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In order to ensure uniform conditions for the calculation of technical provisions and basic own funds by insurance and reinsurance undertakings for the purposes of Directive 2009/138/EC, technical information on relevant risk-free interest rate term structures, fundamental spreads for the calculation of the matching adjustment and volatility adjustments should be laid down for every reference date.
Insurance and re-insurance undertakings should use the technical information, which is based on market data related to the end of the last month preceding the first reporting reference date to which this Regulation applies. On 14 January 2016, the European Insurance and Occupational Pensions Authority (EIOPA) provided the Commission with the technical information related to end December 2015 market data. That information was published on 13 January.
Given the need for the immediate availability of the technical information, it is important that this Regulation enters into force as a matter of urgency.
For prudential reasons it is necessary that insurance and reinsurance undertakings use the same technical information for calculating technical provisions and basic own funds irrespective of the date on which they report to their competent authorities. This Regulation should therefore apply from the first reporting reference date to which this Implementing Regulation applies.
Text of the Implementing Regulation
Annexes to the Implementing Regulation