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Glossary beginning with S

Annual Report 2019 > Lexicon > Glossary > Glossary beginning with S
sell side

Part of the financial sector involved in creating, promoting and selling equities, bonds, foreign currencies and other financial instruments; it includes investment bankers who act as intermediaries between securities issuers and investors as well as market makers who provide for liquidity on the market. Sell-side analysts release research reports with investment recommendations and daily comments for the buy side, i.e. for asset managers. Research reports pertain to companies that are already public and to companies that are being floated on an exchange or that are conducting additional rights offerings.

Solvency Capital Requirement (SCR)

Capital requirement computed in accordance with the Solvency II regulations. The calculation of the capital requirement is based on calculating market, actuarial (insurance), counterparty insolvency, catastrophic and operational risks and is subsequently subject to diversification analysis. This ratio may be computed using the standard formula or, after obtaining the pertinent consent from the regulatory authority, using an insurance undertaking’s partial or full internal model.

Solvency II

A solvency system for European insurance undertakings taking the risk profile into account. These requirements have been in force since 1 January 2016.

Solvency ratio

Statutory multiple (under Solvency II) specifying the level of capital security for the operations conducted by an insurer; by law this multiple should be higher than 100%.


the difference between the purchase and sale price of a given financial instrument

Statutory Auditor Act

Act of 7 May 1999 on Statutory Auditors and their Self Regulation, Entities Authorized to Audit Financial Statements and Public Supervision (Journal of Laws of 2009, Number 77, Item 649 as amended).

sum insured

Amount in cash for which an insured object is insured. In non-life insurance the sum insured ordinarily constitutes the upper limit of the insurer’s liability.