Compliance with the Minimum Capital Requirement

(1) Insurance undertakings that satisfy the solvency requirements in force on 31 December 2015, but whose eligible basic own funds are not sufficient to cover the Minimum Capital Requirement, must have eligible basic own funds equal to the Minimum Capital Requirement by 31 December 2016 at the latest.
(2) Where an insurance undertaking falling under subsection (1) does not have eligible own funds equal to the Minimum Capital Requirement on 31 December 2016, its authorisation to conduct business is withdrawn.
(3) Until 31 December 2017, the supervisory authority may require an insurance undertaking for which a capital add-on has been set to apply the percentages named in Article 129(3), first sentence, of Directive 2009/138/EC exclusively to the Solvency Capital Requirement calculated without the capital add-on.