Solvency Capital Requirement (SCR)

Within the Commission Delegated Regulation (EU) 2015/35, Article 134 (especially its paragraphs 2 and 4) on the credit and suretyship risk sub-module should be read in conjunction with the overarching Article 83 on the scenario-based calculations, especially its paragraph 4 where the impact of the scenario on the authorised risk mitigation techniques held by the undertaking should be taken into account. The mention in Article 134 in particular (which can be found in general in many other non-financial liability-related risk modules) of ‘without deduction of the amounts recoverable from reinsurance contracts and special purpose vehicles’ aims at avoiding any double counting effect of the risk mitigation techniques effects already taken into account by virtue of Article 83.