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The use of harmonised risk free interest rate term structures will ensure the consistent calculation of technical provisions by (re)insurance companies throughout the European Union.
EIOPA decided to publish this information well ahead of the implementation date of Solvency II in order to allow (re)insurance companies to prepare for the start of the new supervisory system in 2016.
The reference date of the published term structures is 31 December 2014. Term structures for 31 January and 28 February 2015 will be released in the beginning of March 2015. As of then this Technical Information will be updated on a monthly basis.
Gabriel Bernardino, Chairman of EIOPA, said: “By today’s publication we have made another important step towards achieving uniform conditions for the calculation of technical provisions by (re)insurance companies. This work is extremely important to ensure that Solvency II is implemented in a consistent way throughout the EU, by facilitating the valuation of undertakings and the work of supervisors, which in in turn will be beneficial for insurance policyholders”.
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