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    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(ECAIs) has been amended to reflect the changes introduced in 2018 by ESMA, including new registrations and withdrawn registrations.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.

     

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    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

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