Solvency II Art.308c-e: Arts 308c to 308e Use transitional measures only with approval, disclose them and follow a phasing-in plan

What does Art.308c-e require?

With prior approval, undertakings may apply a transitional adjustment to the risk-free curve for admissible pre-2016 obligations, or a transitional deduction from technical provisions, each running down linearly to zero on 1 January 2032, not both, and must disclose in the SFCR that they use it and the impact of not applying it. If they would not meet the SCR without it they must inform the supervisor as soon as observed, submit within two months a phasing-in plan to comply by the end of the transitional period, and report progress annually; approval is revoked if compliance becomes unrealistic.