Question ID: 1528
Regulation Reference: (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities
Article: 35
Template: S.41.01
Status: Final
Date of submission: 21 Mar 2018
Question
Regarding template S.41.01 “Lapses volume rate” could you clarify what should be taken as the number of contract at the beginning of period?
1) Should this value be constant during whole reporting year (for quarterly reporting)?
2) Should this value be updated during the year (for example: in case the number of contract in certain products is provided with a delay or information of surrendered policies - when insured person died close to the year-end the insurance company usually is informed in the following year)?
Or if these two examples from point 2 should be reported as lapses during the next reporting period?
EIOPA answer
1) Yes, the volume/number at the beginning of the year should be held constant throughout the year (as this is the denominator).
2) This template is reported on a best effort basis, and lapses as in the examples given can be reported during the next reporting period.