- The current tables have an observation period of more than 20 years and their updating is necessary taking into account the quantitative parameters of governance and transparency established in the framework of Solvency II
- The approval of the new tables will be carried out through various regulatory instruments
The General Directorate of Insurance and Pension Funds, under the Ministry of Economy and Business, has begun the process of public consultation for the renewal of the regulatory framework of the biometric tables used by the insurance sector.
Current biometric tables have an observation period of more than 20 years. The approval of the new tables will take into account the quantitative, governance and transparency parameters established in the European Solvency II regulatory framework.
This renewal of the biometric tables will allow the insurance industry to provide a stable and reference environment for the coming years, with the objective of protecting the interests of policyholders and insured parties and guaranteeing the stability and solvency of the sector.
For this, new survival tables will be approved and the mortality tables will be updated in order to adapt them to the evolution recorded in recent years.
Finally, in order to avoid future mismatches in the tables used by the insurance sector and favor the quality of the insured portfolios data, a mechanism for monitoring the longevity insured will be established, in line with those existing in other European markets .
It is necessary to highlight the collaboration of the General Directorate of Insurance and Pension Funds, experts and main actors of the sector in the work of reviewing the tables, which has been made from an initial proposal of the sector from an actuarial study
