12

Data Quality and Application of Approximations

12.1

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

12.2

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

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