(37)Central clearing counterparties (CCPs) have developed new access models which enable insurance or reinsurance undertakings to become direct clearing members while a sponsor undertaking is responsible for default fund contributions. To date, no insurance or reinsurance undertaking has decided to use those new access models. That is partly due to the prudential treatment of direct exposures to qualifying CCPs, which can be higher than the prudential treatment applicable to an insurance or reinsurance undertaking which acts as an indirect clearing member. Delegated Regulation (EU) 2015/35 does not fully reflect the risk-reducing effect of central clearing for insurance or reinsurance undertakings. To address that issue and to remove obstacles to the participation of insurance or reinsurance undertakings as direct clearing members, capital requirements for direct exposures to qualifying CCP should be lowered and aligned with those of indirect exposures.