Technical Provisions and Basic Own Funds09 February, 2024
The Implementing Regulation (EU) 2024/456 was published, which sets forth the technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 December 2023 until 30 March 2024.
This Regulation aims to guarantee standardised conditions for the calculation of technical provisions and original own funds by insurance and reinsurance undertakings, in line with what was already established by Directive 2009/138/EC. Thus, for the current reference date, the Regulation establishes the technical information on risk-free interest rate structures for the different maturities, as well as the fundamental spreads for calculating the compensatory and volatility adjustments.
Insurance and reinsurance undertakings shall use the technical information, which is based on market data relating to the end of the previous month (November) to the first reference date to which this Regulation applies (December).
The present regulation has entered into force on 8 February 2024, being retroactively applicable from 31 December 2023 onwards.