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RSSWhen calculating technical provisions, insurance and reinsurance undertakings shall determine separately the value of future discretionary benefits.
When determining the likelihood that policy holders will exercise contractual options, including lapses and surrenders, insurance and reinsurance undertakings shall conduct an analysis of past policyholder behaviour and a prospective assessment of expected policyholder behaviour. That analysis...
Information shall only be considered to be credible for the purposes of Article 77(2) of Directive 2009/138/EC where insurance and reinsurance undertakings provide evidence of the credibility of the information taking into account the consistency and objectivity of that information, the...
The cash flow projection used in the calculation of the best estimate shall include all of the following cash flows, to the extent that these cash flows relate to existing insurance and reinsurance contracts:(a) benefit payments to policy holders and beneficiaries;(b) payments that the insurance...
The calculation of the best estimate shall take into account expected future developments that will have a material impact on the cash in- and out-flows required to settle the insurance and reinsurance obligations over the lifetime thereof. For that purpose future developments shall include...
The cash flow projection used in the calculation of the best estimate shall, explicitly or implicitly, take account of all uncertainties in the cash flows, including all of the following characteristics:(a) uncertainty in the timing, frequency and severity of insured events;(b) uncertainty in...
1. A cash flow projection used to calculate best estimates shall take into account all of the following expenses, which relate to recognised insurance and reinsurance obligations of insurance and reinsurance undertakings and which are referred to in point (1) of Article 78 of Directive 2009/138/EC...
When calculating the best estimate, insurance and reinsurance undertakings shall take into account all of the following:(a) all financial guarantees and contractual options included in their insurance and reinsurance policies;(b) all factors which may affect the likelihood that policy holders will...
The best estimate shall be calculated separately for cash flows in different currencies.
1. The best estimate shall be calculated in a transparent manner and in such a way as to ensure that the calculation method and the results that derive from it are capable of review by a qualified expert.2. The choice of actuarial and statistical methods for the calculation of the best estimate...