Finance Norway’s Response to the European Commission’s Consultation on the Review of the Solvency II Delegated Regulation

Finance Norway supports the overall framework of the new shifted methodology. However, to ensure fair competition across markets in line with the objectives of the EU's Savings and Investments Union, we urge the Commission to allow for currency-specific calibrations. We will show below that the EUR-based calibration is too strict when applied to NOK and propose a NOK-based calibration which more accurately reflects the actual behaviour of NOK interest rates.