1.

Member States shall ensure that, unless otherwise stated, insurance and reinsurance undertakings value assets and liabilities as follows: assets shall be valued at the amount for which they could be exchanged between knowledgeable willing parties in an arm’s length transaction; liabilities shall be valued at the amount for which they could be transferred, or settled, between knowledgeable willing parties in an arm’s length transaction. When valuing liabilities under point (b), no adjustment to take account of the own credit standing of the insurance or reinsurance undertaking shall be made.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-09 · Text as adopted (Official Journal); later amendments are not incorporated in this text.