Question ID: 488
Regulation Reference: Guidelines on reporting for financial stability purposes
Article: 35
Template: S.41.01
Status: Final
Date of submission: 17 Dec 2015
Question
The questions are the following:
• Is the scope both LIFE and SLT?
• should unit-linked be reported?
• is the scope only direct insurance or should also reinsurance be reported?
• how does the partial surrender influence the number of policies?
• are contract groups to be considered as one contract?
And one question regarding the volume of life contracts to be reported in QRT S.41.01:
• the surrender fees should not be included in this volume, but what about tax benefits?
EIOPA answer
Please find below the answers to each bullet point:
1) The scope is Life only (excluding health)
2) Unit linked should not be considered
3) The scope is only direct business
4) A partial surrender is considered one surrender in order to be informative about the number of surrenders
5) Contract groups should be considered look through on a best effort basis (if possible)
6) The focus is on changes in technical provisions, i.e. the reduction in technical provisions due to the surrenders/lapses“