EIOPA · 2922
Reporting Templates
- Regulation
- (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision
- Article
- N/A
- Topic
- Reporting Templates
- Submitted
- 2023-12-07
- Answered
- 2023-12-21
Question
Clarification and examples are requested on the calculation of C0142 for: i) products containing both deferred and in pay-out phase annuities ii) policies with automatic renewal. We also ask if, in correspondence, of run-off contracts (as per the Closed List provided in the column 'Product still commercialized? - C0130) we are supposed to leave the cell blank.
Answer
i) Note that the log file specifies that the determination is based on the assumptions that the contract does not end due to the realisation of a biometrical risk, and that, for the case of an endowment policy this would for example mean that the insured person does not die and the policyholder does not cancel the contract. Hence for these products, the “Lifelong” option should be chosen.
ii) Note that the log file clearly specifies that the policyholder does not exercise any surrender/cancellation option and exercises all renewal options and the insurance or reinsurance undertaking does not exercise any option to terminate the contract and exercises all renewal options.
On the last question run-off portfolio have still have a valid maturity so they should be reported.
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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