EIOPA · 1598
1598
- Regulation
- (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII)
- Article
- 163
- Submitted
- 2018-07-26
- Answered
- 2019-09-10
Question
Article 163 of COMMISSION DELEGATED REGULATION (EU) 2015/35 of 10 October 2014 refers to «Nc [which] denotes the number of insured persons of insurance and reinsurance undertakings ».
This article does not specify when the number of insured persons should be counted (at the end of the financial year or next year ?).
For example, for the year ended 31/12/2017, do we have to take into account the number of insured persons as of 31/12/2017 or 2018 ?
To avoid any problem of understanding, I would like to rephrase this example : for example, for the year ended 31/12/2017, do we must calculate the solvency capital requirement from the number of insured persons at 31/12/2017 or during the year 2018 ?
Answer
The term Nc denotes the number of insured persons of the insurance and reinsurance undertaking at the beginning of the 12-month period for which the Solvency Capital Requirement is calculated.For the example provided where the SCR is calculated at the end of the year 2017 the number of insured persons at the end of 2017 is to be used.The insurer should address anticipated material changes in the number of insured persons in its Own Risk and Solvency Assessment.
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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