Regulatory Alerts2021-05-06
Added · Updated
Commission Implementing Regulation (EU) 2021/744 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 from 31 March 2021 until 29 June 2021. This requirement applies to data based on market conditions at the end of March 2021, including risk-free interest rate term structures, fundamental spreads for matching adjustments, and volatility adjustments. The Regulation entered into force on 8 May 2021 and applies retroactively from 31 March 2021 to ensure uniform prudential calculation standards across the EU.