Question ID: 967
Regulation Reference: (EU) No 2015/2452 - procedures, formats and templates of the solvency and financial condition report
Article: 51
Status: Final
Date of submission: 13 Feb 2017
Question
The Solvency II regulation is not clear on the presentation of the receivables on insurance & intermediaries and Receivables Reinsurance. Specifically the past-due definition is not clear. Given that IFRS does not follow this explicit definition can we state that IFRS presentation balance sheet of receivables is not equal to the SII presentation of the balance sheet?
EIOPA answer
Please see Q&A 573 from Preparatory phase.
In fact under Solvency II the definition is different from IFRS. Under Solvency II all "not past-due" amounts related to insurance contracts should be embedded in the calculation of the best estimate. Therefore this amounts would be reflected in the Balance-sheet under this item.
This means that as said in the LOG of S.02.01.R0360, in the Solvency II column, only the amounts "past due" should be included. For the column related to statutory accounts value the items might include the amounts "not past-due" if that is the correct treatment under the local GAAP or IFRS. (EIOPA understands that the LOG is focusing on the Solvency II value.)
Please note that amounts "not past-due" related to receivables that do not comply with the relevant article of the Delegated Regulation, and therefore not reflected in the best estimate, should be reported under "Any other assets, not elsewhere shown".