General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
November 26, 2018

EC published the Implementing Regulation (EU) 2018/1844 regarding the templates for submission of information to the supervisory authorities, in accordance with the Solvency II Directive (2009/138/EC). Regulation 2018/1844 amends and corrects the implementing technical standards in Implementing Regulation (EU) 2015/2450. The changes in Regulation 2018/1844 impact certain Solvency II templates, as presented in Annex I to the regulation. Regulation 2018/1844 shall enter into force the twentieth day following that of its publication in the Official Journal of the European Union.

Regulation 2015/2450 laid down the reporting templates that insurance and reinsurance undertakings, participating insurance and reinsurance undertakings, insurance holding companies, and mixed financial holding companies need to use for reporting information to the supervisory authorities. The Delegated Regulation (EU) 2017/1542, which amends rules on the calculation of regulatory capital requirements for certain categories of assets held by insurance and reinsurance undertakings, introduced the new qualifying infrastructure corporate asset class with a dedicated capital requirement. To ensure that supervisory authorities receive the necessary information on the infrastructure corporates investments made by insurance and reinsurance undertakings, with a level of detail and granularity comparable to that existing for the other asset classes within the calculation of the market risk module, the relevant reporting templates, as laid down in Regulation 2015/2450, are being adapted to take into account those amendments.

Provisions on the correct use of sign of expressions and consistent exchange rates are crucial to improve consistency and quality of the information reported with regard to the historical data denominated in a currency other than the reporting currency. Therefore, Articles 2 and 3 have been amended to improve the quality of the information reported. The templates on variation analysis aim to explain, with economic metrics, why and how the situation of the undertaking has evolved during the year. As stakeholders have identified a number of areas for improvement and further clarification, certain amendments to the instructions of templates S.29.01 to S.29.04 are necessary. Therefore, Regulation 2015/2450 is being amended as follows:

  • Point (d) has been added in Article 2.
  • Paragraph 4a has been inserted in Article 3.
  • Annex I, II, III, and IV has been amended in accordance with Annex I, II, III, and IV to Regulation (EU) 2018/1844, respectively.

Drafting errors in the instructions of the templates, which may lead to inconsistent and misleading information and consequently affect the quality of the supervisory review process, should be corrected. Therefore, certain corrections, mainly addressing missing reporting items or information in the general comments and missing cells in the instructions, were made. Annexes I, II, and III to Regulation 2015/2450 have been corrected in accordance with Annexes V, VI, and VII to Regulation 2018/1844, respectively.

Related Links

Effective Date: December 16, 2018

Keywords: Europe, EU, Insurance, Reinsurance, Reporting, Solvency II, Templates, Regulation 2018/1844, Regulation 2015/2450, EC

Related Insights

FSB Report Examines Financial Stability Implications of Fintech

FSB published a report that assesses fintech-related market developments and their potential implications for financial stability.

February 14, 2019 WebPage Regulatory News

US Agencies Amend Regulatory Capital Rule to Allow Phase-In for CECL

US Agencies (FDIC, FED, and OCC) adopted the final rule to address changes to credit loss accounting under the U.S. generally accepted accounting principles; this includes banking organizations’ implementation of the current expected credit losses (CECL) methodology.

February 14, 2019 WebPage Regulatory News

OCC Consults on Company-Run Stress Test Requirements for Banks

OCC proposed amendments to its company-run stress testing requirements for national banks and Federal savings associations, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.

February 12, 2019 WebPage Regulatory News

CFTC Extends Comment Periods for Trade Execution Requirement Proposals

CFTC announced that it is extending comment period for the proposed amendments related to the regulations on swap execution facilities (SEF) and trade execution requirement.

February 12, 2019 WebPage Regulatory News

OCC Proposes to Renew Information Collection Under Stress Test Rule

OCC is proposing to renew its information collection titled “Annual Stress Test Rule” (OMB Control No: 1557-0311). Comments must be received on or before March 13, 2019.

February 11, 2019 WebPage Regulatory News

OSFI Consults on NSFR Disclosure Requirements for D-SIBs

OSFI proposed the draft guideline on the net stable funding ratio (NSFR) disclosure requirements for domestic systemically important banks (D-SIBs).

February 11, 2019 WebPage Regulatory News

EC Amends Its Regulation to Clarify Impairment Requirements for IFRS 9

EC published the EU Regulation 2019/237 that amends Regulation (EC) No 1126/2008 adopting certain international accounting standards, in accordance with Regulation (EC) No 1606/2002 regarding International Accounting Standard (IAS) 28 on Investments in Associates and Joint Ventures.

February 11, 2019 WebPage Regulatory News

FSB Chair Randal Quarles Speaks About the Upcoming Work of FSB

While speaking at the BIS Special Governors Meeting in Hong Kong, Randal K. Quarles, the Chair of FSB and Vice Chair of FED, discussed his views on how the work of FSB must evolve and the key principles that, he believes, should inform that work.

February 10, 2019 WebPage Regulatory News

OSFI Proposes to Amend the Liquidity Adequacy Requirements for Banks

OSFI proposed revisions to the Liquidity Adequacy Requirements (LAR) Guideline for banks. OSFI published the proposed drafts (with proposed changes highlighted in yellow) of Chapters 1,2, 4, and 5 of the LAR guideline.

February 08, 2019 WebPage Regulatory News

HKMA Publishes FAQs on Local Implementation of IRRBB Framework

HKMA published the frequently asked questions (FAQs) related to the local implementation of the interest rate risk in the banking book (IRRBB).

February 08, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2593