Article 17 of Directive 79/267/EEC shall be replaced by the following:
'Article 17
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:
(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 premium