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New version applies from 02/04/2016 — introduced by Commission Delegated Regulation (EU) 2016/467, Commission Delegated Regulation (EU) 2016/2283. 363 provisions change. Later versions: 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))

SCRnatCATdenotes the capital requirement for natural catastrophe risk;

((b))

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

((c))

SCRmmCATdenotes the capital requirement for man-made catastrophe risk;

((d))

SCRCATotherdenotes the capital requirement for other non-life catastrophe risk.

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