Article 2
1. Unless otherwise required by the supervisory authority concerned, ‘reporting currency’, shall, for the purposes of this Regulation, mean any of the following:
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(a) |
for individual disclosures, the currency used for the preparation of the insurance or reinsurance undertaking’s financial statements; |
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(b) |
for group disclosures, the currency used for the preparation of the consolidated financial statements. |
2. Insurance or reinsurance undertakings shall disclose figures reflecting monetary amounts in the reporting currency. They shall convert any other currency than the reporting currency into the reporting currency.
3. When insurance or reinsurance undertakings express the value of any asset or liability denominated in a currency other than the reporting currency, they shall convert that value in the reporting currency as if the conversion had taken place at the closing rate on the last day for which the appropriate rate is available in the reporting period to which the asset or liability relates.
4. When insurance or reinsurance undertakings express the value of any income or expense in a currency other than the reporting currency, they shall convert that value in the reporting currency using the same basis of conversion as the one used for accounting purposes.
5. Insurance or reinsurance undertakings shall calculate the conversion into the reporting currency by applying the exchange rate from the same source as the one used:
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(a) |
for the insurance or reinsurance undertaking’s financial statements in case of individual reporting; |
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(b) |
for the consolidated financial statements in case of group reporting, unless otherwise required by the supervisory authority. |