FIN-FSA Publishes Examples of Deficiencies in Solvency II Reporting

Based on observations on annual reporting for 2017, reporting entities should take the following into consideration when reporting:

• Carefully read the reporting instructions (EU) 2015/2450 and amendments to it
• Additional information in the EIOPA Q&A on reporting
• EIOPA Filing Rules for Solvency II reporting: Detailed technical instructions regarding reported data (for example, when to leave a cell empty, or when the reported value should be ‘None’)
• The reporting application and the validation rules do not include all possible reconciliation tasks, although many have been added. Check that the specification information of the reported data matches the summary data on the form in question and corresponding data reported on other forms.
• Make sure that all data is reported in each row and column where required, including summary data and specification information. Summary rows are not generated through formulas in all columns. In some cases, the same data is reported multiple times in different categories.
• As a rule, all values are to be reported as positive values (EIOPA Q&A 435 and amendment (EU) 2018/1844 to the Implementing Regulation (EU) 2015/2450

Related Link (in English and Finnish): Notification and Examples

Keywords: Europe, Finland, Insurance, Solvency II, Reporting, Taxonomy, EIOPA, FIN-FSA