EC published the Implementing Regulation (EU) 2019/1285 that lays down technical information for the calculation of technical provisions and basic own funds for reporting, with reference dates from June 30, 2019 until September 29, 2019, in accordance with the Solvency II Directive (2009/138/EC). Regulation (EU) 2019/1285 shall enter into force on the day following that of its publication in the Official Journal of the European Union. It shall apply from June 30, 2019.
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 Solvency II 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 of Regulation (EU) 2019/1285
- The fundamental spreads for the calculation of the matching adjustment set out in Annex II of Regulation (EU) 2019/1285
- For each relevant national insurance market, the volatility adjustments set out in Annex III of Regulation (EU) 2019/1285
Effective Date: August 01, 2019
Keywords: Europe, EU, Insurance, Solvency II, Reporting, Technical Information, Own Funds, Risk-Free Rates, Matching Adjustment, Volatility, Adjustment, Regulation 2019/1285, EC
Previous ArticleEBA Amends Supervisory Reporting Standards for FINREP
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.