undertakings not complying with the legal provisionsSection 4 Statistical information (art. 159)Article 159 Statistical information on cross-border activitiesSection 5 Treatment of contracts of branches in winding-up proceedings (arts. 160-161)Article 160 Winding-up of insurance undertakingsArticle 161 Winding-up of reinsurance undertakingsChapter IX Branches established within the community and belonging to insurance or reinsurance undertakings with head offices situated outside the community (arts. 162-175)Section 1 Taking-up of business (arts. 162-171)Article 162 Principle of authorisation and conditionsArticle 163 Scheme of operations of the branchArticle 164 Transfer of portfolioArticle 165 Technical provisionsArticle 166 Solvency Capital Requirement and Minimum Capital RequirementArticle 167 Advantages to undertakings authorised in more than one Member StateArticle 168 Accounting, prudential and statistical information and undertakings in difficultyArticle 169 Separation of non-life and life businessArticle 170 Withdrawal of authorisation for undertakings authorised in more than one Member StateArticle 171 Agreements with third countriesSection 2 Reinsurance (arts. 172-175)Article 172 Equivalence in relation to reinsurance undertakingsArticle 173 Prohibition of pledging of assetsArticle 174 Principle and conditions for conducting reinsurance activityArticle 175 Agreements with third countriesChapter 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)Article 176 Information from Member States to the Commission and EIOPAArticle 177 Third-country treatment of Community insurance and reinsurance undertakingsTitle II Specific Provisions for Insurance and Reinsurance (arts. 178-211)Chapter I Applicable law and conditions of direct insurance contracts (arts. 178-186)Section 1 Applicable law (art. 178)Article 178 Applicable LawSection 2 Compulsory insurance (art. 179)Article 179 Related obligationsSection 3 General good (art. 180)Article 180 General goodSection 4 Conditions of insurance contracts and scales of premiums (arts. 181-182)Article 181 Non-life insuranceArticle 182 Life insuranceSection 5 Information for policy holders (arts. 183-186)Subsection 1 Non-life insurance (arts. 183-184)Article 183 General Information for policy holdersArticle 184 Additional information in the case of non-life insurance offered under the right of establishment or the freedom to provide servicesSubsection 2 Life insurance (arts. 185-186)Article 185 Information for policy holdersArticle 186 Cancellation periodChapter II Provisions specific to non-life insurance (arts. 187-207)Section 1 General provisions (arts. 187-189)Article 187 Policy ConditionsArticle 188 Abolition of monopoliesArticle 189 Participation in national guarantee schemesSection 2 Community co-insurance (arts. 190-196)Article 190 Community co-insurance operationsArticle 191 Participation in Community co-insuranceArticle 192 Technical provisionsArticle 193 Statistical dataArticle 194 Treatment of co-insurance contracts in winding-up proceedingsArticle 195 Exchange of information between supervisory authoritiesArticle 196 Cooperation on implementationSection 3 Assistance (art. 197)Article 197 Activities similar to tourist assistanceSection 4 Legal expenses insurance (arts. 198-205)Article 198 Scope of this SectionArticle 199 Separate contractsArticle 200 Management of claimsArticle 201 Free choice of lawyerArticle 202 Exception to the free choice of lawyerArticle 203 ArbitrationArticle 204 Conflict of interestArticle 205 Abolition of specialisation of legal expenses insuranceSection 5 Health insurance (art. 206)Article 206 Health insurance as an alternative to social securitySection 6 Insurance against accidents at work (art. 207)Article 207 Compulsory insurance against accidents at workChapter III Provisions specific to life insurance (arts. 208-209)Article 208 Prohibition on compulsory ceding of part of underwritingArticle 209 Premiums for new businessChapter IV Rules specific to reinsurance (arts. 210-211)Article 210 Finite reinsuranceArticle 211 Special purpose vehiclesTitle III Supervision of Insurance and Reinsurance Undertakings in a Group (arts. 212-266)Chapter I Group supervision: definitions, cases of application, scope and levels (arts. 212-217)Section 1 Definitions (art. 212)Article 212 DefinitionsSection 2 Cases of application and scope (arts. 213-214)Article 213 Cases of application of group supervisionDraft Article 213a Use of proportionality measures at the level of the groupDraft Article 213b Impediments to group supervisionArticle 214 Scope of group supervisionSection 3 Levels (arts. 215-217)Article 215 Ultimate parent undertaking at Community levelArticle 216 Ultimate parent undertaking at national levelArticle 217 Parent undertaking covering several Member StatesChapter II Financial position (arts. 218-246)Section 1 Group solvency (arts. 218-243)Subsection 1 General provisions (arts. 218-219)Article 218 Supervision of group solvencyArticle 219 Frequency of calculationSubsection 2 Choice of calculation method and general principles (arts. 220-224)Article 220 Choice of methodArticle 221 Inclusion of proportional shareArticle 222 Elimination of double use of eligible own fundsArticle 223 Elimination of the intra-group creation of capitalArticle 224 ValuationSubsection 3 Application of the calculation methods (arts. 225-229 and draft art. 229a)Article 225 Related insurance and reinsurance undertakingsArticle 226 Intermediate insurance holding companiesArticle 227 Equivalence concerning related third-country insurance and re-insurance undertakingsArticle 228 Related credit institutions, investment firms and financial institutionsArticle 229 Non-availability of the necessary informationDraft Article 229a Simplified calculationsSubsection 4 Calculation methods (arts. 230-234)Article 230 Method 1 (Default method): Accounting consolidation-based methodArticle 231 Group internal modelArticle 232 Group capital add-onArticle 233 Method 2 (Alternative method): Deduction and aggregation methodDraft Article 233a Combination of methods 1 and 2Draft Article 233b Long-term equities at group levelArticle 234 Delegated acts concerning Articles 220 to 229 and 230 to 233Subsection 5 Supervision of group solvency for insurance and reinsurance undertakings that are subsidiaries of an insurance holding company (art. 235)Article 235 Group solvency of an insurance holding company or a mixed financial holding companySubsection 6 Supervision of group solvency for groups with centralised risk management (arts. 236-243)Article 236 Subsidiaries of an insurance or reinsurance undertaking: conditionsArticle 237 Subsidiaries of an insurance or reinsurance undertaking: decision on the applicationArticle 238 Subsidiaries of an insurance or reinsurance undertaking: determination of the Solvency Capital RequirementArticle 239 Subsidiaries of an insurance or reinsurance undertaking: non-compliance with the Solvency and Minimum Capital RequirementsArticle 240 Subsidiaries of an insurance or reinsurance undertaking: end of derogations for a subsidiaryArticle 241 Subsidiaries of an insurance or reinsurance undertaking: delegated actsArticle 242 ReviewArticle 243 Subsidiaries of an insurance holding company and mixed financial holding companySection 2 Risk concentration and intra-group transactions (arts. 244-245)Article 244 Supervision of risk concentrationArticle 245 Supervision of intra-group transactionsSection 3 Risk management and internal control (art. 246)Article 246 Supervision of the system of governanceDraft Chapter IIa Macroprudential rules at group level (draft arts. 246a-246b)Draft Article 246a Liquidity risk management at group levelDraft Article 246b Other macroprudential rulesChapter III Measures to facilitate group supervision (arts. 247-259)Article 247 Group SupervisorArticle 248 Rights and duties of the group supervisor and the other supervisors College of supervisorsArticle 249 Cooperation and exchange of information between supervisory authoritiesArticle 250 Consultation between supervisory authoritiesArticle 251 Requests from the group supervisor to other supervisory authoritiesArticle 252 Cooperation with authorities responsible for credit institutions and investment firmsArticle 253 Professional secrecy and confidentialityArticle 254 Access to informationArticle 255 Verification of informationArticle 256 Group solvency and financial condition reportArticle 256a Group structureDraft Article 256b Group regular supervisory reportDraft Article 256c Solvency and financial condition report: Audit requirementArticle 257 Administrative, management or supervisory body of insurance holding companies and mixed financial holding companiesArticle 258 Enforcement measuresArticle 259 Reporting of EIOPAChapter IV Third countries (arts. 260-264)Article 260 Parent undertakings outside the Union: verification of equivalenceArticle 261 Parent undertakings outside the Community: equivalenceArticle 262 Parent undertakings registered in a third country: absence of equivalenceArticle 263 Parent undertakings outside the Community: levelsArticle 264 Cooperation with third-country supervisory authoritiesChapter V Mixed-activity insurance holding companies (arts. 265-266)Article 265 Intra-group transactionsArticle 266 Cooperation with third countriesTitle IV Reorganisation and Winding-up of Insurance Undertakings (arts. 267-296)Chapter I Scope and definitions (arts. 267-268)Article 267 Scope of this TitleArticle 268 DefinitionsChapter II Reorganisation measures (arts. 269-272)Article 269 Adoption of reorganisation measures applicable lawArticle 270 Information to the supervisory authoritiesArticle 271 Publication of decisions on reorganisation measuresArticle 272 Information to known creditors right to lodge claimsChapter III Winding-up proceedings (arts. 273-284)Article 273 Opening of winding-up proceedings information to the supervisory authoritiesArticle 274 Applicable lawArticle 275 Treatment of insurance claimsArticle 276 Special registerArticle 277 Subrogation to a guarantee schemeArticle 278 Representation of preferential claims by assetsArticle 279 Withdrawal of the authorisationArticle 280 Publication of decisions on winding-up proceedingsArticle 281 Information to known creditorsArticle 282 Right to lodge claimsArticle 283 Languages and formArticle 284 Regular information to the creditorsChapter IV Common provisions (arts. 285-296)Article 285 Effects on certain contracts and rightsArticle 286 Rights in rem of third partiesArticle 287 Reservation of titleArticle 288 Set-offArticle 289 Regulated marketsArticle 290 Detrimental actsArticle 291 Protection of third-party purchasersArticle 292 Lawsuits pendingArticle 293 Administrators and liquidatorsArticle 294 Registration in a public registerArticle 295 Professional secrecyArticle 296 Treatment of branches of third-country insurance undertakingsTitle V Other Provisions (arts. 297-304b and draft arts. 304c-304e)Article 297 Right to apply to the courtsArticle 298 Cooperation between the Member States and the CommissionArticle 299 EuroArticle 300 Revision of amounts expressed in euroArticle 301 Committee procedureArticle 301a Exercise of the delegationArticle 301b Sunrise provision for regulatory technical standardsArticle 302 Notifications submitted prior to entry into force of the laws, regulations and administrative provisions necessary to comply with Articles 57 to 63Article 303 Amendments to Directive 2003/41/ECArticle 304 Duration-based equity risk sub-moduleArticle 304b Accessibility of information on the European single access pointDraft Article 304c Report as regards sustainability riskDraft Article 304d Review as regards separation of life and non-life activities and capital buffersDraft Article 304e Extension of deadlines in exceptional circumstancesTitle VI Transitional and final provisions (arts. 305-312)Chapter I Transitional provisions (arts. 305-308e and draft art. 308f)Section 1 Insurance (arts. 305-306)Article 305 Derogations and abolition of restrictive measuresArticle 306 Rights acquired by existing branches and insurance undertakingsSection 2 Reinsurance (arts. 307-308)Article 307 Transitional period for Articles 57(3) and 60(6) of Directive 2005/68/ECArticle 308 Right acquired by existing reinsurance undertakingsSection 3 Insurance and reinsurance (arts. 308a-308e and draft art. 308f)Article 308a Phasing-inArticle 308b Transitional measuresArticle 308c Transitional measure on the risk-free interest ratesArticle 308d Transitional measure on technical provisionsArticle 308e Phasing-in plan on the transitional measures on risk-free interest rates and on technical provisionsDraft Article 308fChapter II Final provisions (arts. 309-312)Article 309 TranspositionArticle 310 RepealArticle 310a Staff and resources of EIOPAArticle 311 Entry into forceArticle 312 AddresseesAnnex I Classes of Non-Life InsuranceAnnex I, Part A Classification of risks according to classes of insuranceAnnex I, Part B Description of authorisations granted for more than one class of insuranceAnnex II Classes of Life InsuranceAnnex III Legal Forms of UndertakingsAnnex III, Part A Forms of non-life insurance undertaking:Annex III, Part B Forms of life insurance undertaking:Annex III, Part C Forms of reinsurance undertaking:Annex IV Solvency Capital Requirement (SCR) Standard FormulaAnnex V Groups of Non-Life Insurance Classes for the Purposes of Article 159Annex VIAnnex VI, Part A Repealed Directives with list of their successive amendmentsAnnex VI, Part B List of time-limits for transposition into national law (referred to in Article 310)Annex VII Correlation TableDone at
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Article 187 Policy Conditions
General and special policy conditions shall not include any conditions intended to meet, in an individual case, the particular circumstances of the risk to be covered.