Updating the solvency and financial condition report

(1) Where a major development materially changes the significance of the information published in the solvency and financial condition report, the insurance undertaking concerned must publish appropriate particulars of the nature and effects of the major development. A major development exists, in particular, where 1. non-compliance with the Minimum Capital Requirement is identified and either the supervisory authority considers that the insurance undertaking concerned cannot submit a realistic short-term financing plan, or such a plan has not been submitted within one month of the identification of non-compliance with the Minimum Capital Requirement; 2. significant non-compliance with the Solvency Capital Requirement is identified and the supervisory authority does not receive, within two months of the identification of the non-compliance, a recovery plan that it regards as realistic. In the cases under the second sentence, at least the amount of the non-compliance, an explanation of its reasons and effects, and the remedial measures taken and planned must be published without delay in each case.
(2) Publication must also take place where 1. non-compliance with the Minimum Capital Requirement has not been remedied within three months of its identification, or 2. significant non-compliance with the Solvency Capital Requirement has not been remedied six months after its identification. The publication must state which remedial measures have already been taken and which are still planned. The publication must be made at the end of the three-month period in the case of non-compliance with the Minimum Capital Requirement, and otherwise at the end of the six-month period.
Subdivision 3
Information to be provided for supervisory purposes