On 5 February 2016, the Commission adopted an Implementing Regulation under Article 77(e)(2) of the Solvency II, prescribing technical information for the calculation of technical provisions and basic own funds for the period from 1 January to 30 March 2016.

It sets out the information to be used to calculate the best estimate, in line with Article 77 of Solvency II, as well as the information required for calculating the matching adjustment and volatility adjustment in accordance with Articles 77(c) and 77(d) respectively.

The Implementing Regulation has immediate effect pursuant to the Commission’s powers under Regulation (EU) No 182/2011 to derogate from the usual implementation procedure. The recitals explain that this is necessary to ensure (re)insurance undertakings have immediate access to the technical information and calculate technical provisions and basic own funds uniformly with effect from the first reporting reference date of 1 January 2016.

A link to Commission Implementing Regulation (EU) 2016/165 is here.