Updated 08/05/2025
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ANNEX III - Implementing Regulation 2018/1078

ANNEX III

Volatility adjustment to the relevant risk-free interest rate term structure

Currency

National insurance market

Volatility adjustment (in bps)

Euro

Austria

10

Euro

Belgium

10

Euro

Cyprus

10

Euro

Estonia

10

Euro

Finland

10

Euro

France

10

Euro

Germany

10

Euro

Greece

10

Euro

Ireland

10

Euro

Italy

10

Euro

Latvia

10

Euro

Lithuania

10

Euro

Luxembourg

10

Euro

Malta

10

Euro

Netherlands

10

Euro

Portugal

10

Euro

Slovakia

10

Euro

Slovenia

10

Euro

Spain

10

Czech koruna

Czech Republic

6

Danish krone

Denmark

34

Forint

Hungary

4

Krona

Sweden

4

Kuna

Croatia

8

Lev

Bulgaria

– 4

Pound sterling

United Kingdom

21

Romanian leu

Romania

4

Zloty

Poland

7

Króna

Iceland

18

Norwegian krone

Norway

29

Swiss franc

Liechtenstein

0

Swiss franc

Switzerland

0

Australian dollar

Australia

11

Canadian dollar

Canada

22

US dollar

United States

38

Yen

Japan

1