(b)

securities with no specified maturity date and other instruments, including cumulative preferential shares other than those mentioned in point (a), up to 50 % of the lesser of the available solvency margin and the required solvency margin for the total of such securities and the subordinated loan capital referred to in point (a) provided they fulfil the following: they may not be repaid on the initiative of the bearer or without the prior consent of the competent authority; the contract of issue must enable the insurance undertaking to defer the payment of interest on the loan; the lender's claims on the insurance undertaking must rank entirely after those of all non-subordinated creditors; the documents governing the issue of the securities must provide for the loss-absorption capacity of the debt and unpaid interest, while enabling the insurance undertaking to continue its business; only fully paid-up amounts may be taken into account.

← (v) · All articles · (i) →

Source: EUR-Lex (Cellar) · retrieved 2026-11-07 · Text as adopted (Official Journal); later amendments are not incorporated in this text.