EC published the Implementing Regulation 2020/641, which lays down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from March 31, 2020 until June 20, 2020, in accordance with the Solvency II Directive. 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 March 31, 2020.
Insurance and reinsurance undertakings shall use the technical information referred to in this regulation when calculating technical provisions and basic own funds. For each relevant currency, the technical information used to calculate the best estimate in accordance with Article 77 of Solvency II Directive (2009/138/EC), 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
- The volatility adjustments, for each relevant national insurance market, set out in Annex III
Keywords: Europe, EU, Insurance, Solvency II, Reporting, Technical Information, Technical Provisions, Basic Own Funds, Volatility Adjustment, Matching Adjustment, EC
Previous ArticleCMF Announces More Measures to Mitigate Impact of COVID-19 Outbreak
FSB published the annual report that examines to-date progress toward implementation of climate-related disclosure recommendations of the industry-led Task Force on Climate-related Financial Disclosures (TCFD).
PRA launched a consultation (CP18/20) setting out proposals for the "Contractual Recognition of Bail-in" and "Stay in Resolution" Rules.
APRA is consulting on the reporting standard for credit risk management (ARS 220.0).
EC published draft of a delegated regulation amending liquidity coverage rules for covered bond issuers.
ESMA published an update to its March 2019 statement on the endorsement of credit ratings from UK.
FASB is consulting on the XBRL US Data Quality Committee (DQC) Rules Taxonomy (DQCRT) along with two technical guides.
PRA published Version 2 of the questions and answers (Q&A) on the Branch Return form.
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
ISDA launched the IBOR Fallbacks Supplement and the IBOR Fallbacks Protocol, with both becoming effective on January 25, 2021.
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.