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Question 1
Article 9(2) of Commission Delegated Regulation (EU) 2015/35 provides that “insurance and reinsurance undertakings shall value assets and liabilities in accordance with international accounting standards adopted by the Commission pursuant to Regulation (EC) No 1606/2002 provided that those standards include valuation methods that are consistent with the valuation approach set out in Article 75 of Directive 2009/138/EC”.
As regards deferred taxes, the determination of net deferred tax assets depends on the valuation of deferred tax assets and deferred tax liabilities. Article 15(3) of Commission Delegated Regulation (EU) 2015/35 implies that insurers should elaborate a detailed scheduling of the timing of deferred tax assets, deferred tax liabilities

Art. 30 III e) ii) requires undertakings to agree the right on alternative assurance levels if other clients’ rights are affected. It is unclear how to include this in the contractual agreement. Does this mean e.g. third party audits can be sufficient?

Is our understanding correct, that Article 30 II lit. a) concerning the permit to subcontracting only applies to ICT third party service providers who support critical or important functions of the financial entity itself?

What is the capital requirement for liability risk sub-module pursuant to Article 133 of Commission Delegated Regulation (EU) 2015/35 in the following case:
- The largest liability limit of indemnity provided by the insurance undertaking is set to EUR 1 000 000 for one individual claim.
- In the case of a single event resulting in more than one claim, the insurance terms limit the indemnity to EUR 20 000 000 for the whole event regardless of the number of claims.

Where a participating insurance or reinsurance undertaking can demonstrate that its equity investment in a related undertaking is an equity investment of a strategic nature within the meaning of Article 171 of Commission Delegated Regulation (EU) 2015/35, does any requirement to apply the look-through approach stemming from Article 84 cease to apply to that related undertaking?

1) (Q&A ID 1794) Is Directive (EU) 2016/97 applicable to the process of marketing of the insurance included as an extra and unconditional benefit to the holders of some kind of credit cards when that coverage is free for the holders and the insurance contract is engaged between the issuer and the insurance undertaking?
In the case we are dealing with, the insurance is included in a group policy where the issuer of the credit card is the contractor, assuming the full payment of the premiums. The holders are the insured and have all the capacities of setting the claims directly with the insurance undertaking.

Which alternative investment fund managers (AIFMs) are captured within the scope of application of DORA under Articles 2(1)(k) and 2(3)(a) of DORA?

What is the level of engagement required for an ICT service to be considered as “support[ing] critical or important functions”?

Is the term “critical or important function” as defined in DORA to be understood as being equivalent to “critical or important functions or activities” under the Solvency II regime? If not, which functions are to be considered as critical or important for insurance companies?