(107)

Article 308d is amended as follows: the following paragraph is inserted: ‘1a. After 30 January 2027, supervisory authorities shall only approve a transitional deduction to technical provisions in the following cases: ; during a period of 18 months preceding the approval, the rules of this Directive applied for the first time to the insurance or reinsurance undertaking requesting the approval after being exempted from the scope of this Directive pursuant to Article 4; during a period of six months preceding the approval, the insurance or reinsurance undertaking requesting the approval accepted a portfolio of insurance and reinsurance contracts, where the transferring insurance or reinsurance undertaking applied the transitional adjustment to the relevant risk-free interest rate term structure with respect to that portfolio of contracts prior to the transfer.’ in paragraph 5, point (c) is replaced by the following: ; within the part of their report on their solvency and financial condition consisting of information targeted at market professionals referred to in Article 51(1b), publicly disclose all of the following: the fact that they apply the transitional deduction to the technical provisions; the quantification of the impact of not applying that transitional deduction on their financial position; where the undertaking would comply with the Solvency Capital Requirement without application of that transitional deduction, the reasons for its application; an assessment of the dependency of the undertaking on that transitional deduction and, where applicable, a description of the measures taken or planned by the undertaking to reduce or remove the dependency.’

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.