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    EC Rule Updates Data for Calculations Under Solvency II Reporting

    February 13, 2020

    EC published the Implementing Regulation 2020/193, which lays down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from December 31, 2019 to March 30, 2020, in accordance with the Solvency II Directive (2009/138/EC). This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union. It shall apply from December 31, 2019, as stated in Article 2 of the regulation.

    Under this regulation, insurance and reinsurance undertakings shall use the provided technical information when calculating technical provisions and basic own funds for reporting with the above-mentioned reference dates. For each relevant currency, the technical information used to calculate the best estimate in accordance with Article 77 of Solvency II Directive, the matching adjustment in accordance with Article 77c of that Directive and the volatility adjustment in accordance with Article 77d of that Directive shall be the following:

    • The relevant risk-free rate term structures set out in Annex I
    • The fundamental spreads for the calculation of the matching adjustment set out in Annex II
    • For each relevant national insurance market, the volatility adjustments set out in Annex III


    Related Link: Regulation 2020/193

    Effective Date: February 14, 2020

    Keywords: Europe, EU, Insurance, Solvency II, Own Funds, Reporting, Matching Adjustment, Volatility Adjustment, Regulation 2020/193, EC

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