EC Regulation on Calculation of Technical Provisions Under Solvency II
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
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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
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