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The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019, Paragraph 9 is up to date with all changes known to be in force on or before 01 June 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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9. Laying down the following—U.K.
(a)actuarial and statistical methodologies to calculate the best estimate M1;
(b)the methodologies, principles and techniques for the determination of the relevant risk-free interest rate term structure to be used to calculate the best estimate M2;
(c)the circumstances in which technical provisions must be calculated as a whole, or as a sum of a best estimate and a risk margin, and the methods to be used in the case where technical provisions are calculated as a whole M3;
(d)the methods and assumptions to be used in the calculation of the risk margin including the determination of the amount of eligible own funds necessary to support the insurance and reinsurance obligations and the calibration of the cost-of-capital rate M4;
(e)the lines of business on the basis of which insurance and reinsurance obligations are to be segmented in order to calculate technical provisions M5;
(f)the standards to be met with respect to ensuring the appropriateness, completeness and accuracy of the data used in the calculation of technical provisions, and the specific circumstances in which it would be appropriate to use approximations, including case-by-case approaches, to calculate the best estimate M6;
(g)specifications with respect to the requirements as to the matching adjustment to the relevant risk-free interest rate term structure set out in regulation 39 and 42 of the Solvency 2 Regulations 2015 M7, including the methods, assumptions and standard parameters to be used when calculating the impact of the mortality risk stress referred to in regulation 42(4)(h) M8 of the Solvency 2 Regulations 2015;
(h)specifications with respect to the requirements for the calculation of the matching adjustment M9 including assumptions and methods to apply in the calculation of the matching adjustment and the fundamental spread;
(i)methods and assumptions for the calculation of the volatility adjustment in regulation 43 of the Solvency 2 Regulations 2015 M10, including a formula for the calculation of the spread referred to in regulation 4B(3) and (6) of those Regulations.
Commencement Information
I1Sch. 1 para. 9 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M1Article 77(2) of the Solvency 2 Directive.
M2Article 77(2) of the Solvency 2 Directive
M3Article 77(4) of the Solvency 2 Directive.
M4Article 77(5) of the Solvency 2 Directive.
M5Article 80 of the Solvency 2 Directive.
M6Article 82 of the Solvency 2 Directive.
M8Article 77(1)(e) of the Solvency 2 Directive.
M9Article 77c of the Solvency 2 Directive.
M10Article 77d of the Solvency 2 Directive.
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