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    EC Rule on Calculation of Technical Provisions Under Solvency II

    November 14, 2019

    EC published the Implementing Regulation (EU) 2019/1902 that lays down technical information for calculation of technical provisions and basic own funds for reporting with reference dates from September 30, 2019 until December 30, 2019, in accordance with the Solvency II Directive (2009/138/EC). Regulation 2019/1902 shall enter into force on the day following that of its publication in the Official Journal of the European Union. It shall apply from September 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) 2019/1902
    • The fundamental spreads for the calculation of the matching adjustment set out in Annex II of Regulation (EU) 2019/1902
    • The volatility adjustments set out in Annex III of Regulation (EU) 2019/1902, for each relevant national insurance market

     

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    Effective Date: November 15, 2019

    Keywords: Europe, EU, Insurance, Solvency II, Reporting, Technical Information, Own Funds, Risk-free Rates, Matching Adjustment, Volatility Adjustment, Regulation 2019/1902, EC

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