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Date: 21-Mar-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 182/2023 of 5 July 2023 amending Annex IX (Financial services) to the EEA Agreement [2024/803]

Issued by EEA Joint Committee · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The EEA Joint Committee Decision No 182/2023 amends Annex IX (Financial services) to the EEA Agreement to incorporate Commission Implementing Regulation (EU) 2023/967.
  • Commission Implementing Regulation (EU) 2023/967 lays down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2023 until 29 June 2023 in accordance with Directive 2009/138/EC on Insurance and Reinsurance.

Key Changes

  • Annex IX to the EEA Agreement is amended by inserting point 1zz, which references Commission Implementing Regulation (EU) 2023/967.
  • Commission Implementing Regulation (EU) 2023/967 is applicable for reporting with reference dates from 31 March 2023 until 29 June 2023.
  • The Decision entered into force on 6 July 2023, provided that all notifications under Article 103(1) of the EEA Agreement have been made.
  • The text of Implementing Regulation (EU) 2023/967 in Icelandic and Norwegian languages will be published in the EEA Supplement to the Official Journal of the European Union and shall be authentic.

Impact Analysis

Insurance and Reinsurance Companies

  • Action Items: Assess the impact of the updated technical information on capital adequacy and solvency ratios. Implement necessary adjustments to business strategies and risk management practices.

EEA Member States

  • Action Items: Update national regulations and supervisory practices to reflect the incorporation of Commission Implementing Regulation (EU) 2023/967 into the EEA Agreement. Communicate the changes to relevant stakeholders within their jurisdiction.

EEA Joint Committee

  • Action Items: Monitor the implementation of this decision by EEA member states and address any issues that may arise.

Key Entities Referenced

EEA Joint Committee: The body responsible for managing the EEA Agreement. Commission Implementing Regulation (EU) 2023/967: Regulation laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2023 until 29 June 2023 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.
Official Source Record View Original Source →
See Full Document Text
Official Journal EN of the European Union L series 2024/803 21.3.2024 DECISION OF THE EEA JOINT COMMITTEE No 182/2023 of 5 July 2023 amending Annex IX (Financial services) to the EEA Agreement [2024/803] 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) 2023/967 of 16 May 2023laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2023 until 29 June 2023in 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 1zw (Commission Implementing Regulation (EU) 2023/266) of Annex IX to the EEA Agreement: ‘1zz. 32023 R 0967: Commission Implementing Regulation (EU) 2023/967 of 16 May 2023 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2023until 29 June 2023in 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 133, 17.5.2023, p. 125).’ Article 2 The text of Implementing Regulation (EU) 2023/967 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 6 July 2023, 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 133, 17.5.2023, p. 125. * No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/803/oj 1/2EN OJ L, 21.3.2024 Done at Brussels, 5 July 2023. For the EEA Joint Committee The President Pascal SCHAFHAUSER 2/2 ELI: http://data.europa.eu/eli/dec/2024/803/oj

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