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No. 1276/2024

1 November 2024

RULES

regarding the calculation of technical provisions and basic own funds with reference dates from 31 March 2024 to 29 June 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 laid down to implement the Commission Implementing Regulation (EU) setting out technical information on the risk-free interest rate term structure for the relevant currencies in accordance with the second paragraph of Article 76 of Act No. 100/2016.

Article 3. Implementation of the regulation.

With these rules, Commission Implementing Regulation (EU) 2024/1289 of 13 May 2024 on technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2024 to 29 June 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. 124/2024 of 12 June 2024.

With reference to the authorisation 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: Stjtíð. EU, Series L, 2024/1289, on 14 May 2024.

Article 4. Entry into force.

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

Central Bank of Iceland, 1 November 2024.

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

Section B - Publication: 15 November 2024