EIOPA · 1366
1366
- Regulation
- (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities
- Article
- 35
- Submitted
- 2017-09-22
- Answered
- 2019-10-08
Question
Currently there is no option to report something for C0050/R0080, i.e. premiums earned for risks covered prior to the period. In our view there are contracts which are adjusted retrospectively (e.g. based on turnover in the last 12 months). These adjustments would be received and earned immediately and would partially refer to risks covered before the period. Why is it not possible to report these premiums in C0050/R0080?
Answer
C0050/R0080 refers to reporting by accident year (not by underwriting year). In this case the relevant period is the one when the claim occurred. This means that when, based on the claims of the last 12 months, the premium earned is adjusted and an undertaking reports under an accident year basis, this adjustment should be reported as "Risks covered during the period", with 'period' being the accident period not the underwriting period.
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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