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Commission Implementing Regulation (EU) 2015/2450 of 2 December 2015 laying down implementing technical standards with regard to the templates for the submission of information to the supervisory authorities according to Directive 2009/138/EC of the European Parliament and of the Council (Text with EEA relevance)
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Commission Implementing Regulation (EU) 2015/2450, S.36.03 — IGT — Internal reinsurance is up to date with all changes known to be in force on or before 21 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
EUR 2015 No. 2450 may be subject to amendment by EU Exit Instruments made by the Prudential Regulation Authority under powers set out in The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 2. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.
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General comments:
This section relates to annual submission of information for groups.
The purpose of this template is to collect information on all IGTs (significant, very significant and transactions required to be reported in all circumstances) related to internal reinsurance within a group identified according to Article 213(2)(a) to (c) of Directive 2009/138/EC. These include, but not limited to:
reinsurance treaties between related undertakings of a group;
facultative reinsurance between related undertakings of a group; and
any other transaction that results in transferring underwriting risk (insurance risk) between related undertakings of a group..
[ F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F1 Deleted by Commission Implementing Regulation (EU) 2016/1868 of 20 October 2016 amending and correcting Implementing Regulation (EU) 2015/2450 laying down implementing technical standards with regard to the templates for the submission of information to the supervisory authorities according to Directive 2009/138/EC of the European Parliament and of the Council (Text with EEA relevance).
This template shall include IGTs that were:
in–force at the start of the reporting period.
incepted during the reporting period and outstanding at the reporting date.
incepted and expired/matured during the reporting period.
Where similar transactions with a related entity may be excluded from IGT reporting when considered individually against the thresholds for significant and very significant, these transactions must nevertheless be individually reported where collectively they are at or above the corresponding threshold values for significant or very significant IGTs.
Each transaction shall be reported separately. Undertakings shall report as many rows as needed to properly identify the transaction, including if different types of reinsurance contracts/ treaties are used.
Any additions / top–ups to significant IGTs shall be reported as a separate IGT, even if the top–up in its own right falls below the significant threshold limit. For example, if an undertaking increases the initial loan amount to another related undertaking the addition to the loan should be recorded as a separate item with its issue date as the date of the top–up.
Where the transaction value is different for two transacting parties (e.g. a EUR 10 m transaction between A and B where A records EUR 10 m but B only receive EUR 9,5 m because of transactions costs, of say EUR 0,5 m has been expensed) the template should record the maximum amount as the transaction amount, in this case EUR 10 m.
Where there is a chain of related IGTs (say A invests in B and B invests in C), each link of the chain needs to be reported as a separate IGT.
ITEM | INSTRUCTIONS | |
---|---|---|
C0010 | ID of intragroup transaction | Unique internal identification code for each intragroup transaction. Must be consistent over time. |
C0020 | Name of cedent | Legal name of the entity that has transferred the underwriting risk to another insurer or reinsurer within the scope of the group, in the meaning of Article 212(1)(c) of Directive 2009/138/EC |
C0030 | Identification code of cedent | The unique identification code attached to the investor/buyer/transferee by this order of priority:
Specific code:
|
C0040 | ID code type of code of the cedant | Identification of the code used in item ‘Identification code for the cedant’:
|
C0050 | Name of reinsurer | Legal name of the reinsurer to whom the underwriting risk has been transferred. This shall be the same as reported in S.30.02. |
C0060 | Identification code of reinsurer | The unique identification code attached to the investor/buyer/transferee by this order of priority:
Specific code:
|
C0070 | ID code type of code of the reinsurer | Identification of the code used in item ‘Identification code for the reinsurer’:
|
C0080 | Validity period (start date) | Identify the ISO 8601 (yyyy–mm–dd) code of the date of commencement of the specific reinsurance contract/treaty. |
C0090 | Validity period (expiry date) | Identify the ISO 8601 (yyyy–mm–dd) code of the expiry date of the specific reinsurance contract/treaty (i.e. the last date the specific reinsurance contract/treaty is in force). This item is not reported if there is no expiry date (for example, contract is continuous and ends by one of the parties giving notice). |
C0100 | Currency of contract/treaty | Identify the ISO 4217 alphabetic code of the currency of payments for the specific reinsurance contract/treaty. |
C0110 | Type of reinsurance contract/ treaty | Identify the type of reinsurance contract/treaty. The following close list shall be used:
Other proportional treaties (code 13) and Other non–proportional treaties (code 14) can be used for hybrid types of reinsurance treaties. |
C0120 | Maximum cover by reinsurer under contract/treaty | For quota share or a surplus treaty, 100 % of the maximum amount that has been set for the entire contract/treaty is stated here (e.g. £10million). In case of unlimited cover ‘–1’ must be filled in here. For excess of loss or stop loss treaties enter the initial capacity. This item has to be reported in the currency of the transaction. |
C0130 | Net Receivables | The amount resulting from: claims paid by the insurer but not yet reimbursed by the reinsurer + commissions to be paid by the reinsurer + other receivables minus debts to the reinsurer. Cash deposits are excluded and are to be considered as guarantees received. Total amount must be equal to the sum of the balance sheet items: Reinsurance receivables and Reinsurance payables. This item has to be reported in the currency of the group. |
C0140 | Total reinsurance recoverable | Total amount due from the reinsurer at the reporting date which include:
This item has to be reported in the reporting currency of the group. |
C0150 | Reinsurance result (for reinsured entity) | The reinsurance result for the reinsured entity should be calculated as follows:
This item has to be reported in the reporting currency of the group. |
C0160 | Line of business | Identify the line of business, as defined in Annex I to Delegated Regulation (EU) 2015/35, being reinsured. The following close list shall be used:
If a reinsurance arrangement covers more than one line of business, then select the most significant line of business from the list above. |
Textual Amendments
F2 Substituted by Commission Implementing Regulation (EU) 2016/1868 of 20 October 2016 amending and correcting Implementing Regulation (EU) 2015/2450 laying down implementing technical standards with regard to the templates for the submission of information to the supervisory authorities according to Directive 2009/138/EC of the European Parliament and of the Council (Text with EEA relevance).
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