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    EC Rule Updates Technical Information for Solvency II Calculations

    February 11, 2022

    The European Commission (EC) published the Implementing Regulation 2022/186, which sets out technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from December 31, 2021 to March 30, 2022. This Regulation, which is in accordance with the Solvency II Directive, shall enter into force on the day following its publication in the Official Journal of the European Union. It shall apply from December 31, 2021.

    Under this regulation, insurance and reinsurance undertakings shall use the provided technical information when calculating technical provisions and basic own funds for reporting with reference dates from December 31, 2021 to March 30, 2022. 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:

    • Relevant risk-free rate term structures, as set out in Annex I
    • Fundamental spreads for the calculation of the matching adjustment, as set out in Annex II
    • Volatility adjustments for each relevant national insurance market, as set out in Annex III

     

    Related Link: Regulation 2022/186

     

    Keywords: Europe, EU, Insurance, Reinsurance, Solvency II, Technical Provisions, Reporting, Volatility Adjustment, Matching Adjustment, Own Funds, EC

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