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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 230 is amended as follows: paragraph 1 is replaced by the following: ‘1. The calculation of the group solvency of the participating insurance or reinsurance undertaking shall be carried out on the basis of the consolidated accounts. The group solvency of the participating insurance or reinsurance undertaking is the difference between the following: For the purposes of the second subparagraph of this paragraph, holdings in related undertakings as referred to in Article 228(1) shall not be included in the consolidated data. Title I, Chapter VI, Section 3, Subsections 1, 2 and 3 and Title I, Chapter VI, Section 4, Subsections 1, 2 and 3 shall apply for the calculation of the own funds eligible for the Solvency Capital Requirement and of the Solvency Capital Requirement at group level based on consolidated data.’ ; the sum of the own funds eligible to cover the Solvency Capital Requirement, calculated on the basis of consolidated data, and the contribution to the group eligible own funds of related undertakings referred to in Article 228(1), where that contribution is calculated in accordance with Article 228(2) or (4); the sum of the Solvency Capital Requirement at group level calculated on the basis of consolidated data and the contribution to the group Solvency Capital Requirement of the related undertakings referred in Article 228(1), where that contribution is calculated in accordance with Article 228(3) or (4). paragraph 2 is amended as follows: in the second subparagraph, the following point is added: ; the proportional share of the local capital requirements, at which the authorisation would be withdrawn, for related third-country insurance and reinsurance undertakings;’ the following subparagraph is added: ‘Where the own funds eligible to cover the Solvency Capital Requirement, calculated on the basis of consolidated data, exceed the Solvency Capital Requirement at group level calculated on the basis of consolidated data, and the minimum consolidated group Solvency Capital Requirement is not complied with, Article 138(1) to (4) shall apply mutatis mutandis, whereas Article 139(1) and (2) shall not apply. For the purposes of this subparagraph, the reference to “Solvency Capital Requirement” in Article 138 shall be read as a reference to “minimum consolidated group Solvency Capital Requirement”.’;

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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.