The Council of the European Union has published a corrigendum to the Solvency II Delegated Regulation (EU) 2015/35, correcting linguistic and terminological errors in the Slovenian language version. The document, issued on 8 July 2026, aims to ensure accurate and consistent terminology across the regulation, particularly replacing 'osnovna sredstva' (underlying assets) with 'temeljna sredstva' (underlying assets) and 'posamezne izpostavljenosti' (individual exposures) with 'izpostavljenosti do posameznega subjekta' (exposures to a single entity). The corrigendum clarifies the legal text for insurance and reinsurance undertakings, enhancing legal certainty and uniform application of Solvency II capital requirements across EU member states.
The corrigendum corrects recitals 89-91 to require that originators, sponsors, or original lenders retain a significant net economic interest in the underlying assets (temeljna sredstva) for investments in securitisation, and that insurers understand the investment and its underlying exposures (temeljne izpostavljenosti). It also ensures risk-sensitive and prudentially sound treatment of securitisation positions, limiting spread risk factors for senior tranches to 3% per year. Articles 49(3), 84(1), and related provisions are amended to replace 'osnovna sredstva' with 'temeljna sredstva' for collective investment undertakings and fund investments. The term 'posamezne izpostavljenosti' is replaced with 'izpostavljenosti do posameznega subjekta' in Articles 106, 182-190, 192-195, 199, and 201, clarifying that capital requirements for market risk concentration and counterparty default risk are based on exposures to a single entity. Thresholds and risk factors in Articles 184-187 are updated to reflect the corrected terminology for excess exposure thresholds and risk factors.
The corrigendum enhances legal clarity and consistency for insurers and reinsurers applying Solvency II capital requirements, reducing misinterpretation risks. It ensures uniform application of securitisation investment rules across EU member states, particularly regarding risk retention and due diligence. Insurance undertakings may need to update internal models and reporting systems to align with corrected terminology for single-entity exposures. The corrigendum strengthens prudential oversight by clarifying that capital charges for concentration risk and counterparty default are calculated per single entity, not per individual exposure. No further institutional follow-up is expected as the corrigendum is a technical correction to existing legislation.