(1) An insurance undertaking or reinsurance undertaking shall establish technical provisions with respect to all of its insurance and reinsurance obligations towards policy holders and beneficiaries of insurance or reinsurance contracts.
(2) The value of technical provisions shall correspond to the current amount an undertaking would have to pay if it were to transfer its insurance and reinsurance obligations immediately to another insurance undertaking or reinsurance undertaking.
(3) The calculation of technical provisions shall make use of and be consistent with information provided by the financial markets and generally available data on underwriting risks (market consistency).
(4) Technical provisions shall be calculated in a prudent, reliable and objective manner.
(5) Following the principles set out in paragraphs (2), (3) and (4) and taking into account the principles set out in Regulation 82, the calculation of technical provisions shall be carried out in accordance with Regulat
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