Subsection 2: Transitional measures

I.-In each currency, the calculation of the adjustment referred to in Article L. 351-4 corresponds to a fraction of the difference between: 1° the interest rate determined by the insurance or reinsurance undertaking in accordance with the provisions in force at 31 December 2015; and 2° The effective annual rate, calculated as the single discount rate which, if applied to the cash flows of the portfolio of eligible insurance and…

I.-The transitional deduction referred to in Article L. 351-5 corresponds to a fraction of the difference between the following two amounts: a) the technical provisions after deduction of receivables arising from reinsurance contracts and securitisation vehicles, calculated in accordance with Article L. 351-2, as at 1 January 2016; and b) Technical provisions after deduction of receivables arising from reinsurance contracts, calculated in accordance with the provisions in force at 31…