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No. 58/2025
10 January 2025

RULES

regarding the calculation of technical provisions and basic own funds with reference dates from 30 September 2024 to 30 December 2024.

Article 1. Scope.

These rules apply to the activities of domestic insurance companies and the activities of foreign insurance companies in this country, cf. Articles 2 and 3 of Act No. 100/2016 on insurance activities.

Article 2. Information on the risk-free interest rate term structure for the relevant currencies.

According to the first paragraph of Article 76 of Act No. 100/2016 on insurance activities, technical provisions shall be the sum of the best estimate of liabilities and a risk margin. These rules are set to implement the Commission Implementing Regulation (EU) containing technical information on the risk-free interest rate term structure for the relevant currencies pursuant to the second paragraph of Article 76 of Act No. 100/2016.

Article 3. Implementation of the regulation.

With these rules, Commission Implementing Regulation (EU) 2024/2883 of 18 November 2024 on technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 September 2024 to 30 December 2024 in accordance with Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance, which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No. 311/2024 of 6 December 2024.

With reference to the authorization in the first paragraph of Article 78 of Act No. 100/2016, the Central Bank of Iceland refers to the publication of the English version of the Commission Implementing Regulation (EU) in the Official Journal of the European Union: Official Journal of the EU, Series L, 2024/2883, on 19 November 2024.

Article 4. Entry into force.

These rules, which are set with authorization in the first paragraph of Article 78 of Act No. 100/2016 on insurance activities, enter into force immediately.

Central Bank of Iceland, 10 January 2025.

	Ásgeir Jónsson Governor of the Central Bank.	Rannveig Júníusdóttir Executive Director.

Section B - Published: 24 January 2025

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The links and the sentences they come from (2)

Issued under

Act No. 100/2016 on insurance activitiesNot in RegAlert
“These rules apply to the activities of domestic insurance companies and the activities of foreign insurance companies in this country, cf. Articles 2 and 3 of Act No. 100/2016 on insurance activities.”
Regulation No. 2883 dated 2024-11-18Not in RegAlert · European Commission
“These rules are set to implement the Commission Implementing Regulation (EU) containing technical information on the risk-free interest rate term structure for the relevant currencies pursuant to the second paragraph of Article 76 of Act N…”

Rules on the Calculation of Technical Provisions and Basic Own Funds with Reference Dates from 30 September 2024 to 30 December 2024