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.
Effective Date: May 08, 2019
Keywords: Europe, EU, Insurance, Reinsurance, Solvency II, Reporting, Own Funds, EIOPA, EC
Previous ArticleAPRA Letter on Exposure to Third Party Lenders Including P2P Lenders
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.