Regulation in accordance with Section 104g (2) of the Insurance Supervision Act on the calculation of the adjusted solvency of primary and reinsurance undertakings in a primary or reinsurance group, which pursuant to Section 104a (1) (1) or (2) of the Insurance Supervision Act Insurance supervision law subject to supplementary supervision (Solvency Adjustment Regulation-SolBerV)

Unofficial table of contents

SolBerV

Date of completion: 20.12.2001

Full quote:

" Solvency-adjustment regulation of 20 December 2001 (BGBl. 4173), as last amended by Article 5 of the Regulation of 20 September 2013 (BGBl I). 3672). "

Status:

Last amended by Art. 5 V v. 20.9.2013 I 3672

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 1.1.2002 + + +) 
(+ + + On temporal application cf.  § 21 + + +) 
(+ + + Official note from the norm-provider on EC law: 
 Implementation of the 
 ERL 87/2002 (CELEX Nr: 302L0087)  V v. 20.3.2006 I 562 + + +) 

  

Heading: IdF d. Art. 1 No. 1 V v. 27.2.2008 I 268 mWv 7.3.2008 Unofficial table of contents

Input formula

Pursuant to § 104g (2) of the Insurance Supervision Act, as last amended by Article 1 of the Law amending the Insurance Supervision Act, in particular for the implementation of EC Directive 98/78 EC of 27 June 1998. October 1998, on the supplementary supervision of insurance undertakings belonging to an insurance group, and on the conversion of rules to the euro of 21 December 2000 (BGBl. I p. 1857), the Federal Ministry of Finance is responsible for: Unofficial table of contents

Content Summary

First section
First and reinsurance undertakings subject to additional supervision pursuant to Section 104a (1) (1) of the Insurance Supervision Act, with registered offices in Germany
§ 1	Calculation methods
§ 2	Undertakings to be included
§ 3	Exclusion of the multiple consideration of own resources
§ 4	Exclusion of capital creation within the Group
§ 5	Other basic principles
§ 6	Exceptions
§ 7	Special cases
§ 8	Calculation level
§ 9	Calculation of the adjusted solvency for a first or reinsurance undertaking subject to additional supervision in accordance with section 104a (1) (1) of the Insurance Supervision Act, on the basis of consolidated accounts
§ 10	Calculation of the adjusted solvency for a first or reinsurance undertaking subject to supplementary supervision in accordance with section 104a (1) (1) of the Insurance Supervision Act, on the basis of the individual financial statements
Second section
Primary and reinsurance undertakings subject to additional supervision pursuant to Section 104a (1) (2) of the Insurance Supervision Act, with registered offices in Germany
§ 11	Undertakings to be included
§ 12	Exclusion of the multiple consideration of own resources
§ 13	Exclusion of capital creation within the Group
§ 14	Other basic principles
§ 15	Exceptions
§ 16	Calculation level
§ 17	Calculation of the adjusted solvency for a first or reinsurance undertaking subject to additional supervision in accordance with Section 104a (1) (2) of the Insurance Supervision Act, on the basis of consolidated accounts
§ 18	Calculation of the adjusted solvency for a first or reinsurance undertaking subject to supplementary supervision in accordance with Section 104a (1) (2) of the Insurance Supervision Act, on the basis of the individual financial statements
Third Section
General
§ 19	Deadlines
§ 20	Subdelegation
Section 21	Time application
Section 22	entry into force

Footnote

(+ + + Content Summary (F. 2008-02-27): For the first application, see: § 21 + + +)

First section
First and reinsurance undertakings subject to additional supervision pursuant to Section 104a (1) (1) of the Insurance Supervision Act, with registered offices in Germany

Footnote

(+ + + First Wn. (Heading before § 1) (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

§ 1 Calculation Methods

(1) The adjusted solvency is based on a German law pursuant to Section 341j of the Commercial Code, in conjunction with the provisions of the Second Subsection of the Second Section of the Third Book of the Commercial Code, in accordance with German law, or after the The right of the European Communities to calculate consolidated accounts, provided that such consolidated accounts are at the level of the first or reinsurance undertaking concerned within the meaning of Section 104a (1) (1) of the Insurance Supervision Act and was examined in accordance with Section 341k of the Commercial Code. (2) (3) If a consolidated financial statements are not available or supplementary invoices are necessary because the consolidated financial statements under paragraph 1 do not take full account of the provisions of § § 2 to 8 or do not fully take into account the calculation, the calculation shall be or the supplementary calculation on the basis of the individual accounts of the undertakings to be included. (4) The supervisory authority may also authorise the calculation of the calculation on the basis of the individual accounts of the undertakings to be included if there is a consolidated financial statements.

Footnote

(+ + + § 1 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

§ 2 Companies to be included

The adjusted solvency of a first or reinsurance undertaking subject to additional supervision in accordance with § 104a (1) No. 1 of the Insurance Supervision Act shall be subject to the conditions laid down in § § 3 to 10 and including

1.

of the first or reinsurance undertaking concerned,

2.

the related undertakings of the first or reinsurance undertaking concerned,

3.

the participating undertakings of the first or reinsurance undertaking concerned,

4.

the affiliated undertakings of the participating undertakings of the first or reinsurance undertaking concerned

to be calculated.

Footnote

(+ + + § 2 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

§ 3 Exclusion of the multiple consideration of own resources

Irrespective of the method of calculation, it should be excluded that the own funds of the various primary or reinsurance undertakings included in the calculation according to Article 53c of the Insurance Supervision Act shall be taken into account on a number of occasions . In the case of the first or reinsurance undertakings concerned, the carrying amount of assets shall be:

1.

of the concerned primary or reinsurance undertaking concerned, who are to face, in accordance with Article 53c of the Insurance Supervision Act, eligible own funds in one of its associated first or reinsurance undertakings,

2.

a related first or reinsurance undertaking of the first or reinsurance undertaking concerned, which is the first or reinsurance undertaking to which it financed, in accordance with Article 53c of the Insurance Supervision Act, authorised own funds in the first or reinsurance undertaking concerned; or against reinsurance undertakings,

3.

of a related first or reinsurance undertaking of the first or reinsurance undertaking concerned, which, in accordance with Article 53c of the Insurance Supervision Act, financed the eligible own funds in other related first-hand insurance undertakings, or reinsurance undertakings of that participating first or reinsurance undertaking,

is not included.

Footnote

(+ + + § 3 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

§ 4 Exclusion of the intra-group capital creation

In the calculation, the own resources permitted under Section 53c of the Insurance Supervision Act, which are the basis of the counterfinancing between

1.

the first or reinsurance undertaking concerned, and

a)

a related undertaking of the first or reinsurance undertaking concerned,

b)

a participating undertaking from the first or reinsurance undertaking concerned;

c)

a related undertaking of a participating undertaking of the first or reinsurance undertaking concerned,

2.

a related first or reinsurance undertaking of the first or reinsurance undertaking concerned, for which the adjusted solvency is calculated, and another related undertaking of that participating first or reinsurance undertaking; or Reinsurance undertaking

have not been taken into account. In particular, counterfinancing is provided for when a primary or reinsurance undertaking or one of its affiliates holds shares in another undertaking or grants loans to another undertaking which, for its part, held directly or indirectly in accordance with Article 53c of the Insurance Supervision Act, the own resources of the first-mentioned undertaking.

Footnote

(+ + + § 4 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

§ 5 Other basic principles

(1) In the calculation of the adjusted solvency of a first or reinsurance undertaking, account shall be taken of the share held by the undertaking concerned in its affiliated undertakings. Where the calculation is carried out on the basis of the individual accounts of the undertakings to be included, the share of the subscribed capital held directly or indirectly by the undertaking concerned shall be decisive; if the method is applied, the share of the subscribed capital shall be determined by the on the basis of the consolidated accounts, it shall be the percentages used in the preparation of the consolidated accounts. If the affiliated company belongs to a horizontal group of companies and no shares are held in equity, the company shall be included in the calculation with a share of 100 per cent, unless the company is responsible for the calculation of the (2) If the affiliated undertaking is a subsidiary which has insufficient solvency, it shall be taken into account in full irrespective of the method of calculation. Where it is ensured that the liability of the parent undertaking is limited solely to the share of the capital held by the subsidiary, the solvency of the subsidiary may, with the approval of the supervisory authority, be limited to the solvency of the subsidiary undertaking. (3) Without prejudice to the provision of § 3, the calculation of the adjusted solvency of a primary or reinsurance undertaking may be taken into consideration.

1.

the subscribed but not paid-up parts of the capital of related first or reinsurance undertakings of that undertaking and

2.

Own resources within the meaning of Article 53c (3), first sentence, point 4 and 5 (d) of the Insurance Supervision Act of affiliated life insurance undertakings of that undertaking

shall be included only in so far as this is necessary to cover the solvency margin of the associated first or reinsurance undertaking. Disregard of subscribed but not paid-in shares, which may become a liability for the first or reinsurance undertaking concerned, as well as the corresponding shares of capital

1.

of the parent or reinsurance undertaking concerned, which shall become a liability for a related first or reinsurance undertaking, and

2.

a related primary or reinsurance undertaking which has a liability for another related first or reinsurance undertaking of the same participating first or reinsurance undertaking

can be. Where certain other than the eligible own funds of a related first or reinsurance undertaking other than those referred to in this paragraph may not be used for the performance of the solvency margin of the first or reinsurance undertaking concerned, where the adjusted solvency is calculated, the latter may be included in the calculation only in so far as it is necessary for the fulfilment of the solvency margin of the associated undertaking. The sum of the own funds referred to in this paragraph may not, together with the other own resources permitted under Article 53c of the Insurance Supervision Act, not exceed the amount of the solvency margin of the associated first or reinsurance undertaking. (4) In cases of graduated participations, the adjusted solvency shall be calculated at the level of each participating first or reinsurance undertaking which has at least one related first or reinsurance undertaking. A step-by-step participation is available when first-or reinsurance undertakings are involved in first-or reinsurance undertakings concerned. (5) Holding a first or reinsurance undertaking over a Insurance holding company or, through a mixed financial holding company, a holding in a first insurance undertaking, a reinsurance undertaking, a first insurance undertaking of a third country within the meaning of section 105 (1), second sentence and (3) of the Insurance Supervision Act, or Reinsurance undertakings of a third country within the meaning of Article 121i (1), second sentence, of the Insurance Supervision Act, the insurance holding company or the mixed financial holding company shall be the same as a related first or third party. reinsurance undertakings. For the calculation of the adjusted solvency of the first or reinsurance undertaking, a solvency margin of the insurance holding company or of the mixed financial holding company shall be set at zero. (6) Of the sum of the Own resources shall be deducted from the calculation

1.

Participations in credit institutions within the meaning of Article 1 (1), second sentence, No. 1 to 5 and 7 to 11 of the Banking Act, to financial services institutions within the meaning of Section 1 (1a), second sentence, No. 1 to 4 of the Banking Act and to financial firms within the meaning of the Section 1 (3) of the Banking Act,

2.

Claims arising from the right to enjoyment and claims arising from subordinated liabilities to the undertakings referred to in point 1 in which the primary or reinsurance undertaking holds a holding or with which it is a member of a horizontal group of companies.

A first or reinsurance undertaking does not need to deduct from its own resources positions in accordance with the first sentence if it is included in the additional calculation of the capital adequacy at the level of the conglomerate in accordance with the conditions laid down in Financial conglomerate-Solvency regulation of 2 September 2005 (BGBl. 2688). The supervisory authority may, at the request of the first or reinsurance undertaking in respect of the deductions referred to in the first sentence, allow exceptions where the first or reinsurance undertaking only shares in the undertakings referred to in the first sentence of 1 temporarily, in order to provide financial support for the company in question for the purpose of remediation and rescue. The supervisory authority may, at the request of the first or reinsurance undertaking, allow the calculation methods 1, 2 or 3 to be applied in place of the withdrawal of the positions referred to in the first sentence, as referred to in Annex I, Section II, of the Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate, and amending the Directives 73 /239/EEC, 79 /267/EEC, 92 /49/EEC, 92 /96/EEC, 93 /6/EEC and 93 /22/EEC, and Directives 98 /78/EC and 2000 /12/EC of the European Parliament and of the Council (OJ L 136, 31.5.1998, p EU 2003 No 1) (alternative calculation). A calculation on the basis of consolidated accounts (method 1) may only be carried out if and to the extent that, in the opinion of the supervisory authority, the level and level of the integrated management and internal controls relating to the in the Consolidated companies are satisfactory. The method approved in accordance with the fourth sentence shall be applied uniformly in the long term.

Footnote

(+ + + § 5 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

§ 6 Exceptions

(1) The calculation of the adjusted solvency of a first or reinsurance undertaking may be waiver if the undertaking concerned is a related undertaking.

1.

a primary or reinsurance undertaking having its registered office in Germany and that associated undertaking is included in the calculation of the adjusted solvency of the first or reinsurance undertaking concerned; or

2.

an insurance holding company or a mixed financial holding company, and the associated first or reinsurance undertaking and the insurance holding company or the mixed financial holding company shall be included in the Calculation included.

(2) The calculation of the adjusted solvency of a first or reinsurance undertaking may be waiver if it relates to a related first or reinsurance undertaking of another first insurance undertaking, a reinsurance undertaking, an insurance holding company, or a mixed financial holding company with a registered office in another Member State or a Contracting State, provided that the supervisory authority is competent with the competent authority the authority of the other State has agreed to the exercise of the (3) In accordance with paragraphs 1 and 2, only the own funds of the primary or reinsurance undertakings included in the calculation in accordance with Section 53c of the Insurance Supervision Act shall be subject to procedures. between the undertakings concerned in an appropriate way.

Footnote

(+ + + § 6 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

Section 7 Special cases

(1) First or reinsurance undertakings established in the country may be connected first or reinsurance undertakings with a registered office in another Member State or a Contracting State with the value in the calculation of the adjusted solvency. which have been recognised by the competent authorities of that other State. (2) Associated first insurance undertakings of a third country within the meaning of Article 105 (1) sentence 2 and 3 of the Insurance Supervision Act and related Reinsurance undertakings of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance supervision law shall be treated in the calculation of the adjusted solvency of a participating first or reinsurance undertaking, such as related first-or reinsurance undertakings, domesticated. However, in the sense of § 105 (1) sentence 2 and 3 or § 121i (1) sentence 2 of the Insurance Supervision Act, the affiliated company in the third country is subject to an authorisation requirement and shall be subject to the regulations of § 53c (2) or of the § 121d of the Insurance Supervisory Act, comparable requirements for solvency, can be applied in the third country within the meaning of section 105 (1) sentence 2 and 3 or section 121i (1) sentence 2 of the Insurance Supervision Act Solvency requirements and the own resources allowed for their performance are taken into account in the calculation . Where, in the third country in question, only first-time insurance undertakings are subject to an authorisation requirement and the solvency requirements of Article 53c of the Insurance Supervision Act are subject to comparable requirements, the calculation of the solvency the adjusted solvency of the first or reinsurance undertaking concerned, the related reinsurance undertaking for the purposes of calculating the allowable own resources and the solvency margin, such as a first-time insurance undertaking of the Third country. (3) Stehen information on a if the undertaking is not available to the supervisory authority for the purpose of calculating the adjusted solvency of a primary or reinsurance undertaking, the undertaking in question shall not be available to the supervisory authority, the latter shall be Only the carrying amount of the company in question was deducted from the permitted own funds in accordance with Section 53c of the Insurance Supervision Act. In such a case, any silent reserves of such participation shall not be used as eligible own resources.

Footnote

(+ + + § 7 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

§ 8 Calculation level

The adjusted solvency shall be calculated by the first or reinsurance undertaking subject to supplementary supervision in accordance with Article 104a (1) (1) of the Insurance Supervision Act.

Footnote

(+ + + § 8 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

Section 9 Calculation of the adjusted solvency for a first or reinsurance undertaking subject to additional supervision in accordance with Section 104a (1) (1) of the Insurance Supervision Act, on the basis of consolidated accounts

(1) For the purpose of the calculation of the adjusted solvency

1.

the permitted own funds according to Article 53c of the Insurance Supervision Act; and

2.

the required solvency margin in accordance with the capital payment regulation or under the reinsurance capital equipment regulation in conjunction with the capital equipment regulation

on the basis of the consolidated accounts. (2) By way of derogation from paragraph 1, the solvency margin may also be the sum of the solvency margin of the first or reinsurance undertaking concerned and the respective share of the solvency margin of the participating insurance undertaking. the solvency margins of its related first insurance undertakings, reinsurance undertakings, first insurance undertakings of a third country within the meaning of section 105 (1), second sentence, and 3 of the Insurance Supervision Act; and Reinsurance undertaking of a third country within the meaning of Section 121i (1) sentence 2 of the (3) The adjusted solvency ratio is the difference between the percentages referred to in paragraph 1 (1) (1). (3) (4) In the calculation of the adjusted solvency margin, irrespective of the consolidated financial statements used, it shall be ensured, in particular, that:

1.

by supplementary accounts, all related first insurance undertakings, reinsurance undertakings, first insurance undertakings of a third country within the meaning of section 105 (1) sentence 2 and 3 of the Insurance Supervision Act, and Reinsurance undertakings of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervision Act of the parent or reinsurance undertaking concerned, which are not taken into account in the consolidated financial statements in accordance with § 2 of this Regulation, in the calculation shall be included,

2.

the multiple consideration of own resources (§ 3) as well as own funds derived from counterfinancing (§ 4) are to be calculated even if this has not already been done in the consolidated financial statements and

3.

the limits and reductions of own resources are taken into account in accordance with Article 5 (3).

(5) (dropped)

Footnote

(+ + + § 9 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

§ 10 Calculation of the adjusted solvency for a first or reinsurance undertaking subject to supplementary supervision in accordance with section 104a (1) (1) of the Insurance Supervision Act, on the basis of the individual financial statements

(1) For the purpose of calculating the adjusted solvency, the first or reinsurance undertaking concerned and its related first insurance undertakings, reinsurance undertakings, first insurance undertakings of a Third country within the meaning of § 105 (1) sentence 2 and 3 of the Insurance Supervision Act or reinsurance undertakings of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervision Act

1.

the authorised own funds are determined in accordance with Article 53c of the Insurance Supervision Act and

2.

the required solvency margin is calculated in accordance with the capital handing-out regulation or under the reinsurance capital handing-out regulation in conjunction with the capital-regulation regulation.

(2) The own resources determined in accordance with paragraph 1 shall first be determined in accordance with Article 3 of the carrying amount of certain assets, in particular the carrying amount of the related first insurance undertakings, reinsurance undertakings, First insurance undertaking of a third country within the meaning of § 105 (1) sentence 2 and 3 of the Insurance Supervision Act and reinsurance undertakings of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervision Act, such as: in each of the undertakings concerned, and in accordance with Article 4, the own resources, which shall be of the counter-financing, deducted. Account must be taken of the limits and reductions of own funds in accordance with Article 5 (3). (3) The adjusted solvency of the primary or reinsurance undertaking concerned shall be determined in such a way as to ensure that the solvency of the first or reinsurance undertaking concerned is determined in accordance with paragraphs 1 and 2. the own resources of the first or reinsurance undertaking concerned determined by the participating first or reinsurance undertaking in the first or reinsurance undertaking concerned in the own resources of the first or reinsurance undertaking concerned in accordance with paragraphs 1 and 2 of this related first insurance undertakings, reinsurance undertakings, First insurance undertaking of a third country within the meaning of § 105 (1) sentence 2 and 3 of the Insurance Supervision Act and reinsurance undertakings of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervision Act is to be added. Of this, the calculated solvency margin of the first or reinsurance undertaking concerned and the corresponding share in the calculated solvency margins of the related first-time insurance undertakings shall be those of the participating first or reinsurance undertakings, Reinsurance undertakings, first-time insurance undertakings of a third country and reinsurance undertakings of a third country. (4) In the case of indirect shareholdings in related first-time insurance undertakings, reinsurance undertakings, First insurance undertakings of a third country in the sense of § 105 (1) sentence 2 and 3 of the Insurance Supervision Act or reinsurance undertaking of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervision Act shall be the following, taking into account the following property rights calculated carrying amount as well as the corresponding share of the allowable own resources and the solvency margin of these companies in the calculation.

Footnote

(+ + + § 10 (F. 2008-02-27): For the first application, see: § 21 + + +)

Second section
Primary and reinsurance undertakings subject to additional supervision pursuant to Section 104a (1) (2) of the Insurance Supervision Act, with registered offices in Germany

Footnote

(+ + + Second off. (Heading before § 10) (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

§ 11 Undertaking of undertakings

The adjusted solvency of a first or reinsurance undertaking subject to additional supervision in accordance with § 104a (1) no. 2 of the Insurance Supervision Act shall be subject to the conditions laid down in Articles 12 to 18 and including

1.

of the subsidiary insurance undertaking,

2.

the insurance holding company or mixed financial holding company, the first insurance undertaking of a third country within the meaning of Article 105 (1) (2) and (3) of the Insurance Supervision Act or of the reinsurance undertaking of a Third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervision Act and its affiliated companies

to be calculated.

Footnote

(+ + + § 11 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

§ 12 Exclusion of the multiple consideration of own resources

In the case of an insurance holding company or mixed financial holding company, a first insurance undertaking of a third country within the meaning of section 105 (1) sentence 2 and 3 of the Insurance Supervision Act or an insurance company Reinsurance undertakings of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervision Act shall be subject to the carrying amount of assets

1.

the insurance holding company or mixed financial holding company concerned, the first insurance undertaking of a third country within the meaning of section 105 (1) sentence 2 and 3 of the Insurance Supervision Act or of the insurance supervisory law Reinsurance undertaking of a third country within the meaning of Section 121i (1), second sentence, of the Insurance Supervision Act, to which, in accordance with Section 53c of the Insurance Supervision Act, eligible own funds are financed in one of their or its affiliated companies. First or reinsurance undertakings,

2.

a related first or reinsurance undertaking of the insurance holding company or mixed financial holding company, the first insurance undertaking of a third country within the meaning of section 105 (1) sentence 2 and 3 of the Insurance supervision law or the reinsurance undertaking of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervision Act, to which, pursuant to Section 53c of the Insurance Supervision Act, the own funds of the Insurance holding company or mixed Financial holding company, the first insurance undertaking of a third country within the meaning of § 105 (1) sentence 2 and 3 of the Insurance Supervision Act or the reinsurance undertaking of a third country within the meaning of section 121i (1) sentence 2 of the the Insurance Supervision Act,

3.

a related first or reinsurance undertaking of the insurance holding company or mixed financial holding company, the first insurance undertaking of a third country within the meaning of section 105 (1) sentence 2 and 3 of the Insurance supervision law or the reinsurance undertaking of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervision Act, to which, in accordance with Section 53c of the Insurance Supervision Act, eligible own funds are to be included in the other related primary or reinsurance undertakings of the Insurance holding company or mixed financial holding company, this first insurance undertaking of a third country within the meaning of Article 105 (1) sentence 2 and 3 of the Insurance Supervision Act or of this reinsurance undertaking of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervision Act,

is not included. § 3, first sentence, shall apply accordingly.

Footnote

(+ + + § 12 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

§ 13 Exclusion of the intra-group capital creation

In the calculation, the own funds permitted under Section 53c of the Insurance Supervision Act, resulting from the counterfinancing between

1.

the insurance holding company or mixed financial holding company, the first insurance undertaking of a third country within the meaning of Article 105 (1) (2) and (3) of the Insurance Supervision Act or the reinsurance undertaking of a Third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervision Act and an affiliated undertaking of the insurance holding company or mixed financial holding company, the first insurance undertaking of a third country in the The meaning of § 105 (1) sentence 2 and 3 of the Insurance supervision law or the reinsurance undertaking of a third country within the meaning of section 121i (1) sentence 2 of the Insurance Supervision Act,

2.

a related first or reinsurance undertaking of the insurance holding company or mixed financial holding company, the first insurance undertaking of a third country within the meaning of section 105 (1) sentence 2 and 3 of the Insurance and reinsurance undertaking of a third country within the meaning of Section 121i (1), second sentence, of the Insurance Supervision Act, for which the adjusted solvency is calculated, and of another related undertaking of this insurance holding company or mixed Financial holding company, this first insurance undertaking of a third country within the meaning of § 105 (1) sentence 2 and 3 of the insurance supervisory law or that reinsurance undertaking of a third country within the meaning of section 121i (1) sentence 2 of the Insurance Supervision Act

have not been taken into account. § 4 sentence 2 shall apply accordingly.

Footnote

(+ + + § 13 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

Section 14 Other basic principles

(1) The calculation of the adjusted solvency of primary or reinsurance undertakings shall be carried out in the cases of Section 104a (1) (2) of the Insurance Supervision Act at the level of the insurance holding company or mixed Financial holding company, the first insurance undertaking of the third country within the meaning of § 105 (1) sentence 2 and 3 of the Insurance Supervision Act or the reinsurance undertaking of a third country within the meaning of section 121i (1) sentence 2 of the Insurance supervision law. Subject to paragraphs 2 and 3 and to § 15, § § 5 to 7 shall apply mutagenally; § 1 shall apply mutagenally and shall apply with the proviso that the consolidated financial statements shall be concluded at the level of the parent undertaking of the first or third country. (2) In cases of graduated participations, the calculation of the adjusted solvency of the subsidiary insurance undertaking may be carried out at the level of the supreme parent undertaking. A level of participation shall be provided where the primary or reinsurance undertaking is a direct subsidiary of an insurance holding company or a mixed financial holding company, a first-time insurance undertaking of a Third country within the meaning of § 105 (1) sentence 2 and 3 of the Insurance Supervision Act or a reinsurance undertaking of a third country within the meaning of section 121i (1) sentence 2 of the Insurance Supervision Act as well as a mediable subsidiary another insurance holding company or mixed Financial holding company, another first insurance undertaking of a third country within the meaning of § 105 (1) sentence 2 and 3 of the Insurance Supervision Act or another reinsurance undertaking of a third country within the meaning of § 121i (3) For the purpose of the calculation of the adjusted solvency, the parent undertakings shall be either directly parent undertakings or direct subsidiaries.

1.

the insurance holding company or mixed financial holding company is treated as an initial insurance undertaking for which a solvency margin of zero applies;

2.

a reinsurance undertaking of a third country within the meaning of the second sentence of section 121i (1) of the Insurance Supervision Act treats such a reinsurance undertaking as a reinsurance undertaking for which a solvency margin is applicable in accordance with Article 7 (2);

3.

a first insurance undertaking of a third country within the meaning of the second and third sentences of section 105 (1) of the Insurance Supervision Act as an initial insurance undertaking for which a solvency margin is defined in accordance with Article 7 (2), first sentence, and second sentence.

Footnote

(+ + + § 14 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

Section 15 Exceptions

The calculation of the adjusted solvency of a first or reinsurance undertaking may be waiver if the undertaking concerned is a subsidiary undertaking which:

1.

affiliated undertakings of another subsidiary insurance undertaking within the meaning of Article 104a (1) (2) of the Insurance Supervision Act, and in the calculation of the adjusted solvency of that other subsidiary insurance undertaking which: shall be included in the parent undertaking of the subsidiary insurance undertaking,

2.

together with one or more other primary or reinsurance undertakings having their head office in the national insurance undertaking of the same insurance holding company or mixed financial holding company, of the same insurance holding company First insurance undertaking of a third country within the meaning of section 105 (1) sentence 2 and 3 of the insurance supervisory law or the same reinsurance undertaking of a third country within the meaning of section 121i (1) sentence 2 of the Insurance Supervision Act and in the calculation of the adjusted solvency of one of these other subsidiary insurance undertakings, or

3.

together with one or more other first or reinsurance undertakings authorised in another Member State or State Party, subsidiary insurance undertakings of the same insurance holding company or mixed Financial holding company, the same first insurance undertaking of a third country within the meaning of section 105 (1) sentence 2 and 3 of the insurance supervisory law or the same reinsurance undertaking of a third country within the meaning of section 121i para. 1 The Insurance Supervision Act shall be the second sentence of the Insurance Supervision Act, provided that the supervisory authority is the competent authority of the other State has agreed to delegate the exercise of the supplementary supervision.

Footnote

(+ + + § 15 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

§ 16 Calculation level

The adjusted solvency shall be calculated by the primary or reinsurance undertaking subject to supplementary supervision in accordance with Article 104a (1) (2) of the Insurance Supervision Act, at the level of its parent undertaking.

Footnote

(+ + + § 16 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

Section 17 Calculation of the adjusted solvency for a first or reinsurance undertaking subject to additional supervision in accordance with Section 104a (1) (2) of the Insurance Supervision Act, on the basis of consolidated accounts

(1) For the purpose of the calculation of the adjusted solvency

1.

the permitted own funds according to Article 53c of the Insurance Supervision Act; and

2.

the required solvency margin in accordance with the capital payment regulation or under the reinsurance capital equipment regulation in conjunction with the capital equipment regulation

on the basis of the consolidated accounts. (2) By way of derogation from paragraph 1, the solvency margin may also be the sum of the solvency margin of the insurance holding company or the mixed financial holding company, the First insurance undertaking of a third country within the meaning of § 105 (1) sentence 2 and 3 of the Insurance Supervision Act or the reinsurance undertaking of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervisory Act and from the relevant part of the participation of the Parent undertaking in the calculated solvency margin of the related first insurance undertakings, reinsurance undertakings, first insurance undertakings of a third country within the meaning of Article 105 (1) sentence 2 and 3 of the Insurance and reinsurance undertakings of a third country within the meaning of Section 121i (1), second sentence, of the Insurance Supervision Act of the parent undertaking of the subsidiary insurance undertaking in accordance with the provisions of the provisions of the Consolidated financial statements calculated on the basis of a consolidated financial statement (3) The adjusted solvency ratio shall be the difference between the own resources permitted under paragraph 1 (1) and the solvency margin calculated in accordance with paragraph 1 (2) or (2). (4) In the calculation of the adjusted solvency margin, from the consolidated financial statements used, in particular to ensure that:

1.

by supplementary accounts, all related first insurance undertakings, reinsurance undertakings, first insurance undertakings of a third country within the meaning of section 105 (1) sentence 2 and 3 of the Insurance Supervision Act, and Reinsurance undertakings of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervision Act of the parent undertaking of the subsidiary insurance undertaking which, contrary to § 11, does not take into account in the consolidated financial statements shall be included in the calculation,

2.

the multiple consideration of own resources (§ 12) as well as own funds derived from counterfinancing (§ 13) are to be calculated even if this has not already been done in the consolidated financial statements and

3.

the limits and reductions of own funds are taken into account in accordance with Section 14 (1) sentence 2 in conjunction with Section 5 (3).

(5) (dropped)

Footnote

(+ + + § 17 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

Section 18 Calculation of the adjusted solvency for a first or reinsurance undertaking subject to supplementary supervision in accordance with Section 104a (1) (2) of the Insurance Supervision Act, on the basis of the individual financial statements

(1) For the purpose of calculating the adjusted solvency, the parent undertaking, its subsidiary insurance undertaking and the other related first or reinsurance undertakings of the parent undertaking shall be:

1.

the authorised own funds are determined in accordance with Article 53c of the Insurance Supervision Act and

2.

the required solvency margin is calculated in accordance with the capital handing-out regulation or under the reinsurance capital handing-out regulation in conjunction with the capital-regulation regulation.

(2) The own resources determined in accordance with the provisions of paragraph 1 shall first be determined in accordance with Article 12 of the carrying amount of certain assets, in particular the carrying amount of the subsidiary insurance undertaking and the other related assets. First insurance undertaking, reinsurance undertaking, first insurance undertaking of a third country within the meaning of section 105 (1) sentence 2 and 3 of the insurance supervisory law and reinsurance undertakings of a third country within the meaning of § 121i (1) sentence 2 of the Insurance Supervision Act of the parent undertaking of the Subsidiary insurance undertaking, as recognised by the parent undertaking in each case, and, in accordance with Section 13, the own resources derived from the counter-financing. Account must be taken of the limitations and reductions of own funds pursuant to Article 14 (1), second sentence, in conjunction with Section 5 (3). (3) The adjusted solvency of the subsidiary insurance undertaking shall be determined in such a way as to ensure that the solvency of the subsidiary is determined in accordance with the provisions of paragraph 1 and 2 determined own funds of the insurance holding company or mixed financial holding company, the first insurance undertaking of a third country within the meaning of Article 105 (1) sentence 2 and 3 of the Insurance Supervision Act or the Reinsurance undertaking of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance supervision law of the respective share of the parent undertaking in respect of the own resources of the related first insurance undertakings, reinsurance undertakings, determined in accordance with paragraphs 1 and 2, First insurance undertaking of a third country within the meaning of § 105 (1) sentence 2 and 3 of the Insurance Supervision Act and reinsurance undertakings of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervisory Act of the Parent undertaking of the subsidiary insurance undertaking. Of this, the calculated solvency margin of the insurance holding company or mixed financial holding company, the first insurance undertaking of a third country within the meaning of section 105 (1) sentence 2 and 3 of the Insurance supervision law or the reinsurance undertaking of a third country within the meaning of section 121i (1) sentence 2 of the Insurance Supervision Act and the corresponding share of the parent company in the parent company the calculated solvency margin of the associated initial insurance undertakings, Reinsurance undertakings, first-time insurance undertakings of a third country within the meaning of Article 105 (1), second sentence, of the Insurance Supervision Act and reinsurance undertakings of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance supervisory law of the parent undertaking of the subsidiary insurance undertaking. (4) In the case of indirect shareholdings in related first-time insurance undertakings, reinsurance undertakings, first insurance undertakings of a Third State within the meaning of § 105 (1) sentence 2 and 3 of the Insurance supervision law or reinsurance undertakings of a third country within the meaning of Section 121i (1) sentence 2 of the Insurance Supervision Act shall be the carrying amount calculated taking into account the successive property rights, and to include in the calculation the corresponding share of the permitted own resources and the solvency margin of those undertakings.

Footnote

(+ + + § 18 (F. 2008-02-27): For the first application, see: § 21 + + +)

Third Section
General

Unofficial table of contents

§ 19 Deadlines

The calculation of the adjusted solvency of a first or reinsurance undertaking subject to supplementary supervision in accordance with section 104a (1) (1) or (2) of the Insurance Supervision Act shall be calculated after the examination of the reinsurance undertaking in the calculation financial statements to be included annually by the auditor, but no later than twelve months after the end of the financial year of the supervisory authority.

Footnote

(+ + + § 19 (F. 2008-02-27): For the first application, see: § 21 + + +) Unofficial table of contents

§ 20 Subdelegation

In accordance with Section 104g (2) sentence 2 of the Insurance Supervision Act, the power to adopt amendments to this Regulation shall be conferred on the Federal Supervisory Authority for the insurance sector. Unofficial table of contents

§ 21 Time application

This Regulation shall apply for the first time to the financial years beginning after 31 December 2006. Unofficial table of contents

Final formula

The Federal Council has agreed. Unofficial table of contents

Section 22 Entry into force

The Regulation shall enter into force on the day following the date of delivery.