Definition of the solvency margin Sample Clauses

Definition of the solvency margin. The solvency margin for undertakings whose head office is domiciled in the territory of the United Kingdom of Great Britain and Northern Ireland is the Solvency Capital Requirement, as referred to in Articles 100 and 101 of Directive 2009/138/EC of the European Parliament and of the Council*. The solvency margin for undertakings whose head office is domiciled in the territory of the Swiss Confederation is the Target Capital (Zielkapital), which is defined together with related concepts such as the valuation of assets and liabilities and the Risk Bearing Capital (Risikotragendes Kapital) of the Swiss Solvency Test (SST) in the Versicherungsaufsichtsgesetz** ('Insurance Supervisory Act') and the Aufsichtsverordnung*** ('Insurance Supervisory Ordinance'). [Footnote:] * Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ EU L 335, 17.12.2009, p. 1), as amended by Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) (OJ EU L 153, 22.5.2014, p. 1) and as last amended by Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ EU L 354, 23.12.2016, p 37). ** Versicherungsaufsichtsgesetz (AS 2005 5269) as last amended on 19 June 2015 (AS 2015 5339). *** Aufsichtsverordnung (AS 2005 5305) as last amended on 25 November 2015 (AS 2015 5413).
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