Recital 99

(99) Directive 2009/138/EC provides for transitional measures for the risk-free interest rates and for technical provisions which are subject to supervisory approval and which apply with respect to contracts that give rise to insurance and reinsurance obligations that were concluded before 2016. While the transitional measures should encourage undertakings to comply with that Directive as soon as possible, the application of transitional measures approved for the first time long after 2016 is likely to slow down the path to compliance with that Directive. Such approval of the use of those transitional measures should therefore be restricted to cases where an insurance or reinsurance undertaking becomes for the first time subject to the rules of Directive 2009/138/EC or where an undertaking has accepted a portfolio of insurance or reinsurance contracts and the transferring undertaking applied, before the transfer, a transitional measure with respect to the obligations relating to that portfolio.

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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.