Article 17:603 Conversion Value; Surrender Value

The insurance contract shall state the way the conversion value and/or the surrender value is calculated in accordance with the law of the home Member State of the insurer. The stated way of calculating the surrender and/or conversion value shall comply with established actuarial principles and with para. 2.

When the insurer deducts the costs of concluding the contract, it shall do so in equal amounts and over a period of no less than five years.

The insurer is entitled to deduct an appropriate amount, which is calculated in accordance with established actuarial principles, to cover costs related to the payment of the surrender value, unless the calculation already includes such reduction.