In accordance with Article 4 of Commission Delegated Regulation (EU) 2015/35, insurance or reinsurance undertakings may use an external credit assessment for the calculation of the Solvency Capital Requirement in accordance with the standard formula only where it has been issued by an External Credit Assessment Institution (ECAI) or endorsed by an ECAI in accordance with Regulation (EC) No 1060/2009. In accordance with Article 13(40) of Directive 2009/138/EC, 'ECAI' means a credit rating agency that is registered or certified in accordance with Regulation (EC) No 1060/2009 or a central bank issuing credit ratings which are exempt from the application of that Regulation.

A list of the registered or certified credit rating agencies can be found on the website of the European Securities and Markets Authority: https://www.esma.europa.eu/credit-rating-agencies/cra-authorisation.

A credit assessment issued by a credit rating agency that is not an ECAI might still be used for the standard formula calculation where it has been endorsed by an ECAI. That can in particular be relevant where the credit rating agency belongs to a group that includes an ECAI.