The European Insurance and Occupational Pensions Authority (“EIOPA”) has on the 8th November 2011 launched a consultation with insurance and reinsurance stakeholders with regards to Supervisory Reporting & Public Disclosure in the Solvency II framework with the aim of facilitating these entities’ preparations for this Directive.
EIOPA is currently working on additional data to be collected for financial stability purposes (that are not currently covered by this set of templates). EIOPA has scheduled to publicly consult on those additional reporting requirements from December 2011 to provide stakeholders with the complete set which will be as close as possible to the overall reporting needs under Solvency II.
Current proposals consist of two sets of documents:
a. Draft proposal on Quantitative Reporting Templates, that define the fully harmonized content of these templates;
b. Draft Guidelines on Narrative Public Disclosure & Supervisory Reporting, Predefined Events and Reporting & Disclosure Processes, that further specify elements from the Solvency II Directive (“Level 1”) and draft delegated act (“Level 2”) on these issues, in order to foster convergence at the European level.
This consultation is open until Friday, 20 January, 2012 at 18.00 HRS CET. Comments should be submitted via email to [email protected]. Please note that commentssubmitted after the deadline or not submitted on the provided templates cannot be processed and taken into account.
This draft proposal on Quantitative Reporting Templates has a specific format in the form of Excel spreadsheets setting out the templates along with accompanying LOG and “summary documents”. This proposal covers templates for solo undertakings as well as templates for groups (both solo templates applicable to groups, and group-specific templates). It also includes a summary of the requirements related to templates, and specific attention should be given to the Technical Annex of the draft proposal on Quantitative Reporting Templates (Section 5) which provides the list of all templates and their applicability to solo undertakings groups, their frequency and their possible public disclosure.
A “summary document” is also provided for each template. This document aims at gathering in a clear and synthetic way information for each template on: purpose, potential benefits and costs, application to groups, materiality thresholds, public disclosure, and frequency (including details on possible exemptions for certain quarterly templates). It is consistent with the information presented in the Technical Annex of the draft proposal on Quantitative Reporting Templates.
Details of these documents can be accessed via EIOPA web site (Link: https://eiopa.europa.eu/consultations/consultation-papers/index.html) under the heading: “Draft proposal on Quantitative Reporting Templates and Draft proposal for Guidelines on Narrative Public Disclosure & Supervisory Reporting, Predefined Events and Processes for Reporting & Disclosure”
It is appreciated if any feedback provided to EIOPA is copied to the Malta Financial Services Authority – Insurance and Pensions Supervision Unit on e-mail [email protected].
MFSA Ref: 52-2011
