Paragraph 4 Turnover in respect of activities as an insurance undertaking

The turnover of an undertaking in respect of its activities as an insurance undertaking is the total value of gross premiums received, comprising all amounts received and receivable in respect of insurance contracts issued by or on behalf of the undertaking, including outgoing reinsurance premiums, and after deduction of taxes and parafiscal contributions or levies charged by reference to the amounts of individual premiums or the total volume of premiums.

Paragraphs 5 and 6 also apply to determine the turnover of an undertaking in respect of its activities as an insurance undertaking.