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Date: 25-Jan-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 146/2021 of 23 April 2021 amending Annex IX (Financial services) to the EEA Agreement [2024/150]

Issued by EEA Joint Committee · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The EEA Joint Committee Decision No 146/2021 amends Annex IX (Financial services) to the EEA Agreement to incorporate Commission Implementing Regulation (EU) 2021/178. This regulation lays down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 December 2020 until 30 March 2021, in accordance with Directive 2009/138/EC on Insurance and Reinsurance.

Key Changes

  • Annex IX to the EEA Agreement is amended to include Commission Implementing Regulation (EU) 2021/178.
  • Commission Implementing Regulation (EU) 2021/178 provides technical information for calculating technical provisions and basic own funds for insurance and reinsurance companies.
  • The reporting reference dates covered by the regulation are from 31 December 2020 until 30 March 2021.
  • The Decision entered into force on 24 April 2021, following notifications under Article 103(1) of the EEA Agreement.

Impact Analysis

EEA Member States

  • Action Items: Update national regulations and supervisory practices to reflect the requirements of Commission Implementing Regulation (EU) 2021/178. Provide guidance to insurance and reinsurance companies on the implementation of the regulation.

Auditors

  • Action Items: When auditing financial statements with reference dates between 31 December 2020 and 30 March 2021, auditors need to verify that technical provisions and basic own funds have been calculated in accordance with Commission Implementing Regulation (EU) 2021/178.

Insurance and Reinsurance Companies within the EEA

  • Action Items: Review and implement the requirements of Commission Implementing Regulation (EU) 2021/178 in their reporting processes. Ensure compliance with the specified calculation methods for technical provisions and basic own funds.

Key Entities Referenced

EEA Joint Committee: The body responsible for amending the EEA Agreement. Commission Implementing Regulation (EU) 2021/178: Lays down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 December 2020 until 30 March 2021 in accordance with Directive 2009/138/EC. Directive 2009/138/EC: Directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II). EEA Agreement: Agreement on the European Economic Area.
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Official Journal EN of the European Union L series 2024/150 25.1.2024 DECISION OF THE EEA JOINT COMMITTEE No 146/2021 of 23 April 2021 amending Annex IX (Financial services) to the EEA Agreement [2024/150] THE EEA JOINT COMMITTEE, Having regard to the Agreement on the European Economic Area (“the EEA Agreement”), and in particular Article 98 thereof, Whereas: (1) Commission Implementing Regulation (EU) 2021/178 of 8 February 2021 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 December 2020 until 30 March 2021 in accordance with Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance(1)is to be incorporated into the EEA Agreement. (2) Annex IX to the EEA Agreement should therefore be amended accordingly, HAS ADOPTED THIS DECISION: Article 1 The following point is inserted after point 1zn (Commission Implementing Regulation (EU) 2020/1647) of Annex IX to the EEA Agreement: ‘1zo. 32021 R 0178: Commission Implementing Regulation (EU) 2021/178 of 8 February 2021 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 December 2020 until 30 March 2021 in accordance with Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (OJ L 53, 16.2.2021, p. 6).’ Article 2 The text of Implementing Regulation (EU) 2021/178 in the Icelandic and Norwegian languages, to be published in the EEA Supplement to the Official Journal of the European Union, shall be authentic. Article 3 This Decision shall enter into force on 24 April 2021, provided that all the notifications under Article 103(1) of the EEA Agreement have been made*. Article 4 This Decision shall be published in the EEA Section of, and in the EEA Supplement to, the Official Journal of the European Union. (1) OJ L 53, 16.2.2021, p. 6. * No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/150/oj 1/2EN OJ L, 25.1.2024 Done at Brussels, 23 April 2021. For the EEA Joint Committee The President Clara GANSLANDT 2/2 ELI: http://data.europa.eu/eli/dec/2024/150/oj

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