Solvency Capital Requirement

(1) Where an insurance undertaking, by way of derogation from section 134, does not satisfy the Solvency Capital Requirement in 2016, but would have satisfied the required solvency margin under the law in force until 31 December 2015, the supervisory authority grants, on application, an extension of the period for satisfying the Solvency Capital Requirement until 31 December 2017, where the insurance undertaking undertakes to 1. take the measures necessary to raise the eligible own funds or to reduce the risk profile, so that compliance with the Solvency Capital Requirement is ensured by 31 December 2017, and 2. submit to the supervisory authority, every three months, a progress report setting out the measures taken and the progress made towards achieving compliance with the Solvency Capital Requirement.
(2) The extension of the period under subsection (1) must be revoked, where it is apparent from the progress report that no material progress has been made towards achieving compliance with the Solvency Capital Requirement between the point in time at which the non-coverage of the Solvency Capital Requirement was established and that of the transmission of the progress report.