(1) An insurance undertaking or reinsurance undertaking shall classify its own-fund items on the basis of the criteria laid down in Regulation 108.
(2) For that purpose, the undertaking shall refer to the list of own-fund items referred to in Commission Delegated Regulation (EU) 2015/35, where applicable.
(3) Where an own-fund item is not covered by that list, it shall be assessed and classified by the undertaking, in accordance with paragraph (1).
(4) Classification under paragraph (3) is subject to approval by the Bank.