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European Insurance and Occupational Pensions Authority

1061

Q&A

Question ID: 1061

Regulation Reference: (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII)

Article: 182

Status: Final

Date of submission: 21 Jun 2018

Question

I have a simple and quick question. It is more a "language issue".
Par 4, Article 182 suggest calculating weighted average CQS as a "rounded-up average". I was wondering what does "rounded-up" means. I will show my understanding on example:
roundup of 3.2 = 4
roundup of 3.7 = 4
roundup of 3 = 3
roundup of 3.01 = 4
Is it like this?

I imagine this may seem like very silly question - sorry about that - but the translations to other languages are not very clear and they use simply wording "rounded average".

EIOPA answer

Value    Rounded-up
                value
3.2    4
3.7    4
3.0    3
3.01    4