General principles for calculating the technical provisions

(1) Insurance undertakings must have internal processes and procedures to ensure the accuracy, completeness, and appropriateness of the data used in calculating the technical provisions.
(2) Where insurance undertakings do not have available, in sufficient quantity, data of adequate quality to apply a reliable actuarial method to a group or subgroup of their insurance obligations, or to amounts recoverable from reinsurance contracts and from special purpose vehicles, the insurance undertakings may use appropriate approximations, including case-by-case analyses, to calculate the best estimate.