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Commission Delegated Regulation (EU) 2015/35Show full title
Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (Text with EEA relevance)
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Article 114Non-life underwriting risk module
1.The non-life underwriting risk module shall consist of all of the following sub-modules:
(a)the non-life premium and reserve risk sub-module referred to in point (a) of the third subparagraph of Article 105(2) of Directive 2009/138/EC;
(b)the non-life catastrophe risk sub-module referred to in point (b) of the third subparagraph of Article 105(2) of Directive 2009/138/EC;
(c)the non-life lapse risk sub-module.
2.The capital requirement for non-life underwriting risk shall be equal to the following:
where:
(a)
the sum covers all possible combinations (i,j) of the sub-modules set out in paragraph 1;
(b)
CorrNL(i,j) denotes the correlation parameter for non-life underwriting risk for sub-modules i and j;
(c)
SCRi and SCRj denote the capital requirements for risk sub-module i and j respectively.
3.The correlation parameter CorrNL(i,j) referred to in paragraph 2 denotes the item set out in row i and in column j of the following correlation matrix:
| j i | Non-life premium and reserve | Non-life catastrophe | Non-life lapse |
|---|---|---|---|
| Non-life premium and reserve | 1 | 0,25 | 0 |
| Non-life catastrophe | 0,25 | 1 | 0 |
| Non-life lapse | 0 | 0 | 1 |
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