Question ID: 1319
Regulation Reference: (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII)
Article: 1(11)
Status: Final
Date of submission: 02 Apr 2019
Question
The definition of written premiums in this article is vague. Should written premiums be "The amount payable by the policy holder excluding insurance premium taxes for insurance or reinsurance cover written during the period whether such premiums relate in whole or in part to insurance or reinsurance cover provided in a different time period."
EIOPA answer
Written premiums as defined in Article 1(11) do not comprise taxes due on insurance premiums owed by a policyholder or sales intermediary. Written premiums mean the premiums due to an insurance or reinsurance undertaking during a specified time period, regardless of whether such premiums relate in whole or in part to insurance or reinsurance cover provided in a different time period, and regardless of the period in which the cover was written or the period in which the related insurance cover is being provided.