Home Europe EEA Joint Committee Decision of the EEA Joint Committee No 24/2024 of 2 February...
Date: 27-Jun-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 24/2024 of 2 February 2024 amending Annex IX (Financial services) to the EEA Agreement [2024/1549]

Issued by EEA Joint Committee · Not Applicable

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • The EEA Joint Committee Decision No 24/2024 amends Annex IX (Financial services) to the EEA Agreement to incorporate Commission Implementing Regulation (EU) 2023/2574.
  • Commission Implementing Regulation (EU) 2023/2574 lays down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 September 2023 until 30 December 2023 in accordance with Directive 2009/138/EC on Insurance and Reinsurance.

Key Changes

  • Annex IX to the EEA Agreement is amended to include point 1zzb, referencing Commission Implementing Regulation (EU) 2023/2574.
  • Commission Implementing Regulation (EU) 2023/2574 is applicable for reporting with reference dates from 30 September 2023 until 30 December 2023.
  • The Decision entered into force on 3 February 2024, provided that all notifications under Article 103(1) of the EEA Agreement have been made.

Impact Analysis

Insurers and Reinsurers within the EEA

  • Action Item: Review and update internal reporting procedures to incorporate the requirements of Commission Implementing Regulation (EU) 2023/2574.

EEA Member States

  • Action Item: Update national regulations to reflect the incorporation of Commission Implementing Regulation (EU) 2023/2574 into the EEA Agreement.

Iceland and Norway

  • Action Item: Review the Icelandic and Norwegian language versions of the regulation once published.

Key Entities Referenced

EEA Joint Committee: The body responsible for amending the EEA Agreement. Commission Implementing Regulation (EU) 2023/2574: Regulation laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 September 2023 until 30 December 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 2024/1549 27.6.2024 DECISION OF THE EEA JOINT COMMITTEE No 24/2024 of 2 February 2024 amending Annex IX (Financial services) to the EEA Agreement [2024/1549] 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) 2023/2574 of 20 November 2023laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 September 2023 until 30 December 2023 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 1zza (Commission Implementing Regulation (EU) 2023/1672) of Annex IX to the EEA Agreement: ‘1zzb. 32023 R 2574: Commission Implementing Regulation (EU) 2023/2574 of 20 November 2023 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 September 2023 until 30 December 2023 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, 2023/2574, 21.11.2023).’ Article 2 The text of Implementing Regulation (EU) 2023/2574 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 3 February 2024, 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. Done at Brussels, 2 February 2024. For the EEA Joint Committee The President Nicolas VON LINGEN (1) OJ L, 2023/2574, 21.11.2023. (*) No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/1549/oj 1/1

Continue your research