Commission Delegated Regulation (EU) 2025/693: Mission Expenses for EU Officials
This regulation updates the financial allowances for EU officials undertaking missions within Member States. Specifically, it revises the daily subsistence allowances and hotel ceilings to align with current prices for hotels, restaurants, and catering services, reflecting cost of living changes across the EU. Furthermore, it adjusts these allowances in light of the United Kingdom’s departure from the European Union.
The core of the regulation lies in Article 1, which replaces the table in Annex VII to the Staff Regulations. This table contains the updated amounts for hotel ceilings and daily allowances applicable in each Member State. These new figures will directly impact the reimbursement amounts for EU officials’ mission-related expenses.
Commission Implementing Regulation (EU) 2025/863: Solvency II Technical Information
This regulation is crucial for insurance and reinsurance companies as it dictates the technical parameters they must use when calculating their technical provisions and basic own funds. These calculations are vital for meeting regulatory reporting requirements under the Solvency II Directive.
At its heart, Article 1 mandates that firms use the specific technical information detailed in the regulation’s annexes for reports covering the period from March 31, 2025, to June 29, 2025. This information includes risk-free interest rate term structures (Annex I), fundamental spreads for calculating the matching adjustment (Annex II), and volatility adjustments for national insurance markets (Annex III).
In essence, this regulation provides the data needed for the calculation of best estimate, matching adjustment and volatility adjustment for insurance and reinsurance companies. It ensures a consistent approach to financial stability assessments across the European Economic Area during the specified timeframe.
Review of each of legal acts published today:
Commission Delegated Regulation (EU) 2025/693 of 26 February 2025 on reviewing the scale for missions by officials and other servants of the European Union in the Member States
This Commission Delegated Regulation (EU) 2025/693 revises the scale for missions by EU officials and other servants within the Member States. It adjusts the daily subsistence allowances and hotel ceilings to reflect changes in the prices of hotels, restaurants, and catering services. Additionally, it updates the rules following the United Kingdom’s withdrawal from the European Union.
The regulation consists of two articles. Article 1 replaces the existing table in Article 13(2)(a) of Annex VII to the Staff Regulations with updated figures for hotel ceilings and daily allowances for each Member State. Article 2 states that the regulation will enter into force on the day following its publication in the Official Journal of the European Union. The main change is the adjustment of the amounts for hotel ceilings and daily allowances applicable to missions in each Member State, expressed in EUR. The previous version of these amounts is not specified in the act, but the regulation explicitly states that the update is based on a Eurostat report on the evolution of prices for hotels, restaurants, and catering services.
The most important provision is the table in Article 1, which directly impacts the amount of reimbursement that EU officials and other servants receive for mission-related expenses in each Member State. These updated figures for hotel ceilings and daily allowances will be used to calculate the expenses incurred during missions.
Commission Implementing Regulation (EU) 2025/863 of 8 May 2025 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2025 until 29 June 2025 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
Here’s a breakdown of the Commission Implementing Regulation (EU) 2025/863:
**1. Essence of the Act:**
This regulation sets out specific technical information that insurance and reinsurance companies must use to calculate their technical provisions and basic own funds. These calculations are essential for regulatory reporting under the Solvency II Directive (2009/138/EC), ensuring that these companies have enough capital to cover their obligations. The regulation provides updated risk-free interest rates, fundamental spreads, and volatility adjustments for a specific reporting period. This ensures consistent financial stability assessments across the European Economic Area (EEA).
**2. Structure and Main Provisions:**
* **Article 1:** This is the core of the regulation. It mandates that insurance and reinsurance firms must use the technical information detailed in the regulation’s annexes when calculating their technical provisions and basic own funds for reports with reference dates between March 31, 2025, and June 29, 2025. It specifies that the technical information includes:
* Risk-free interest rate term structures (Annex I)
* Fundamental spreads for calculating the matching adjustment (Annex II)
* Volatility adjustments for national insurance markets (Annex III)
* **Article 2:** Specifies the entry into force and application date. The regulation enters into force the day after its publication in the Official Journal of the European Union and applies from March 31, 2025.
* **Annex I:** Provides the relevant risk-free interest rate term structures for various currencies. These rates are crucial for calculating the best estimate of liabilities, without considering matching or volatility adjustments.
* **Annex II:** Sets out the fundamental spreads necessary for calculating the matching adjustment. These spreads are provided for different durations and credit quality steps for exposures to central governments, central banks, and financial institutions.
* **Annex III:** Lists the volatility adjustments applicable to the relevant risk-free interest rate term structure for specific national insurance markets within the EU.
**3. Main Provisions for Use:**
* **Specific Timeframe:** The technical information provided is only valid for reporting with reference dates from March 31, 2025, to June 29, 2025. Insurers must use updated information for other reporting periods.
* **Currency and National Market Specifics:** The regulation provides data for various currencies and specific national insurance markets. Insurers must use the data relevant to their specific exposures and operations.
* **Calculation of Adjustments:** The regulation provides data needed for the calculation of best estimate, matching adjustment and volatility adjustment.
* **Direct Applicability:** As an EU regulation, this act is directly applicable in all Member States. Insurance and reinsurance companies must adhere to it without needing national legislation to implement it.
* **Uniform Conditions:** The regulation aims to create uniform conditions for calculating technical provisions and basic own funds. This ensures a level playing field and consistent supervision across the EU insurance market.
