Technical Provisions Data Quality and Application of Approximations

Application provision

1.1 Unless otherwise stated, this Part applies to:

  1. (1) a UK Solvency II firm;
  2. (2) in accordance with Insurance General Application 3, the Society, as modified by 16; and
  3. (3) in accordance with Insurance General Application 3, managing agents, as modified by 16.

12.1

01/01/2016

Firms must ensure that the data used in the calculation of their technical provisions is appropriate, complete and accurate.

12.2

31/12/2020

The changes to this rule are effective from 23:00 on 31/12/2020.

Where firms have insufficient data of appropriate quality to apply a reliable actuarial method to a set or subset of their insurance and reinsurance obligations, or amounts recoverable from their reinsurance contracts and UK ISPVs, firms may use appropriate approximations, including case-by-case approaches, in the calculation of the best estimate.


[Note: Art. 82 of the Solvency II Directive]