Date-stamp loading
Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Version date: 19 December 2002 - onwards
  Version 4 of 4    

Article 17

Repealed from 19 December 2002

1. The home Member State shall require every assurance undertaking to establish sufficient technical provisions, including mathematical provisions, in respect of its entire business.

The amount of such technical provisions shall be determined according to the following principles:

A.

(i) The amount of the technical life-assurance provisions shall be calculated by a sufficiently prudent prospective actuarial valuation, taking account of all future liabilities as determined by the policy conditions for each existing contract, including:

  • all guaranteed benefits, including guaranteed surrender values,

  • bonuses to which policy-holders are already either collectively or individually entitled, however those bonuses are described vested, declared or allotted,

  • all options available to the policy-holder under the terms of the contract,

  • expenses, including commissions;

taking credit for future premiums due;

(ii) the use of a retrospective method is allowed, if it can be shown that t

Comparing proposed amendment...