+Subsection 2 Solvency capital requirement standard formula
---+Article 103 Structure of the standard formula
---+Article 104 Design of the Basic Solvency Capital Requirement
------+Article 104 1.
------+Article 104 2.
------+Article 104 3.
------+Article 104 4.
------+Article 104 5.
------+Article 104 6.
------+Article 104 7.
---+Article 105 Calculation of the Basic Solvency Capital Requirement
------+Article 105 1.
------+Article 105 2.
------+Article 105 3.
------+Article 105 4.
------+Article 105 5.
------+Article 105 6.
---+Article 106 Calculation of the equity risk sub-module: symmetric adjustment mechanism
------+Article 106 1.
------+Article 106 2.
------+Article 106 3.
---+Article 107 Capital requirement for operational risk
------+Article 107 1.
------+Article 107 2.
------+Article 107 3.
---+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 109a 1.
------+Article 109a 2.
------+Article 109a 3.
------+Article 109a 4.
------+Article 109a 5.
---+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
------+Article 111 1.
------+Article 111 2.
------+Article 111 3.
------+Article 111 4.

Subsection 2 Solvency capital requirement standard formula

Subsection 2 Solvency capital requirement standard formula

1. Forbhreathnú

,
Article 103 Structure of the standard formula

Article 103

Structure of the standard formula

The Solvency Capital Requirement calculated on the basis of the standard formula shall be the sum of the following items:

(a) 

the Basic Solvency Capital Requirement, as laid down in Article 104;

(b) 

the capital requirement for operational risk, as laid down in Article 107;

(c) 

the adjustment for the loss-absorbing capacity of technical provisions and deferred taxes, as laid down in Article 108.
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 108

Adjustment for the loss-absorbing capacity of technical provisions and deferred taxes

The adjustment referred to in Article 103(c) for the loss-absorbing capacity of technical provisions and deferred taxes shall reflect potential compensation of unexpected losses through a simultaneous decrease in technical provisions or deferred taxes or a combination of the two.

That adjustment shall take account of the risk mitigating effect provided by future discretionary benefits of insurance contracts, to the extent insurance and reinsurance undertakings can establish that a reduction in such benefits may be used to cover unexpected losses when they arise. The risk mitigating effect provided by future discretionary benefits shall be no higher than the sum of technical provisions and deferred taxes relating to those future discretionary benefits.

For the purpose of the second paragraph, the value of future discretionary benefits under adverse circumstances shall be compared to the value of such benefits under the underlying assumptions of the best-estimate calculation.
Article 109 Simplifications in the standard formula

Article 109

Simplifications in the standard formula

Insurance and reinsurance undertakings may use a simplified calculation for a specific sub-module or risk module where the nature, scale and complexity of the risks they face justifies it and where it would be disproportionate to require all insurance and reinsurance undertakings to apply the standardised calculation.

Simplified calculations shall be calibrated in accordance with Article 101(3).
Article 109a Harmonised technical inputs to standard formula
Article 110 Significant deviations from the assumptions underlying the standard formula calculation

Article 110

Significant deviations from the assumptions underlying the standard formula calculation

Where it is inappropriate to calculate the Solvency Capital Requirement in accordance with the standard formula, as set out in Subsection 2, because the risk profile of the insurance or reinsurance undertaking concerned deviates significantly from the assumptions underlying the standard formula calculation, the supervisory authorities may, by means of a decision stating the reasons, require the undertaking concerned to replace a subset of the parameters used in the standard formula calculation by parameters specific to that undertaking when calculating the life, non-life and health underwriting risk modules, as set out in Article 104(7). Those specific parameters shall be calculated in such a way to ensure that the undertaking complies with Article 101(3).
Article 111 Delegated acts and regulatory and implementing technical standards concerning Articles 103 to 109

1.1 Tagairtí

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

Ceanglais

3. Caighdeáin ghaolmhara

Caighdeáin