EC published the Implementing Regulation 2019/2103 that amends and corrects the Implementing Regulation 2015/2450, which lays down implementing technical standards with regard to the templates for the submission of information to the supervisory authorities in accordance with the Solvency II Directive (2009/138/EC). Regulation 2019/2103 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
The relevant reporting templates and related instructions laid down in Implementing Regulation (EU) 2015/2450 have been adapted to take into account certain amendments:
- Delegated Regulation (EU) 2018/1221 amended Delegated Regulation (EU) 2015/35 to adapt the prudential framework applicable to insurance and reinsurance undertakings to the introduction of simple, transparent, and standardized securitizations.
- Delegated Regulation (EU) 2019/981 amended Delegated Regulation (EU) 2015/35 to introduce a number of simplifications in the calculation of the Solvency Capital Requirement.
- Delegated Regulation (EU) 2019/981 introduced, among others, new requirements for the information to be provided to the supervisory authorities in the regular supervisory report and the solvency and financial condition report on the recognition of the capacity of deferred taxes to absorb present losses. To ensure a proper supervision by supervisory authorities, that information should be supplemented by quantitative, structured, and comparable information in the reporting templates.
Therefore, Annexes I, II, and III to the Implementing Regulation (EU) 2015/2450 are being amended in accordance with Annexes I, II, and III to the Implementing Regulation (EU) 2019/2103. Furthermore, instructions set out in the template "S.25.02—Solvency Capital Requirement—for groups using the standard formula and partial internal model" contain an error that may lead to the provision of inconsistent or misleading information. Therefore, Annex III to the Implementing Regulation (EU) 2015/2450 has been corrected in accordance with Annex IV to Regulation 2019/2103.
The amendments provided for in the Delegated Regulation (EU) 2019/981 require the submission of information concerning the calculation of the loss-absorbing capacity of deferred taxes. These amendments are to apply from January 01, 2020. The amendments to the templates set out in Annexes I and II to Implementing Regulation (EU) 2015/2450 that are made to reflect those information requirements should, therefore, not be binding before January 01, 2020. However, it is important that information concerning the calculation of the loss-absorbing capacity of deferred taxes can be submitted, on a voluntary basis, from the entry into force of Regulation 2019/2103.
Effective Date: December 30, 2019
Keywords: Europe, EU, Securities, Insurance, Reinsurance, Solvency II, Reporting, SCR, Capital Requirements, STS Securitization, Loss-Absorbing Capacity, EIOPA
Previous ArticleIAIS Consults on Guidance on Liquidity Risk Management for Insurers
OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.
Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.
EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.
ECB published its response to the targeted EC consultation on the review of the bank crisis management and deposit insurance framework in EU.
ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.
BCBS, CPMI, and IOSCO (the Committees) are inviting entities that participate in market infrastructures and securities markets through an intermediary as well as non-bank intermediaries to complete voluntary surveys on the use of margin calls.
ECB published Decision 2021/752 to amend Decision 2019/1311 on the third series of targeted longer-term refinancing operations or TLTRO III.
The Central Bank of Ireland published Version 2.7 of the draft credit data template and rules for monthly AnaCredit reporting by banks.
OSFI proposed revisions to the Basel Capital Adequacy Reporting (BCAR) and leverage requirements returns for the 2023 reporting, with the comment period ending on July 09, 2021.
EBA published a discussion paper on review of the standardized nonperforming loans (NPL) transaction data templates, along with the proposed revised NPL data templates.