Revenue eBrief No. 20/17: Solvency II – EU (Insurance and Reinsurance) Regulations 2015
Following the introduction of the Insurance Accounts Directive in 1996, Tax Briefing Issue 24 provided guidance on the preparation of Notional Case I (NCI) computations for life assurance companies. Specifically, Tax Briefing Issue 24 clarified that the starting point for the NCI computation would remain the surplus transfer to shareholders as evidenced on Form 28 of the regulatory return.
The implementation of Solvency II for reporting periods commencing on or after 1 January 2016 will give rise to a practical issue in relation to the NCI computation given that Form 28 will no longer be prepared by life assurance companies subject to Solvency II.
Details of the new arrangements are set out in Tax and Duty Manual Part 26-00-01.
Source: Revenue Commissioners, www.revenue.ie. Copyright acknowledged