EIOPA · 1605
1605
- Regulation
- (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII)
- Article
- 142
- Submitted
- 2018-10-09
- Answered
- 2019-09-12
Question
According to Article 142 of the delegated act 2015_35 the capital requirement for the lapse risk refers to all options in paragraphs 4 & 5. Could you please confirm that the option of annuity payments offered in life insurance policy at maturity instead of lump sum should be considered in the options of paragraph 4 b for the calculation of the lapse risk capital requirement ?
Answer
A contractual option for the policyholder to convert at maturity a lump-sum benefit at a predefined conversion base into an annuity falls under point (b) of the options referred to in Article 142(4) of Commission Delegated Regulation (EU) 2015/35.
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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