External ratings

(1) In order to avoid excessive reliance on external rating agencies, insurance undertakings, when using external ratings for the calculation of technical provisions and the Solvency Capital Requirement, must, as part of their risk management, verify the appropriateness of those external ratings by carrying out additional assessments, as far as practicable, so as to prevent automatic dependence on external ratings.
(2) Undertakings falling within the scope of Regulation (EC) No 1060/2009 that are subject to supervision under this Act must comply with the obligations arising from that Regulation, as amended from time to time.