EC Issues Corrigendum to Regulation Related to Solvency II

By Regulatory News

June 25, 2019

Solvency II

EC issued a corrigendum to the Commission Delegated Regulation (EU) 2019/981 of March 08, 2019 (published in the Official Journal of the European Union on June 18, 2019). Regulation (EU) 2019/981 amends the Delegated Regulation (EU) 2015/35, which supplements the Solvency II Directive (2009/138/EC) on the taking-up and pursuit of the business of insurance and reinsurance. The corrigendum announces correction in Article 1(48) on page 33.

As per the corrigendum, Article 1(48) of Regulation (EU) 2019/981 should be read as—"in Article 199, the following paragraphs 12 and 13 are added:

12. Notwithstanding paragraphs 2 to 11, exposures referred to Article 192(3) shall be assigned a probability of default equal to 0,002 %.

13. Notwithstanding paragraphs 2 to 12, exposures referred to Article 192(3a) shall be assigned a probability of default equal to 0,01 %."

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Keywords: Europe, EU, Insurance, Securities, Solvency II, Regulation 2019/981, Regulation 2015/35, Corrigendum, Credit Risk, EC

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