S.L. 403.23 ст. 9Transitional measures on basic own fund items classified under Tier 1. S.L.403.17

(1) Notwithstanding Article 94 of the Solvency II

Directive, basic own fund items held by an authorised insurance undertaking or an authorised reinsurance undertaking shall be included in Tier 1 for up to 10 years after 1 January 2016, provided that those items:

(a) were issued prior to 1 January 2016 or prior to the entry into force of the delegated acts and regulatory technical standards referred to in Article 97 of the Solvency II Directive, whichever is the earlier;

(b) on the 31 December 2015 could be used to meet the available solvency margin up to 50% of the solvency margin according to Article 16(3) of Directive 73/239/ EEC, Article 1 of Directive 2002/13/EC, Article 27(3) of Directive 2002/83/EC and Article 36(3) of Directive 2005/68/EC;

(c) would not otherwise be classified in Tier 1 or Tier 2 in accordance with Article 94 of the Solvency II Directive.

(2) Notwithstanding Article 94 of the Solvency II Directive, basic own fund items held by an authorised insurance undertaking or an authorised reinsurance undertaking shall be included in Tier 2 basic own funds for up to 10 years after 1 January 2016, provided that those items:

(a) were issued prior to 1 January 2016 or prior to the entry into force of the delegated acts and regulatory technical standards referred to in Article 97 of the Solvency II Directive, whichever is the earlier;

(b) on the 31 December 2015 could be used to meet the available solvency margin up to 25% of the solvency margin according to Article 16(3) of Directive 73/239/ EEC, Article 1 of Directive 2002/13/EC, Article 27(3) of Directive 2002/83/EC and Article 36(3) of Directive 2005/68/EC.

(3) Notwithstanding sub-regulations (2) and (3) of regulation 9 of the Insurance Business (Supervision of Insurance and Reinsurance Undertakings in a Group) Regulations, where an authorised insurance undertaking or an authorised reinsurance undertaking is subject to group supervision, the transitional measures referred to in sub-regulations (1) and (2) shall apply at the level of the group. mutatis mutandis