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Term Definition Legal instruments

matching adjustment

31/12/2020

The changes to this defined term are effective from 23:00 on 31/12/2020.

means the adjustment to the relevant risk-free interest rate term structure to calculate the best estimate of a relevant portfolio of insurance or reinsurance obligations in accordance with:

(1) Technical Provisions 6 and 7;

(2) the Solvency II Regulations adopted under Article 86(1)(h) - (i) of the Solvency II Directive

(3) for the purposes of calculating technical provisions as at a point in time falling before IP completion day, the relevant technical information made by EIOPA under Article 77e(1)(b) of the Solvency II Directive and adopted in the Solvency II Regulations under Article 77e(2) of the Solvency II Directive; and

(4) for the purposes of calculating technical provisions as at a point in time falling on or after IP completion day, the relevant technical information published by the PRA in accordance with regulation 4B(1) of the Solvency 2 Regulations.