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    EC Amends Rules on Procedures, Formats, and Templates of SFCR

    November 25, 2017

    EC published the Commission Implementing Regulations (CIRs) 2017/2189 and 2017/2190. CIR (EU) 2017/2189 amends Implementing Regulation (EU) 2015/2450 and lays down implementing technical standards on the templates for the submission of information to the supervisory authorities according to Directive 2009/138/EC (Solvency II). CIR (EU) 2017/2190 amends Implementing Regulation (EU) 2015/2452 and lays down implementing technical standards on to the procedures, formats, and templates of the solvency and financial condition report (SFCR) according to Solvency II. CIR 2017/2189 and 2017/2190 shall enter into force on the twentieth day following that of their publication in the Official Journal of the European Union.

    It is necessary to facilitate consistent reporting and to improve the quality of the information reported to the supervisory authorities as provided for by CIRs (EU) 2015/2450 and (EU) 2015/2452. To ensure coherence between provisions in CIR (EU) 2017/2189 and provisions in CIR (EU) 2017/2190, which should enter into force at the same time, and to facilitate a comprehensive view and access to them by persons subject to those obligations, including investors that are non-Union residents, it is desirable to include all the implementing technical standards required by Articles 35(10), 244(6), and 245(6) of Solvency II and those required by Articles 56 and 256(5) of Solvency II in a single Regulation. CIRs 2015/2450 and 2015/2452 are, therefore, being amended. Several minor drafting errors in the instructions of the templates included in the text of Implementing Regulations (EU) 2015/2450 and (EU) 2015/2452 are also being corrected.

    • Annexes II and III to Implementing Regulation (EU) 2015/2450 and 2015/2452 have been amended in accordance with Annex I to CIRs 2017/2189 and 2017/2190, respectively.
    • Annexes I, II, and III to Implementing Regulation (EU) 2015/2450 and 2015/2452 have been corrected in accordance with Annex II to CIRs 2017/2189 and 2017/2190, respectively.

     

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    Effective Date: December 15, 2017

    Keywords: Europe, EU, Insurance, Solvency II, Implementing Technical Standards, CIR 2017/2189, CIR 2017/2190, EC

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