(70)The Minimum Capital Requirement should ensure a minimum level below which the amount of financial resources should not fall. It is necessary that that level be calculated in accordance with a simple formula, which is subject to a defined floor and cap based on the risk-based Solvency Capital Requirement in order to allow for an escalating ladder of supervisory intervention, and that it is based on the data which can be audited.
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New version applies from 09/12/2011 — introduced by Directive 2011/89/EU.
357 provisions change.
Later versions: 15/09/2012, 01/07/2013, 19/12/2013, 23/05/2014, 31/03/2015, 12/01/2017, 09/07/2018, 13/01/2019, 30/06/2021, 19/10/2021, 09/01/2024, 17/01/2025, 30/01/2027.
Recital 70 changes in this version: compare with the current text.