Solvency II R25-Art.45: Arts 45, 45a as amended (from 30 January 2027) Extend the ORSA to macroeconomic, macroprudential, liquidity and climate scenario analysis

The ORSA must also analyse the macroeconomic situation and possible market developments (interest rates and spreads, market indices, inflation, interconnectedness, climate change, pandemics and catastrophes), on supervisory request macroprudential concerns and the undertaking's potential to create systemic risk (not for small and non-complex undertakings), and the capacity to settle obligations when due even under stress; it must be run annually (every two years for small and non-complex undertakings and qualifying captives unless the supervisor requires more) and without delay after significant change. Undertakings must assess materiality of climate change risk exposure and, where material, specify at least two long-term scenarios (below and well above two degrees), analyse their business impact at least every three years and review the scenarios every three years; small and non-complex undertakings are exempt.