3
Ancillary own-funds (Guidelines 1–6)
3.1
These Guidelines complement the Solvency II Regulations. In particular, they complement Commission Delegated Regulation (EU) 2015/35 (‘the Delegated Regulation’)8 and Commission Implementing Regulation (EU) 2015/4999 in respect of the criteria for the approval of and the application procedures for ancillary own-funds (AOF). Firms should refer to the checklist for AOF applications10 and consider its relationship with the AOF Guidelines when preparing their applications.
Footnotes
- 8. 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); http://eurlex.europa.eu/legal-content/EN/TXT/?qid=1429014558562&uri=CELEX:32015R0035.
- 9. Commission Implementing Regulation (EU) 2015/499 of 24 March 2015 laying down implementing technical standards with regard to the procedures to be used for granting supervisory approval for the use of ancillary own-fund items in accordance with Directive 2009/138/EC of the European Parliament and of the Council; http://eur-lex.europa.eu/legalcontent/EN/TXT/PDF/?uri=CELEX:32015R0499&from=EN.
- 10. PRA Solvency II approvals; www.bankofengland.co.uk/pra/Pages/authorisations/siiapprovals/applying.aspx.
- 23/07/2015
3.2
Guidelines 5 and 6 identify the need for firms and the PRA to monitor on an ongoing basis the ability of an AOF item to satisfy the criteria for approval. Firms should engage with their usual supervisory contact at an early stage where any changes might affect the status or loss-absorbing characteristics of an approved AOF Item.
- 23/07/2015