When calculating the SCR of the reference undertaking using the Standard Formula, we are to assume the reference undertaking does not have any insurance or reinsurance obligations or own funds before the transfer takes place.  This means that the reference undertaking will not have earned any premium over the twelve months prior to the transfer.
Therefore, when calculating the SCR of the reference undertaking at the point of transfer (specifically the Premium and Reserve Risk), is it correct to set the value of:
“P(last, s) – the premiums earned by the insurance or reinsurance undertaking in the segment s during the last 12 months” to zero for all segments s in Article 116?
Furthermore, would this treatment also apply after an actual transfer of business from one insurance or reinsurance firm to another, i.e. P(last, s) does not transfer along with the business?