EIOPA PUBLISHES THE OUTCOME OF THE PUBLIC CONSULTATION ON SOLVENCY II REPORTING AND DISCLOSURE REQUIREMENTS FOR INSURERS

The European Insurance and Occupational Pensions Authority (EIOPA)
published today its final report on reporting and disclosure requirements
for insurance undertakings and insurance groups.

The report states the level of granularity of the information that
supervisory authorities will need to receive. It reflects a balanced
approach towards costs and benefits, and contributes to an efficient
risk-based Supervisory Review Process and, therefore, to a higher
protection of policyholders. The reporting requirements are also expected
to contribute to financial stability and to allow the assessment and
monitoring of market developments.

EIOPA underlines that the ongoing discussions related to the Omnibus II
Directive (OMD II) and the future Implementing Measures are expected to
lead to changes in the reporting requirements. The design or structure of
the templates may also be affected by the development of the respective
IT reporting standards.

But, despite possible changes, EIOPA strongly believes that the industry
should use this package already now in order to start the implementation
phase.

Gabriel Bernardino, Chairman of EIOPA, said: "The publication of this
report is crucial because insurance undertakings and supervisors need to
start as early as possible with the implementation of reporting and
disclosure requirements. The proposed reporting templates are the result
of a long effort by EIOPA and have benefited from contributions from the
different stakeholders. This set of harmonized reporting templates
represents a major step towards the consistency of supervisory practices
in the EU".

EIOPA expects that the full package on reporting and disclosure with all
the changes incorporated will be available later in 2012.

All the relevant documentation can be accessed on the EIOPA website
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011-closed-consultations/november-2011/draft-proposal-on-quantitative-reporting-templates-and-draft-proposal-for-guidelines-on-narrative-public-disclosure-supervisory-reporting-predefined-events-and-processes-for-reporting-disclosure/index.html
).


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