1400

Currently, there is a mismatch between the instructions for column C0080 in ITS 2015 2450 and XBRL business validation BV34.This appears to be rectified in the proposed Amendments to the adopted Solvency II Technical Standards on Reporting and Disclosure that was consulted on earlier this year. My issue is that the proposed remediation will harmonise the ITS to the XBRL validation but I think there is a problem here... The Undiscounted Development Result will be the Provision at the start of the year minus Annuity Payments during the year minus the Closing Provision... There is no reference to Annuity Provisions set up during the year. Further, it is feasible that an annuity payment could be made on a provision created during that year, thus rendering the formula in C0080 invalid. Do you agree that there is a problem here (now and in the proposed amendment to the ITS)?