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New version applies from 18/01/2015. 360 provisions change. Later versions: 02/04/2016, 15/09/2017, 01/01/2019, 08/07/2019, 01/01/2020, 30/07/2020, 15/04/2021, 02/08/2022, 14/11/2024, 30/01/2027. Article 119 changes in this version: compare with the current text.

Article 119 - Non-life catastrophe risk sub-module

Article 119
Non-life catastrophe risk sub-module

1.The non-life catastrophe risk sub-module shall consist of all of the following sub-modules:

(a)

the natural catastrophe risk sub-module;

(b)

the sub-module for catastrophe risk of non-proportional property reinsurance;

(c)

the man-made catastrophe risk sub-module;

(d)

the sub-module for other non-life catastrophe risk.

2.The capital requirement for the non-life catastrophe underwriting risk module shall be equal to the following:

\mathrm{SCR}_{\mathrm{nlCAT}} = \sqrt{(\mathrm{SCR}_{\mathrm{natCAT}} + \mathrm{SCR}_{\mathrm{npproperty}})^2 + \mathrm{SCR}_{\mathrm{mmCAT}}^2 + \mathrm{SCR}_{\mathrm{CATother}}^2}

where:

(a)

SCRnatCAT denotes the capital requirement for natural catastrophe risk;

(b)

SCRnpproperty denotes the capital requirement for the catastrophe risk of non-proportional property reinsurance;

(c)

SCRmmCAT denotes the capital requirement for man-made catastrophe risk;

(d)

SCRCATother denotes the capital requirement for other non-life catastrophe risk.

Official text · consolidated version 17/01/2015 (no longer in force) Open full page ↗
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