Own funds

(1) Without prejudice to section 92, basic own-fund items may be treated as tier 1 own funds for up to ten years after 1 January 2016. This requires that these items
1. were issued before 1 January 2016 and before the entry into force of the delegated act under Article 97 of Directive 2009/138/EC,
2. could, on 31 December 2015, be used, under section 53c of the Insurance Supervision Act as in force on 31 December 2015, including in conjunction with section 121a(1), second sentence, of the Insurance Supervision Act as in force on 31 December 2015, to be counted as own funds up to a maximum of 50 percent towards the required solvency margin, and
3. would otherwise not be classified as tier 1 or tier 2 own funds under section 92.
(2) Without prejudice to section 92, basic own-fund items may be treated as tier 2 basic own funds for up to ten years after 1 January 2016. This requires that these items
1. were issued before 1 January 2016 and before the entry into force of the delegated act under Article 97 of Directive 2009/138/EC, and
2. could, on 31 December 2015, be used, under section 53c of the Insurance Supervision Act as in force on 31 December 2015, including in conjunction with section 121a(1), second sentence, of the Insurance Supervision Act as in force on 31 December 2015, to be counted as own funds up to a maximum of 25 percent towards the required solvency margin.