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December 18, 2017

EIOPA published a supervisory statement based on an analysis of the first Solvency and Financial Condition Reports (SFCRs) of (re)insurance undertakings and insurance groups. The analysis shows that the majority of reports were published on time and, in general, complied with the Solvency II requirements. Most reports were easily accessible on the websites of the undertakings.

The analysis is based on a sample of publicly disclosed 2016 SFCRs published by (re)insurance undertakings and insurance groups in the European Economic Area. However, EIOPA identified the following areas that require further improvements regarding the quality of the content:

  • A more fit-for-purpose summary
  • Undertaking/group-specific information about the own-risk and solvency assessment (ORSA)
  • Better structured and more comprehensive information on risk-sensitivity to different scenarios or stresses
  • More relevant information on bases, methods, and main assumptions used for the valuation of assets, liabilities, and technical provisions and addressing the uncertainties around valuation
  • More comprehensive information of eligible own funds

EIOPA encourages (re)insurance undertakings and insurance groups to take into account the recommendations outlined in the supervisory statement, considering the principle of proportionality, in the preparation of future reports. For the first time, the next year's (2018) reports require the provision of the comparative information. Therefore, EIOPA outlined its expectations for the mandatory areas and how this information should be presented in the reports. The aim of the statement is to improve future disclosure of these reports.

 

Related Link: News Release

Keywords: Europe, EU, Insurance, Solvency II, SFCR, ORSA, EIOPA

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