EIOPA · 1319
1319
- Regulation
- (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII)
- Article
- 1(11)
- Submitted
- 2019-04-02
- Answered
- 2019-09-12
Question
The definition of written premiums in this article is vague. Should written premiums be "The amount payable by the policy holder excluding insurance premium taxes for insurance or reinsurance cover written during the period whether such premiums relate in whole or in part to insurance or reinsurance cover provided in a different time period."
Answer
Written premiums as defined in Article 1(11) do not comprise taxes due on insurance premiums owed by a policyholder or sales intermediary. Written premiums mean the premiums due to an insurance or reinsurance undertaking during a specified time period, regardless of whether such premiums relate in whole or in part to insurance or reinsurance cover provided in a different time period, and regardless of the period in which the cover was written or the period in which the related insurance cover is being provided.
This Q&A is published by European Insurance and Occupational Pensions Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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