Solvency II Art.77d: Art. 77d Apply the volatility adjustment consistently, with approval where the Member State requires it

What does Art.77d require?

Undertakings may apply a volatility adjustment to the risk-free curve (65 percent of the risk-corrected currency spread, with a country increase), with prior approval where the Member State requires it, only to non-extrapolated rates, not together with the matching adjustment; the SCR does not cover losses from changes in the adjustment.