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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 248 changes in this version: compare with the current text.

Article 248 - Minimum Capital Requirement

Article 248
Minimum Capital Requirement

1.The Minimum Capital Requirement shall be equal to the following:

\mathrm{MCR} = \max (\mathrm{MCR}_{\mathrm{combined}}; \mathrm{AMCR})

where:

(a)

MCRcombined denotes the combined Minimum Capital Requirement;

(b)

AMCR denotes the absolute floor referred to in Article 129(1)(d) of Directive 2009/138/EC and in Article 253 of this Regulation.

2.The combined Minimum Capital Requirement shall be equal to the following:

\mathrm{MCR}_{\mathrm{combined}} = \min \left( \max \left( \mathrm{MCR}_{\mathrm{linear}} ; 0.25 \cdot \mathrm{SCR} \right) ; 0.45 \cdot \mathrm{SCR} \right)

where:

(a)

MCRlinear denotes the linear Minimum Capital Requirement, calculated in accordance with Articles 249 to 251;

(b)

SCR denotes the Solvency Capital Requirement, calculated in accordance with Chapter V or in accordance with Chapter VI where approval for the use of full or partial internal model has been granted.

Official text · consolidated version 17/01/2015 (no longer in force) Open full page ↗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