S.L. 403.23 Art. 3Transitional measures on the report on solvency and financial condition.

(1) An authorised insurance undertaking or an authorised reinsurance undertaking may, without prejudice to the information to be provided in the report on the undertaking’s solvency and financial condition, as determined in the Insurance Rules issued under article 18F of the Act, when disclosing the amounts of the Solvency Capital Requirement, opt not to disclose separately:

(a) the capital add-on; or

(b) the impact of the specific parameters such undertaking is required to use in accordance with Article 110 of the Solvency II Directive, for a transitional period ending no later than 31 December 2020.

(2) Where the competent authority is the group supervisor it may opt, following consultation with the members of the college of supervisors, to apply the transitional measure in sub-regulation (1) where participating insurance and reinsurance undertakings, insurance holding companies and mixed financial holding companies which are subject to group supervision are required to disclose publicly, on an annual basis, a report on the solvency and financial condition at the level of the group.