Question ID: 950
Regulation Reference: (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities
Article: 35
Template: S.12.01
Status: Final
Date of submission: 18 Jan 2017
Question
Regarding the surrender value guidelines in the logs, the the surrender value calculated is stated as "net of taxes".
Does this refer to personal taxes on the policy holder?
So if the gross surrender value is €X and the policyholder recieves (1-T%)*€X where T% is the policyholder personal tax charge, then is the surrender value that goes into S.12.01 (a) €X or (b) (1-T)*€X?
EIOPA answer
Taxation payments which are charged to policyholders or are required to settle the insurance obligations (please see also Art. 28 of the DA) are reflected in the best estimate (e.g. insurance tax). The LOG in fact does not refer to the personal income tax.