Article 59 Life assurance provision

Article 59

Life assurance provision

1.  The life assurance provision shall in principle be computed separately for each life assurance contract. Member States may, however, permit the use of statistical or mathematical methods where they may be expected to give approximately the same results as individual calculations. A summary of the principal assumptions made shall be given in the notes on the accounts.

2.  The computation shall be made annually by an actuary or other specialist in this field on the basis of recognized actuarial methods.