EIOPA · 1953

Valuation of Assets and Liabilities other than TPs

Name: Valuation of Assets and Liabilities other than TPs: EIOPA Q&A — EU Financial Regulatory Q&A
Creator: European Insurance and Occupational Pensions Authority
License: https://creativecommons.org/licenses/by/4.0/

Regulation: (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII)
Article: Articles 8 and 9
Topic: Valuation of Assets and Liabilities other than TPs
Submitted: 2019-06-03
Answered: 2021-10-12

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Question

Could you please clarify if undertaking under local regulation (statutory accounting) is not required to valuate leased assets and liabilities (not present this elements in statutory balance sheet), must include leasing assets and liabilities in Solvency II MVBS?

Background

Under Polish Accounting Standards insurance company do not apply IFRS 16 for statutory purposes.

Answer

In accordance with Article 9 (together with Article 8) of Commission Delegated Regulation (EU) 2015/35, the recognition of assets and liabilities follows IFRSs by default. Undertakings falling under the exception of Article 9(4) may use the accounting requirements they use for preparing their annual or consolidated financial statements, and which are not IFRSs.

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