This royal decree amends the Regulation on the Management and Supervision of Private Insurance, approved by Royal Decree 2486/1998 of 20 November, in order to adapt the interest rate for the calculation of the for life assurance referred to in Article 33 (1) (a) (1) and (1) (a) (1) (a) to obtain a rate closer to those which would result from the application of the new Solvency II regime as laid down in Directive 2009 /138/EC of the European Parliament and of the Council Council of 25 November 2009 on life assurance, access to insurance and social security activities, and the reinsurance and its financial year. At the same time, it is a question of preventing the fall in market rates for insurers from requiring greater amounts of technical provisions which could be transferred to insured persons via an increase in premiums and, consequently, To give them a higher cost. It should be borne in mind that the Solvency II regime, which will enter into force on 1 January 2016, provides for a transitional period of 16 years, in order for adaptation to be progressive. This progressive adaptation allowing the Directive would be undermined for Spanish entities if in 2015 they had to apply the rates resulting from the current wording of Article 33.1 of the Regulation on the Management and Supervision of the Private Insurance.

In this way, the original maximum interest rate is increased by 50% of the difference between the interest rate published by the General Directorate of Insurance and Pension Funds for the financial year preceding the year in which the the application and the interest rate resulting from the euro-wap curve at the point of the curve 11 years at 31 December of the financial year preceding the year in which it is applied. The reference of the curve 11 years has been chosen because it is the average length of the life portfolios. From the year 2016, the new calculation methodology established by Solvency II will apply and will be transposed into our legal system.

This royal decree is dictated by making use of the authorization contained in the final provision second of the recused text of the Law on the ordination and supervision of private insurance, approved by the Royal Legislative Decree 6/2004, 29 October.

In its virtue, on the proposal of the Minister of Economy and Competitiveness, in agreement with the Council of State and after deliberation of the Council of Ministers at its meeting on February 27, 2015,

DISPONGO:

Single item. Amendment of the Regulation on the Management and Supervision of Private Insurance, approved by Royal Decree 2486/1998 of 20 November.

Paragraph 1 (a) and (b) of Article 33.1 of the Regulation on the Management and Supervision of Private Insurance, approved by Royal Decree 2486/1998 of 20 November 1998, which are hereby amended as

" 1. The interest rate applicable for the calculation of the life insurance provision may not exceed the following limits:

(a) In the insurance expressed in euro, a choice may be made between:

1. º 60 per 100 of the average interest rates in the last quarter of the financial year preceding the year in which it results from the application of the materialised borrowings in bonds and bonds of the State, increased by 50%. (a) a percentage of the difference between the interest rate published by the Directorate-General for Insurance and Pension Funds for the financial year preceding the year in which it is applied and the rate of interest resulting from the euro-wap curve in the point of the curve 11 years at 31 December of the financial year preceding the year in which it is applied. The above calculation shall not exceed 60 per 100 of the average interest rates in the last quarter of the year preceding that which results from the application of the materialised borrowings in bonds and liabilities of the State to 20 or more years.

The General Directorate of Insurance and Pension Funds will publish on its website the interest rate resulting from the application of the above criterion.

(b) In insurance expressed in currency other than the euro, the following may be chosen:

1. º 60 per 100 of the average interest rates in the last quarter of the financial year preceding the year in which it results from the application of the materialised borrowings in bonds and bonds of the respective State, increased 50% of the difference between the interest rate published by the Directorate-General for Insurance and Pension Funds for the financial year preceding the financial year in which it is applicable and the interest rate resulting from the euro-wap curve at the point of the curve 11 years at 31 December of the financial year preceding the year in which it is application. The preceding calculation may not exceed 60 per 100 of the average interest rates in the last quarter of the year preceding the year of application of the borrowings materialised in bonds and bonds of the respective State to 20 or more years.

The General Directorate of Insurance and Pension Funds will publish on its website the interest rate resulting from the application of the above criterion. "

Final disposition first. Competence title.

This royal decree is issued in accordance with the provisions of Article 149.1.11. and the 13th of the Constitution, which attributes to the State the competence on the basis of the management of credit, banking and insurance and on the basis of coordination of the overall planning of economic activity.

Final disposition second. Entry into force.

This royal decree will take effect on January 1, 2015.

Given in Madrid, on February 27, 2015.

FELIPE R.

The Minister of Economy and Competitiveness,

LUIS DE GUINDOS JURADO