May 07, 2019

EC published the Implementing Regulation (EU) 2019/699 that lays down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from March 31, 2019 until June 29, 2019, in accordance with Solvency II (Directive 2009/138/EC). The 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 March 31, 2019.

To ensure uniform conditions for the calculation of technical provisions and basic own funds by insurance and reinsurance undertakings for the purposes of Solvency II, technical information on relevant risk-free interest rate term structures, fundamental spreads for the calculation of the matching adjustment, and volatility adjustments should be laid down for every reference date.Insurance and reinsurance undertakings should use the technical information, which is based on market data related to the end of the last month preceding the first reporting reference date to which Regulation (EU) 2019/699 applies. On April 04, 2019, EIOPA provided EC with the technical information related to end of March 2019 market data. For prudential reasons, it is necessary that insurance and reinsurance undertakings use the same technical information for calculating technical provisions and basic own funds irrespective of the date on which they report to their competent authorities.

 

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Effective Date: May 08, 2019

Keywords: Europe, EU, Insurance, Reinsurance, Solvency II, Reporting, Own Funds, EIOPA, EC

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