Question ID: 1579
Regulation Reference: (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities
Article: 35
Status: Final
Date of submission: 01 Jul 2018
Question
Identify the ISO 4217 alphabetic code of the currency used while placing the reinsurance treaty. All the amounts must be expressed in this currency for the specific cover, unless otherwise required by the national supervisory authority. In case the treaty is placed in two different currencies, then the main currency must be filled.
There is an XL treaty with 2 sections: in the first section the limits are written in USD while in the second one they are written in EUR. May we report each section in the own currency or have we to use only one currency (for example EUR). In the second option have we to convert in EUR all the limits and other amounts written in USD ?
EIOPA answer
In the example provided you should use the main currency and not the 2 currencies. The main currency does not refer to reporting currency but one of original currencies mentioned in the treaty - the currency with the highest limit. In case you use EUR the limits and amount written in USD have to be converted in EUR.