Regulatory Alerts2016-08-08
Added · Updated
Commission Implementing Regulation (EU) 2016/1376 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 June until 29 September 2016
The European Commission mandates that insurance and reinsurance undertakings use specific technical information to calculate technical provisions and basic own funds for reporting reference dates between 30 June and 29 September 2016. This requirement applies to data based on market conditions at the end of June 2016, including risk-free interest rate term structures, fundamental spreads for matching adjustments, and volatility adjustments. The regulation entered into force on 19 August 2016 and applies retroactively from 30 June 2016 to ensure uniform prudential calculation standards across the EU.