Regulatory Alerts2020-11-09
Added · Updated
Commission Implementing Regulation (EU) 2020/1647 laying down technical information for the calculation of technical provisions and basic own funds
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 September 2020 and 30 December 2020. This Regulation requires the use of relevant risk-free interest rate term structures, fundamental spreads for matching adjustments, and volatility adjustments as detailed in Annexes I, II, and III. The rules apply directly in all Member States and entered into force on 11 November 2020, with application retroactive to 30 September 2020.