The European Commission has published the Implementing Regulation 2021/178 that lays down technical information for the calculation of technical provisions and basic own funds. This technical information is relevant for reporting with reference dates from December 31, 2020 to March 31, 2021, in accordance with the Solvency II Directive. The regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union.
For each relevant currency, the technical information used to calculate the best estimate in accordance with Article 77 of Solvency II Directive (2009/138/EC), the matching adjustment in accordance with Article 77c of that Directive, and the volatility adjustment in accordance with Article 77d of that Directive shall be the following, respectively:
- The relevant risk-free rate term structures, as set out in Annex I
- The fundamental spreads for calculation of the matching adjustment, as set out in Annex II
- The volatility adjustments for each relevant national insurance market, as set out in Annex III
The Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union. It shall apply from 31 December 2020. Regulation shall be binding in its entirety and directly applicable in all Member States.
Click on the link for further information.