CALCULATION OF THE AMOUNTS OF AN INSURANCE COMPANY S CAPITAL, FOUNDATION FUNDS, RESERVES, ETC., FOR RISKS EXCEEDING NORMAL EXPECTATIONS

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1 CALCULATION OF THE AMOUNTS OF AN INSURANCE COMPANY S CAPITAL, FOUNDATION FUNDS, RESERVES, ETC., FOR RISKS EXCEEDING NORMAL EXPECTATIONS Ministry of Finance Official Notification No.50, February 29, 1996 Final amendment: Financial Services Agency Official Notification No.33, March 29, 2002 The following provisions, effective April 1, 1996, shall stipulate the methods to be employed for calculating the amounts of an insurance company s capital, foundation funds, reserves, etc. for risks exceeding normal expectations provided for in Articles 86, 87, 161, 162, and 190 of the Insurance Business Law Enforcement Regulations (MOF Directive No. 5, 1996). Article 1. Calculation of Capital, Foundation Funds and Reserves 1. The ratio established by the Director of the Financial Services Agency (hereinafter FSA ) pursuant to the provisions of Article 86, Paragraph 1(5), Article 161, Paragraph 1(5), and Article 190, Paragraph 1(5) of the Insurance Law Enforcement Regulations (hereinafter Regulations ) shall be 90 percent, provided that the said ratio shall be 100 percent in cases where the total value of other securities held by an insurance company as reported on the balance sheet falls below the total book value of said other securities. (As used herein, insurance company shall include a foreign insurance company and underwriting members. In addition, other securities shall refer to such securities as are held in Japan, with the said term to be as defined in Article 8, Paragraph 21 of the Regulations Concerning Terminology, Format, and Method for Preparation of Balance Sheets [MOF Directive 59, 1963], referred to herein as Balance Sheet Regulations. The same applies throughout these provisions.) 2. The ratio established by the Director of the FSA pursuant to the provisions of Article 86, Paragraph 1(6), Article 161, Paragraph 1(6), and Article 190, Paragraph 1(6) of the Regulations shall be 85 percent, provided that the said ratio shall be 100 percent in cases where the market price of land held by an insurance company (or land held in Japan in the case of foreign insurance companies and their underwriting members) falls below the book value of the said land. 3. The ratio established by the Director of the FSA pursuant to the provisions of Article 86, Paragraph 1(7), Article 161, Paragraph 1(7) and Article 190, Paragraph 1(7) of the Regulations shall be based on the following amounts: (1) For a joint stock life insurance company (referring to a joint stock company engaging in life insurance business under a license granted pursuant to the provisions of Article 3, Paragraph 4 of the Insurance Business Law [Law No. 105, 1995, hereinafter IBL ], including foreign life insurance companies), the amount of the reserve for payment of future insurance claims and suchlike that exceeds the amount calculated as sufficient to meet the obligations arising under policies held by the said life insurance company absent circumstances giving rise to the payment of claims (for foreign insurance companies, referring to policies held in Japan) and the amount of the reserve for payment of future insurance claims and suchlike that exceeds the amount allocated to policyholder dividends (for foreign insurance companies, referring to policyholders in Japan), 1

2 (2) For a mutual life insurance company (referring to a mutual company engaging in life insurance business under a license issued pursuant to the provisions of Article 3, Paragraph 4 of the IBL), the amount of the reserve for payment of future insurance claims and suchlike that exceeds the amount calculated as sufficient to meet the obligations arising under policies held by said life insurance company absent circumstances giving rise to payment of claims and the amount of the reserve for payment of future insurance claims and suchlike that exceeds the amount allocated for distribution of surplus to policyholders, (3) For a mutual property and casualty insurance company (referring to a mutual company engaging in the property and casualty insurance business under a license issued pursuant to the provisions of Article 3, Paragraph 5 of the IBL), the amount of the reserve for distribution to policyholders (excluding amounts required for distribution in subsequently occurring accounting periods), (4) For a life insurance company (including foreign life insurance companies, same to apply below), 50 percent of the smallest of either the amount for transfer to the policyholder dividend reserve as future profit (referring to future profit that can be expected to be available as resources to respond to risk by a reduction in dividends payable against participating policies), the amount for transfer to the policyholder dividend reserve as future profit computed as the average for the most recent five (5) business years (for foreign insurance companies, the most recent five (5) business years in Japan), or the amount for transfer to the policyholder dividend reserve as future profit computed for the most recent business year (for foreign insurance companies, the most recent business year in Japan), (5) The tax effective amount (referring to the tax effective amount that can be expected to be available as a resource to respond to risk by withdrawing amounts from discretionary savings accumulations) as given by the following formula, provided that the said amount for companies for which the amount of deferred tax assets (referring to assets reported as deferred tax assets under the rules for tax effective accounting, same to apply below) is zero (limited to companies for which there are amounts excluded from tax-deferred assets in the calculation of same): A x t / (1-t) In this formula, A and t shall be defined as follows: A: The surplus under the Capital section of the balance sheet reduced by the total of amounts paid out as profit or other disposition amounts transferred to the legal reserve and amounts definable as such (zero when the amount that can be excluded is less than zero). For mutual companies, the amounts paid out as profits include amounts transferred to the policyholder dividend reserve, but do not include amounts transferred to the policyholder dividend equalization reserve. For foreign insurance companies, the amounts paid out as profits include amounts scheduled for remittance to the head office in the subsequent fiscal year. t: The legal effective tax rate (referring to the rate set out in Article 8-12, Paragraph 1(2) of the Balance Sheet Regulations) used for calculation of deferred tax assets and 2

3 deferred tax liabilities (referring to amounts reported as liabilities under the rules for tax effective accounting). (6) The total of the amounts stipulated in a. and b. below that are can be defined as other capital, funds or reserves according to the corresponding classification of the insurance company: a. Life insurance companies: (a) For foreign insurance companies, amount of paid-in capital and surplus reported on the balance sheet for insurance business conducted in Japan (excluding amounts scheduled for remittance to the head office in the subsequent fiscal year), (b) Liabilities in the form of capital borrowing that satisfy all of the following criteria: (i) (ii) (iii) (iv) Liabilities that are unsecured and subordinated to the payment of other liabilities, Except as stipulated in Paragraph 6 below, liabilities that are not subject to redemption, Liabilities that are available to compensate for losses, and Liabilities that are approved for deferral of the payment of interest on obligations. (c) Subordinated liabilities subject to maturity (limited to those for which the term until maturity exceeds five (5) years). b. Property and casualty insurance companies (including foreign property and casualty insurance companies and underwriting members, same to apply below): (a) Amounts of refundable savings accumulations as set out in Article 70, Paragraph 1(3) of the Regulations in excess of the amounts calculated in accordance with methods stipulated in the documentation set out in Article 4, Paragraph 2(4) of the IBL (limited to the methods by which the costs of issuance of insurance policies are amortized over the term of insurance coverage), (b) For foreign property and casualty insurance companies and underwriting members, amounts of paid-in capital, surplus (excluding amounts scheduled for remittance to the head office in the subsequent fiscal year), and other amounts that can be defined as such that are intended to offer protection to policyholders in Japan, insured parties, parties eligible to receive insurance benefits and other related parties (excluding valuation gains and losses on other securities [referring to valuation gains and losses on other securities reported under Capital as set out in Article of the Balance Sheet Regulations]), 3

4 (c) Liabilities in the form of capital borrowings that satisfy all of the following criteria: (i) (ii) (iii) (iv) Liabilities that are unsecured and subordinated to the payment of other liabilities, Except as stipulated in Paragraph 6 below, liabilities that are not subject to redemption, Liabilities that are available to compensate for losses, and Liabilities the are approved for the deferral of payment of interest on obligations. (d) Subordinated liabilities subject to maturity (limited to those for which the term until maturity exceeds five (5) years). 4. Regarding the total amounts stipulated in Paragraph 3(6)a(b) and (6)a(c) or Paragraph 3(6)b(c) and (6)b(d) above, the ratio shall be based on the amount that can be included in the limit of the following total amounts according to the corresponding classification of the insurance company (hereinafter includable limit ): (1) Life insurance companies: Amounts set out in Article 86, Paragraph 1(1)-(3) or Article 161, Paragraph 1(1)-(3) of the Regulations together with the amounts stipulated in Paragraph 3(1), (2) and (6)a(a) above, (2) Property and casualty insurance companies: Amounts set out in Article 86, Paragraph 1(1)-(3), Article 161, Paragraph 1(1)-(3), or Article 190, Paragraph 1(1)-(3) of the Regulations together with the amounts stipulated in Paragraph 3(3), (6)b(a) and (6)b(b) above. 5. Regarding the amounts stipulated in Paragraph 3(6)a(c) or Paragraph 3(6)b(d) above, the ratio shall be based on the amount that can be included in a limit of 50 percent of the includable limit. (For subordinated liabilities on which the term until maturity has become less than five (5) years, the amounts stipulated in Paragraph 3(6)a(c) or Paragraph 3(6)b(d) above refer to the amount of amortization taken each year on a cumulative basis that is 20 percent of the book value computed when the time remaining until maturity is five (5) years),. 6. Regarding the amounts stipulated in Paragraph 3(6)a(b) and (6)a(c) or Paragraph 3(6)b(c) and (6)b(d) above, in cases where there is a clause for the redemption of liabilities stipulated in Paragraph 3(6)a(b) or (6)a(c), or a clause for early redemption of liabilities stipulated in Paragraph 3(6)b(c) or (6)b(d) (hereinafter redemption ), the ratio shall be based on the amounts stipulated in Paragraph 3(6)a(b) and (6)a(c) or Paragraph 3(6)b(c) and (6)b(d), provided that the right to exercise any such redemption shall rest with the obligor insurance company, and such shall be limited to either of the following cases: (1) After redemption, the ratio indicates that the subject insurance company is capable of satisfying the insurance claims (said ratio being that which indicates the ability of an insurance company to pay the insurance claims as set out in Article 88, Paragraph 2, 4

5 Article 163, Paragraph 2, or Article 190, Paragraph 6 of the Regulations, same to apply in Article 1-2 herein), or (2) When there is to be a borrowing of capital or other funds for amounts above the amount of the subject redemption. 7. Regarding the amounts stipulated in Paragraph 3(6)a(b) and (6)a(c) or Paragraph 3(6)b(c) and (6)b(d) above, in cases where there is a clause stipulating a higher rate of interest on the subject liabilities after the passage of a predetermined time (hereinafter step-up interest ), when the amount of the step-up interest is large and the likelihood of the obligor exercising any right of redemption is high, the redemption date shall be regarded as the first day on which redemption is possible. Article For calculation of the amount set out in Article 130(1), Article 202(1), or Article 228(1) of the IBL, the amount shall be reduced by the amount of any capital investment or capital lending extended to another insurance company or subsidiary company as set out in Article106, Paragraph 1(3)~(5) of the IBL (referring to a subsidiary company as defined in Article 110, Paragraph 2 of the IBL, same to apply in the remainder of this Article) when the capital investment or capital lending is deemed to be for the express purpose of raising the ratio indicating the ability of the other insurance company to pay insurance claims or raising the capital adequacy ratio of the subsidiary company. This amount is referred to as the excluded amount in Paragraph 2 below. The capital lending includes liabilities as stipulated in Article 1, Paragraph 3(6)a(b) and (6)a(c), or Paragraph 3(6)b(c) and (6)b(d) herein, and this applies in the remainder of this Article. For foreign insurance companies and underwriting members, the capital investment shall refer to holdings in Japan. The capital lending shall include lending to a third party with the intent of causing the third party to increase its holdings in the other insurance company or subsidiary. 2. In cases where capital lending to another insurance company or subsidiary conducted for the purposes stipulated in Paragraph 1 above is an amount appearing on the left side of the following table for the other insurance company or subsidiary, when there is a corresponding excluded amount appearing on the right side of the table with the calculation of the ratio used to determine the ability to pay insurance claims of the insurance company extending the capital lending, the excluded amount may be included in the calculation. In such cases, when the amount appearing on the right side of the table exceeds the corresponding amount appearing on the left side of the table, the amount that may be included shall be the amount appearing in the left side of the table. Capital Lending Extended to Another Insurance Company or Subsidiary Company (1) Amounts in Article 1, Paragraph 3(6)a(b) or Paragraph (6)b(c) Amount Used in the Calculation of the Ratio Used to Determine the Ability to Pay Insurance Claims of the Insurance Company Amount not included in the amount of Article 1, Paragraph 3(6)a(b) or Paragraph (6)b(c) 5

6 The total of the following amounts: (2) Amounts in Article 1, Paragraph 3(6)a(c) or (6)b(d) a. Amount not included in the amount of Article 1, Paragraph 3(6)a(c) or (6)b(d), and b. The amount by which the amount appearing on the right side of the table for Item (1) above exceeds the amount appearing in the left side for the same Item (1), when it exists. Article 2. Calculation of Risks 1. For life insurance companies, the amount set out in Article 87(1) and Article 162(1) of the Regulations (insurance risk amount) shall be the amount calculated with the formula in Table 2 based on the amount obtained by multiplying the amount at risk for each type of risk appearing in Table 2 by the corresponding risk coefficient. For property and casualty insurance companies, the amount shall be the total of the following amounts: (1) For the ordinary insurance risk amount, the amount calculated with the formula in Table 4 based on the amount obtained by multiplying the amount at risk for each type of insurance appearing in Table 3 by the corresponding risk coefficient, and (2) For the major catastrophe risk amount, the larger of either the total amount of the earthquake disaster amount at risk for each type of insurance appearing in Table 5 or the total of the flood disaster amount at risk for each type of insurance appearing in Table The amount set out in Article 87(2) and Article 162(2) of the Regulations (scheduled interest rate risk amount) shall be the amount obtained by multiplying each scheduled interest rate for the reserve in Table 6 by the corresponding risk coefficient, obtaining the total of these amounts, multiplying this total by the balance of the underwriting reserve for said scheduled interest rates, then summing the results. 3. The amount set out in Article 87(3)a and Article 162(3)a of the Regulations (price volatility risk amount) shall be the amount obtained by multiplying the respective amounts for the assets at risk appearing in Table 7 (amounts appearing on the balance sheet) by the corresponding risk coefficients, obtaining a total of the amounts, then subtracting from this total an amount that reflects investment diversification effectiveness (referring to risk reduction achieved through diversification of investments) calculated as 30 percent of the total for life insurance companies and 20 percent of the total for property and casualty insurance companies. 4. The amount set out in Article 87(3)b and Article 162(3)b of the Regulations (credit risk amount) shall be the amount obtained by multiplying the respective amounts for the assets at risk in Table 8 (amounts appearing on the balance sheet) by the corresponding risk coefficients and obtaining a total of the amounts. In such cases, the ranks appearing in Table 8 shall be as defined in Table The amount set out in Article 87(3)c and Article 162(3)c of the Regulations (subsidiary company risk amount) shall be the amount obtained by multiplying the respective amounts for 6

7 the assets at risk in Table 10 (amounts appearing on the balance sheet) by the corresponding risk coefficients and obtaining a total of the amounts. 6. The amount set out in Article 87(3)d and Article 162(3)d of the Regulations (derivative transaction risk amount) shall be the total of the following amounts: (1) For the risk amount on futures transactions, the amount obtained by multiplying the respective balances for the types of transactions appearing in Table 11 by the corresponding risk coefficients and obtaining a total of the amounts. (However, in cases where a transaction is deemed to be for the express purpose of raising the ratio indicating the ability to pay insurance claims, the amount of said transaction shall be excluded.) (2) For the risk amount on option transactions, the amount obtained by multiplying the respective amounts for the types of transactions appearing in Table 12 by the corresponding risk coefficients and obtaining a total of the amounts. (However, in cases where a transaction is deemed to be for the express purpose of raising the ratio indicating the ability to pay insurance claims, the amount of the transaction shall be excluded). (3) For the risk amount on swap transactions, the amount obtained by multiplying the respective amounts calculated by either the original exposure method or current exposure method for the types of transactions in Table 13, obtaining a total of the amounts, then multiplying this total by the risk coefficient corresponding to Rank 2 appearing in Table The amount set forth in Article 87(3)e and Article 162(3)e of the Regulations shall be the total of the following amounts: (1) For the reinsurance risk amount, the amount obtained by multiplying the amount at risk in Table 14 by the corresponding risk coefficient; and (2) For the reinsurance recovery risk amount, the amount obtained by multiplying the amount at risk in Table 15 by the corresponding risk coefficient. 8. The amount set out in Article 87(4) and Article 162(4) of the Regulations (business management risk amount) shall be the amount obtained by multiplying the total of the risk amounts set out in Article 87(1)-(3) or Article 162(1)-(3) of the Regulations for the respective companies appearing in Table 16 by the corresponding risk coefficients and obtaining a total of the amounts. Article 3. Total Amounts of Risk 1. The calculated amounts that form the basis for the amounts set forth in the subparagraphs of Article 87 of the Regulations (risk amounts) shall be calculated with the formulas appearing in Table The provision of Paragraph 1 above shall apply with respect to the calculated amounts that form the basis for the amounts set out in the sub-paragraphs of Article 162 of the 7

8 Regulations (risk amounts) as stipulated in Article 162 or Article 190, Paragraph 2 of the Regulations. Amended (MOF Bulletin No. 237, June 8, 1998) Amended (FSA-MOF Bulletin No. 1, June 29, 1998) Amended (FSA-MOF Bulletin No. 13, November 24, 1998) Amended (FSA-MOF Bulletin No. 1, January 13, 1999) Amended (FSA-MOF Bulletin No. 9, March 30, 1999) Amended (FSA-MOF Bulletin No. 21, May 21, 1999) Amended (FSA-MOF Bulletin No. 2, February 4, 2000) Amended (FSA Bulletin No. 11, July 27, 2000) Amended (FSA Bulletin No. 19, March 30, 2001) Amended (FSA Bulletin No. 33, March 29, 2002) 8

9 Table 1 Type of Risk Amount at Risk Risk Coefficient Ordinary Mortality Risk Amount of claims payable at death 0.6/1000 Accident Mortality Risk Amount of claims payable upon accidental 0.06/1000 death Survivor s Risk Amount of reserve through term-end for 10/1000 Injury Hospitalization Risk Sickness Hospitalization Risk individual annuity insurance Per diem amount for injury hospitalization Expected average number of benefit days Per diem amount for sickness hospitalization Expected average number of benefit days 3/ /1000 Other Risk Amount of risk reserve 1 Notes: The amount at risk excludes amounts placed for reinsurance with other parties and includes amounts accepted for reinsurance from other parties. Table B) + D + E + F ( A + C Where, A = Ordinary mortality risk amount, B = Accident mortality risk amount, C = Survivor s risk amount, D = Injury hospitalization risk amount, E = Sickness hospitalization risk amount, and F = Other risk amount. 9

10 Table 3 Type of Insurance Fire Insurance (excluding homeowner s earthquake insurance) Personal Accident Insurance Insurance Premium Amount at Risk Risk Coefficient Insurance Coverage Amount Risk at Risk Coefficient 12% 33% 9% Net 26% Auto Insurance Net earned premium 8% incurred insurance 14% Hull Insurance 56% claims 62% Cargo Insurance 21% 39% Other Insurance (excluding auto liability insurance) 17% 34% Notes: Homeowner s earthquake insurance refers to policies defined in Article 2, Paragraph 2 of the Law Concerning Earthquake Insurance (same to apply below). Net incurred insurance claims excludes the amounts payable for major catastrophes and uses the average value for the most recent three (3) business years (for foreign insurance companies and underwriting members, the most recent three (3) business years in Japan). Table (1 ) (a + b + c + d + e + f ) + (a + b + c + d + e + ρ ρ f) 2 Notes: ρ = correlation coefficient of a, b, c,d, e and f are fire insurance (excluding homeowner s earthquake insurance), personal accident insurance, auto insurance, hull insurance, cargo insurance and other insurance (excluding auto liability insurance), respectively. Here the value used is the larger of either the insurance premium amount at risk or insurance claims amount at risk as calculated with the risk coefficient appearing in Table 3. 10

11 Table 5 Type of Insurance Fire Insurance (excluding homeowner s earthquake insurance) Personal Accident Insurance Auto Insurance Hull Insurance Cargo Insurance Other Insurance (excluding auto liability insurance) Homeowner s Earthquake Insurance Earthquake Disaster Amount at Risk Assumed net claims paid are based on recurrence of Great Kanto Earthquake Limit of reserve Method for Calculation of Assumed Net Claims Paid Calculation is based on net claims paid, the rate of damage suffered and suchlike that are assumed to exist in the region on properties covered by policies offering mortgage insurance against risk of damage by earthquake. Flood Disaster Amount at Risk Assumed net claims paid are based on recurrence of Typhoon No. 19 of Method for Calculation of Assumed Net Claims Paid Calculation is based on net claims paid, the rate of damage suffered and suchlike that are assumed to exist in the region on properties covered by policies offering mortgage insurance against risk of damage by flood. Table 6 Life Insurance Companies Scheduled Interest Rate Risk Coefficient 0.0% - 2.0% % - 3.0% % - 4.0% % - 5.0% % - 6.0% % Property and casualty Insurance Companies Scheduled Interest Rate Risk Coefficient 0.0% - 1.0% % - 3.0% % - 4.0% % - 5.0% % - 6.0% %

12 Table 7 Assets at Risk Domestic Stock Foreign Stock Yen-denominated Bonds Foreign Currency Bonds, Foreign Currency Loans Real Estate (Domestic Land) Gold Bullion Trading Securities Risk Coefficient 10% 10% 1% 5% 5% 20% 1% Notes: The amount of foreign currency bonds and foreign currency loans excludes the amount of any yen-equivalent amount that has already been fixed at the time of settlement by a currency exchange agreement and the amount of the balance of foreign currency liabilities. The amount at risk excludes amounts of investment and financing extended to subsidiary companies and suchlike. The yen-denominated bonds set out in Article 8, Paragraph 12 of the Balance Sheet Regulations are excluded. Table 8 Assets at Risk Risk Coefficient Rank 1 0% Loans Rank 2 1% Bonds Rank 3 4% Deposits Rank 4 30% Short-Term Lending Transactions 0.1% Note: Loans, bonds and deposits include amounts of accrued income (accrued interest), Loans include anticipatory payment consent agreements, Amount at risk excludes loans extended to subsidiary companies and suchlike, When the corresponding party to a short-term lending transaction corresponds to Rank 4 in Table 9, the risk coefficient is 30 percent. 12

13 Table 9 Rank 1 Rank 2 Rank 3 Rank 4 Type of Credit Claim, Corresponding Party, Issuer, Etc. (a) Central government agencies, central banks and international bodies holding the highest credit rating (b) Central government agencies and central banks of OECD member nations (c) Japanese government agencies, regional public bodies and public corporations (d) Parties with guarantees issued by the parties of (a)~(c) (e) Policyholder loans (a) Central government agencies, central bank and international bodies not coming under the criteria of Rank 1 (a) above (b) Government agencies, regional public bodies and public corporations of foreign nations (c) Financial institutions of Japan and foreign nations (d) Parties holding a credit rating of BBB (e) Parties with guarantees issued by the parties of (a)~(d) (f) Housing mortgage loans (g) Loans secured by securities and real estate (h) Loans guaranteed by the Loan Guarantee Association Loans and other credits extended to parties not corresponding to Rank 1 or 2 that do not fall into Rank 4 Credit claims against insolvent parties Credit claims that are in arrears Credit claims that are more than three months in arrears Credit claims for which there is a compromise on the loan conditions 13

14 Table 10 Domestic Companies Foreign Corporations Notwithstanding the above, subsidiary companies that correspond to Rank 4 appearing in Table 9 Note: Type of Business Assets at Risk Risk Coefficient Financial Business Stocks 15% Loans 1.5% Non-financial Business Stocks 10% Loans 1.0% Financial Business Stocks 20% Loans 6.5% Non-financial Business Stocks 15% Loans 6.0% Stocks 100% Loans 30% A subsidiary company engaging in financial business refers to a subsidiary company or suchlike engaging in a business set out in Article 106, Paragraph 1(1)~(8) of the IBL, a subsidiary company or suchlike engaging in a business set out in Article 56-2, Paragraph 1(23) or (25) of the Regulations, a subsidiary company or suchlike engaging in a business that is definable as a business set out in Article 56-2, Paragraph 1(23) of the Regulations, a subsidiary company or suchlike engaging in a business set forth in Article 56-2, Paragraph 2(5), Paragraph 2(13)~(40), or Paragraph 2(41) of the Regulations, and a subsidiary company or suchlike engaging in a business that is definable as a business set out in Article 56-2, Paragraph 2(5), Paragraph 2(13)~(40), or Paragraph 2(41) of the Regulations. A subsidiary company engaged in non-financial business refers to a subsidiary company or suchlike that is other than a subsidiary company engaged in financial business. Loans include anticipatory payment consent agreements. Yen-denominated loans extended to foreign corporations are treated as loans extended to domestic corporations. Foreign currency loans extended to domestic corporations are treated as foreign currency loans extended to foreign corporations. 14

15 Table 11 Type of Transaction Foreign Currency Futures (including exchange agreements) Stock Futures Bond Futures Amount of Transaction Risk Coefficient Sell Market Price Unit Value Volume -5% Buy Market Price Unit Value Volume +5% Sell Market Price Unit Value Volume -10% Buy Market Price Unit Value Volume +10% Sell Market Price Unit Value Volume -1% Buy Market Price Unit Value Volume +1% Table 12 Type of Transaction Amount of Transaction Risk Coefficient Foreign Currency Long Put Strike Price Unit Value Volume -5% Options Short Put Strike Price Unit Value Volume +5% Stock Options Long Put Strike Price Unit Value Volume -10% Short Put Strike Price Unit Value Volume +10% Bond Options Long Put Strike Price Unit Value Volume -1% Short Put Strike Price Unit Value Volume +1% 15

16 Table 13 a. Original Exposure Method The original exposure method multiplies the nominal principal of the transaction type appearing on the left side of the following table by the weighting factor appearing on the right side of the table corresponding to the duration of the transaction appearing in the middle column of the table. Type of Transaction Foreign Exchange and Gold Transactions Interest Rate Transactions Duration Less than 1 year 1 year or more Less than 1 year 1 year or more Weighting Factor 2.0% Number of years 3.0% minus 1.0% Note: Durations of less than one year are calculated as one year. 0.5% Number of years 1.0% minus 1.0% Note: Durations of less than one year are calculated as one year. However, for transactions that are subject to legally valid reciprocal netting agreements, the nominal principal of the transaction type appearing on the left side of the following table may be multiplied by the weighting factor appearing on the right side of the table. Type of Transaction Foreign Exchange Transactions Interest Rate Transactions Duration Less than 1 year 1 year or more Less than 1 year 1 year or more Weighting Factor 1.5% Number of years 2.25% minus 0.75% Note: Durations of less than one year are calculated as one year. 0.35% Number of years 0.75% minus 0.75% Note: Durations of less than one year are calculated as one year. 16

17 b. Current Exposure Method The current exposure method uses the total of the following amounts: (1) The amount of reconstruction cost given as a positive value and calculated based on market prices prevailing at the time of calculating derivative transaction risk amount. (However, for transactions that are subject to legally valid reciprocal netting agreements, this may be taken as the amount of net reconstruction cost (positive value)). (2) The amount obtained by multiplying the nominal principal of the transaction type appearing on the left side of the following table by the weighting factor appearing on the right side of the table corresponding to the duration of the transaction appearing in the middle column of the table (gross add-on). However, for transactions that are subject to legally valid reciprocal netting agreements, the amount may be obtained with the following formula (net add-on): Net Add-on = 0.4 Gross Add-on Net Reconstruction Cost Gross Reconstruction Cost Type of Transaction Foreign Exchange and Gold Transactions Interest Rate Transactions Stock Transactions Precious Metals Transactions (excluding gold) Other Commodity Transactions Note: Duration Less than 1 year 1-5 years 5 years - Less than 1 year 1-5 years 5 years - Less than 1 year 1-5 years 5 years - Less than 1 year 1-5 years 5 years - Less than 1 year 1-5 years 5 years - Gross Add-on Weighting Factor 1.0% 5.0% 7.5% 0.0% 0.5% 1.5% 6.0% 8.0% 10.0% 7.0% 7.0% 8.0% 10.0% 12.0% 15.0% For transactions involving multiple exchanges of principal, when calculating the amount in (2) above, the weighting factors are multiplied by the number of exchanges that remain. For transactions subject to agreements structured to settle exposure on a specific payment due date and require the transaction to be restructured so that the market price is zero on said date, the remaining duration may be regarded as the period that ends on the next resetting date. For interest rate 17

18 transactions for which the remaining duration that satisfies these criteria is more than one (1) year, the add-on weighting factor shall not be less than 0.5 percent. Derivative transactions that are other than the transaction types stipulated above shall be treated as Other Commodity Transactions. For interest rate swaps involving the same currency and variable interest rates, there is no need to obtain a total of the amounts for (2) above. Note: Foreign exchange transactions shall refer to interest rate swaps between different currencies, forward exchange transactions (FXA), futures foreign exchange transactions, foreign currency futures transactions and currency option transactions (purchase of options only). Gold transactions shall refer to forward delivery, swap and option transactions (purchase of options only) on gold. Interest rate transactions shall refer to swaps involving the same currency, interest forward rate transactions (FRA), interest rate futures transactions and interest rate options (purchase of options only). Stock transactions shall refer to forward delivery, swap and option transactions (purchase of options only) on individual stocks and stock indices. Precious metal transactions (excluding gold) shall refer to forward delivery, swap and option transactions (purchase of options only) on precious metals. Other commodity transactions shall refer to forward delivery, swap and option transactions (purchase of options only) on energy, agricultural products, base metals and commodities other than precious metals. The amounts of listed transactions for which margins are required on a daily market-to-market basis and foreign exchange transactions for which the duration is less than 14 days may be excluded from the calculation of the derivative transaction risk amount. 18

19 Table 14 Amount at Risk Underwriting reserve amounts not set aside based on the provisions of Article 71 of the Regulations (including cases applying mutatis mutandis in Article 160 of the Regulations) and outstanding loss reserve amounts not set aside based on the provisions of Article 71 of the Regulations applied mutatis mutandis in Article 73, Paragraph 3 of the Regulations (including cases applying mutatis mutandis in Article 160 of the Regulations). Risk Coefficient 1% Notes: For property and casualty insurance companies, amounts related to homeowner s earthquake insurance and auto liability insurance are excluded. For property and casualty insurance companies, in cases where the amount placed for reinsurance for each type of insurance appearing in Table 3 exceeds 50 percent, the risk coefficient applicable for the amount at risk for the portion of said excess shall be 2 percent. Table 15 Amount at Risk Risk Coefficient Reinsurance Loans (including foreign reinsurance loans) 1% Notes: For property and casualty insurance companies, amounts related to homeowner s earthquake insurance and auto liability insurance are excluded. Table 16 Type of Company Companies reporting a loss at the end of the current accounting period Companies other than the above Risk Coefficient 3% 2% 19

20 Table Total Amount of Risk for Life Insurance Company = ( R ) ( R + R + R ) 4 Total Amount of Risk for Property and Casualty Insurance Company 2 2 = ( R ) ( R + R + R + Where, ) 4 R6 R = Insurance risk amount, 1 R = Scheduled interest rate risk amount, 2 R = Asset management risk amount, 3 R = Business management risk amount, 4 R = Ordinary insurance risk amount, and 5 R = Major catastrophe risk amount. 6 20

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