Regulatory Alerts2015-03-24
Added · Updated
Commission Implementing Regulation (EU) 2015/500 on supervisory approval procedures for matching adjustments under Solvency II
The European Commission adopted Implementing Regulation (EU) 2015/500 to establish implementing technical standards for the supervisory approval of matching adjustments under Solvency II. The regulation mandates that insurance and reinsurance undertakings submit detailed written applications containing specific evidence regarding asset portfolios, insurance obligations, cash-flow matching, and liquidity plans. Supervisory authorities are required to confirm application completeness within 30 days and issue a final decision within six months, with periods of requested additional information excluded from this deadline. The regulation entered into force on 26 March 2015 to ensure legal certainty during the Solvency II phasing-in period.