(1) An insurance undertaking or reinsurance undertaking shall make publicly available an annual report on its solvency and financial condition which must -

(a) include the information required in Regulation 34(4)(a) and comply with the principles set out in Regulation 34(4)(b), and

(b) contain the information specified in paragraph (2), either in full or, subject to Regulation 55(3), by way of reference to equivalent information, both in nature and scope, published under other legal or regulatory requirements.

(2) The information referred to in paragraph (1)(b) is -

(a) a description of the business and performance of the undertaking,

(b) a description of the system of governance of the undertaking 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 in the bases and methods used for their valuation in financial statements, and