Article 28 of the Delegated Acts states the following "The cash flow projection used in the calculation of the best estimate shall include all of the following cash flows, to the extent that these cash flows relate to existing insurance and reinsurance contracts: (e) payments between the insurance or reinsurance undertaking and intermediaries related to insurance or reinsurance obligations.

There may be instances especially for an insurer where the reinsurance arrangement may stipulate that claims would be payable one-quarter later. In this case, the reinsurance recoverable may not be due at the Balance Sheet date (e.g. bordereau would be sent to the reinsurer after the Balance Sheet date) but would be a future cash flow.

In the case, where an insurer has a reinsurance recoverable at year end which is not yet due and relates to insurance contracts which have expired at year-end with no future claims to be paid/payable, should this reinsurance recoverable be excluded from the SII Technical Provisions and stressed under "Counterparty risk module" in SCR? The argument being that the risk of the insurer not receiving this reinsurance recoverable implies a counterparty risk as opposed to insurance risk for the insurer at year end.