1.Where an insurance or reinsurance undertaking is allowed to apply the phasing-in mechanism referred to in Article 77a(2) of Directive 2009/138/EC, for each currency other than the Swedish Krona, the parameter α referred to in Article 46(1b), shall be decreased linearly at the beginning of each calendar year from 20 % during the year starting from 1 January 2027 to 11 % on 1 January 2032.
2.Where an insurance or reinsurance undertaking is allowed to apply the phasing-in mechanism referred to in Article 77a(2) of Directive 2009/138/EC, for the Swedish Krona, the parameter α referred to in Article 46(1b) shall be decreased linearly at the beginning of each calendar year from 70 % during the year starting from 1 January 2027 to 40 % on 1 January 2032.