1.

Member States shall, taking into account the information required in paragraph 3 and the principles set out in paragraph 4 of Article 35, require insurance and reinsurance undertakings to disclose publicly, on an annual basis, a report on their solvency and financial condition. That report shall contain the following information, either in full or by way of references to equivalent information, both in nature and scope, disclosed publicly under other legal or regulatory requirements: a description of the business and the performance of the undertaking; a description of the system of governance and an assessment of its adequacy for the risk profile of the undertaking; a description, separately for each category of risk, of the risk exposure, concentration, mitigation and sensitivity; a description, separately for assets, technical provisions, and other liabilities, of the bases and methods used for their valuation, together with an explanation of any major differences in the bases and methods used for their valuation in financial statements; a description of the capital management, including at least the following: the structure and amount of own funds, and their quality; the amounts of the Solvency Capital Requirement and of the Minimum Capital Requirement; the option set out in Article 304 used for the calculation of the Solvency Capital Requirement; information allowing a proper understanding of the main differences between the underlying assumptions of the standard formula and those of any internal model used by the undertaking for the calculation of its Solvency Capital Requirement; the amount of any non-compliance with the Minimum Capital Requirement or any significant non-compliance with the Solvency Capital Requirement during the reporting period, even if subsequently resolved, with an explanation of its origin and consequences as well as any remedial measures taken.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-09 · Text as adopted (Official Journal); later amendments are not incorporated in this text.