BaFin updated notes on Solvency II reporting for insurance and reinsurance companies and insurance groups. The updated document is binding for the 2019 annual reporting and quarterly reporting from the first quarter of 2020.
The updated notes are divided into sections on general introduction to Solvency II reporting, quantitative and narrative reporting, quantitative reporting of the solvency capital requirement for internal model users, and explanations on reporting for the purpose of financial stability. The key update relates to the reporting form S.14.01 on analysis of life insurance obligations while the changes in the narrative reporting mainly relate to the Solvency and Financial Condition Report (SFCR). BaFin believes that the reports received in 2019 were not adequate for the target audience. Therefore, companies must observe the new requirements for the 2019 SFCR.
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Keywords: Europe, Germany, Insurance, Reinsurance, Solvency II, Reporting, Instructions, SFCR, Life Insurance, BaFin
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