Frequency of calculation

(1) Insurance undertakings must calculate the Solvency Capital Requirement at least once a year and report the result of that calculation to the supervisory authority. Insurance undertakings continuously monitor the level of the Solvency Capital Requirement and the amount of eligible own funds held.
(2) Where the risk profile of an insurance undertaking deviates materially from the assumptions underlying the last reported Solvency Capital Requirement, the undertaking must recalculate the Solvency Capital Requirement without delay and report it to the supervisory authority.
(3) Where facts justify the assumption that the risk profile of the insurance undertaking has changed materially since the last reporting of the Solvency Capital Requirement, the supervisory authority may require the undertaking to recalculate the Solvency Capital Requirement.