On August 8, 2016, the European Commission adopted an
Implementing Regulation laying down information for the
calculation of technical provisions and basic own funds for
reporting with reference dates from June 30 until September 29,
2016 (that is, the third quarter of 2016) in accordance with the
Solvency II Directive (2009/138/EC).
In the Regulation, technical information on relevant risk-free
interest rate term structures, fundamental spreads for the
calculation of the matching adjustment and volatility adjustments
are formulated for every reference date, in order to guarantee
uniform conditions for the calculation of technical provisions and
basic own funds by insurance and reinsurance undertakings for the
purposes of Solvency II.
The technical information to be used by insurance and
reinsurance undertakings when calculating technical provisions and
basic own funds for reporting with reference dates from June 30
until September 29, 2016 are detailed in the
annexes to the Implementing Regulation, as follows:
Annex 1: the relevant risk-free rate
Annex 2: the fundamental spreads for
the calculation of the matching adjustment
Annex 3: the volatility adjustments
for each relevant national market
The Regulation will enter into force the day after it has been
published in the Official Journal of the EU (OJ). It will apply
from June 30, 2016.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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