Question ID: 1367
Regulation Reference: (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities
Article: 35
Status: Final
Date of submission: 15 Sep 2017
Question
In the LOG file it is stated that “The definition of written premiums is consistent with the definition of “premium receivables”.” Our understanding is that the definition of premium receivable is different under Solvency II than under IFRS. More precisely, under Solvency II a premium becomes a premium receivable only when the premium is over-due. Is this the intended definition of premium (both written and earned) for this QRT?
EIOPA answer
As stated in the general comments the intention is to capture written premiums in the given year, i.e. the premiums actually due to be received in that year, regardless of the coverage period. The sentence at stake “The definition of written premiums is consistent with the definition of “premium receivables” seems to be a mistake.
This will be further discussed as part of the “EIOPA Explanatory notes on reporting templates - Variation Analysis templates” currently under consultation and amended in a future revision if needed.
https://eiopa.europa.eu/Pages/Supervision/Insurance/Calls-for-comments-…