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The Rulebook Glossary contains defined terms used in more than one Part across the PRA Rulebook.

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Term Definition Legal instruments for this definition

volatility adjustment


means the adjustment to the relevant risk-free interest rate term structure to calculate the best estimate in accordance with:

(1) the Solvency II Regulations adopted under Article 86(1)(j) of the Solvency II Directive; and

(2) any technical information made by EIOPA under Article 77e(1)(c) of the Solvency II Directive and adopted in Solvency II Regulations under Article 77e(2) of the Solvency II Directive.