EIOPC - RFR 2025 Q2 written procedure

EUROPEAN COMMISSION DIRECTORATE-GENERAL FOR FINANCIAL STABILITY, FINANCIAL SERVICES AND CAPITAL MARKETS UNION Banking, Insurance and Financial Crime The Director Brussels FISMA.D.4/PS/ml/ARES(2025)5699273 NOTE FOR THE ATTENTION OF THE EUROPEAN INSURANCE AND OCCUPATIONAL PENSIONS COMMITTEE Subject: Commission Implementing Regulation laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2025 until 29 June 2025 in accordance with Directive 2009/138/EC – written procedure On 8 May 2025, the Commission adopted an Implementing Act on the risk-free rate for the Second Quarter (Q2) 20251. This Implementing Act is now presented to the EIOPC for its opinion in accordance with Article 3(5), 8(3) and 4(1) of Regulation (EU) No 182/20112. Further information, details about the Act and the procedure for obtaining the EIOPC's opinion are outlined below. 1. Background When calculating technical provisions under the Solvency II prudential framework, insurance companies shall use, amongst others, the "risk free rate term structure"3. In doing so, insurance companies can apply a "matching adjustment" and a "volatility adjustment" to this risk-free rate term structure4. 1 Commission Implementing Regulation (EU) 2025/863 of 8 May 2025 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31...