#32026R0349Commission Implementing Regulation (EU) 2026/349 laying down technical information for the calculation of technical provisions and basic own funds under Solvency II (reference dates 31 Dec 2025 – 30 Mar 2026)
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This regulation requires EU insurance and reinsurance undertakings to use specific risk-free interest rate term structures, fundamental spreads for matching adjustment, and volatility adjustments when calculating technical provisions and basic own funds. It applies to all quarterly and annual reporting with reference dates between 31 December 2025 and 30 March 2026 inclusive. The technical information is based on end-of-December 2025 market data published by EIOPA on 8 January 2026. Annexes provide detailed yield curves for multiple currencies (EUR, CZK, DKK, HUF, ISK, BGN, GBP, RON, PLN, SEK, NOK, CHF) up to 150 years maturity and corresponding adjustments.
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Key Changes
- Insurance and reinsurance undertakings must use the exact risk-free interest rate term structures listed in Annex I for best estimate calculations for reporting dates from 31 December 2025 to 30 March 2026
- Fundamental spreads for matching adjustment as set out in Annex II must be applied where matching adjustment is used
- Volatility adjustments per national market in Annex III are mandatory when volatility adjustment is applied
+ 2 more changes with Pro
Obligations
What this law requires
Insurance and reinsurance undertakings must use the risk-free interest rate term structures set out in Annex I when calculating technical provisions and basic own funds for reporting with reference dates from 31 December 2025 until 30 March 2026.
Insurance and reinsurance undertakings must use the fundamental spreads for matching adjustment set out in Annex II when calculating the matching adjustment in accordance with Article 77c of Directive 2009/138/EC.
Insurance and reinsurance undertakings must use the volatility adjustments set out in Annex III for each relevant national insurance market when calculating volatility adjustments in accordance with Article 77d of Directive 2009/138/EC.
Insurance and reinsurance undertakings must apply the technical information based on end-of-December 2025 market data for all quarterly and annual reporting with reference dates between 31 December 2025 and 30 March 2026 inclusive.
Insurance and reinsurance undertakings must use the same technical information provided in this Regulation for calculating technical provisions and basic own funds irrespective of the date on which they report to their competent authorities.