Key Benefits:
REGULATION OF THE FINANCE MINISTER 1)
of 28 December 2009
on the specific accounting rules of insurance and reinsurance undertakings 2)
On the basis of art. 81 (1) 2 point 6 (a) and the Act of 29 September 1994. of accounting (Dz. U. 2009 r. Nr 152, poz. 1223, Nr 157, pos. 1241 and No. 165, pos. 1316) the following shall be managed:
Chapter 1
General provisions
§ 1. [ Regulatory scope] The Regulation lays down specific rules for the accounting of insurance undertakings and reinsurance undertakings, including:
1) establishment of technical provisions;
2) the scope of the information shown in the additional information, the rules for the preparation of consolidated financial statements of capital groups, including the scope of the information displayed in the consolidated financial statements of capital groups and in activity reports.
§ 2. 1. The terms used in the Regulation shall mean:
1) Act-Act of 29 September 1994. of accounting;
(2) Act on Insurance Activity-Act of 22 May 2003. about insurance activities (Dz. U. Nr 124, pos. 1151, from late. 1. 3) );
3) department I-department I of the Annex to the Act on Insurance Activity;
4) Division II-Chapter II of the Annex to the Act on Insurance Activity;
5) the cedent-insurance undertaking or reinsurance undertaking referred to in Article 2. 1 point 1a of the Act on Insurance Activity;
(6) reinsurer, the insurance undertaking or reinsurance undertaking which carries out the reinsurance business referred to in Article 3 para. 1a of the Act on Insurance Activity;
7) insurance contract-insurance contract and insurance guarantee contract;
8) reinsurance-reinsurance and retrocession;
(9) the reinsurance contract-reinsurance contract and retrocession agreement;
10) active reinsurance-active reinsurance and active retrocession;
(11) the active reinsurance contract, the active reinsurance contract and the active retrocession agreement;
(12) passive reinsurance-passive reinsurance and passive retrocession;
(13) the passive reinsurance contract, the passive reinsurance contract and the passive retrocession agreement;
(14) a leading co-insurance undertaking, an insurance undertaking chosen from among the participants in the co-insurance contract, to carry out the activities referred to in that agreement on behalf of its own and other co-insurance undertakings;
(15) Assigned premiums-Premium amounts:
(a) in respect of insurance contracts due during the reporting period, irrespective of whether those amounts have been paid, in the case of group I groups,
(b) due for the entire period of liability, irrespective of its length, for the insurance contracts concluded during the reporting period, irrespective of whether those amounts have been paid, in the case of group II groups, where the duration of the liability period is limited to the length of the liability period. is specified,
(c) in respect of insurance contracts, due during the reporting period, irrespective of whether those amounts have been paid, in the case of group II groups, unless the duration of the responsibility is determined,
(d) on the basis of the active reinsurance contracts, the amounts referred to in point (d) shall apply. a-c, taking into account the provisions of the relevant reinsurance contracts;
(16) earned premium-a contribution attributed during the reporting period minus the state of the premium provisions at the end of the reporting period and increased by the state of the premium provisions at the beginning of the reporting period;
(17) gross premiums, gross premiums written, gross premiums, gross claims and benefits, other gross income, other gross technical costs, gross technical provisions, gross loss rate, respectively items prior to the reinsurers ' share;
18) own contribution, premiums written on own share, own contribution, indemnities and benefits on own contribution, other income on own share, other technical costs on own share, reserves technical-insurance on their own shares, as appropriate, after the reinsurers ' share has been taken into account;
(19) acquisition costs-costs related to the conclusion and renewal of insurance contracts and reinsurance contracts covering:
(a) direct costs, including:
-commissions of insurance intermediaries,
-remuneration, including the imposition of the staff involved in the acquisition,
-costs of medical examinations,
-the costs of the attiers and the experts in the assessment of the insurance risk,
-the costs of policy issues,
-the costs of including the insurance contract for the insurance portfolio,
-the cost of including the reinsurance contract to the reinsurance portfolio,
-commissions and shares in the profits of the cedents,
(b) indirect costs, including:
-the costs of advertising and promotion of insurance products,
-general costs related to the examination of applications and the issuing of policies;
20) costs for the destruction of damage and the recovery of the regressions-direct and indirect costs involved in carrying out the activities referred to in Art. 3 para. 1a, paragraphs 2 and 4, paragraph 4. 3 pt. 2, para. Paragraphs 2, 3 and 5 and paragraph 4 5 points 1 and 2 of the Act on Insurance Activity, including: remuneration along with the charges, expert costs and attests related to the assessment of the damage, the costs of handling the damage liquidation process, payment of compensation, regression proceedings and recovery;
21. the cost of the local business-internal and external costs arising from the insurance undertaking or the reinsurance undertaking of the local business, including the costs of management of the deposits, banking commissions, brokerage commissions, and depreciation and maintenance costs of immovable property, excluding depreciation and maintenance costs of real estate used for captive use;
22) administrative costs-costs of insurance or reinsurance activities not included in the cost of acquisition, compensation and benefits, costs of liquidation of damage and debt collection of regressions or the costs of the local activity, connected with payment of contributions, management of the portfolio of insurance contracts, the management of the portfolio of reinsurance contracts and general management of the insurance undertaking or reinsurance undertaking, including: depreciation and maintenance costs of offices and properties used for own needs, postal and telecommunication costs, costs foreign services, costs of energy consumption, materials, depreciation of fixed assets and intangible assets, wages including the charges, travel expenses and advertising costs, excluding the costs of advertising related to the product insurance; administrative costs shall not include the costs associated with the performance of the operations referred to in Article 4 (2). 3 para. 7 and 8 of the Act on Insurance Activities-these costs are recognised in other operating costs;
(23) Technical rate-the interest rate to be used for the calculation of:
(a) technical provisions in the life insurance and reinsurance department of the insurance department I,
(b) reserves for the capitalised rent of the remaining personal insurance and insurance and reinsurance business of Chapter II insurance;
24) the sum of the capital, subject to paragraph. 2:
(a) for life-life insurance-the sum of the insurance,
(b) for insurance, where the benefit is payable at the end of the insurance period-the sum of the insurance in the amount payable at the end of the insurance period,
(c) for deferred pensions-the capitalised value of the pension at the time of the start of the payment of the pension,
(d) for insurance against an insurance holding fund not previously mentioned, with a higher value:
-the sum of insurance in the event of death,
-the value of the units resulting from the insurance contract in question, plus the sum of the contributions to be paid by the end of the insurance contract, but not more than 75 years of life of the insured person;
(25) pest ratio-the ratio of compensation and benefits, taking into account the change in the state of provisions on unpaid compensation and benefits, to the earned premium; the calculation of the ratio shall take into account the costs of the liquidation of damages, the costs of recovery regressions and costs incurred in obtaining grants, as well as regents, recovery and subsidies received;
26) accounting classes-in the case of:
(a) Chapter I-Total of all insurance groups.
(b) Chapter II, as appropriate, the following accounting classes:
-01 consequences of accidents and illness (groups 1 and 2),
-02 communications-civil liability (group 10),
-03 other communication (group 3),
-04 sea, air and transport (groups 4, 5, 6, 7),
-05 from fire and other material damage (groups 8, 9),
-06 civil liability (groups 11, 12, 13),
-07 credit and guarantees (groups 14, 15),
-08 provision of the aid (group 18),
-09 legal protection (group 17),
-10 others (group 16);
27) a parent, a subsidiary, a subsidiary, a affiliated entity, a subsidiary, entities associated with a unit-suitably units within the meaning of art. 3 para. 1 point 37 and points 39 to 43 of the Law;
28) a group of capital-a capital group within the meaning of the Article. 3 para. 1 point 44 of the Act;
29) related parties-related parties within the meaning of the paragraph. 4 point 2 of the additional information and explanatory notes of Annex 1 to the Act;
(30) shares, financial assets, adjusted purchase price, financial assets held for trading, loans granted and own receivables, financial assets held to maturity, financial assets available for sale, fair value- accordingly, the terms referred to in Article 3 para. 1 point 4, art. 3 para. 1 point 24, art. 28 para. 8a of the Act, in § 6-9 and § 15 of the Ordinance of the Minister of Finance of 12 December 2001. on detailed rules for the recognition, valuation methods, the scope of disclosure and presentation of financial instruments (Dz. U. Nr. 149, pos. 1674, 2004 Nr 31, pos. 266, 2005. Nr 256, pos. 2146 and 2008 No. 228, pos. 1508);
(31) the main branch and the branch of the foreign insurance undertaking, the main branch and the branch of the foreign reinsurance undertaking, the main branch and the branch within the meaning of the Article respectively. 2. 1 points 3 and 6 of the Act on Insurance Activity;
32) a parent undertaking-an insurance undertaking or a reinsurance undertaking which is the principal place of business within the meaning of the Act of 2 July 2004. about the freedom of economic activity (Dz. U. 2007 Nr 155, poz. 1095, of late. 1. 4) );
(33) premises of the free funds of the insurance undertaking, the investments of the insurance undertaking, which are not known by the head of the unit for investments to cover the technical provisions;
(34) deposits of reinsurance undertakings-investments of reinsurance undertakings which are not known by the head of the unit for investments to cover the technical provisions;
(35) the cost of the compensation and benefits to be determined for the calendar year of the damage for the purposes of calculating the estimate referred to in Paragraph 37 (1) (a) of the 1-damages and benefits paid gross plus the state of the provisions on unpaid damages and benefits for damage incurred up to the balance sheet date; in determining the cost of compensation and benefits, account shall be taken of the costs of liquidation of the damage, no account shall be taken of the regressions and recoveries and the costs of recovery related to them, and the grants and costs incurred in order to obtain them;
36) grant-a special-purpose subsidy received by the insurance undertaking to cover part of the compensation payable to the agricultural producers for damage caused by the drought within the meaning of the Act of 7 July 2005. on the insurance of agricultural crops and livestock (Dz. U. Nr 150, poz. 1249, as of late. 1. 5) );
37) costs incurred to obtain the grant-the costs related to the preparation of the grant application and the settlement of the grant, in particular the remuneration along with the charges, the costs of foreign services, the costs of preparing the reports from the settlement of the grants, and costs incurred in connection with the adaptation of the information systems necessary for the proper operation of the grants;
38) groups and types of insurance-the classes and types of insurance referred to in art. 4 of the Act on Insurance Activity;
(39) the balance of the accounts of the active reinsurance undertaking, the contribution attributed to the active reinsurance undertaking, less the compensation and benefits paid out of the active reinsurance undertaking, the premiums and rebates paid to the cedents and the commissions and shares in the transferor's profits;
(40) Reinsurance accounts-contribution to the reinsurer's contribution less indemnities and benefits paid on reinsurer's share, bonuses and rebates paid on reinsurer's share, and reinsurance commissions and shares in the Reinsurers ' profits.
2. For all the cases referred to in paragraph. Point 24 shall not take into account the premiums granted. In the insurance contracts referred to in paragraph 1. 1 point 24, where the period of payment of the contribution is shorter than the duration of the insurance contract, the sum of the capital shall mean the value of the mathematical reserve for the risk of death or of life calculated at the end of the period of payment of the premium.
§ 3. 1. The provisions of the Regulations concerning life insurance (Groups 1 to 5 of Chapter I) shall also apply to the insurance included in groups 1, 2, 10 to 13 of Chapter II, taking into account the existing differences arising from the essence of these insurance.
2. Where, from the insurance contracts included in Chapter II, the benefits payable periodically in the form of annuities, the reserve for the capitalised rent shall be determined using the actuarial method in the mode of life insurance (groups 1 to 5 of Chapter I) in accordance with § 42.
§ 4. The main branches and branches of foreign insurance undertakings, as well as the main branches and branches of foreign reinsurance undertakings, shall apply the accounting rules established by the parent undertaking, provided that they do not conflict with the provisions of the Act.
Chapter 2
Keeping of the accounts of the insurance and reinsurance undertaking, insurance and reinsurance documentation
§ 5. [ The accounts of the accounts] 1. The accounting books of the insurance undertaking and the accounts of the reinsurance undertaking shall be carried out in accordance with the provisions of the Act.
2. In the case of the execution of the activity in Group 3 of the Division I created from the insurance premiums and invested in the manner specified in the insurance contract the insurance assets of the capital funds are subject to the divisivity.
3. The insurance company registers on an ongoing basis in particular:
1) in the framework of the performed insurance business:
(a) concluded insurance contracts,
(b) reported injury,
(c) the regurances and resurances of the insurance contracts concluded,
(d) insurance capital funds;
2. in the course of the reinsurance activity carried out, concluded by the active reinsurance contract;
3) in the course of the performed insurance or reinsurance business of the included passive reinsurance contracts.
4. The reinsurance undertaking shall register on an ongoing basis in particular:
1) the contained active reinsurance contracts;
2. contained passive reinsurance contracts.
(5) The insurance and reinsurance undertaking shall update, in accordance with the possibilities of verifying the records previously made, the accounts and the records at least at the end of each month.
6. The main branches of foreign insurance companies are obliged to keep the registers referred to in paragraph. 3.
(7) The branches of foreign insurance undertakings shall be exempt from the obligation to keep the records referred to in paragraph 1. 3, provided that the provisions in force in the country of the parent undertaking impose on a foreign insurance undertaking the obligation to collect information at least to the extent specified in the Regulation.
(8) The main branches of foreign reinsurance undertakings shall be required to keep the registers referred to in paragraph 1. 4.
(9) The branches of foreign reinsurance undertakings shall be exempt from the obligation to keep the records referred to in paragraph 1. 4, provided that the provisions in force in the country of the parent undertaking impose an obligation on a foreign reinsurance undertaking to collect information at least to the extent specified in the Regulation.
§ 6. 1. The register of concluded insurance contracts shall be carried out in such a way as to obtain a contract of insurance at least of the following information:
1) group and type of insurance, the insurance contract of which is applicable;
2) the data identifying the insurance contract (the policy number, the date of registration of the policy, the date of issue of the policy, the date of conclusion of the contract);
3) data identifying the policyholder, in the case of individual contracts also data identifying the insured and the endowed with the insurance contract;
4) the identity of the insurance intermediary, if the insurance contract has been concluded through its intermediary;
5) the period of insurance, the contribution due or the way in which it is calculated and the sum of the insurance or the guarantee sum, in the case of insurance contracts with the insurance capital fund-the value of the fund units or of the funds entitled to the insured person.
2. Included in the co-insurance contract should be extracted in the register and contain the data identifying the lead co-insurance.
3. In the case of co-insurance contracts, the data relating to the amount of the premium due and the sum of the insurance or the guarantee amount referred to in paragraph 1 shall be covered by the contract. In the case of joint liability, the total amount of the contribution and the full responsibility resulting from the contract shall be recorded in the part of the insurance undertaking concerned and in the case of joint liability.
4. In the case of insurance covered by the general contracts referred to in § 7 par. Article 2 (3) may apply to the registration of insurance contracts subject to the records of the information referred to in paragraph 3. 1 in relation to each policy holder separately and in addition data enabling the liability of the insurance undertaking to be established.
5. In the case of group insurance contracts, the data referred to in paragraph. 1 point 5 shall be registered in the values for each insured person.
§ 7. 1. The basis of the records of the assigned contribution shall constitute a copy of the insurance policy or any other document confirming the conclusion of the insurance contract, including the annexes to the concluded insurance contracts containing the calculation of the contribution, hereinafter referred to as " the documents insurance ". Insurance documents shall specify at least: the parties to the insurance contract, the scope of liability of the insurance undertaking, the period of insurance, the amount of the insurance or the guarantee, and the amount of the premium due.
2. The summary of insurance documents may be applicable:
1) where the insurance document is issued at the moment of payment of the whole premium;
2) in settlements with insurance intermediaries-in relation to each intermediary separately;
3) in the accounts of insurance policy holders covered by the general contracts-for each policyholder separately.
3. The summary of insurance documents shall be drawn up according to groups and types of insurance.
4. The policies or other documents confirming the conclusion of the insurance contract together with any annexes and additional documents related to the insurance contract shall be issued in a chronological way, preventing them from double registration.
5. Unused printing of policies and other printed forms confirming the conclusion of the insurance contract shall be probed at least once in the financial year, and any differences in the number of those printed in the same financial year shall be probed.
6. The assignment of an assigned contribution shall be carried out in such a way as to enable the identification of the insurance contract to which the contribution relates.
§ 8. The register of active reinsurance contracts shall be carried out in such a way as to obtain at least the following information:
1) the data identifying the reinsurance contract (type of contract, contract number);
2) the identity of the transferor and the identifying information of the broker, if the contract has been concluded through it;
3) the dates of registration of the reinsurance contract, the date of entry into force of the contract and the duration of the contract
4) groups and types of insurance covered by the contract;
(5) the data enabling the participation and maximum liability of the insurance undertaking or reinsurance undertaking to be determined in the reinsurance contract;
(6) data enabling the balance sheet of the accounts to be fixed at the balance sheet date with each cedent of the active reinsurance contract.
§ 9. The register of passive reinsurance contracts shall be carried out in such a way as to obtain at least the following information:
1. determining the type of passive reinsurance contract and the number of the contract, if any;
2) the data identifying the reinsurers and their shares in the cession and the identifying information of the broker, if the contract has been concluded via its intermediary;
3) the dates of registration of the passive reinsurance contract, the date of entry into force of the contract and the duration of the contract;
(4) groups and types of insurance covered by the passive reinsurance contract;
5. data enabling the establishment of own shares and the maximum liability of an insurance undertaking or a reinsurance undertaking in the passive reinsurance contract;
(6) data enabling the settlement balance to be fixed at the balance sheet date with each reparation of the passive reinsurance contract.
§ 10. The records of the records referred to in paragraphs 8 and 9 shall be based on the reinsurance contract and the relevant clearing documents (technical accounts) or other documents showing at least: the parties to the contract, the types of risks covered by the contract, the duration of the contract, the data enabling the scope of the reinsurance protection to be determined and all necessary data to enable the participation of the insurance undertaking or reinsurance undertaking to be determined in the contract, in particular as regards reserves technical-insurance, as well as in terms of the distribution of profit from the contract, if results from the terms of the contract.
§ 11. 1. The records of damage (claims) shall be carried out in such a way as to obtain for each injury separately at least the following information:
1) the date and number of the damage registration, the date of occurrence of the damage and the date of the damage declaration (claim);
2) the data identifying the insurance contract, the injury of which is affected;
3) the group and type of insurance, the injury of which concerns;
4) the data identifying the third party, if the perpetrator of the damage is established;
5) the value of the compensation claim or its estimate;
6) the value (part or whole) of the compensation paid and the date of payment;
7) the value of the unpaid compensation included in the reserve.
2. The registers should be carried out in such a way as to allow for the drawing up of the list of damage notified to the insurance undertaking referred to in Paragraph 12 (1) on the balance sheet date. 3, broken down into calendar years of the injury declaration and broken down into years of injury.
3. The Registers for the damage referred to in paragraph. 1, shall be carried out exclusively for direct operations.
§ 12. 1. For each damage, a pest documentation shall be created, bearing the registration number of the damage.
2. The pest documentation shall contain the numbered documents concerning the event and the related damage declaration, documents presenting the description of the damage elements, details of the payments and disbursements related to the damage.
3. At the balance sheet date, for each group of insurance separately, shall be drawn up, subject to paragraph. 5:
1) the list of damage reported during the reporting period covering for each injury: the registration number of the injury, the date of the claim of the damage, the date of the injury, the amounts paid in the current reporting period for this damage, the value created at the end the reporting period of the reserve for the damage reported;
2) the list of the damage reported in the previous reporting periods, and the non-liquidated by the end of the previous reporting period, covering for each injury: the registration number of the damage, the date of filing of the damage, the date of the damage incident, the value created on the the end of the previous reporting period of the reserve for the damage reported, the amounts paid in the current reporting period and the value created at the end of the reporting period for the loss of the reported loss.
4. Insurance bets that do not set a reserve for unpaid damages by an individual in the list of damage reported, respectively, instead of the value of the injury reserve reported for each injury separately present the total value of the created for these damage to the damage reserve reported.
5. The balance sheet date shall be drawn up, in addition to the list referred to in paragraph 1. 3, the list of damages for which the insurance undertaking refused to pay part or all of the compensation, and the creditor was on the road to court proceedings. The above list includes for each injury separately: the registration number of the damage, the date of filing of the damage, the date of the damage, the value of the disputed amount of the claim, the costs of the legal process, including the damage, for which the insurance undertaking refused to payment of part or all of the compensation-the value of the reserve for the contentious cases for the damage reported.
§ 13. 1. Registers of regressions and recoveries shall be carried out exclusively for direct business and in such a way as to obtain at least the following information:
1) the registration number of the damage and the value of the damage, whose regress or recovery concerns;
2. identifying data:
(a) the debtor, in the case of regressions,
(b) the object of recovery, in the case of recovery;
3) the value of claims;
4) the value of the obtained regressions and recoveries.
2. The registers should be carried out in such a way as to enable the determination of the value of the regressions and recoveries linked to the damage, as well as the determination of the value of the regressions and recoveries broken down into the years of the notification of the damage and the years of the damage, which regress and the recovery concerns.
3. Registers in the scope of the regressions and recoveries referred to in paragraph. 1, they shall only carry out insurance undertakings performing the activities in Chapter II.
§ 14. 1. The insurance establishment performing the activities in Group 3 of Division I shall keep the funds registers separately for each insurance holding fund.
2. The fund register shall be used to establish the net asset value of the fund's settlement unit and, where the investment risk is borne by the insurance undertaking, the value of the undertaking per unit, as appropriate.
(3) Revenue and costs and the assets and liabilities of the Fund may not be offset against other income and costs and the assets and liabilities of the insurance undertaking.
4. In the case of life insurance, if the risk of deposits is borne by the policyholder, the registers of the fund shall be carried out in such a way that the value of the deposits referred to in § 43 is determined.
5. The registers shall be carried out in such a way as to establish the size of the fund's assets and changes in the size of those assets during the reporting period, including at least the finding for each fund:
1) the value of contributions received by the insurance undertaking and intended for the fund before deduction of any fees from the unit account and the value of the income from the investments-within the fund's revenues;
(2) the value of the premiums deducted from contributions, the value of the fees to be deducted from the fund, the value of the cost of the management of the fund's deposits, within the cost of the fund
(3) stocks and changes in assets and liabilities of the Fund, in particular as regards the deposits of the fund;
4) the value of the assets of the insurance undertaking intended to increase the insurance of the capital fund in the event that the guaranteed rate of return on the fund's investments is higher than the one actually achieved by the insurance undertaking during the period Reporting.
6. The registers should be carried out in such a way as to establish the value of the acquisitions of units allocated to each insured, the present value of those units and the value of the units at which they are redeemed.
§ 15. 1. In the insurance of Chapter II incurred during the reporting period, the costs of the acquisition in the part attributable to future reporting periods shall be settled in time, in accordance with the rules applicable to the creation of the reserve of contributions.
(2) In reinsurance, in respect of Chapter II insurance, incurred during the reporting period, the cost of the acquisition in part for future reference periods shall be settled in time, in accordance with the rules applicable to the establishment of the reserve of premiums.
3. Referred to future reporting periods, the costs of the acquisition referred to in paragraph 3. 1 and 2, they are recognised in the assets of the balance sheet.
4. In the case of termination of the insurance contract, the activated costs of the acquisition of this contract shall be accounted for in the costs in the same month in which the termination of the insurance contract is made.
§ 16. 1. In the insurance of Division I and in reinsurance of the department I incurred during the reporting period, the costs of the acquisition in the part attributable to future reporting periods shall be settled in time.
2. Referred to future reporting periods, the costs of the acquisition referred to in paragraph 2. 1, they are recognised in the assets of the balance sheet, provided that they are not included in the calculation of the life insurance reserve.
3. In the insurance of Department I and in reinsurance of department I, the costs of acquisitions shall be settled in time only by actuarial methods.
4. In the case of termination of the insurance contract before the term activated the costs of the acquisition of this contract shall be accounted for in the costs in the same month in which the termination of the insurance contract is made.
5. The costs of the acquisition shall not be subject to the activation in life insurance, when the risk of deposits is borne by the policyholder, if for those insurance it is not specified the frequency and amount of the paid contribution, as well as in the insurance premiums with the premium one-off calculated on the assumption of payment of the acquisition commission.
§ 17. 1. With regard to transactions:
1) the merger of an insurance undertaking with another insurance undertaking or the acquisition of another insurance undertaking by the insurance undertaking,
(2) the merger of a reinsurance undertaking with another reinsurance undertaking or the acquisition of another reinsurance undertaking by the reinsurance undertaking
-the provisions of Chapter 4a of the Act shall apply accordingly.
2. With regard to the transaction of transfer of the insurance portfolio referred to in art. 181 the Act on Insurance Activity, or the transfer of the reinsurance portfolio referred to in art. 186a and art. 223zzi of the Insurance Activity Act, the provisions applicable to the acquisition of another insurance undertaking by the insurance undertaking or the taking over of another reinsurance undertaking by the reinsurance undertaking shall apply, respectively, subject to the provisions of paragraph 1 (a). 3-6.
3. At the date of acquisition of the insurance or reinsurance portfolio by the insurance undertaking, the technical provisions shall be valued in accordance with the rules in force in the acquiring insurance undertaking, and the differences shall be made accordingly. increase or decrease the resulting company value or the negative value of the company.
4. On the date of acquisition of the reinsurance portfolio by the reinsurance undertaking, the technical provisions shall be valued in accordance with the rules in force in the receiving reinsurance undertaking and the differences arising from that reinsurance undertaking shall be increased accordingly or reduce the resulting value of the company or the negative value of the company.
5. The goodwill arising from the acquisition of the insurance or reinsurance portfolio shall be remitted in proportion to the time limits for the resolution of the acquired technical provisions, but shall not exceed 5 years. In cases justified by the specific nature of the undertakings concerned, the insurance undertaking or reinsurance undertaking may extend the period of redemption of the goodwill to 20 years.
6. If as a result of the arising after the date of the transfer of the insurance or reinsurance portfolio of events or information received, it was found that the carrying amount of the assets and liabilities determined at the date of transfer of the insurance portfolio or the reinsurance portfolio is not appropriate, should be made by the end of the following financial year, after the year in which the insurance or reinsurance portfolio transferred, the corresponding adjustment of the goodwill or the negative goodwill, under condition that the entity provides for the recovery of the correction value from future benefits economic. Otherwise, such an adjustment shall be one of the other revenues or operating costs, as appropriate.
§ 18. In the event of liquidation of the communication damages in accordance with the provisions of the Single Agreement between the National Offices-Internal Rules of Procedure referred to in art. 2. 1 point 15 of the Act of 22 May 2003. on compulsory insurance. Insurance Guarantee Fund and the Polish Office of Communications Ininsurers (Dz. U. Nr 124, pos. 1152, as late. 1. 6) ), as evidenced by the accounting officer on the basis of the records of the economic event, may be a debit document sent in the form specified in the Rules of Procedure.
Chapter 3
Specific accounting rules for the investments of the insurance and reinsurance undertaking
§ 19. [ Placement of lodgings] (1) The insurance undertaking and the reinsurance undertaking shall, subject to the precautionary principle, carry out the valuation of the investments at the balance sheet date, subject to paragraph 1. 2:
1) financial assets intended for trading and financial assets available for sale when it is possible to establish fair value in a credible manner at fair value;
2. financial assets intended for trading and financial assets available for sale, where fair value cannot be reliably determined:
(a) in the case of financial assets for which the due date is fixed, at the adjusted purchase price, taking into account the write-off for permanent impairment,
(b) in cases other than those referred to in (a) a-on the basis of the purchase price, taking into account the write-off for permanent impairment;
3) financial assets held to maturity-at the adjusted cost of the acquisition, taking into account the write-off of permanent impairment;
(4) loans granted and receivable own receivables-at the adjusted cost of the acquisition, taking into account the write-off of the permanent impairment;
5) shares in subordinated units-the method of ownership;
(6) real estate-at the purchase price or production cost, less the value calculated at the balance sheet date of redemption, taking into account the permanent impairment.
2. The premises, whose risks are borne by the policyholder, shall be measured by the insurance undertaking performing the business in the life insurance department at fair value.
3. The depositors ' deposits from the cedents shall be valued at the amount of the required payment determined in accordance with the terms of the reinsurance contract, taking into account, where the deposit is a financial instrument, the valuation of that instrument is also included. Any loss of value shall be taken into account when the deposit is made.
4. In determining the permanent impairment of the financial assets, the insurance undertaking and the reinsurance undertaking shall take into account the financial position of the entities in which those assets are located, and in particular the fall in the value of the net assets of those entities, they have occurred between the date of their acquisition and the balance sheet date of the financial assets held by the insurance undertaking or the reinsurance undertaking. In the case of financial assets under guarantees, the financial situation of the guarantor shall also be taken into account for the determination of the permanent impairment.
§ 20. 1. The insurance establishment, managing respectively the portfolios of financial assets intended for trading, held to maturity, available for sale and loans granted and receivable own, shall take into account in particular previous and forecast receipts and expenditure on operating activities and investment activities, the maturities of liabilities arising from the contracts concluded and reinsurance contracts concluded, based on the accepted by the insurance undertaking the investment strategy, and in the case of group 3 insurance Chapter I, on the basis of the rules laid down in the Rules of Procedure for the placement of the insurance funds of the capital fund referred to in Article 4. 13 (1) 4 point 3 of the Act on Insurance Activity.
2. The reinsurance undertaking, managing respectively the portfolios of financial assets intended for trading, held to maturity, available for sale and loans granted and own receivables, shall take account in particular of the existing and forecasted receipts and expenditure on operating activities and investment activities, the maturities of the obligations arising from the active reinsurance contracts concluded, on the basis of the reinsurance undertaking accepted the investment strategy.
§ 21. 1. The insurance undertaking and the reinsurance undertaking for short-term investments shall include deposits which, due to the degree of liquidity, are achievable in less than one year and which the insurance or reinsurance undertaking intends to do in that period.
2. The long-term deposits include investments other than those mentioned in the paragraph. 1.
§ 22. 1. The insurance and reinsurance undertaking of the differences in the revaluation of investments referred to in § 19 par. 1, shall recognise, as appropriate, in the revenue or the cost of the local activity, subject to paragraph 1. 2 and 3.
2. The differences in the revaluation of investments included in the category of financial assets available for sale which are not taken into account in determining the value of the technical provisions shall be recognised directly in equity in the position of 'capital from revaluation' pursuant to § 21 (1) (a) of the 2 point 2 of the Ordinance of the Minister of Finance of 12 December 2001. on detailed rules for the recognition, valuation methods, the scope of disclosure and presentation of financial instruments, subject to paragraph. 4.
3. The differences in the revaluation of investments classified into the category of shares in subordinated units shall be recognised in equity in the item "revaluation capital", subject to Art. 35 par. 4 and 5 of the Act.
4. The write-offs of permanent impairment shall be borne by the financial result of the insurance undertaking or of the reinsurance undertaking during the reporting period.
(5) The detailed presentation of the income and the costs of the business of the insurance undertaking or reinsurance undertaking shall be determined by the paragraph. 6, 7, 15, 16 and 19 of Annex No 2 to the Regulation.
§ 23. (1) In the event of the realisation of a place equal to or recognised as equal to the similarity of their type or the purpose of the distribution of those elements, the insurance undertaking and the reinsurance undertaking shall measure at the cost (cost) of those elements successively. assets that the insurance undertaking or reinsurance undertaking has acquired (produced) at the earliest, or at average prices determined at the weighted average price (cost) of the asset.
2. When making the valuation of the investments, the insurance undertaking and the reinsurance undertaking shall apply the valuation rules within the portfolio of the same investments or recognised as identical due to the similarity of their type.
§ 24. 1. The resulting financial year both realised and unrealised income from investments and the costs of the operations of the business insurance undertakings performing the business in Division I and reinsurance undertakings performing reinsurance business in the Chapter I shall be presented in the technical life insurance account, subject to paragraph 1. 2.
2. Revenue from the investment of the free funds of an insurance undertaking or a reinsurance undertaking shall be transferred from the technical life insurance account to the general profit and loss account and entered in the item ' net income after taking into account the costs, carried over from the technical life insurance account ".
3. The revenues referred to in paragraph. 2, shall be reduced by the costs of the local activity relating to those revenues.
§ 25. 1. The revenue and costs of the business of the business insurance undertaking operating in Chapter II and reinsurance undertakings performing reinsurance business in Chapter II shall present in the general statement of profit as a result of the financial year. losses, subject to paragraph. 2.
2. Revenue from deposits included in the calculation of the reserve for capitalised rent value and reserves for bonuses and rebates for insured persons shall be transferred from the general profit and loss account to the technical account of the insurance and presented in the item 'net investment income after taking into account costs transferred from the general profit and loss account'.
3. The revenues referred to in paragraph. 2, shall be reduced by the costs of the local activity relating to those revenues.
§ 26. Both realised and unrealised exchange differences related to the business of the insurance undertaking and the reinsurance undertaking shall recognise in a manner similar to realised and unrealised revenues and costs from the investments.
§ 27. 1. The insurance and reinsurance undertaking shall keep records of investments and related revenues and costs in such a way as to enable:
(1) the determination of the value of the individual types of investments covering technical provisions and other investments, subject to paragraph (1), 2 and 3;
2) determination of the value of the individual types of investments referred to in § 19 par. 1;
3. the determination of the different types of income and the costs of the activities related to the deposits referred to in points 1 and 2, recognised in the technical account of the insurance, the general profit and loss account and the equity of the undertaking, as appropriate. insurance.
2. The insurance company referred to in art. 146a of the Act on Insurance Activity shall keep records of the premises of the insurance undertaking and related revenues and costs in a way that allows the determination of the value of:
(1) the individual types of investments covering technical provisions of direct insurance;
2. the individual types of investments covering technical provisions of the active reinsurance undertaking;
3. other investments.
3. The reinsurance undertaking performing reinsurance business within the scope of Section I and II shall keep records of the premises of the plant and related revenues and costs in a way that allows the determination of the value of:
(1) the different types of investments covering technical provisions with reinsurance of the insurance of Chapter I;
2. the different types of investments covering technical provisions with reinsurance of the insurance of Chapter II;
3. other investments.
§ 28. 1. The means of the organisational fund of an insurance undertaking and a reinsurance undertaking shall treat as a means of other special funds and maintain it in a separate bank account.
2. The measures referred to in paragraph 1. 1, the insurance undertaking may use only expenditure relating to the establishment of the administration of the insurance undertaking and the organisation of the network of its delegations.
3. The measures referred to in paragraph 1. 1, the reinsurance undertaking may use only expenditure relating to the establishment of a reinsurance undertaking's administration.
4. The way in which the fund is established and the way in which the fund is spent shall be determined by the statutes of an insurance undertaking or a reinsurance undertaking.
(5) The funds of a foreign insurance undertaking or a foreign reinsurance undertaking in favour of the principal branch shall be recognised as off-balance-sheet, unless the funds are assets.
6. Celebrations of the measures referred to in paragraph. 5, obtained by the main branch shall appropriately increase the value of the deposit, unless the statutes of the main branch provide otherwise.
§ 29. The rules laid down in the Regulation of the Minister of Finance of 12 December 2001 shall apply mutatis mutandis to the specific accounting rules for the investments of insurance and reinsurance undertakings which are not covered by this Chapter. on detailed rules for the recognition, valuation methods, the scope of disclosure and presentation of financial instruments.
Chapter 4
Specific rules for the establishment of technical provisions
§ 30. [ Formation of technical provisions] 1. The insurance company shall create technical provisions, intended to cover current and future liabilities, which may arise from the concluded insurance and reinsurance contracts of the active.
2. The reinsurance undertaking shall establish technical provisions intended to cover the current and future liabilities that may arise from the concluded active reinsurance contracts.
§ 31. 1. The technical provisions shall comprise the following types of reserves:
1. the reserve of contributions;
(2) a reserve for unexpired risks;
3) reserves for outstanding compensation and benefits, including a reserve for capitalised rent;
(4) equalisation reserves (risk);
5) life insurance provision;
6) life insurance reserves where the risk of deposits is borne by the policyholder;
7) reserves for bonuses and rebates for insured persons;
8) reserves for the reimbursement of contributions for members;
(9) the remaining technical provisions laid down in the statutes of an insurance undertaking or a reinsurance undertaking.
2. The insurance and reinsurance undertaking shall have documentation permitting the reproduction of the appropriate calculation of the technical provisions.
§ 32. 1. The amount of technical provisions of direct insurance shall be determined in accordance with the provisions of the relevant insurance contracts on the basis of calculations and estimates of the insurance undertaking.
2. The amount of technical provisions of the reinsurance undertaking shall be determined in accordance with the provisions of the relevant reinsurance contracts on the basis of calculations, estimates and information provided by the cedents and the calculation and estimate of the establishment insurance or reinsurance undertaking.
§ 33. 1. The technical provisions of direct insurance shall be established using the following methods:
1) an individual-consisting in establishing separately for each insurance contract or any damage to the exact size of the reserve, and in the case of impossibility to establish the exact size of the reserve-the application of its reliable estimate;
2) lump sum-consisting in setting the reserve collectively for the entire insurance portfolio or part of it, as a fixed percentage (lump sum) of contributions or the value of the compensation paid and benefits; the lump sum method may be applied only then, if the results obtained using the results are similar to those obtained using the individual method; the lump sum should be determined in accordance with the continuity principle; unjustified changes in the size of the index are not acceptable;
3) actuarial-consisting in the determination of the reserve by the application of insurance, financial and statistics mathematics.
2. The technical provisions of active reinsurance undertaking shall be established in accordance with the provisions of the relevant reinsurance contracts, using the following methods:
1) an individual-consisting in determining separately for each reinsurance contract or any damage to the exact size of the reserve, and in the event of impossibility to establish the exact size of the reserve-the application of its reliable estimate;
2) lump sum-consisting of setting the reserve collectively for the entire portfolio of reinsurance contracts or parts thereof, as a fixed percentage (lump sum) of contributions or the value of the compensation paid and benefits; the lump sum method may be applied only if the results obtained with the use of the results will be similar to those obtained by the individual method; the lump sum should be determined in accordance with the continuity principle; unjustified changes in the size of the index are not acceptable;
3) actuarial-consisting in the determination of the reserve by the application of insurance, financial and statistics mathematics.
3. Where the information held does not permit an insurance undertaking or a reinsurance undertaking to determine the amount of technical provisions of the active reinsurance undertaking according to the methods referred to in paragraph 2 (b), the amount of the technical provisions shall be determined by reference to the 2, the technical provisions shall be created in the amount documented by the cedents.
4. The equalisation reserve shall be formed by means of the following methods:
1. in the case of direct insurance:
(a) for the insurance groups of Chapter II, with the exception of group 14, the method referred to in § 40 (1) (a). 3-4,
(b) for Group 14 of Chapter II, the methods referred to in Annex No 7 to the Regulation;
2. in the case of reinsurance:
(a) for the insurance reinsurance of Chapter II, with the exception of group 14, the method referred to in Paragraph 40 (1) (a) of the 5,
(b) for the insurance reinsurance of group 14 of Chapter II, the methods referred to in Annex No 7 to the Regulation.
§ 34. 1. The provision of direct insurance premiums shall be made on a case-by-case basis for each insurance contract, as a contribution attributable to the following reporting periods, in proportion to the period for which the contribution has been assigned, at the same time as In the case of insurance contracts the risk of which is not spread evenly over the duration of the insurance period, the provision shall be made in proportion to the risks envisaged in the subsequent reporting periods.
2. The Reserve of active reinsurance premiums shall be established on a case-by-case basis for each reinsurance contract, as a contribution attributable to future reporting periods, in proportion to the time period for which the contribution has been assigned, in the case of reinsurance contracts the risk of which is not evenly distributed over the duration of the insurance period, the provision shall be made in proportion to the risks envisaged in the subsequent reporting periods.
3. Life assurance undertakings and reinsurance undertakings performing reinsurance business in Section I may take into account the provision of premiums in the calculation of the life assurance reserve, subject to paragraph. 4-5.
4. Life insurance undertakings create a separate provision of the direct insurance premiums for those insurance contracts in which the premiums reserve has not been included in the life insurance reserve.
5. Life assurance undertakings performing reinsurance business in Section I and reinsurance undertakings operating in Section I shall constitute a separate reserve of reinsurance premiums for those reinsurance contracts in which the premiums reserve does not has been included in the life insurance reserve.
§ 35. The reserve to cover the unexpired risk shall be created as a supplement to the provision of contributions. This provision shall be intended to cover future damages, benefits and costs arising from the insurance contracts concluded and to cover future damages, benefits and costs arising from the active reinsurance contracts concluded.
2. In the insurance of Chapter II, the reserve for the cover of unexpired risks is the difference between the expected value of the future compensation, benefits and costs of the direct insurance undertaking and the sum of the amount of the premium reserve, and possible, anticipated in accordance with the insurance contracts already concluded, future contributions.
(3) In the insurance reinsurance of Chapter II, the provision for cover of unexpired risks shall be the difference between the expected value of the future compensation, benefits and costs of the insurance undertaking or reinsurance undertaking of the active reinsurance undertaking and the total amount of the reinsurance undertaking. the amount of the provision of premiums and, if applicable, the amount of premiums which may be expected in accordance with the already concluded reinsurance contracts, the future premiums of reinsurance
4. The actuarial methods shall be established in the insurance of Chapter I and in the reinsurance of Chapter I for the provision of non-expired risks.
§ 36. 1. The provision for unpaid damages and benefits from direct insurance shall be created in the amount corresponding to the established or projected final value of future payments of damages and benefits related to the existing, to the day, on which is set up by the reserve, the damage, plus the cost of the damage to be wound up. In particular, this concerns damage which:
1. have been notified to the insurance undertaking by the day on which the provision is made, and for which the amount of compensation and benefits has been fixed, or where the information available allows an assessment of the amount of the compensation and benefits;
2) have been notified to the insurance undertaking until the day on which the reserve is created and the information held does not permit an assessment of the amount of compensation and benefits;
(3) they have arisen but have not been notified to the insurance undertaking until the date on which the reserve is created.
2. The part of the reserve, which concerns the cost of liquidation of damages, should be created separately for each class of insurance.
3. In determining the value of the reserve for the damage referred to in paragraph. In accordance with Article 1 (1), the insurance undertaking shall take into account the past course of damage to the insurance group concerned, including the number and amount of damage reported during subsequent reporting periods, after the period for which the provision was made.
4. In determining the value of the reserve referred to in paragraph. 1, the discount or the write-offs resulting from the acceptance of the value of the present injury shall not be used, when the insurance undertaking provides that the final cost of the liquidation of the damage and the payment of compensation will be higher, subject to § 3 paragraph. 2 and § 46.
5. The reserve for the benefits of pensions in insurance groups 1-4 of Section I shall be created as part of the life insurance reserve.
6. The value of the reserve for outstanding claims and benefits, without taking into account the estimated recoveries of recoveries and grants, presents itself in the liabilities of the balance sheet in gross terms and on the share of reinsurers.
§ 37. 1. In determining in a given insurance group the final value of future payments of compensation and benefits, the insurance undertaking performing the activity in Chapter II estimates the value of the expected, future reimbursement of the plant's costs as a result of the takeover of the claims to third parties (regs), property rights to the insured property (profits) and grants.
2. Estimation referred to in paragraph 1, shall be determined in relation to the damage occurring up to the balance sheet date, in a reliable manner, in accordance with the prudent valuation principle, on the basis of comparative analyses of past and projected amounts of compensation paid, reimbursements compensation and the recaptures and recoveries of the recaptures.
3. In estimating the size of the regressions, recoveries and grants, the insurance undertaking performing the activity in Chapter II shall take into account the costs of recovery of the regressions and recoveries and the costs incurred to obtain the subsidy.
4. In estimating the value of the future reimbursement of the costs of the plant as a result of taking over the claims against third parties and the property rights to the insured property, in the case of carrying out activities for more than three years in the given insurance group, participation the sum of the received and estimated regressions and recoveries in compensation and benefit costs of the year in question may not exceed the arithmetic mean of the share of the regressions and recoveries received in the cost of compensation and benefits of three consecutive years of the existence of injury, immediately preceding the year for which it is carried out findings.
5. Estimation referred to in paragraph. 4, is determined separately for each year of the damage.
6. Regression claims not covered by the estimate referred to in paragraph 1, shall be accounted for, in accordance with the principle of prudent valuation, when they are received.
7. The value of the obtained regressions, recoveries and subsidies shall be reduced by the value of the compensation and benefits paid.
8. The value of the estimated regresses, recoveries and grants is presented in the liabilities of the balance sheet.
§ 38. 1. The reserve for outstanding claims of compensation and reinsurance of active reinsurance shall be created in the amount corresponding to the established or projected final value of future payments due to the cedents for the participation of the insurance undertaking or establishment reinsurance in compensation and benefits which have not been cleared by the transferees.
2. Future payments referred to in paragraph 1, also include the amounts intended to compensate for the costs of winding down the damage to the cedents.
3. Future payments referred to in paragraph. 1, are linked to the damage which has occurred until the date on which the insurance or reinsurance undertaking determines the value of the reserve. In particular, this concerns damage which:
1. have been notified by the ceding to the insurance or reinsurance undertaking up to the date on which the reserve is created and for which the amount of the undertaking or reinsurance undertaking has been fixed or where the information available has been fixed allow an assessment of the commitments of the insurance undertaking or the reinsurance undertaking;
2. have been notified by the ceding undertakings to the insurance or reinsurance undertaking until the date on which the reserve is created and the information held does not permit an assessment of the obligations of the insurance undertaking or the reinsurance undertaking;
(3) they have arisen, but have not been notified by the undertakings to the insurance undertaking or by the reinsurance undertaking until the date on which the reserve is created.
4. In determining the value of the reserve referred to in paragraph. 1, the discount or the write-offs resulting from the acceptance of the present value of injury shall not be used, where the insurance or reinsurance undertaking provides that the final cost of the liquidation of the damage and the payment of the compensation will be higher, subject to § 3 (3). 2 and § 32 (1) 2.
5. The reserve for the benefits of reinsurance pensions active in insurance groups 1-4 of Chapter I shall be created as part of the life insurance reserve.
§ 39. 1. In the case of life insurance, the value of the provision for outstanding claims and benefits shall be equal to the amount due to the insured, entitled or paid, plus the costs associated with the payment of benefits.
2. In the case of reinsurance of Chapter I, the value of the provision for unpaid compensation and benefits shall be equal to the amount due to the transferors, in accordance with the provisions of the relevant reinsurance contracts.
3. If the reinsurance contract assumes the share of the reinsurer in the costs of liquidation of the damage to the cedent, the amount referred to in paragraph. 2, also includes the amount intended to compensate for the costs of winding down the damage to the cedent.
§ 40. 1. The equalisation reserve shall be created by:
(1) insurance undertakings performing the activities in Chapter II;
2. reinsurance undertakings carrying out re-insurance activities in Chapter II;
(3) reinsurance undertakings performing reinsurance business in Section I and II.
2. The equalisation reserve shall be set up to ensure that future fluctuations in the pest ratio are offset against own share.
3. The equalisation reserve of direct insurance is created for the classes of insurance, subject to § 41, where there are significant fluctuations of the pest rate on its own share. Fluctuations in the pest ratio shall be considered relevant if, among the four successive changes to the pest rate on own share, calculated from year to year, corresponding to the following five financial years preceding the year of the provision of the reserve, At least twice, a reduction in the equalisation rate of more than 20%, or a double increase of more than 25% of its value, shall be doubled.
4. The equalisation reserve (risk) of an insurance undertaking shall form, for each group of insurance, on the last day of the financial year, provided that in each of the last 5 financial years preceding the year the premium earned in that group has been made It was greater than zero. The reserve for the group of insurance undertakings shall be set up in such a way that, when changing the state of the reserve, the pest for the financial year concerned, calculated for the amount of the compensation adjusted for the change in that reserve, shall be equal to the weighted average, where the weight is the premium made, from the pest rates in the group of insurance in the last 5 financial years preceding the year, calculated without taking into account the changes in the equalisation reserve. Where an insurance undertaking has been established for less than 6 years, there shall be no reserve for equalisation (risk) compensation for the group of insurance concerned. For a given insurance group, the size of the reduction may not exceed its current amount and the amount of the increase in the reserve may not exceed 5% of the contribution earned on its own contribution in the group for which the reserve is created. In addition, the amount of the equalisation reserve may not exceed 30% of the compensation payments on its own contribution in a given financial year in the insurance group concerned. Where, in a given group of insurance, a premium earned in a financial year was equal to zero, the reserve in that group shall be terminated altogether this year.
(5) Insurance undertakings performing reinsurance business and reinsurance undertakings shall create a reserve for equalisation of the active reinsurance detriment under the conditions set out in the paragraph. 2-4 as appropriate for the accounting classes referred to in § 2 (2). 1 point 26 (b), subject to paragraph 41.
§ 41. 1. The insurance and reinsurance undertaking performing the activities in Group 14 of Chapter II shall form a equalisation reserve intended to cover the negative technical result achieved in that insurance group in the financial year, or for equalisation higher than the average pest ratio in this group in the financial year, before taking into account the change in the stock of equalisation reserves (risk).
2. The reserve shall be created according to one of the methods set out in Annex 7 to the Regulation, chosen by the head of the entity.
3. The selection of the method of provision should be made on the basis of statistical information available in the unit, except that the insurance undertaking and the reinsurance undertaking operating in group 14 of Chapter II for a period of less than 5 financial years. creates the reserve referred to in paragraph 1. 1-Method No 1 or No 2, as set out in Annex No 7 to the Regulation, with the application of correspondingly medium-growing according to the duration of the insurance.
§ 42. 1. The life insurance provision shall be created, subject to the precautionary principle, to the extent of the established prospective actuarial method, subject to the paragraph. 2, taking into account:
1. all obligations arising from the insurance contracts concluded, including in particular:
(a) guaranteed in the contract of insurance for the benefit, including the guaranteed redemption value,
(b) the optional benefits in accordance with the terms of the insurance contract;
2) the cost of handling the contracts and the costs associated with the payment of compensation and benefits.
In the creation of a life insurance provision, account shall be taken of the future receipts of the insurance undertaking in respect of the contributions due under the insurance contracts concluded.
2. The use of a retrospective method is allowed, provided that it gives the value of a reserve not lower than the reserve value established by the prospective method or where, for a given insurance contract, it is not possible to use a prospective method.
3. The whole of the indirect or indirect costs referred to in paragraph 3. Article 1 (2), should not be less than the projected size of future expenditure estimated in accordance with the principle of prudent valuation.
4. The life insurance provision shall be created individually for each insurance contract. Reserves may be set up in addition to certain groups of insurance contracts, provided that they give approximately the same result as the individual method, subject to the paragraph. 8.
5. The insurance company shall be obliged, at least once every 5 years, to establish for all insurance contracts the amount of the gross life insurance provision and on the basis of own individual method, according to the condition on the same day, subject to the paragraph. 8.
6. When determining the value of the life insurance reserve, the insurance undertaking must take into account the probability of occurrence in future periods of adverse factors which may affect the change in the level of those reserves, as well as on the change in the value of the assets to be covered.
7. If the insurance contract provides for guarantees of redemption, the life insurance reserve created for the contract may not be lower than the guaranteed redemption value.
8. The provisions of the paragraph. 4 and 5 shall not apply in the case of the life insurance reserve which is created in connection with the occurrence of non-individual risks, but on the whole or part of the portfolio of life insurance contracts.
9. The provisions of the paragraph. 1-8 shall apply mutatis mutandis to the determination of the value of the life insurance provision of the active reinsurance undertaking.
§ 43. The life insurance reserves, if the investment risk is borne by the policyholder, shall be made up to the amount of the investment made in accordance with the provisions of the life insurance contract concluded.
§ 44. 1. Reserves for bonuses and rebates for insured persons from direct insurance shall be created taking into account all the expected amounts, which will be increased by future benefits or reduced future contributions, as concluded by the contract insurance.
2. In the case of life insurance, the method of calculating the reserve for bonuses and rebates for insured persons should be in line with the assumptions used in the calculation of the life insurance provision and take into account the current method of granting the premiums and rebates.
3. The reserve for bonuses and rebates for insured persons of active reinsurance shall be created for reinsurance contracts whose provisions provide for the share of the reinsurer in premiums and discounts paid or passed by the cedar insurance undertaking. insured persons, who have been insured, or who have been entitled to a pension under the insurance contracts concluded.
§ 45. 1. The reserve for the reimbursement of contributions for the members of the company shall be created by:
1) insurance undertakings performing activities in the form of mutual insurance companies;
(2) reinsurance undertakings operating in the form of mutual reinsurance undertakings.
2. In the case of mutual insurance companies, the reimbursement of contributions for the members of the company shall be made up to the amount of the positive technical result achieved, as long as the obligation to reimburse the contributions is due to the insurance contract.
3. The reserve referred to in paragraph. 2, it shall be broken down into insurance groups for each year of the conclusion of insurance contracts separately.
4. In the case of insurance contracts concluded on the basis of reciprocity, the member reserve referred to in paragraph 1. 2, is created in relation to insurance contracts concluded on the basis of membership reciprocity.
5. In the case of reinsurance undertakings, the reimbursement of contributions for members of the company shall be made up to the amount of the positive technical result achieved, provided that the obligation to reimburse the premiums is due to the reinsurance contract.
6. The reserve referred to in the paragraph. 5, it shall be broken down into the accounting classes for each year of the conclusion of reinsurance contracts separately.
(7) In the case of reinsurance contracts concluded on the basis of reciprocity, the reserve referred to in paragraph 1 shall be subject to the conditions laid down in paragraph 1 5, it shall be established in respect of reinsurance contracts concluded on a member's basis of reciprocity.
§ 46. 1. The technical degrees used by the insurance undertaking shall not be higher than 80% of the weighted average rate of return on deposits constituting cover of technical provisions in the last three financial years, calculated by the method specified in Annex No 8 to the Regulation, the rate of return on investments made in that currency shall be taken into account in the case of commitments from insurance contracts which are established in foreign currency.
2. Technical rate used by the insurance undertaking for the valuation of liabilities:
1) may not be higher than the appropriate technical rate applied by the insurance undertaking on the date of conclusion of the insurance contract from which those obligations arise;
2) shall not be higher than the maximum technical rate in force at the date of conclusion of the contract, in relation to newly concluded insurance contracts, both in the case of liabilities determined in gold, as well as in foreign currencies.
3. The maximum technical rate shall be fixed and announced by the Supervisory Authority by 31 January of each year. The method of fixing the maximum technical rate is set out in Annex No 9 to the Regulation.
4. The maximum technical rate announced in a given year shall be valid from 1 May of this year, subject to paragraph. 5.
5. The amount of the maximum technical rate announced in a given year shall not apply to the calculation of the technical provisions relating to the undertakings of the insurance undertaking arising after 30 April of the year in question, as a result of:
(1) the changes made to the terms and conditions of the insurance contracts concluded by that date, provided that these contracts have been provided for the possibility of making such changes; in particular, this shall include an increase in the amount of the insurance, the indexation of the contribution, Replacement for non-premium insurance;
2) the accession of further insurers to the group life insurance contract.
6. The restriction on the applicable technical rates referred to in the paragraph. 1 and 2, shall not apply to:
1) insurance contracts in the life insurance department, in which the premium is paid once and the period for which the contract has been concluded is not longer than 8 years,
2) life insurance contracts with an insurance capital fund
-where the applicable technical rates may not deviate from the return on investment of assets which cover technical provisions relating to those contracts.
7. The limitation on the applicable technical rates referred to in paragraph 1. 1 and 2, it also does not apply to the establishment of reserves for the capitalised value of annuities in the insurance of Chapter II, with the technical rates applied in Chapter II being unable to deviate from the return on investment of the assets constituting the provision of reserves The capitalized value of the rent.
8. Insurance bets may apply lower technical rates than the rate of return advertised by the supervisory authority.
§ 47. 1. Adopted rules of creation and method of establishing technical provisions, as well as assumptions about data and statistical indicators used in establishing reserves should be applied on a continuous basis; unwarranted changes principles, methods and assumptions are unacceptable.
2. In the case of life insurance, the rules for determining the share of the profit due under the contract of insurance should be applied in a uniform manner throughout the duration of the insurance contract.
§ 48. The amount of technical provisions on the participation of the reinsurer shall be determined by insurance undertakings and reinsurance undertakings in accordance with the provisions of the relevant reinsurance contracts.
§ 49. 1. To all types of insurance contracts, where it is possible to calculate the life insurance provision using a net premium, the Zillmer method may be used, with the exception of terminal insurance contracts in case of death and all contracts accident insurance and sickness insurance.
2. The dismissal of the Zillmer method is subject to direct and indirect costs related to the acquisition and conclusion of the insurance contract and the costs associated with the use by the policyholder of the possibility of a non-compulsory increase in the contribution in the insurance contract.
(3) The maximum level of mark-up for which a net contribution may be increased shall be the equivalent of 3,5% of the sum of the capital spread over the entire period of payment of the premiums, using the assumptions used in the calculation of the life assurance reserve.
4. The raised contribution referred to in paragraph 1 shall be provided for in paragraph 4. 3, may not be higher than the premium paid by the customer.
5. The acquisition costs accounted for using the Zillmer method shall not be higher than the value of the gross assigned contribution in the first policy year.
6. If, as a result of the illmerisation of the life insurance provision, a negative result is obtained, then the value of that reserve shall be assumed to be equal to "0".
7. To the reinsurance contracts covered by the insurance contracts referred to in paragraph 1. 1, the paragraph shall apply. 2-6.
§ 50. If, in determining the amount of technical provisions, a negative value is obtained during the calculation of the provisions, then a value equal to "0" shall be taken for further calculation, excluding the result of taking into account the value of the estimated regressions, recoveries and grants in reserve for outstanding compensation and benefits.
Chapter 5
Special rules for drawing up the accounts of the insurance undertaking and the reinsurance undertaking
§ 51. [ Preparation of a technical insurance account] 1. The technical account of life insurance and the technical account of property and personal insurance shall be drawn up by the classes of insurance.
2. The technical account of the insurance for the active reinsurance undertaking shall be broken down by accounting class.
§ 52. 1. In the operating flows, insurance undertakings shall show separately the receipts and expenses of direct and reinsurance activities, separate receipts and expenditure on passive reinsurance, and separately receipts and expenses on the other. operating activities.
2. In the operations of reinsurance undertakings, reinsurance undertakings shall show separately the receipts and expenses of active reinsurance, the separate receipts and expenditure on passive reinsurance and the separate receipts and expenses from other operating activities.
(3) In the flows from the business of the establishment, the insurance undertaking or the reinsurance undertaking shall show the receipts and expenditure from the different types of investments. Receipts and expenses related to the acquisition, the execution of other assets than the investments of the insurance undertaking or the reinsurance undertaking shall recognise, as appropriate, in the proceeds and expenses of the other operating activities or in the flows of financial activities.
(4) In the financial flows of the insurance undertaking, the insurance undertaking or the reinsurance undertaking shall recognise the receipts and expenditure relating to the financing of the business of the insurance undertaking or the reinsurance undertaking of both the internal market, including: the proceeds from the issue of shares, the payment of the aid to equity, as well as external, including: loans, loans, debt securities issued.
(5) The expenditure on acquisitions and administrative expenditure shall be accounted for in full in expenditure from:
1. direct and reinsurance activities in the case of an insurance undertaking;
(2) the reinsurance undertaking active in the case of reinsurance undertakings.
§ 53. An integral part of the financial statements of an insurance undertaking or a reinsurance undertaking shall be the supplementary information to the financial statements of the insurance undertaking or the reinsurance undertaking, drawn up in accordance with Annex 4 to the Regulation.
§ 54. 1. The clarification of the information shown in the financial statements of an insurance undertaking or a reinsurance undertaking, as referred to in Annex 3 to the Act, shall determine, as appropriate:
1. explanatory notes to the balance sheet item-Annex No 1 to the Regulation;
2) the explanatory notes to the technical life insurance account, the technical account of the property and personal insurance and the general profit and loss account-Annex No 2 to the Regulation;
3) the explanatory notes to the cash flow statement-Annex No 3 to the Regulation.
2. The scope of the information to the report on the activities of the insurance or reinsurance undertaking shall be specified in Annex No 6 to the Regulation.
§ 55. 1. The financial statements of the insurance undertaking resulting from the merger of two insurance undertakings shall also be drawn up on the day of the merger.
2. The financial statements of an insurance undertaking which has taken over another insurance undertaking shall also be drawn up at the acquisition date of another insurance undertaking.
3. The financial statements of the insurance undertaking to which it was transferred:
1) the insurance portfolio or reinsurance portfolio of another insurance undertaking,
(2) reinsurance portfolio of reinsurance undertakings
-the date of transfer of the insurance or reinsurance portfolio shall also be drawn up.
(4) The financial statements of the reinsurance undertaking resulting from the merger of two reinsurance undertakings shall also be drawn up at the date of the merger.
(5) The financial statements of the reinsurance undertaking which have taken over another reinsurance undertaking shall also be drawn up at the date of the acquisition of another reinsurance undertaking.
(6) The financial statements of the reinsurance undertaking to which the reinsurance portfolio of another reinsurance undertaking or insurance undertaking has been transferred shall also be drawn up at the date of the transfer of the reinsurance portfolio.
§ 56. The Export Credit Insurance Corporation S.A. to the financial statements shall attach a report on the state of the extracted bank account referred to in art. 10 para. 1 of the Act of 7 July 1994. o guaranteed by the Treasury of export insurance (Dz. U. of 2001. Nr 59, pos. 609, z późn. 1. 7) ).
Chapter 6
Consolidated financial statements of the capital group
§ 57. [ Establishment being the parent undertaking] An insurance undertaking which is a parent undertaking or a reinsurance undertaking which is a parent undertaking established in the territory of the Republic of Poland shall draw up an annual consolidated financial statement of the capital group.
§ 58. 1. The consolidated financial statements shall be submitted, subject to the paragraph. 5:
1. from the consolidated balance sheet and off-balance-sheet items, excluding information on own resources, the solvency margin and the coverage of technical provisions of the relevant assets;
2) from the consolidated technical account of insurance, subject to the paragraph. 4;
3) from the consolidated general statement of profit and loss;
4) from the consolidated cash flow statement;
5) [ 1] the consolidated statement of changes in equity;
6) from the additional information, including the introduction to the consolidated financial statements and additional information and explanations.
2. [ 2] The annual consolidated financial statements shall be accompanied by a report on the activities of the group, drawn up in accordance with the conditions referred to in Article 4 (1) of the Financial Regulation. 49 (1) 2, 2a and 3 of the Act, with that in terms of the information specified in art. 49 (1) 2 item 5 of the Act shall state the information about the shares (shares) of the parent undertaking held by the parent undertaking, the units forming part of the capital group, and persons acting on their behalf. The report on the activities of the capital group should take into account the scope of the information set out in Annex 6 to the Regulation.
(3) Additional information to the consolidated financial statements of the capital group should take into account the scope of the information set out in Annex 5 to the Regulation.
4. If the parent undertaking and the subsidiaries of the parent undertaking and the subsidiaries perform the insurance business or reinsurance business in the different classes of insurance, in the consolidated financial statements shall draw up A separate technical account of life insurance and a technical account of property and personal insurance.
5. The consolidated financial statements shall be drawn up in accordance with Annex No 3 to the Act, except that:
1. in the consolidated balance sheet, the following items shall be extracted:
(a) in the assets-"value of the company of subsidiaries",
(b) in passions:
-in item A-"currency translation differences between subsidiaries", broken down by positive foreign exchange differences and negative currency differences,
-in item A-"write-offs of net profit in the financial year (negative amount)",
-'negative value of the company of subsidiaries ',
-"minority capitalists";
2) in the consolidated technical account of the property and personal insurance and in the consolidated technical life insurance account shall additionally be extracted:
(a) revenues and costs of subordinated entities,
(b) in the item "technical result of property and personal insurance" and "technical result of life insurance"-the item "technical result of the subsidiaries";
3. in the consolidated general statement of profit and loss, an additional statement shall be made:
(a) revenues and costs of subordinated entities,
(b) items:
-"a copy of the value of the company of the subsidiaries",
-"a copy of the negative value of the company of the subsidiaries",
-'profit/loss from shares in subsidiaries valued by the equity method ',
-'gains/losses of minorities ';
4) In the consolidated statement of changes in equity, the following items are also extracted: [ 3]
(a) "exchange differences from the conversion of subsidiaries",
(b) "write-offs from net profit in the financial year (negative amount)".
§ 59. 1. Insurance or reinsurance undertakings included in the consolidated financial statements, and in particular subsidiaries and co-dependent entities, should apply the same methods of valuation of assets and liabilities and the drawing up of financial statements in accordance with the accepted accounting principles (policy) of an insurance undertaking which is a parent undertaking or a reinsurance undertaking which is a parent undertaking.
2. The rules for the preparation of the consolidated financial statements of the capital group, in the area of unregulated in this chapter, shall apply mutatis mutandis to the rules laid down in the implementing rules issued on the basis of art. 81 (1) 2 point 3 of the Act.
Chapter 7
Transitional and final provisions
§ 60. [ Provisions so far] For the financial statements of insurance and reinsurance undertakings to be drawn up for the financial year starting in 2009 the existing provisions shall apply.
§ 61. This Regulation shall enter into force on 1 January 2010. 8)
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1) The Minister of Finance directs the government administration-public finances, pursuant to § 1 paragraph. 2 point 2 of the Regulation of the Prime Minister of 16 November 2007. on the detailed scope of the action of the Minister of Finance (Dz. U. No 216, item. 1592).
2) This Regulation as regards its regulation constitutes the transposition of Directive 2002/83/EC of 5 November 2002. concerning life insurance (Dz. Urz. EC L 345, 19.12.2002, p. 1; Dz. Urz. EU Polish Special Edition, rozdz. 6, t. 6, p. 3-54, with late-night zm.) and Directive 2005 /68/EC of the European Parliament and of the Council of 16 November 2005. on reinsurance and amending Council Directives 73 /239/EEC, 92 /49/EEC as well as Directives 98 /78/EC and 2002 /83/EC (Dz. Urz. EU L 323 of 09.12.2005, p. 1, from late. zm.).
3) The amendments to the said Act were announced in Dz. U. of 2004 Nr 91, pos. 870 and Nr 96, pos. 959, of 2005 Nr 83, pos. 719, Nr 143, poz. 1204, No 167, pos. 1396, Nr 183, poz. 1538 and No. 184, pos. 1539, 2006 Nr 157, poz. 1119, 2007 Nr 50, poz. 331, No. 82, pos. 557, No. 102, pos. 691 i No 112, pos. 769, of 2008 No. 171, item. 1056 and No 234, pos. 1571 and 2009 Nr 18, pos. 97, Nr 42, poz. 341, Nr 97, pos. 802, No. 115, pos. 962, Nr. 165, pos. 1316 and No. 166, pos. 1317.
4) Amendments to the text of the single law have been announced in the Dz. U. 2007 No. 180, pos. 1280, 2008 Nr 70, poz. 416, Nr 116, poz. 732, Nr 141, poz. 888, Nr 171, pos. 1056 and No. 216, pos. 1367 and 2009 No 3, pos. 11, Nr 18, poz. 97, Nr 168, pos. 1323 i Nr 201, poz. 1540.
5) The amendments to the said Act were announced in Dz. U. 2006 r. Nr 120, pos. 825 and No. 157, pos. 1119, 2007 Nr 49, poz. 328, 2008 Nr 145, pos. 918 and 2009 Nr 18, pos. 97.
6) The amendments to the said Act were announced in Dz. U. of 2004 Nr 26, pos. 225, Nr 96, pos. 959, Nr 141, poz. 1492, No. 273, pos. 2703 and No 281, pos. 2778, of 2005 Nr 167, pos. 1396, of 2006 Nr 157, poz. 1119, 2007 Nr 49, poz. 328, Nr 82, pos. 557, No. 102, pos. 691 and No. 133, pos. 922, of 2008 No. 225, pos. 1486 and 2009 Nr 91, pos. 739 and Nr 97, pos. 802.
7) Amendments to the text of the single law have been announced in the Dz. U. of 2004 Nr 96, pos. 959, of 2005 Nr 143, pos. 1204 and 2009 No. 161, item. 1277 and No. 215, pos. 1662.
8) The scope of the matters governed by this Regulation was regulated by the Regulation of the Minister of Finance of 23 December 2008. on the specific accounting principles of insurance undertakings (Dz. U. No 236, pos. 1634), which is repealed with effect from 1 January 2010. based on art. 20 of the Act of 13 February 2009. to amend the Act on Insurance Activity and certain other laws (Dz. U. Nr 42, pos. 341).
Annex 1. [ EXPLANATORY NOTES TO THE BALANCE SHEET ITEM OF THE INSURANCE UNDERTAKING AND THE REINSURANCE UNDERTAKING]
Annexes to the Regulation of the Minister of Finance
of 28 December 2009 (pos. 1825)
Annex No 1
EXPLANATORY NOTES TO THE BALANCE SHEET ITEM OF THE INSURANCE UNDERTAKING AND THE REINSURANCE UNDERTAKING
1. In item B. I, the assets of "real estate" shall be accounted for both in real estate intended for investment purposes and for real estate used for its own purposes;
2. Item B. III.2 of the assets 'debt securities and other fixed-income securities' shall be recognised as securities issued by credit institutions, other private institutions or public institutions with a guaranteed rate of interest income, whether or not the interest rates of those securities are fixed at a fixed rate or a variable. Debt securities and other fixed income securities issued by subordinated entities are not recognised in this item. These papers are to be entered in item B. II.2 of the balance sheet assets.
3. In item B. III.3, the assets 'shares in joint ventures' shall be recognised when the funds of an insurance undertaking or a reinsurance undertaking are entrusted to other entities in mutual investment. In the case of the entrustment of insurance to the insurance undertaking, those shares shall be accounted for in item B. II.3 of the balance sheet assets. Where a reinsurance undertaking is entrusted to a reinsurance undertaking, those shares shall be recognised in item B. II.3 of the balance sheet assets respectively.
4. In item B. III.4 of the assets 'mortgage-backed loans', the insurance undertaking shall recognise loans for which the principal collateral is established by a mortgage, even if the loans are secured in addition to the policies. In that position, the reinsurance undertaking shall recognise the loans for which the principal collateral is established by a mortgage.
5. In item B. III.5, the assets of "other loans" shall be recognised as follows:
1) loans secured by financial institutions;
2) loans to insured persons whose main security is the policy;
3) other loans.
6. In item B. III.6, the assets of "fixed-term deposits with credit institutions" shall be recognised as fixed-term deposits with banks and other deposit-taking and lending institutions. This item does not include bank claim titles for deposits, eg. certificates of deposit, savings certificates-these securities are recognised in item B. II.2 or in item B. III.2 of the balance sheet assets where they are a place in subsidiaries. Funds in bank accounts not deemable for a specified period shall be entered in item E. II of the balance sheet assets, even if they are interest-bearing.
(7) In item B. III.7 of the assets of the balance sheet 'other investments', investments are recognised which are not included in items B. OI from 1 to 6. This item includes, among other things, irregular deposits not constituting deposits in a subsidiary. If the value of the investments shown under item B. III.7 of the balance sheet assets exceeds 2% of the total item B of the assets of the balance sheet, it should be specified in the notes to the financial statements, taking into account its values and structures. Generic.
8. In item B. IV of the assets "deposit liabilities from cedents", the insurance or reinsurance undertaking shall show the amounts due from the cedents and corresponding to the guarantees given to the performance of the obligations arising from the contracts concluded. the active reinsurance undertaking which has been deposited with, or has been detained by, the cedents of, or has been detained by, the Deposit receivables may not be combined with other amounts due to an insurance undertaking or a reinsurance undertaking taking risks from a cedent, as well as offset against the obligations of the insurance undertaking or the reinsurance undertaking of the host Member State. the risk to the cedent. Securities or other financial assets deposited with ceding or third parties as collateral for the performance of liabilities under the active reinsurance contracts and remaining the property of an insurance undertaking or a reinsurance undertaking They are shown by that undertaking in the balance sheet, with their nature being extracted.
9. In item C of balance sheet assets 'net assets of life insurance, where the risk of investment (investment) is borne by the policyholder', the net assets are recognised in respect of the account and the risk of the policyholder. This item includes assets the value of which is used to measure the profit value of insurance contracts related to an insurance capital fund and to cover liabilities that are determined in relation to the specified indexes. The funds of the insurance undertaking, which are invested together with the funds of the insurance capital funds, are shown in item B of the assets of the balance sheet.
(10) In item D. III.2 of the assets, 'other claims' shall include in particular receivables arising from the activities of the emergency commissioner, which are carried out on behalf of other insurance undertakings or reinsurance undertakings.
11. The balance of reassurance accounts shall be recognised in conjunction with the direct insurance accounts and shall be distinguished in the notes on the financial statements.
12. In item E. II, assets "cash" are also included in bills of exchange, foreign cheques, etc. cash on the way, meaning the funds between the cash register and the own bank account of the insurance undertaking (reinsurance undertaking) or between two own bank accounts, foreign cheques transferred to the bank until such time as it is recognised the bank account title of the insurance undertaking (reinsurance undertaking) or the promissory notes.
13. In the item F. II of the assets "activated acquisition costs", the cost of the acquisition is recognised, in part for the future reference periods.
(14) In item F. III, the assets 'interest and rents' shall include interest and rent accrued at the balance sheet date, which are not either matchable or receivable and which are not included in the value of the investments.
(15) In item A. and in liabilities, "core capital"-branches of foreign insurance undertakings and branches of foreign reinsurance undertakings shall show the capital extracted from the equity capital of the foreign insurance undertaking or, respectively, of the foreign insurance undertaking; a foreign reinsurance undertaking and recognised by that undertaking as the core capital of a branch.
(16) In item A. V, the liability of "revaluation capital" shall include, inter alia, the difference arising from the update of the value of the financial assets available for sale. In this item, in the case of debt securities included in the financial assets available for sale, the difference between the fair value and the adjusted purchase price is shown. The difference between the adjusted purchase price and the purchase price of debt securities and, in the case of previously revalued, revalued amounts, shall be recognised directly in the premises of the premises under II.2.2 or II.3.2. a technical life insurance account or in II.2.2 or II.3.2 of the general profit and loss account.
(17) Under liability B, "subordinated liability" shall be recognised as liabilities which, in the event of the liquidation or bankruptcy of an insurance undertaking or a reinsurance undertaking, shall be repaid after all the other creditors of the insurance undertaking or of the undertaking are satisfied. reinsurance.
(18) In item C of liabilities, "technical provisions" shall be recognised as technical provisions before the reinsurer's share is taken into account in these reserves.
(19) In item C. and liabilities, "the contribution reserve and the reserve for unexpired risks" shall include a total of the premiums and the provision for unexpired risks. The value of the reserve for non-expired risks shall be disclosed in the notes to the report. Life assurance undertakings and reinsurance undertakings performing reinsurance business in Section I shall include in this item the value of the contribution reserve not included in item C. II of the balance sheet liabilities.
20. In item C. IV of the liability "provisions for bonuses and rebates for insured persons", the insurance undertaking shall recognise the amounts provided for the insured or paid out of the insurance contract in the form of a share in profit or reimbursement, in part not included in item I. 1 liabilities "liabilities to insured persons" or under item C. II of the liabilities of "life insurance reserves". In the case of the exercise of reinsurance business under item C. IV of the liability "reserve on bonuses and rebates for insured persons", the insurance undertaking shall recognise the reserve for bonuses and rebates for the insured of the active reinsurance undertaking.
In item C. IV of the liability "provisions for bonuses and rebates for insured persons", the reinsurance undertaking shall recognise the reserve for bonuses and rebates for the insured of the active reinsurance undertaking.
(21) In item C. V of liabilities, "equalisation reserves (risk)" shall show equalisation reserves to protect against fluctuations in the equalisation rate in future financial years.
(22) In item C. VII of the liability "other technical provisions specified in the statutes", the remaining technical provisions referred to in the statutes of an insurance undertaking or a reinsurance undertaking, which are not included in C. I-C. VI, are to be entered in the statutes. and C. VIII liabilities.
23. In item C. VIII of liabilities, "life-assurance provision where the risk of investment (investment) is borne by the policyholder" is to show the technical provisions created to cover the liabilities corresponding to the value of the investments, where the value of the policy is to be met. depends on the rate of return on the deposits mentioned in the paragraph. 9 or when the rate of return on the policy depends on the specified indexes. Additional technical provisions for life insurance, created to cover the risk of death, operating costs and other risks (such as bonuses payable on maturities or guaranteed benefits constituting the equivalent for the waiver by the insured person under the insurance contract), are shown under item C. II of the liability.
24. In item F. III of the liability "other reserves", all other reserves which are not covered by previous items shall be shown.
25. In the liability item "G" of liabilities "deposits of reinsurers"-a cedar insurance undertaking and a cedar reinsurance undertaking shall recognise liabilities in the amount of the funds received from or deducted from the reinsurer. the basis of reinsurance contracts. These amounts may not be combined with other liabilities to that reinsurer as well as compensated with receivables from the reinsurer. The reinsurer's cash guarantees and remaining property shall be entered in the accounts of the transferor's accounts in the off-balance-sheet account and are recorded in the financial statements in the off-balance-sheet item 'received guarantees and sureties'.
26. In the liabilities item "Other liabilities and special funds", with the exception of item H. VI of the liability "special funds", the liabilities shall be disclosed in the notes on the liabilities specified in the Polish currency and in foreign currency.
(27) In item H.V. 2, the liability of "other liabilities" shall also be disclosed in the notes on the obligations arising out of the operations referred to in Article 4. 3 paragraphs: 7 and 8 of the Act on Insurance Activity.
28. In item H. VI of the liability "special funds", funds are to be entered under the provisions of the law as well as under the resolutions of the General Assembly. These include, in particular, a preventive fund, an organisational fund and any funds for employees.
29. Technical and insurance provisions (item C of liabilities), reinsurer's share in technical provisions (item D liabilities), other reserves (item F liabilities), deposit liabilities to reinsurers (item G liabilities) and the reinsurance obligations (liability item H. II) are shown in the notes.
(30) No paragraph shall apply to reinsurance undertakings. 5 pt. 2, paragraph. 9, 11, 23 and 27.
Annex 2. [ EXPLANATORY NOTES TO THE TECHNICAL ACCOUNT OF LIFE INSURANCE, THE TECHNICAL ACCOUNT OF THE PROPERTY AND PERSONAL INSURANCE AND THE GENERAL PROFIT AND LOSS ACCOUNT OF THE INSURANCE UNDERTAKING AND THE REINSURANCE UNDERTAKING]
Annex No 2
EXPLANATORY NOTES TO THE TECHNICAL LIFE INSURANCE ACCOUNT, THE TECHNICAL ACCOUNT OF THE PROPERTY AND PERSONAL INSURANCE AND THE GENERAL PROFIT AND LOSS ACCOUNT OF THE INSURANCE UNDERTAKING AND THE REINSURANCE UNDERTAKING
1. In all technical items of the insurance accounts and the general profit and loss account, comparative data shall be provided for the corresponding reference period of the previous financial year.
2. In item I. 1, 'gross premiums written', included in the technical life assurance account and in the technical account of the property and personal insurance, the amounts due during the reporting period for concluded contracts shall be entered in the accounts. insurance and reinsurance contracts, whether or not such amounts relate in whole or in part to subsequent reporting periods. This item must include, inter alia:
(1) the contributions contracted in the title of the insurance cover reporting period, the actual settlement of which will be effected during the following reporting periods;
(2) one-off premiums, including insurance premiums, for life insurance, one-off premiums resulting from provisions on premiums and rebates for insured persons, where this is due to insurance contracts;
3. additional contributions in the case of half-yearly payments, quarterly or monthly payments, and additional payments from policy holders for expenditure incurred by the insurance undertaking;
4) in the case of co-insurance, the part of the contributions falling into the insurance undertaking;
(5) reinsurance premiums receivable from the cedents, including the title of entry into the cedent portfolio, after deduction of unused insurance premiums withdrawn from the portfolio for the benefit of the transferee insurance undertakings.
The contributions shall be shown in conjunction with all the appendices and additions for the overdue periods, after deduction of storms, reimbursements, discounts, any discounts and discounts, and taxes and other parafiscal charges.
(3) In item I. 2 "the share of reinsurers in the contribution of the technical account" of the technical account and the technical account of the property and personal insurance shall be accounted for by the reinsurance premiums paid or payable, payable or payable in the reporting period, on the basis of passive proportional and disproportionate reinsurance contracts concluded by the insurance undertaking or the reinsurance undertaking. Portfolio items that are payable at the time of the conclusion or change of the reinsurance contract shall increase this amount, while the items due for withdrawal from the portfolio shall reduce that amount.
4. In item I. 3, "change in the state of the reserve of premiums and provisions for the risk of unexpired gross" technical account of property and personal insurance and the technical account of life insurance accounts for the differences between the state of the reserve of premiums and reserves on the the coverage of the unexpired risk at the end of the reporting period and the start of the period in gross terms as a result of direct insurance or reinsurance. This item shall include a change in the stocks of stocks included in item C. I of the liabilities of the balance sheet.
5. In item I. 4 "the share of reinsurers in the change of the reserve state of the premiums" of the technical and personal insurance accounts and the technical account of the life insurance account shall be recognised as the difference between the state of the reserve of premiums and the provisions for the provision of cover the risk not extendable at the end of the reporting period and the beginning of the period in terms of the reinsurer's share of the direct insurance or reinsurance acceptand. This item shall include a change in the stocks of stocks included in item D. I of the liabilities of the balance sheet.
(6) In II.4, 'a positive result from the revaluation of investments' of the technical life insurance account and the general profit and loss account shall be recognised, inter alia, on the income of the advance of the previously created write-off from the permanent impairment of investments.
(7) In item III, "unrealised gains on investments" of the technical life insurance account and the general profit and loss account shall be recognised, subject to paragraph 3. 6, in particular the positive difference between the carrying amount and the purchase price (at the cost of production) of the investments and, in the case of investments previously revalued, the overvalued value, with the exception of the positive difference from the revaluation of the curved investment in equity. In this item, in the case of debt securities whose valuation differences are not recognised in equity, there is a positive difference between the fair value and the adjusted purchase price. Differences between the adjusted purchase price and the purchase price of debt securities and, in the case of previously revalued, the revalued amount shall be recognised directly in the premises of the premises under II.2.2 or II.3.2 of the technical the life insurance account or in II.2.2 or II.3.2 of the general profit and loss account.
8. In item IV.1.1 of the technical and personal insurance account or in item V. 1.1 of the technical account, the technical account for the life of "compensation and benefits paid gross" shall be recognised as follows:
(1) all payments and charges (settlement in offsetting with receivables) made during the reporting period for compensation and benefits for damages and accidents arising during the reporting period and during past periods (including benefits) grants in life insurance), including all direct and indirect, external and internal costs for the destruction of damage and the recovery of the regressions and the costs incurred to obtain the grant, less the refunds received, regres, any recovery (including remnants of the sale of residues from the damages) and subsidies. The costs of the damage elimination and the recovery of the regressions also include the costs of the disputed proceedings;
2) damages and co-insurance benefits, in part attributable to the insurance undertaking;
(3) cleared by the ceding-holders of the compensation and the benefits accruing to the insurance undertaking or the reinsurance undertaking of the active reinsurance undertaking.
(9) In item IV.1.2 of the technical and personal insurance account and in item V. 1.2 of the technical account, the "share of reinsurers in damages and benefits paid" shall be recognised as compensation and benefits. disbursed during the reporting period in respect of passive reinsurance reinsurance.
(10) In item IV.2 of the technical and personal insurance account and in item V. 2 of the technical account, the "change in the state of the reserve for unpaid claims and benefits in equity" shall be recognised as follows:
(1) in the case of an insurance undertaking carrying out an activity in Chapter II, a change in the provisions of item C. III of the balance sheet liabilities adjusted for the change in the reserve assets of the reinsurer from item D. III of the liabilities, and a change in the estimated regressions, recoveries and grants under item E of balance sheet liabilities;
2. in the case of an insurance undertaking operating in Section I and a reinsurance undertaking, a change in the provisions of the provisions of item C. III of the balance sheet adjusted for the change in the reserve assets of the reinsurer from item D. III of the liabilities of the balance sheet.
(11) In item VI of the technical and personal insurance account and in item VII of the technical account of the life insurance account, "bonuses and rebates on equity together with the change in the state of the reserves" shall be demonstrated, after taking account of the share of the insurance reinsurer:
1) in the case of insurance direct premiums, discounts, paid or credited by the insurance undertaking to insured persons, entitled or paid in accordance with the insurance contract. This item also shows the amounts that are included in the payment during the reporting period, paid or payable to the insured, entitled or paid, including the amounts intended for the increase in reserves technical and/or intended to reduce future contributions, to the extent that these amounts represent the transfer of the surplus or the profit achieved from all or part of the activity, after deduction of amounts included in the previous Reporting periods that are no longer required. Discounts (discounts) include the relief or partial reimbursement of contributions resulting from the course of individual insurance contracts. The size of the premiums and rebates (discounts) shall be recorded separately if these are significant;
2. in the case of reinsurance of the active participation of an insurance undertaking or a reinsurance undertaking in premiums and discounts paid or credited to insured persons, entitled or paid by a cedar insurance undertaking in accordance with the contract insurance, plus the state of the reserve for bonuses and rebates for the insured of active reinsurance at the end of the reporting period, less the state of the reserve for bonuses and rebates for the insured of active reinsurance for the beginning of the period Reporting.
(12) In item VII.1 of the technical account of property and personal insurance and in item VIII.1 of the technical account, the technical account for the life of "acquisition costs" shall be recognised during the reporting period for the cost of the acquisition of direct insurance the active and/or reinsurance undertaking, adjusted to change the state of activated acquisition costs and the value of the costs of the acquisition not yet incurred, and concerning the contribution made during the reporting period.
(13) In item VIII.3 of the technical life assurance account and in item VII.3 of the technical account of the property and personal insurance "reinsurance commissions and shares in the profits of reinsurers", the value of that item shall be shown as the size of the Negative. Reinsurance commissions shall be settled at the time of the acquisition costs for the conclusion of insurance contracts or of active reinsurance contracts covered by the passive reinsurance contracts, at the time of the costs of reinsurance.
(14) In item VIII of the technical account of property and personal insurance and in item XI of the technical account of the life insurance account, 'other technical costs on own account' shall be recognised in particular:
1) the payment to be paid to the Insurance Guarantee Fund;
2) due payment to the costs of supervision of insurance and reinsurance activities
3) due to the Member States ' payments to the Polish Chamber of Insurance;
4) write-offs to the preventive fund or the costs of carrying out preventive activities, if the insurance undertaking does not create a preventive fund;
5) the due payment to the Union of Voluntary Fire Brigades of the Republic of Poland;
(6) other costs of own contribution to be taken into account in the calculation of the contribution;
(7) the value of the write-off of claims on direct insurance and reinsurance;
8) negative exchange differences in direct insurance and reinsurance.
(15) In the IX.3 item of the technical life insurance account and in item V. 3 of the general profit and loss account, the "negative result from the revaluation of investments" shall be recognised as the value created during the reporting period of the write-off for the permanent impairment of deposits.
(16) In X, "unrealised losses on deposits" of the technical life assurance account and in item VI "unrealised losses on deposits" of the general profit and loss account shall be recognised, subject to paragraph (a) of the provisions of Article 3 (2) of the General Social Insurance Account. 15, in particular the negative difference between the carrying amount and the purchase price (at the cost of production) of investments, and, in the case of investments previously revalued, the overestimated value established at the beginning of the reporting period, with the exception of negative difference from the revalorisation of the place recognised in equity. In this item, in the case of debt securities whose valuation differences are not recognised in equity, there shall be negative differences between the fair value and the adjusted purchase price.
(17) For the production of technical accounts of insurance according to individual classes of insurance or accounting classes, the administrative costs shall be subject to an appropriate settlement according to the principles set out in the accounting policy of the insurance undertaking. For the compilation of the technical accounts of each class of account, the administrative costs shall be subject to appropriate settlement according to the principles set out in the accounting policy of the reinsurance undertaking.
(18) reinsurance undertakings carrying out reinsurance business in Section I and II of item I of the general profit and loss account "Technical result of property and/or life insurance" shall show the sum of:
1) the result of the technical life insurance, recognised in item XIII of the technical life insurance account, and
2) the result of the technical property and personal insurance, which is included in item X of the technical account of property and personal insurance.
(19) Under item II.4, "positive result from realisation" and II.5 "negative results on the realisation of investments" of the general profit and loss account shall be accounted for respectively positive or negative differences between the income from the sale of investments and the cost of their own sales of those investments. the investments involving the purchase price of the investments and, in the case of investments previously revalued, the value of the investments revalued and the costs of the investments in the investments, taking into account the amounts recognised in the valuation of the valuation. The issuing of securities by the issuer shall also be included in this item.
(20) In heading VIII, "other operating income" of the general profit and loss account shall show in particular:
1. other financial income;
(2) revenue from the task of carrying out an emergency commissioner;
(3) income from the establishment of an acquisition activity for the benefit of the Open Pension Funds;
4) other operating revenue.
(21) In heading IX, "other operating costs" of the general profit and loss account shall show in particular:
1. other financial costs;
(2) costs related to the performance of the emergency commissioner;
3) costs related to the conduct of the acquisition activities for the Open-ended Pension Funds;
4) other operating costs.
(22) No paragraph shall apply to reinsurance undertakings. 2 points 1-4, paragraph. 8 points 1 and 2, paragraph 1. 14 points 1 and 5, paragraph. Article 20 (3) and (3) 21 point 3.
Annex 3. [ EXPLANATORY NOTES TO THE CASH FLOW STATEMENT OF THE INSURANCE UNDERTAKING AND THE REINSURANCE UNDERTAKING]
Annex No 3
EXPLANATORY NOTES TO THE CASH FLOW STATEMENT OF THE INSURANCE AND REINSURANCE UNDERTAKING
1. The contributions of gross premiums shall include:
(1) in the case of an insurance undertaking, the proceeds obtained during the reporting period for direct insurance or of the active reinsurance undertaking of the insurance undertaking, without taking into account the reimbursement of premiums, which are recognised in the position of A. II.1.1 of the cash flow statement.
2. in the case of a reinsurance undertaking, the proceeds obtained during the reporting period for the reinsurance undertaking of the active reinsurance undertaking, without taking into account the reimbursement of premiums, which are recognised in item A. II.1.1 of the cash flow statement.
2. Proceeds from gross premiums (pos. A.I. 1.1. and expenditure on acquisitions (after: A. II.1.3) shall be shown separately, even if the accounts with the insurance intermediaries are made per saldo.
3. Under A.I. 1.2, "receipts of gross reparations, recoveries and reparations":
1) the insurance undertaking shall show the value of the proceeds of the regressions, recoveries, reimbursements of gross damages and grants without deducting the costs of the investigation of the regressions, recoveries, redress repayments and the costs incurred in obtaining the grant;
2. the insurance undertaking and the reinsurance undertaking shall show the value of the proceeds of the contribution to the regressions, recoveries and reparations received by the transferors, in accordance with the provisions of the reinsurance contracts.
4. In item A.I. 2.1, "payments of reinsurers in respect of participation in damages":
(1) the insurance undertaking shall recognise the amounts actually received from the reinsurers in respect of their participation in the compensation and benefits paid by the insurance undertaking in direct insurance, together with the amounts allocated to the compensation of the costs incurred in the payment of the costs incurred by the insurance undertaking. the liquidation of the damage, unless they form part of the reinsurance commissions;
2. the insurance undertaking and the reinsurance undertaking shall recognise the amounts actually received from the reinsurers in respect of their participation in the compensation and benefits paid by that insurance undertaking or reinsurance undertaking of the active reinsurance undertaking.
5. Payment of reinsurers from participation in damages (pos. A.I. 2.1) and receipts from reinsurance commissions and participation in reinsurers ' profits (pos. A.I. 2.2.) must be shown separately, even if the accounts with reinsurers are made to the saldo minesweeper.
(6) In item A.I. 2.3, deposits received from reinsurers are shown.
7. In item A. II.1.2, 'gross reparations and benefits' shall be accounted for the amounts actually paid by:
1) the insurance undertaking with the title of liquidation of damages (benefits) and other events covered by the insurance contract;
(2) an insurance undertaking or a reinsurance undertaking for the execution of risks or occurrences of events covered by a reinsurance contract.
8. Proceeds from the issue of shares (pos. C.I. 1. shall mean the net amounts resulting from the deduction of the costs of the issue, irrespective of the date of registration of the increase in core capital; the mutual societies and the mutual reinsurance undertakings shall show in that position the payment to be made to the shares in the share capital.
Annex 4. [ SCOPE OF SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS OF THE INSURANCE UNDERTAKING AND THE REINSURANCE UNDERTAKING]
Annex No 4
SCOPE OF THE SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS OF THE INSURANCE UNDERTAKING AND THE REINSURANCE UNDERTAKING [ 4]
The notes to the financial statements of the insurance undertaking and the reinsurance undertaking shall include the introduction of the financial statements and the additional information and explanations.
I. Introduction to the financial statements of an insurance undertaking or a reinsurance undertaking shall include in particular:
1. the name and establishment of the insurance or reinsurance undertaking and an indication of the competent court or other authority of the registry, and in the case of a branch or main branch of a foreign insurance undertaking or a branch or a principal branch of the insurance undertaking; a foreign reinsurance undertaking also the name and head office of the parent undertaking;
2) an indication of the period covered by the financial statements, stating the reason, if the financial statements are drawn up for a period other than the financial year;
(3) an indication that the financial statements contain aggregated data if the insurance or reinsurance undertaking is composed of internal organisational units which draw up their own financial statements;
(4) an indication of whether the financial statements were drawn up on the assumption that the insurance undertaking or the reinsurance undertaking would continue in the foreseeable future and whether there are no circumstances indicating that the threat of continuing operations;
5) in the case of a financial report drawn up for the period during which the business combination or transfer of the insurance or reinsurance portfolio has occurred, an indication that this is a financial statement made after the merger or after the transfer of the insurance or reinsurance portfolio, and an indication in the case of a combination of the applied settlement method;
6) the changes made during the financial year to the accounting rules, including valuation methods, together with the reasons for their implementation, if they have a significant impact on the financial statements, with an indication due to these changes of the difference in the financial result;
7) made in relation to the previous financial statement of changes in the manner of drawing up the financial statements, together with the justification for their introduction and consequences in the presentation of the property and financial situation of the insurance undertaking or a reinsurance undertaking;
8. information on:
(a) the nature of the error in question referred to in Article 4 (1) 54 para. 3 of the Act,
(b) the amount of the adjustment relating to earlier periods if the insurance undertaking or reinsurance undertaking has corrected the error;
(9) information on the significant in the insurance undertaking or reinsurance undertaking of the events which occurred after the balance sheet date and which are not included in the financial statements;
10) information on the significant in the insurance undertaking or reinsurance undertaking of events relating to previous years, which have been included in the financial year's financial statements;
11. information on significant events relating to the financial year affecting a significant change in the structure of the balance sheet items and the financial result;
(12) the figures to ensure the comparability of the financial statements in question for the year preceding that for the report for the financial year;
(13) information on the remuneration of the statutory auditor or entity authorised to audit the financial statements, paid or due for the financial year, shall be separately for:
(a) a mandatory examination of the annual accounts,
(b) other endorsing services,
(c) tax advisory services,
(d) other services.
II. The additional information and explanations of disclosure shall be subject to the information necessary for a better understanding of the financial and property situation as well as the financial result and the solvency of the insurance undertaking or the reinsurance undertaking, in particular:
(1) in respect of investments of an insurance undertaking or a reinsurance undertaking:
(a) the collation of the financial assets listed in the balance sheet to:
-financial assets intended for trading,
-loans granted and receivables,
-financial assets held to maturity,
-the financial assets available for sale,
(b) the purchase price (cost cost) of the investments, where the deposits are shown in the fair value balance sheet, the fair value of the investments, where the deposits are recorded in the balance sheet at the purchase price, the value of the previous write-off, in the case of investments whose value has been partially decommitted or permanently lost; the fair value of investments in immovable property shall be made at least once every 5 years,
(c) units of affiliated units broken down into: deposits in subsidiaries, deposits in co-subsidiaries, deposits in associates and investments in the parent undertaking, for each unit separately,
(d) domestic and foreign investments, including those located in the European Union and other, detailing securities admitted to official trading on a regulated market, securities with unlimited marketability unlisted on the stock market and not in the OTC trading, securities issued or guaranteed by the State Treasury or international organisations of which the Republic of Poland is a member, and deposits issued or guaranteed by local government units; The foreign investments are defined as locals located outside the country. The location of the premises shall specify in the case of:
-real estate-their location,
-the investments listed on the regulated markets-the country of their issuer,
-other premises-the place where they are implemented, which means in particular:
l for debt securities, loans and receivables, and other financial instruments with a guaranteed income rate, the country of the issuer, the country of the borrower, the debtor country,
l for shares, shares and other financial instruments which give the right to participate in the capital of the company, the seat of that company,
l for participation units and investment certificates in investment funds or in other joint placement funds, the country of the head office of the fund,
(e) deposits in foreign currency, where their share of the total of the insurance undertaking or reinsurance undertaking is relevant,
(f) the description of the value of loans not covered by insurance policies, where their participation in the total deposits of the insurance undertaking or the reinsurance undertaking is relevant,
(g) the description of the investments included under the heading 'other investments', where their participation in the total deposits of the insurance or reinsurance undertaking is relevant,
(h) information on the load of interest rate risk investments,
(i) information on the load of credit risk investments and, in particular, information on the estimated maximum amount of the loss at which the entity is exposed, without taking into account the fair value of any collateral adopted or made, at if the creditor did not fulfil the benefit, with the information on the concentration of that risk;
2. with regard to deposits in cedents:
(a) deposits placed in the country and deposits held abroad, including those placed in and outside the European Union,
(b) deposits held with undertakings associated with an insurance undertaking or a reinsurance undertaking;
2a) in respect of other assets, it shall be shown in the notes on the shares acquired, disposed of or decommitted in the reporting period;
3. with regard to the liabilities of the reinsurers ' deposits:
(a) commitments denominated in Polish and foreign currency,
(b) commitments to undertakings linked to an insurance undertaking or a reinsurance undertaking and other undertakings;
c) obligations to entities whose head office is located outside the territory of the Republic of Poland, including in the territory of a Member State of the European Union and beyond,
4. within the scope of subordinated obligations:
(a) the value of the individual loans and the currency in which they have been borrowed,
(b) the interest rate and maturity of the loans;
5. in respect of receivables and liabilities, it shall be shown:
(a) the value of the receivables and liabilities of passive reinsurance,
(b) the value of the claims and liabilities of active reinsurance,
(c) the value of the write-off by balance sheet items,
(d) breakdown of receivables and liabilities by balance sheet item with the remaining balance sheet date of the expected repayment period of up to 3 months (inclusive), over 3 months up to 1 year (inclusive), over 1 year and value of receivables and liabilities expired,
e) claims and liabilities to entities whose head office is located outside the territory of the Republic of Poland, including within the territory of a Member State of the European Union,
(f) a list of the contingent liabilities and the obligations secured on the assets of the insurance undertaking or the reinsurance undertaking with an indication of its nature, including separately related to related undertakings;
6) data on the accounting of derivatives hedging the value of assets covering technical provisions, including the description of collateral, a description of the financial instruments designated as hedging instruments, and the valuation rules at the balance sheet date;
7. in respect of the equity capital, it shall be shown in the notes:
(a) data on the structure of the ownership of the basic capital and the number and nominal value of the shares subscribed, specifying the preference shares,
(b) proposals for the distribution of profit or loss for the financial year,
(c) information on changes in the bail value of the main branches, taking into account the state for the beginning of the financial year, the increases and reductions in the reporting period and the state at the end of the financial year,
(d) (repealed);
8. in respect of technical provisions, it shall be demonstrated:
(a) the value of the reserve at risk not expired, irrespective of its amount,
(b) the value of the provisions for unpaid compensation and benefits broken down by accounting class, including separately:
-for an insurance undertaking carrying out an activity in Chapter II, the value of the reserves for the damage incurred during the reporting period, the value of the estimated regressions, recoveries and grants included in the reserve and the account of the results,
-for an insurance undertaking performing an activity in Division I and a reinsurance undertaking, the value of the reserves for the damage incurred during the reporting period,
(c) where a discount or write-off is applied for the calculation of the reserve for the capitalised value of the benefits, as appropriate, broken down by account class, the amount of the provisions before the discount and the write-off, a description of the methods used, in particular the technical rates applied and the criteria adopted for the determination of the period of time which elapse before the end of the injury elimination,
(d) the value of the insurance settlement unit of the equity funds at the balance sheet date and the value of the change during the reporting period, in the case of an insurance undertaking carrying out an insurance activity in Group 3 of Chapter I,
(e) the value of the reserve for the reimbursement of contributions for members in the case of mutual and mutual-reinsurance undertakings,
(f) data relating to the accounting of financial derivatives hedging the value of technical provisions, including a description of collateral, a description of the financial instruments designated as hedging instruments and the rules on their valuation for the day balance sheet;
9. in respect of other items of assets and liabilities, amounts should be recorded if their share of the balance sheet total of the insurance undertaking or reinsurance undertaking is relevant;
10. in the life insurance and reinsurance life insurance, the value of the gross premiums written during the reporting period, broken down by direct insurance and active reinsurance with an indication of premiums, shall be recorded:
(a) from individual insurance (including the individual continuation of group insurance) and group insurance.
(b) from insurance with a one-off premium (including indefinite insurance) and from insurance with a periodic payment,
(c) from premium and non-premium insurance,
(d) from insurance of a capital nature, including: insurance with an insurance holding company (including separately, if the investment risk is borne by the policyholder) and from the insurance of a local nature, as included in group I, group 1, an indication of the part of the contributions not related to the insurance cover,
(e) in the case of mutual insurance companies, the amount of the premiums for contracts concluded with persons not members of the mutual insurance company,
as well as the value of the gross paid benefits during the reporting period, and the cost of the acquisition and administration by direct insurance and reinsurance of the active balance of the accounts for the active reinsurance and the balance of the accounts passive reinsurance;
(11) in respect of property and personal insurance and reinsurance of personal and personal insurance premiums written, gross premiums earned in the reporting period, gross claims and benefits (including for the purposes of direct insurance separately costs of loss of damage and costs incurred for the purpose of obtaining grants and repayments, benefits and grants), as well as costs of acquisitions and administrative costs by direct insurance and active reinsurance according to the accounting classes, the balance of the accounts for the active reinsurance and the balance accounting for passive reinsurance according to the accounting classes;
12) the size of the gross premiums from direct insurance from contracts concluded outside the borders of the Republic of Poland, including those contained within the territory of the Member States of the European Union;
13) information on the course of the damage liquidation processes (in the case of Chapter II insurance by accounting class): information about the average time of liquidation of the damage and information on the amount of the damage occurred during the reporting period under the contracts insurance concluded during that period (including compensation and benefits paid for such damages and the size of the reserve at the end of the year for unpaid damages and benefits);
14) in the field of tax settlements the list of the main positions of the distinguishing position of the income tax on the gross financial result (including the technical activities, profit and loss), the amount to be charged the financial income tax for the financial year, broken down by the current part and the deferred part, information on the value of the assets and the provision of the reserve for deferred tax arising from the transitional differences between the one shown in the accounting books value of assets and liabilities and their tax value; and a tax loss that is possible to settle in the future;
15) in terms of income and costs of the local activity extraction of income and costs from the insurance investments of equity funds, including separately investments, the risks of which are borne by the policyholder;
(16) in respect of costs, the value of the commissions for active direct insurance or active reinsurance activities included in the financial year, including: acquisition fees, renewal fees, commissions for quinces, premiums for payments, premiums for payments, fees and charges for the payment of the contribution and commissions for the operation of insurance and reinsurance contracts; structure data: acquisition costs, administrative costs, damage liquidation costs and recovery of regressions, costs of the local and external costs of the investment, of which:
(a) internal costs, including material and energy consumption, personnel costs (wages, insurance and other benefits, depreciation and other costs),
(b) external costs, including foreign services (separate commissions, advertising costs);
(17) where the amounts and amounts are significant (significant numbers or consequences for the insurance or reinsurance undertaking), information on the revenue, costs and results of the activity disappearing in the financial year or envisaged should be provided. to end in the following year;
18. information on remuneration, including remuneration from profit, paid to members of the management board and supervisory bodies of an insurance undertaking or a reinsurance undertaking, as well as on loans granted to them;
(19) information on transactions with the members of the management board and of the supervisory authorities of an insurance undertaking or a reinsurance undertaking and with the undertakings in which they are shareholders (shareholders) or members, where they have, directly or indirectly, their shares, a voting right of at least 33% of all voting rights at the assembly of shareholders (general meeting of shareholders);
20) information on transactions with affiliated companies;
21) information about the relevant transactions (including their amounts) concluded by the insurance or reinsurance undertaking on other terms than the market with related parties-together with the information determining the nature of these transactions. Information on individual transactions may be grouped according to their nature, except where information on individual transactions is necessary to understand their impact on financial assets and profit or loss an insurance undertaking or a reinsurance undertaking;
(22) information on the nature and economic purpose of the insurance undertaking or the reinsurance undertaking of contracts not included in the balance sheet, to the extent necessary to assess their impact on the financial situation and the financial result of the insurance undertaking or a reinsurance undertaking.
III. The paragraph shall not apply to reinsurance undertakings. II point 8 (a) c and d, paragraphs 12, 13 and 15.
Annex 5. [ SCOPE OF SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE CAPITAL GROUP]
Annex No 5
SCOPE OF SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE CAPITAL GROUP
I. Additional information to the consolidated financial statements of the capital group should include:
1) the name and head office of the parent undertaking, drawing up the consolidated financial statements;
2) data on the capital ownership of the core of the parent undertaking with the extraction of the number and value of shares held by the parent undertaking and its affiliated entities; this list should also include information about the percentage of shares or shares and information on the participation in management and the profit or loss of those companies for the last reporting period;
3) the goodwill and the negative goodwill for each entity included in the consolidation separately, with an indication of how they are determined and the amount of depreciation write-off so far;
4) numerical information ensuring the comparability of the financial statements concerned for the year preceding the financial statements for the financial year;
5. the figures for companies related to capital with the entity:
(a) permanent financial deposits in those companies,
(b) reciprocal duties and obligations,
(c) costs and revenues from mutual transactions,
(d) off-balance-sheet items related to related units,
(e) other data necessary for the preparation of the consolidated financial statements;
6) in the case of the consolidated financial statements drawn up for the period in which the related unit was connected:
(a) in the case of acquisition by the acquisition method, the name and description of the business of the acquired company, the number, the nominal value and the type of shares issued for the purpose of the merger, the acquisition price, the value of the net assets at the fair value of the company taken over at the date of the merger, the goodwill or the negative goodwill and the description of the rules for its depreciation, or
(b) in the case of settlement of the merger method, the name and description of the business object of the companies which, as a result of the merger, have been deleted from the register, the number, the nominal value and the type of shares issued for the purpose of the merger, revenues and costs, profits and losses and changes in the capital of the merged companies for the period from the beginning of the financial year during which the merger took place, to the date of the merger;
7. information on the remuneration of the statutory auditor or entity authorized to audit the financial statements, paid or due for the financial year separately for:
(a) the compulsory examination of the annual consolidated accounts,
(b) other endorsing services,
(c) tax advisory services,
(d) other services.
II. In the notes on the individual items of the financial statements of the capital group, provide information on:
1) joint ventures which are not subject to consolidation by the full or the property rights, including:
(a) the name, the scope of the activities of the Joint Undertaking, the percentage of participation, the shares held jointly and the commitments entered into, including the conditions for which it is conditional,
(b) the income received from the Joint Undertaking and the costs associated with them;
2) salaries, including the remuneration of profit, paid to members of the management board and supervisory bodies of capital companies;.
3) loans granted to the members of the management board and supervisory bodies of capital companies;
4) transactions:
(a) with the members of the management board and the supervisory authorities of the insurance or reinsurance undertaking, as well as with the persons of the spouses or persons actually living in the common loan, relatives or duties to the other extent, adopted or adopters, care-related persons or guardians in respect of any of the persons who are members of the management board and of the supervisory authorities of the insurance undertaking or of the reinsurance undertaking,
(b) with the units in which the shareholders (shareholders) or members are the persons referred to in point a, if they have, directly or indirectly, a voting right of at least 33% of all voting rights at the meeting of shareholders (general shareholders). the Assembly of Shareholders);
5) transactions with affiliated companies which are not included in the consolidated financial statements;
6) significant transactions (including their amounts) concluded by an insurance undertaking or a reinsurance undertaking which is a parent undertaking or by other entities covered by consolidated financial statements on other terms than market-parties related, except for intra-group transactions, together with information identifying the nature of these transactions; information on individual transactions may be grouped according to their nature, except where information about individual transactions is necessary for understanding their impact on the financial situation and the financial result of the capital group;
(7) information on the nature and economic purpose of an insurance undertaking or a reinsurance undertaking which is a parent undertaking or by other undertakings included in the consolidated financial statements of contracts not included in the consolidated accounts the balance sheet to the extent necessary to assess their impact on the financial situation and the financial result of the capital group.
Annex 6. [ SCOPE OF INFORMATION TO REPORT ON THE ACTIVITIES OF THE INSURANCE UNDERTAKING AND THE REINSURANCE UNDERTAKING]
Annex No 6
SCOPE OF INFORMATION TO REPORT ON THE ACTIVITIES OF THE INSURANCE AND REINSURANCE UNDERTAKING
The report on the activities of the insurance undertaking and the reinsurance undertaking should include:
1. information on events which have occurred in the financial year, which have materially affected the assets and financial position of the insurance undertaking or reinsurance undertaking;
2. information on the expected development of an insurance undertaking or a reinsurance undertaking;
3) an indication of the risk factors of the insurance business or of the reinsurance business and a description of the possible risks of it;
4) presentation of the current and foreseeable financial situation:
(a) in the case of an insurance undertaking concerning the structure of the sale of insurance products, the profitability of the business activity, the volume of the costs of carrying out the insurance business and the reinsurance business, the size created at the financial year of the technical provisions, the state of coverage of the solvency margin and the guarantee capital by own funds, as well as the state of cover of the technical provisions of the relevant assets,
(b) in the case of a reinsurance undertaking concerning the reinsurance business performed, the profitability of the business activity, the size of the reinsurance business costs, the size of the reserves created at the end of the financial year technical-insurance, the state of coverage of the solvency margin and the guarantee capital by own funds, as well as the state of cover of the technical provisions of the relevant assets.
Annex 7. [ THE METHODS OF ESTABLISHING THE EQUALISATION RESERVE IN INSURANCE COVER OF GROUP 14 OF CHAPTER II]
Annex No 7
METHODS OF CREATING A RESERVE FOR EQUALISATION IN INSURANCE OF GROUP 14 OF CHAPTER II
Method 1
1. The insurance and reinsurance undertaking shall be required to create a reserve for equalisation compensation for the risks of group 14. This reserve is intended to cover the negative technical result in group 14 in a given financial year.
2. The above reserve shall be increased in each financial year by 75% of the positive technical result in group 14, but not more than the amount equal to 12% of the contribution assigned to own contribution in group 14, up to 150% of the largest a set of contributions on own contribution in group 14 during the financial year in the last 5 financial years.
Method No 2
1. The insurance and reinsurance undertaking shall be required to create a reserve for equalisation compensation for the risks of group 14. It is intended to cover the negative technical result in group 14 in a given financial year.
2. The minimum size of the above reserve shall be 134% of the average collection of the premium on own contribution from direct insurance and active reinsurance in group 14 during the financial year in the last 5 financial years.
3. The above reserve shall be increased in each financial year by 75% of the positive technical result in Group 14, up to at least the size described in paragraph 1. 2.
Method No 3 (actuarial method)
1. The insurance and reinsurance undertaking shall be required to create a reserve for equalisation compensation for the risks of group 14. It is intended to cover a higher than average pest rate in group 14 in a given financial year.
2. The above reserve shall be increased in each financial year in which the pest is lower than the average pest in the reference period, by an amount equal to the product of the year of the year 14 by the difference between the average pest rate during the reference period and the pest rate in a given year, up to the required size of that reserve.
3. The required size of the equalisation reserve shall be equal to the product of six times the standard deviation from the sample of the morbidity rate in subsequent financial years of the reference period by the amount of the contribution earned in the year in question 14.
4. The above reserve shall be reduced in each financial year, in which the pest is greater than the average pest in the reference period, by an amount equal to the product of the premium earned in a given year in group 14 by the difference between the pest rate in a given year and the average pest factor during the reference period.
5. Regardless of the course of the pest and the adjustment of the equalisation reserve in a given year, the reserve shall be increased in each financial year by 3,5% of the required size of the reserve until the required size of that reserve is reached. reserves.
6. The reference period shall be not less than 15 years and not more than 30 years. The equalisation reserves for the risks of group 14 shall not be established if, during each year of the reference period, the insurance undertaking or reinsurance undertaking has not shown a negative technical result in group 14.
7. The required size of the equalisation reserve and the amounts of its reductions shall be reduced if the analysis of the average pest and the cost factor during the reference period shows that the component is calculated as a mark-up safety.
8. All calculations shall relate to receipts and costs on own share.
9. Through the concept of "cost factor" means the ratio of the costs of the insurance business and the remaining technical costs on its own contribution (item. VII and VIII technical account of property and personal insurance-Annex no. 3 to the Act) for the contribution earned.
Method No 4 (actuarial method)
(1) The insurance undertaking and the reinsurance undertaking must set up a reserve for equalisation compensation for the risks of group 14. It is intended to cover a higher than average pest rate in group 14 in a given financial year.
2. The above reserve shall be increased in each financial year in which the pest is lower than the average pest in the reference period, by an amount equal to the product of the year of the year 14 by the difference between the average pest rate during the reference period and the pest rate in a given year, up to the required size of that reserve.
3. The maximum required amount of the equalisation reserve shall be equal to the product of six times the standard deviation from the sample of the pest rate during the reference period by the amount of the contribution earned in the given year in group 14.
4. The above reserve shall be reduced in each financial year, in which the pest is greater than the average pest in the subsequent financial years of the reference period, by an amount equal to the product of the contribution made in the year in question. Group 14 by the difference between the equalisation factor in a given year and the average coefficient of pest in the reference period up to the minimum required size of this reserve.
5. The minimum required amount of the equalisation reserve shall be equal to the product of three times the standard deviation from the morbidity rate sample in the subsequent financial years of the reference period by the amount of the contribution earned in the year in question. group 14.
6. The reference period shall be not less than 15 years and not more than 30 years. The equalisation reserves for the risks of group 14 shall not be established if, during each year of the reference period, the insurance undertaking or reinsurance undertaking has not shown a negative technical result in group 14.
7. Both the required volumes, the maximum and the minimum reserves, the equalisation provisions and the amounts of its reductions shall be reduced if the analysis of the average pest and the cost factor during the reference period is due to the contribution of the component to the the safety overhead shall be calculated and that the coefficient of safety overhead shall be equal to at least half of the standard deviation of the standard deviation from the sample of the pest in the subsequent financial years of the reference period. These volumes should be reduced by multiplying the ratio of the standard deviation of the standard deviation from the sample of the injury factor to the subsequent rotary years of the reference period and the coefficient of safety overhead.
8. All calculations shall relate to receipts and costs on own share.
9. Through the concept of "cost factor" means the ratio of the costs of the insurance business, the reinsurance business and the other technical costs on its own contribution (item. VII and VIII technical account of property and personal insurance-Annex no. 3 to the Act) for the contribution earned.
Annex 8. [ METHOD OF CALCULATION OF THE WEIGHTED AVERAGE RATE OF RETURN ON INVESTMENTS COVERING TECHNICAL PROVISIONS IN THE LAST 3 FINANCIAL YEARS]
Annex No 8
METHOD OF CALCULATION OF THE WEIGHTED AVERAGE RATE OF RETURN ON INVESTMENTS COVERING TECHNICAL PROVISIONS IN THE LAST 3 FINANCIAL YEARS
1. The amount of the weighted average rate of return (K) of the deposits which cover the technical provisions of the last 3 financial years preceding the year (S) shall be calculated as follows:
K = 50% x K1 + 30% x K2 + 20% x K3,
where
Q1, K2, K3-shall mean the rate of return on investment of all investments covering all technical provisions to be determined using technical rates-excluding provisions relating to insurance contracts referred to in paragraph 1. 46 (1) 6 of the Regulation-in subsequent years, where KI refers to the year S-l, K2 up to the year S-2, and K3 to the year S-3.
Where an insurance undertaking has been operating for less than 3 years, the above formula shall apply mutatis mutandis, with a weighting of 65% for the last year and 35% for the penultimate year for the two-year period.
If the result of the calculation carried out in accordance with the above formula is a negative number, then the weighted average return rate of K shall be 0.
2. The rate of return on deposits to cover technical provisions in a given financial year shall be calculated according to the formula:
return rate = [ 2 x L/(A + B-L)] x 100%,
where:
L-shall mean the investment income of all investments which are covered by the corresponding technical provisions, less the costs of the business in the financial year,
A-shall mean the value of the whole of the investments which cover the corresponding technical provisions as at the beginning of the financial year,
B-shall mean the value of the whole of the investments which cover the corresponding technical provisions as at the end of the financial year.
Annex 9. [ METHOD OF FIXING THE MAXIMUM TECHNICAL RATE]
Annex No 9
METHOD OF FIXING THE MAXIMUM TECHNICAL RATE
1. The height of the maximum technical rate (J) in a given financial year (R) shall be calculated as follows:
J = 60% x (50% x I1 + 30% x I2 + 20% x I3),
where
I1, I2, I3-means the weighted average annual yield of the Treasury bonds with a fixed interest rate, with a buy-back period of not less than 8 years, obtained on the primary market, in the last 3 years, with I1 being the profitability in the year R-1, I2 profitability in year R-2, and I3 profitability in year R-3.
2. The term "weighted average annual yield of Treasury bonds" means the weighted average of the profitability obtained on the original tenders in the relevant year, where the weights are the nominal values of the bonds sold on the individual tenders.
[ 1] § 58 par. 1 point 5 as amended by § 1 point 1 lit. a) of the Regulation of the Minister of Finance dated 27 October 2015. amending the Regulation on specific accounting rules of insurance and reinsurance undertakings (Journal of Laws of the European Union 1849). The amendment came into force on 27 November 2015.
[ 2] § 58 par. 2 in the version set out in paragraph 1 (1) (c), b) of the Ordinance of the Minister of Finance of 27 October 2015. amending the Regulation on specific accounting rules of insurance and reinsurance undertakings (Journal of Laws of the European Union 1849). The amendment came into force on 27 November 2015.
[ 3] § 58 par. 5 point 4 as set out by § 1 point 1 lit. c) of the Regulation of the Minister of Finance dated 27 October 2015. amending the Regulation on specific accounting rules of insurance and reinsurance undertakings (Journal of Laws of the European Union 1849). The amendment came into force on 27 November 2015.
[ 4] Annex No 4 as set out by § 1 item 2 of the Ordinance of the Minister of Finance dated 27 October 2015. amending the Regulation on specific accounting rules of insurance and reinsurance undertakings (Journal of Laws of the European Union 1849). The amendment came into force on 27 November 2015.
