EIOPA · 488
488
- Regulation
- Guidelines on reporting for financial stability purposes
- Article
- 35
- Submitted
- 2015-12-17
- Answered
- 2019-10-17
Question
The questions are the following:• Is the scope both LIFE and SLT?• should unit-linked be reported?• is the scope only direct insurance or should also reinsurance be reported?• how does the partial surrender influence the number of policies?• are contract groups to be considered as one contract?
And one question regarding the volume of life contracts to be reported in QRT S.41.01:• the surrender fees should not be included in this volume, but what about tax benefits?
Answer
Please find below the answers to each bullet point:
1) The scope is Life only (excluding health)2) Unit linked should not be considered3) The scope is only direct business4) A partial surrender is considered one surrender in order to be informative about the number of surrenders5) Contract groups should be considered look through on a best effort basis (if possible)
6) The focus is on changes in technical provisions, i.e. the reduction in technical provisions due to the surrenders/lapses“
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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