Article 252
Minimum Capital Requirement: composite insurance undertakings
1.
The notional life Minimum Capital Requirement and the notional non-life Minimum Capital Requirement referred to in Article 74(2) of Directive 2009/138/EC shall be calculated in accordance with paragraphs 2 to 11 of this Article.
2.
The notional non-life Minimum Capital Requirement shall be equal to the following:
where:
(a)
NMCR(combined,nl) denotes the notional combined non-life Minimum Capital Requirement;
(b)
AMCRnl denotes the absolute floor prescribed in Article 129(1)(d)(i) of Directive 2009/138/EC and in Article 253 of this Regulation.
3.
The notional combined non-life Minimum Capital Requirement shall be equal to the following:
where:
(a)
NMCR(linear,nl) denotes the notional linear Minimum Capital Requirement for non-life insurance or reinsurance activity;
(b)
NSCRnl denotes the notional Solvency Capital Requirement for non-life insurance or reinsurance activity;
(c)
Addonnl denotes the part of the capital add-ons, set by the supervisory authority in accordance with Article 37 of Directive 2009/138/EC, which has been apportioned by that supervisory authority to the non-life insurance or reinsurance activity of the insurance or reinsurance undertaking.
4.
The notional linear Minimum Capital Requirement for non-life insurance or reinsurance activity shall be equal to the following:
where:
(a)
MCR(nl,nl) denotes the linear formula component for non-life insurance and reinsurance obligations relating to non-life insurance or reinsurance activity;
(b)
MCR(l,nl) denotes the linear formula component for life insurance and reinsurance obligations relating to non-life insurance or reinsurance activity.
5.
MCR(nl,nl)
and MCR(l,nl)
shall be calculated in the same way as MCR(linear,nl)
and MCR(linear,l)
referred to in Articles 250 and 251 of this Regulation respectively, but the technical provisions or premiums written used in the calculation shall only relate to the insurance and reinsurance obligations of non-life insurance or reinsurance activity in the classes of non-life insurance referred to in Annex I of Directive 2009/138/EC.
6.
The notional Solvency Capital Requirement for non-life insurance or reinsurance activity shall be equal to the following:
where:
(a)
SCR denotes the Solvency Capital Requirement calculated in accordance with Title I, Chapter VI, Section 4, Subsection 2 of Directive 2009/138/EC or with Title I, Chapter VI, Section 4, Subsection 3 of Directive 2009/138/EC, which shall for the purposes of this Article exclude any capital add-on imposed in accordance with Article 37 of that Directive;
(b)
NMCR(linear,nl) denotes the notional linear non-life Minimum Capital Requirement for non-life insurance or reinsurance activity;
(c)
NMCR(linear,l) denotes the notional linear Minimum Capital Requirement for life insurance or reinsurance activity.
7.
The notional life Minimum Capital Requirement shall be equal to the following:
where:
(a)
NMCR(combined,l) denotes the notional combined life Minimum Capital Requirement;
(b)
AMCRl denotes the absolute floor prescribed in Article 129(1)(d)(ii) of Directive 2009/138/EC.
8.
The notional combined life Minimum Capital Requirement shall be equal to the following:
where:
(a)
NMCR(linear,l) denotes the notional linear Minimum Capital Requirement for life insurance or reinsurance activity;
(b)
NSCRl denotes the notional Solvency Capital Requirement for life insurance or reinsurance activity;
(c)
Addonl denotes the part of the capital add-ons, set by the supervisory authority in accordance with Article 37 of Directive 2009/138/EC, which has been apportioned by that supervisory authority to the life insurance or reinsurance activity of the insurance or reinsurance undertaking.
9.
The notional linear Minimum Capital Requirement for life insurance or reinsurance activity shall be equal to the following:
where:
(a)
MCR(nl,l) denotes the linear formula component for non-life insurance and reinsurance obligations relating to life insurance or reinsurance activity;
(b)
MCR(l,l) denotes the linear formula component for life insurance and reinsurance obligations relating to life insurance or reinsurance activity.
10.
MCR(nl,l)
and MCR(l,l)
shall be calculated in the same way as MCR(linear,nl)
and MCR(linear,l)
referred to in Article 250 and 251 of this Regulation respectively, but the technical provisions or premiums written used in the calculation shall only relate to the insurance and reinsurance obligations of life insurance or reinsurance activity in the classes of life insurance referred to in Annex II of Directive 2009/138/EC.
11.
The notional Solvency Capital Requirement for life insurance or reinsurance activity shall be equal to the following:
where:
(a)
SCR denotes the Solvency Capital Requirement calculated in accordance with Title I, Chapter VI, Section 4, Subsection 2 of Directive 2009/138/EC or with Title I, Chapter VI, Section 4, Subsection 3 of Directive 2009/138/EC, which shall for the purposes of this Article exclude any capital add-on imposed in accordance with Article 37 of that Directive;
(b)
NMCR(linear,nl) denotes the notional linear non-life Minimum Capital Requirement for non-life insurance or reinsurance activity;
(c)
NMCR(linear,l) denotes the notional linear Minimum Capital Requirement for life insurance or reinsurance activity.