(42)

Article 77e is amended as follows: paragraph 1 is amended as follows: the following points are inserted: ; for the purpose of the disclosures pursuant to Article 51(8), a relevant risk-free interest rate term structure without any matching adjustment or volatility adjustment and determined without the application of the phasing-in mechanism for the extrapolation as set out in Article 77a(2); the set of scenarios to be used for the prudent deterministic valuation of the best estimate for life obligations pursuant to Article 77(8);’ point (c) is replaced by the following: ; for each relevant currency and national insurance market, a risk-corrected spread as referred to in Article 77d(3) and (4) respectively;’ the following point is added: ; for each relevant Member State, the percentage of investments in debt instruments relative to total assets held by insurance and reinsurance undertakings authorised in the country as referred to in Article 77d(4).’ the following paragraph is inserted: ‘1a. For each relevant currency and each maturity where the markets for relevant financial instruments or bonds of that maturity are deep, liquid and transparent, EIOPA shall lay down and publish, at least on an annual basis, the percentage of bonds with that or a longer maturity among all bonds denominated in that currency as referred to in Article 77a(1).’ ; in paragraph 2, the first subparagraph is replaced by the following: ‘In order to ensure uniform conditions for the calculation of technical provisions and basic own funds, the Commission may adopt implementing acts which set out, for each relevant currency, the technical information referred to in paragraph 1 of this Article and the first smoothing point pursuant to Article 77a(1). Those implementing acts may make use of the information published by EIOPA pursuant to paragraph 1 of this Article.’; in paragraph 3, the second subparagraph is replaced by the following: ‘With respect to currencies where the risk-corrected spread referred to in paragraph 1, point (c), is not set out in the implementing acts referred to in paragraph 2, no volatility adjustment shall be applied to the relevant risk-free interest rate term structure to calculate the best estimate. With respect to Member States whose currency is the euro and where the risk-corrected spread referred to in paragraph 1, point (c), and the percentage referred to in paragraph 1, point (d), are not set out in the implementing acts referred to in paragraph 2, no macro volatility adjustment shall be added to the volatility adjustment.’; the following paragraph is added: ‘4. For the purposes of paragraph 2 of this Article, a first smoothing point for a currency set out in an implementing act shall not be modified, unless an assessment of the percentages of bonds with maturity larger than or equal to a given maturity among all bonds denominated in that currency indicates a different first smoothing point pursuant to Article 77a(1) and the percentage set out in delegated acts referred to in Article 86(1), point (b)(iii), for at least two consecutive years.;’

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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.