Featured Product

    EIOPA Consults on Solvency II Related Reporting and Disclosure Changes

    April 02, 2019

    EIOPA published a consultation linked to corrections and amendments of the implementing technical standards (ITS) on reporting and disclosures related to Solvency II. Comments are requested by May 14, 2019. In addition to the impact assessment and comments template, EIOPA published the draft amendment to the Commission Implementing Regulation (EU) 2015/2450, which lays down implementing technical standards on templates for the submission of information to the supervisory authorities. EIOPA also published the draft amendment to the Commission Implementing Regulation (EU) 2015/2452, which lays down implementing technical standards on the procedures, formats, and templates of the solvency and financial condition report or SFCR.

    The draft amendments address the "Delegated Regulation (EU)…/… (C(2019) 1900)," adopted by EC on March 08, 2019, which amends the Delegated Regulation (EU) 2015/35 that supplements the Solvency II Directive (2009/138/EC) on the taking-up and pursuit of the business of insurance and reinsurance. The draft amendments also address the Commission Delegated Regulation 2018/1221, which amends Regulation (EU) 2015/35 regarding the calculation of regulatory capital requirements for securitizations as well as simple, transparent, and standardized securitizations (STS) held by insurance and reinsurance undertakings. The supervisory reporting templates need to be adapted to reflect these changes

    Some of the proposals under consultation are based on the amendments to the Delegated Regulation (EU) 2015/35 adopted by EC on March 08, 2019 and are currently under the scrutiny period of the European Parliament and the Council. The proposed amendments have been kept to the minimum and do not reflect a detailed review of the requirements, which will be part of the 2020 Reporting and Disclosure Review. The proposals aim to align the reporting and disclosures with the amendments to the Delegated Regulation (EU) 2015/35.

    In addition, the closed list of the nominated External Credit Assessment Institutions (ECAIs) has been amended to reflect the changes introduced in 2018 by ESMA, including new registrations and withdrawn registrations. Furthermore, one correction is part of the consultation addressing an error in the instructions of the template "S.25.02 - Solvency Capital Requirement," for groups using the standard formula and the partial internal model.

    EIOPA will consider the responses it receives to this consultation and then finalize the draft amendments and corrections to the implementing technical standards on reporting and disclosure. The draft amendments and corrections to the implementing technical standards on reporting and disclosures will then be submitted to EC for endorsement. All corrections and amendments and the update of the taxonomy validations will be incorporated in the XBRL taxonomy version 2.4.0. The public working draft should be published by June 03, 2019 for consultation and the final version published by July 15, 2019, in line with the Governance of Taxonomy Releases.

     

    Related Links

    Comment Due Date: May 14, 2019

    Keywords: Europe, EU, Insurance, Securities, Reinsurance, Solvency II, Reporting, SCR, Capital Requirements, Disclosures, STS Securitization, SFCR, Securitization Framework, EIOPA

    Featured Experts
    Related Articles
    News

    BIS Quarterly Review Discusses Developments in Fintech and ESG Space

    BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.

    September 20, 2021 WebPage Regulatory News
    News

    BCBS to Consult on Supervisory Practices for Climate Risks by Year-End

    The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards

    September 20, 2021 WebPage Regulatory News
    News

    OCC Identifies Operational Risk Deficiencies in MUFG Union Bank

    The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.

    September 20, 2021 WebPage Regulatory News
    News

    EC Rule on Contractual Recognition of Write Down and Conversion Powers

    The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.

    September 17, 2021 WebPage Regulatory News
    News

    ECB to Consider Climate Risks When Reviewing Collateral Framework

    In a response to the questions posed by a member of the European Parliament, the President Christine Lagarde highlighted the commitment of the European Central Bank (ECB) to an ambitious climate-related action plan along with a roadmap, which was published in July 2021.

    September 17, 2021 WebPage Regulatory News
    News

    SRB Provides Update on Approach to Prior Permissions Regime

    The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.

    September 16, 2021 WebPage Regulatory News
    News

    APRA Issues Further Guidance on Application of Securitization Standard

    The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.

    September 16, 2021 WebPage Regulatory News
    News

    ACPR Publishes Corrective Version of RUBA Taxonomy

    The French Prudential Control and Resolution Authority (ACPR) published the corrective version of the RUBA taxonomy Version 1.0.1, which will come into force from the decree of January 31, 2022.

    September 15, 2021 WebPage Regulatory News
    News

    Nordea Bank and EIB Sign Agreement to Fund Green Projects in Nordics

    The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.

    September 15, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQs on Capital Treatment of Overseas Subsidiaries

    The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.

    September 15, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7487