1033

Companies under article 73(2) of Solvency II have to be classified as composites under the EIOPA register and in S.01.02.R0040 (option 1). This classification follows the business pursued (including post authorisations) rather than the initial authorisation. For this undertakings S.28.02 is required (article 74(2) of Directive applies to both 73(2) and 73(5)), and article 253 of Delegated Regulation just defines the Absolute floor, the rest of the calculation should follow article 252 of the Delegated Regulation. This classification only applies when the undertaking has authorization for life and non-life classes of insurance, even if the business for one of them is immaterial. The situation of undertakings that have authorisation for one class of insurance (e.g. Non-life) and issues business of the the other class of insurance (e.g. annuities) but for which an authorisation is not required, should not be classified as composites (article 16 of the Solvency II Directive).