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Directive (EU) 2025/2 of the European Parliament and of the Council of 27 November 2024 amending Directive 2009/138/EC as regards proportionality, quality of supervision, reporting, long-term guarantee measures, macro-prudential tools, sustainability risks and group and cross-border supervision, and amending Directives 2002/87/EC and 2013/34/EU (Text with EEA relevance) · European Union

Article 37 is amended as follows: in paragraph 1, the following point is added: ; the insurance or reinsurance undertaking applies one of the transitional measures referred to in Articles 308c and 308d and all of the following conditions are met: the undertaking would not comply with the Solvency Capital Requirement without application of the transitional measure; the undertaking has failed to submit to the supervisory authority either the initial phasing-in plan within the required period as set out in Article 308e, second paragraph, or the required annual report as set out in the third paragraph of that Article.’ in paragraph 2, the third subparagraph is replaced by the following: ‘In the circumstances set out in paragraph 1, points (d) and (e), the capital add-on shall be proportionate to the material risks arising from the deviation and the non-compliance, respectively, referred to in those points.’;

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.