Article 6 Accounting rules

1.   Unless otherwise provided for in this Regulation, the accounting rules followed by insurance corporations for the purpose of reporting under this Regulation shall be those laid down in the relevant national law implementing Directive 2009/138/EC or in any other national or international standards to be followed by insurance corporations based on instructions provided by NCBs.

2.   In addition to the requirements of any accounting rules followed by insurance corporations in accordance with paragraph 1, deposits and loans held by insurance corporations and denoted as ‘nominal value’ in Table 2.1 and Table 2.2 of Annex I shall be reported at the principal amount outstanding at the end of the quarter. Write-offs and write-downs as determined by the relevant accounting practices shall be excluded from this amount.

3.   Without prejudice to accounting practices and netting arrangements prevailing in the euro area Member States, all financial assets and liabilities shall be reported on a gross basis for statistical purposes.