Amendment to Regulations and guidelines 1/2015: Life and non-life undertakings, Solvency II -guidelines part I

The Financial Supervisory Authority has amended regulations and guidelines 1/2015 which implemented nationally 16 guidelines of the European Insurance and Occupational Pensions Authority (EIOPA). The following guidelines have now been amended:

• Guidelines on contract boundaries (EIOPA_BoS_14/165 EN)
• Guidelines on the valuation of technical provisions (EIOPA_BoS_14/166 EN)

The changes are due to the revised guidelines issued by EIOPA on Contract Boundaries and Valuation of Technical Provisions. The goal of the amendments is to harmonise the valuation of technical provisions in the EU.

The revised FIN-FSA regulations and guidelines will enter into force on 1 January 2022, but they can be applied already before that date.

Since the revised guidelines may affect the solvency requirement partly by increasing it, partly by decreasing it, the supervised entities are recommended to implement all the changes according to the new guidelines at the same time.

Later in the autumn, the FIN-FSA will present the amendments of the guidelines and the FIN-FSA's expectations on how and to what schedule the changes will be made.

For further information, please contact

Jari Niittuinperä, Chief Actuary, jari.niittuinpera(at)fiva.fi

Appendices

• Regulations and guidelines 1/2015: Henki- ja vahinkovakuutusyhtiöt, Solvenssi II -ohjeet I osa (in Finnish and in Swedish)
• Revised Guidelines on Contract Boundaries, published on 6 Jun 2022
• Revised Guidelines on Valuation of Technical Provisions, published on 6 Jun 2022