Question ID: 1953
Regulation Reference: (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII)
Topic: Valuation of Assets and Liabilities other than TPs
Article: Articles 8 and 9
Status: Final
Date of submission: 03 Jun 2019
Question
Could you please clarify if undertaking under local regulation (statutory accounting) is not required to valuate leased assets and liabilities (not present this elements in statutory balance sheet), must include leasing assets and liabilities in Solvency II MVBS?
Background of the question
Under Polish Accounting Standards insurance company do not apply IFRS 16 for statutory purposes.
EIOPA answer
In accordance with Article 9 (together with Article 8) of Commission Delegated Regulation (EU) 2015/35, the recognition of assets and liabilities follows IFRSs by default. Undertakings falling under the exception of Article 9(4) may use the accounting requirements they use for preparing their annual or consolidated financial statements, and which are not IFRSs.