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Commission Delegated Regulation (EU) 2015/35Show full title
Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (Text with EEA relevance)
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Changes over time for: Article 265
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Article 265U.K.Valuation of technical provisions — documentation
1.Insurance and reinsurance undertakings shall document the following processes:
(a)the collection of data and analysis of its quality and other information that relates to the calculation of technical provisions;
(b)the choice of assumptions used in the calculation of technical provisions, in particular the choice of relevant assumptions about the allocation of expenses;
(c)the selection and application of actuarial and statistical methods for the calculation of technical provisions;
(d)the validation of technical provisions.
2.For the purposes of point (a) of paragraph 1, the documentation shall include:
(a)a directory of the data used in the calculation of the technical provisions, specifying their source, characteristics and usage;
(b)the specification for the collection, processing and application of data referred to in Article 19(3)(e);
(c)where data are not used consistently over time in the calculation of technical provisions, a description of the inconsistent use and its justification.
3.For the purposes of point (b) of paragraph 1, the documentation shall include:
(a)a directory of all the relevant assumptions that the calculation of technical provisions are based upon; this shall include assumptions on future management actions;
(b)a justification for the choice of the assumption in accordance with Subsection 1 of Section 3 of Chapter III;
(c)a description of the inputs on which the choice is based;
(d)the objectives of the choice and the criteria used for determining the appropriateness of this choice;
(e)any material limitations in the choice made;
(f)a description of the processes in place to review the choice of assumptions;
(g)a justification for the changes of assumptions from one period to another and an estimation of the impact of material changes;
(h)the relevant deviations referred to in Article 23(2).
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