The insurance or reinsurance undertaking shall submit a cover letter. That cover letter shall confirm all of the following:
any legal or contractual terms governing the ancillary own-fund item or any connected arrangement are unambiguous and clearly defined;
the amount ascribed to the ancillary own-fund item in the application complies with Article 90(2) of Directive 2009/138/EC;
the economic substance of the ancillary own-fund item, including how the item provides basic own funds once called up, has been fully reflected in the application;
taking into account likely future developments as well as the circumstances at the date of the application, the insurance or reinsurance undertaking considers that the ancillary own-fund item complies with the criteria for the classification of own funds;
no facts have been omitted which if known by the supervisory authority could influence its decision regarding whether to approve an ancillary own-fund item, the amount for which approval of an item shall be granted, or the time period for which approval of a calculation method shall apply.
The cover letter shall also list other applications submitted by the insurance or reinsurance undertaking or currently foreseen within the next 6 months for approval of any items listed in Article 308a(1) of Directive 2009/138/EC, together with corresponding application dates.