Valuation of assets and liabilities

(1) Insurance undertakings must prepare, in accordance with subsections (2) and (3) and sections 75 to 87, a statement setting assets against liabilities for the purpose of determining the own funds held (solvency balance sheet). The provisions of this Act on own funds and the commercial-law obligation to keep accounts remain unaffected.
(2) Assets are valued in the solvency balance sheet at the amount for which they could be exchanged between knowledgeable, willing, and independent business partners.
(3) Liabilities are valued at the amount for which they could be transferred or settled between knowledgeable, willing, and independent business partners. No adjustment is made to the valuation to take account of the creditworthiness of the insurance undertaking.