This question has been rejected because the question did not sufficiently identify a provision of Directive 2009/138/EC - Solvency II Directive for which an explanation is merited regarding their practical implementation or application.

Investments in FX-forward contracts, as for any other investments, would have an impact on the Solvency Capital Requirement of the (re-)insurance undertaking, in particular for what concerns market risk. It is not possible to provide a precise comparison with bonds and equities as the treatment in terms of solvency capital requirements depend on several aspects, such as rating, duration (for the bonds), type of equity etc. Moreover, it is not clear from the question whether it refers to the capital requirement calculated according to an internal model or to the standard formula. For the latter, it is likely that the three main material capital requirements for FX-forward contracts, bonds, equities are due to currency risk, spread risk, equity risk respectively. To this purpose please refer to the Delegated Regulation 2015/35, section 5, subsection 3 (Equity risk), 5 (Spread risk), 7 (Currency risk).