EIOPA · 950

950

Regulation
(EU) No 2015/2450 - templates for the submission of information to the supervisory authorities
Article
35
Submitted
2017-01-18
Answered
2019-09-23
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Question

Regarding the surrender value guidelines in the logs, the the surrender value calculated is stated as "net of taxes".   Does this refer to personal taxes on the policy holder? So if the gross surrender value is €X and the policyholder recieves (1-T%)*€X where T% is the policyholder personal tax charge, then is the surrender value that goes into S.12.01 (a) €X or (b) (1-T)*€X?

Answer

Taxation payments which are charged to policyholders or are required to settle the insurance obligations (please see also Art. 28 of the DA) are reflected in the best estimate (e.g. insurance tax). The LOG in fact does not refer to the personal income tax.
View original on European Insurance and Occupational Pensions Authority ↗

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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