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European Insurance and Occupational Pensions Authority
 

3619

Q&A

Question ID: 3619

Regulation Reference: Risk-Free Interest Rate - VA calculations

Status: Rejected

Date of submission: 15 Jul 2026

Question

We are also seeking clarification regarding which risk-free rate (RFR) curves Spain expects to require under the new framework. Our current interpretation of the technical documentation is that curve requirements are driven by the currency of liabilities, rather than the currency of assets. Based on that reading, a Spanish undertaking with EUR liabilities would primarily use the EUR curve, while additional curves would be relevant only where liabilities exist in other currencies. Could you please confirm whether this aligns with your understanding?

EIOPA answer

This question has been rejected because the matter it refers to has been answered in Q&A 2763 - European Insurance and Occupational Pensions Authority.