Regulatory Alerts2023-08-30
Added · Updated
Commission Implementing Regulation (EU) 2023/1672 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 June 2023 and 29 September 2023. This requirement applies to data based on market conditions at the end of June 2023, including risk-free interest rate term structures, fundamental spreads for matching adjustments, and volatility adjustments as detailed in the regulation's annexes. The regulation entered into force on 1 September 2023 and applies retroactively from 30 June 2023.
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