The Package of measures to avoid artificial volatility and pro-cyclicality : explanation of the measures and the need to include them in the Solvency II framework

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      <subfield code="a">A Working Group on Long-Term Guarantees, set up by the European Commission in 2011, developed a package of measures comprising three key elements, each of which plays a crucial role in preventing artificial volatility and pro-cyclicality: 1. Counter-cyclical premium; 2. Matching adjustment; 3. Extrapolation methodology -- It is imperative that all these measures are included and implemented appropriately within the Solvency II framework</subfield>
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