EIOPA · 1491

1491

Regulation
(EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII)
Article
134
Submitted
2018-06-15
Answered
2019-09-10
Browse EIOPA Insurance Register → More Q&As on this regulation →

Question

§134(4) states that for recession risk the basis for calculation is "the premiums earned by the insurance or reinsurance undertaking....". Usually, it is clearly indicated whether premiums are gross premiums (before deduction of ceded premiums) or net premums (after such deduction). Could you please clarify which premiums should be taken into account?

Answer

In Article 134 (4) of Commission Delegated Regulation (EU) 2015/35, the wording "…without deduction of the amounts recoverable from reinsurance contracts and special purpose vehicles" refers to the subsequent "100% of the premiums earned by the insurance or reinsurance undertaking …" and not to the preceding "instantaneous loss".Therefore the reference in this provision is to gross premiums.
View original on European Insurance and Occupational Pensions Authority ↗

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.

Similar Q&As

Reinsurance

Answered 2021-04-12

1105

Answered 2019-09-05

1106

Answered 2019-09-05

Solvency Capital Requirement (SCR)

Answered 2021-06-11

1394

Answered 2019-09-10

📋 Track EU financial regulation continuously

Forseti monitors EU financial regulation and delivers personalised alerts anchored to verified official sources.

Start free trial → Learn more

14-day free trial. No credit card required.