Lexparency.org
Deutsch
Español
Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009
On the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)
(Text with EEA relevance)Solvency II
- Recitals
TITLE I — GENERAL RULES ON THE TAKING-UP AND PURSUIT OF DIRECT INSURANCE AND REINSURANCE ACTIVITIES- CHAPTER I — Subject matter, scope and definitions
- CHAPTER II — Taking-up of business
- Article 14 — Principle of authorisation
- Article 15 — Scope of authorisation
- Article 16 — Ancillary risks
- Article 17 — Legal form of the insurance or reinsurance undertaking
- Article 18 — Conditions for authorisation
- Article 19 — Close links
- Article 20 — Head office of insurance undertakings and reinsurance undertakings
- Article 21 — Policy conditions and scales of premiums
- Article 22 — Economic requirements of the market
- Article 23 — Scheme of operations
- Article 24 — Shareholders and members with qualifying holdings
- Article 25 — Refusal of authorisation
- Article 25a — Notification and publication of authorisations or withdrawals of authorisation
- Article 26 — Prior consultation of the authorities of other Member States
- CHAPTER III — Supervisory authorities and general rules
- Article 27 — Main objective of supervision
- Article 28 — Financial stability and pro-cyclicality
- Article 29 — General principles of supervision
- Article 30 — Supervisory authorities and scope of supervision
- Article 31 — Transparency and accountability
- Article 32 — Prohibition of refusal of reinsurance contracts or retrocession contracts
- Article 33 — Supervision of branches established in another Member State
- Article 34 — General supervisory powers
- Article 35 — Information to be provided for supervisory purposes
- Article 36 — Supervisory review process
- Article 37 — Capital add-on
- Article 38 — Supervision of outsourced functions and activities
- Article 39 — Transfer of portfolio
- CHAPTER IV — Conditions governing business
- Section 1 — Responsibility of the administrative, management or supervisory body
- Section 2 — System of governance
- Article 41 — General governance requirements
- Article 42 — Fit and proper requirements for persons who effectively run the undertaking or have other key functions
- Article 43 — Proof of good repute
- Article 44 — Risk management
- Article 45 — Own risk and solvency assessment
- Article 46 — Internal control
- Article 47 — Internal audit
- Article 48 — Actuarial function
- Article 49 — Outsourcing
- Article 50 — Delegated acts and regulatory technical standards
- Section 3 — Public disclosure
- Article 51 — Report on solvency and financial condition: contents
- Article 52 — Information for and reports by the European Insurance and Occupational Pensions Authority
- Article 53 — Report on solvency and financial condition: applicable principles
- Article 54 — Report on solvency and financial condition: updates and additional voluntary information
- Article 55 — Report on solvency and financial condition: policy and approval
- Article 56 — Solvency and financial condition report: delegated acts and implementing technical standards
- Section 4 — Qualifying holdings
- Article 57 — Acquisitions
- Article 58 — Assessment period
- Article 59 — Assessment
- Article 60 — Acquisitions by regulated financial undertakings
- Article 61 — Information to the supervisory authority by the insurance or reinsurance undertaking
- Article 62 — Qualifying holdings, powers of the supervisory authority
- Article 63 — Voting rights
- Section 5 — Professional secrecy, exchange of information and promotion of supervisory convergence
- Article 64 — Professional secrecy
- Article 65 — Exchange of information between supervisory authorities of Member States
- Article 65a — Cooperation with EIOPA
- Article 66 — Cooperation agreements with third countries
- Article 67 — Use of confidential information
- Article 67a — European Parliament powers of investigation
- Article 68 — Exchange of information with other authorities
- Article 69 — Disclosure of information to government administrations responsible for financial legislation
- Article 70 — Transmission of information to central banks, monetary authorities, payment systems overseers and the European Systemic Risk Board
- Article 71 — Supervisory convergence
- Section 6 — Duties of auditors
- CHAPTER V — Pursuit of life and non-life insurance activity
- CHAPTER VI — Rules relating to the valuation of assets and liabilities, technical provisions, own funds, Solvency Capital Requirement, Minimum Capital Requirement and investment rules
- Section 1 — Valuation of assets and liabilities
- Section 2 — Rules relating to technical provisions
- Article 76 — General provisions
- Article 77 — Calculation of technical provisions
- Article 77a — Extrapolation of the relevant risk-free interest rate term structure
- Article 77b — Matching adjustment to the relevant risk-free interest rate term structure
- Article 77c — Calculation of the matching adjustment
- Article 77d — Volatility adjustment to the relevant risk-free interest rate term structure
- Article 77e — Technical information produced by the European Insurance and Occupational Pensions Authority
- Article 77f — Review of long-term guarantees measures and measures on equity risk
- Article 78 — Other elements to be taken into account in the calculation of technical provisions
- Article 79 — Valuation of financial guarantees and contractual options included in insurance and reinsurance contracts
- Article 80 — Segmentation
- Article 81 — Recoverables from reinsurance contracts and special purpose vehicles
- Article 82 — Data quality and application of approximations, including case-by-case approaches, for technical provisions
- Article 83 — Comparison against experience
- Article 84 — Appropriateness of the level of technical provisions
- Article 85 — Increase of technical provisions
- Article 86 — Delegated acts and regulatory and implementing technical standards
- Section 3 — Own funds
- Subsection 1 — Determination of own funds
- Subsection 2 — Classification of own funds
- Article 93 — Characteristics and features used to classify own funds into tiers
- Article 94 — Main criteria for the classification into tiers
- Article 95 — Classification of own funds into tiers
- Article 96 — Classification of specific insurance own-fund items
- Article 97 — Delegated acts and regulatory technical standards
- Subsection 3 — Eligibility of own funds
- Section 4 — Solvency capital requirement
- Subsection 1 — General provisions for the solvency capital requirement using the standard formula or an internal model
- Subsection 2 — Solvency capital requirement standard formula
- Article 103 — Structure of the standard formula
- Article 104 — Design of the Basic Solvency Capital Requirement
- Article 105 — Calculation of the Basic Solvency Capital Requirement
- Article 106 — Calculation of the equity risk sub-module: symmetric adjustment mechanism
- Article 107 — Capital requirement for operational risk
- Article 108 — Adjustment for the loss-absorbing capacity of technical provisions and deferred taxes
- Article 109 — Simplifications in the standard formula
- Article 109a — Harmonised technical inputs to standard formula
- Article 110 — Significant deviations from the assumptions underlying the standard formula calculation
- Article 111 — Delegated acts and regulatory and implementing technical standards concerning Articles 103 to 109
- Subsection 3 — Solvency capital requirement full and partial internal models
- Article 112 — General provisions for the approval of full and partial internal models
- Article 113 — Specific provisions for the approval of partial internal models
- Article 114 — Delegated acts and implementing technical standards concerning the Solvency Capital Requirement internal models
- Article 115 — Policy for changing the full and partial internal models
- Article 116 — Responsibilities of the administrative, management or supervisory bodies
- Article 117 — Reversion to the standard formula
- Article 118 — Non-compliance of the internal model
- Article 119 — Significant deviations from the assumptions underlying the standard formula calculation
- Article 120 — Use test
- Article 121 — Statistical quality standards
- Article 122 — Calibration standards
- Article 123 — Profit and loss attribution
- Article 124 — Validation standards
- Article 125 — Documentation standards
- Article 126 — External models and data
- Article 127 — Delegated acts concerning Articles 120 to 126
- Section 5 — Minimum capital requirement
- Section 6 — Investments
- CHAPTER VII — Insurance and reinsurance undertakings in difficulty or in an irregular situation
- Article 136 — Identification and notification of deteriorating financial conditions by the insurance and reinsurance undertaking
- Article 137 — Non-Compliance with technical provisions
- Article 138 — Non-Compliance with the Solvency Capital Requirement
- Article 139 — Non-Compliance with the Minimum Capital Requirement
- Article 140 — Prohibition of free disposal of assets located within the territory of a Member State
- Article 141 — Supervisory powers in deteriorating financial conditions
- Article 142 — Recovery plan and finance scheme
- Article 143 — Delegated acts and regulatory technical standards concerning Article 138(4)
- Article 144 — Withdrawal of authorisation
- CHAPTER VIII — Right of establishment and freedom to provide services
- Section 1 — Establishment by insurance undertakings
- Section 2 — Freedom to provide services: by insurance undertakings
- Section 2A — Notification and collaboration platforms
- Section 3 — Competencies of the supervisory authorities of the host member state
- Section 4 — Statistical information
- Section 5 — Treatment of contracts of branches in winding-up proceedings
- CHAPTER IX — Branches established within the community and belonging to insurance or reinsurance undertakings with head offices situated outside the community
- Section 1 — Taking-up of business
- Article 162 — Principle of authorisation and conditions
- Article 163 — Scheme of operations of the branch
- Article 164 — Transfer of portfolio
- Article 165 — Technical provisions
- Article 166 — Solvency Capital Requirement and Minimum Capital Requirement
- Article 167 — Advantages to undertakings authorised in more than one Member State
- Article 168 — Accounting, prudential and statistical information and undertakings in difficulty
- Article 169 — Separation of non-life and life business
- Article 170 — Withdrawal of authorisation for undertakings authorised in more than one Member State
- Article 171 — Agreements with third countries
- Section 2 — Reinsurance
- CHAPTER X — Subsidiaries of insurance and reinsurance undertakings governed by the laws of a third country and acquisitions of holdings by such undertakings
- TITLE II — SPECIFIC PROVISIONS FOR INSURANCE AND REINSURANCE
- CHAPTER I — Applicable law and conditions of direct insurance contracts
- CHAPTER II — Provisions specific to non-life insurance
- Section 1 — General provisions
- Section 2 — Community co-insurance
- Article 190 — Community co-insurance operations
- Article 191 — Participation in Community co-insurance
- Article 192 — Technical provisions
- Article 193 — Statistical data
- Article 194 — Treatment of co-insurance contracts in winding-up proceedings
- Article 195 — Exchange of information between supervisory authorities
- Article 196 — Cooperation on implementation
- Section 3 — Assistance
- Section 4 — Legal expenses insurance
- Article 198 — Scope of this Section
- Article 199 — Separate contracts
- Article 200 — Management of claims
- Article 201 — Free choice of lawyer
- Article 202 — Exception to the free choice of lawyer
- Article 203 — Arbitration
- Article 204 — Conflict of interest
- Article 205 — Abolition of specialisation of legal expenses insurance
- Section 5 — Health insurance
- Section 6 — Insurance against accidents at work
- CHAPTER III — Provisions specific to life insurance
- CHAPTER IV — Rules specific to reinsurance
- TITLE III — SUPERVISION OF INSURANCE AND REINSURANCE UNDERTAKINGS IN A GROUP
- CHAPTER I — Group supervision: definitions, cases of application, scope and levels
- CHAPTER II — Financial position
- Section 1 — Group solvency
- Subsection 1 — General provisions
- Subsection 2 — Choice of calculation method and general principles
- Subsection 3 — Application of the calculation methods
- Article 225 — Related insurance and reinsurance undertakings
- Article 226 — Intermediate insurance holding companies
- Article 227 — Equivalence concerning related third-country insurance and re-insurance undertakings
- Article 228 — Related credit institutions, investment firms and financial institutions
- Article 229 — Non-availability of the necessary information
- Subsection 4 — Calculation methods
- Subsection 5 — Supervision of group solvency for insurance and reinsurance undertakings that are subsidiaries of an insurance holding company or a mixed financial holding company
- Subsection 6 — Supervision of group solvency for groups with centralised risk management
- Article 236 — Subsidiaries of an insurance or reinsurance undertaking: conditions
- Article 237 — Subsidiaries of an insurance or reinsurance undertaking: decision on the application
- Article 238 — Subsidiaries of an insurance or reinsurance undertaking: determination of the Solvency Capital Requirement
- Article 239 — Subsidiaries of an insurance or reinsurance undertaking: non-compliance with the Solvency and Minimum Capital Requirements
- Article 240 — Subsidiaries of an insurance or reinsurance undertaking: end of derogations for a subsidiary
- Article 241 — Subsidiaries of an insurance or reinsurance undertaking: delegated acts
- Article 242 — Review
- Article 243 — Subsidiaries of an insurance holding company and mixed financial holding company
- Section 2 — Risk concentration and intra-group transactions
- Section 3 — Risk management and internal control
- CHAPTER III — Measures to facilitate group supervision
- Article 247 — Group Supervisor
- Article 248 — Rights and duties of the group supervisor and the other supervisors College of supervisors
- Article 249 — Cooperation and exchange of information between supervisory authorities
- Article 250 — Consultation between supervisory authorities
- Article 251 — Requests from the group supervisor to other supervisory authorities
- Article 252 — Cooperation with authorities responsible for credit institutions and investment firms
- Article 253 — Professional secrecy and confidentiality
- Article 254 — Access to information
- Article 255 — Verification of information
- Article 256 — Group solvency and financial condition report
- Article 256a — Group structure
- Article 257 — Administrative, management or supervisory body of insurance holding companies and mixed financial holding companies
- Article 258 — Enforcement measures
- Article 259 — Reporting of EIOPA
- CHAPTER IV — Third countries
- Article 260 — Parent undertakings outside the Union: verification of equivalence
- Article 261 — Parent undertakings outside the Community: equivalence
- Article 262 — Parent undertakings registered in a third country: absence of equivalence
- Article 263 — Parent undertakings outside the Community: levels
- Article 264 — Cooperation with third-country supervisory authorities
- CHAPTER V — Mixed-activity insurance holding companies
- TITLE IV — REORGANISATION AND WINDING-UP OF INSURANCE UNDERTAKINGS
- CHAPTER I — Scope and definitions
- CHAPTER II — Reorganisation measures
- CHAPTER III — Winding-up proceedings
- Article 273 — Opening of winding-up proceedings information to the supervisory authorities
- Article 274 — Applicable law
- Article 275 — Treatment of insurance claims
- Article 276 — Special register
- Article 277 — Subrogation to a guarantee scheme
- Article 278 — Representation of preferential claims by assets
- Article 279 — Withdrawal of the authorisation
- Article 280 — Publication of decisions on winding-up proceedings
- Article 281 — Information to known creditors
- Article 282 — Right to lodge claims
- Article 283 — Languages and form
- Article 284 — Regular information to the creditors
- CHAPTER IV — Common provisions
- Article 285 — Effects on certain contracts and rights
- Article 286 — Rights in rem of third parties
- Article 287 — Reservation of title
- Article 288 — Set-off
- Article 289 — Regulated markets
- Article 290 — Detrimental acts
- Article 291 — Protection of third-party purchasers
- Article 292 — Lawsuits pending
- Article 293 — Administrators and liquidators
- Article 294 — Registration in a public register
- Article 295 — Professional secrecy
- Article 296 — Treatment of branches of third-country insurance undertakings
- TITLE V — OTHER PROVISIONS
- Article 297 — Right to apply to the courts
- Article 298 — Cooperation between the Member States and the Commission
- Article 299 — Euro
- Article 300 — Revision of amounts expressed in euro
- Article 301 — Committee procedure
- Article 301a — Exercise of the delegation
- Article 301b — Sunrise provision for regulatory technical standards
- Article 302 — Notifications submitted prior to entry into force of the laws, regulations and administrative provisions necessary to comply with Articles 57 to 63
- Article 304 — Duration-based equity risk sub-module
- TITLE VI — TRANSITIONAL AND FINAL PROVISIONS
- CHAPTER I — Transitional provisions
- Section 1 — Insurance
- Section 2 — Reinsurance
- Section 3 — Insurance and reinsurance
- Article 308a — Phasing-in
- Article 308b — Transitional measures
- Article 308c — Transitional measure on the risk-free interest rates
- Article 308d — Transitional measure on technical provisions
- Article 308e — Phasing-in plan on the transitional measures on risk-free interest rates and on technical provisions
- CHAPTER II — Final provisions
- ANNEX I — CLASSES OF NON-LIFE INSURANCE
- ANNEX II — CLASSES OF LIFE INSURANCE
- ANNEX III — LEGAL FORMS OF UNDERTAKINGS
- ANNEX IV — SOLVENCY CAPITAL REQUIREMENT (SCR) STANDARD FORMULA
- ANNEX V — GROUPS OF NON-LIFE INSURANCE CLASSES FOR THE PURPOSES OF ARTICLE 159
- ANNEX VI — PART A
- ANNEX VII — CORRELATION TABLE