Featured Product

    EC Rule Provides Technical Information for Solvency II Calculations

    May 13, 2022

    The European Commission (EC) published the Implementing Regulation 2022/732 that lays out the technical information for calculation of technical provisions and basic own funds, for reporting with reference dates from March 31, 2022 to June 29, 2022. Regulation 2022/732 contains rules in accordance with the Solvency II Directive (2009/138/EC) on the taking-up and pursuit of the business of insurance and reinsurance.

    Regulation 2022/732 stipulates that insurance and reinsurance undertakings shall use the provided technical information when calculating technical provisions and basic own funds for reporting with reference dates from March 31, 2022 to June 29, 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

    Regulation 2022/732 shall enter into force on the day following its publication in the Official Journal of the European Union. It shall apply from March 31, 2022.

     

    Related Link: Regulation 2022/732


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

    Featured Experts
    Related Articles
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    News

    FASB Proposes Improvements to 2023 GAAP Reporting Taxonomy

    The Financial Accounting Standards Board (FASB) is seeking comments, until November 03, 2022, on the proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy.

    November 03, 2022 WebPage Regulatory News
    News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News
    News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8588