1. The rates of the basic risk-free interest rate term structure shall meet all of the following criteria:
(a) insurance and reinsurance undertakings are able to earn the rates in a risk-free manner in practice;
(b) the rates are reliably determined based on financial instruments traded in a deep, liquid and transparent financial market.
The rates of the relevant risk-free interest rate term structure shall be calculated separately for each currency and maturity, based on all information and data relevant for that currency and that maturity.
2. The techniques, data specifications and parameters used for determining the technical information on the relevant risk-free interest rate term structure referred to in Article 77e(1) of Directive 2009/138/EC, including the ultimate forward rate, the last maturity for which the relevant risk-free interest rate term structure is not being extrapolated and the duration of its convergence towards the ultimate forward rate, shall be transparent, prud
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