Article 120
Natural catastrophe risk sub-module
1.
The natural catastrophe risk sub-module shall consist of all of the following sub-modules:
(a)
the windstorm risk sub-module;
(b)
the earthquake risk sub-module;
(c)
the flood risk sub-module;
(d)
the hail risk sub-module;
(e)
the subsidence risk sub-module.
2.
The capital requirement for natural catastrophe risk shall be equal to the following:
where:
(a)
the sum includes all possible combinations of the sub-modules i set out in paragraph 1;
(b)
SCRi denotes the capital requirement for sub-module i.