April 02, 2019

EIOPA published a consultation linked to corrections and amendments of the implementing technical standards (ITS) on reporting and disclosures related to Solvency II. Comments are requested by May 14, 2019. In addition to the impact assessment and comments template, EIOPA published the draft amendment to the Commission Implementing Regulation (EU) 2015/2450, which lays down implementing technical standards on templates for the submission of information to the supervisory authorities. EIOPA also published the draft amendment to the Commission Implementing Regulation (EU) 2015/2452, which lays down implementing technical standards on the procedures, formats, and templates of the solvency and financial condition report or SFCR.

The draft amendments address the "Delegated Regulation (EU)…/… (C(2019) 1900)," adopted by EC on March 08, 2019, which amends the Delegated Regulation (EU) 2015/35 that supplements the Solvency II Directive (2009/138/EC) on the taking-up and pursuit of the business of insurance and reinsurance. The draft amendments also address the Commission Delegated Regulation 2018/1221, which amends Regulation (EU) 2015/35 regarding the calculation of regulatory capital requirements for securitizations as well as simple, transparent, and standardized securitizations (STS) held by insurance and reinsurance undertakings. The supervisory reporting templates need to be adapted to reflect these changes

Some of the proposals under consultation are based on the amendments to the Delegated Regulation (EU) 2015/35 adopted by EC on March 08, 2019 and are currently under the scrutiny period of the European Parliament and the Council. The proposed amendments have been kept to the minimum and do not reflect a detailed review of the requirements, which will be part of the 2020 Reporting and Disclosure Review. The proposals aim to align the reporting and disclosures with the amendments to the Delegated Regulation (EU) 2015/35.

In addition, the closed list of the nominated External Credit Assessment Institutions (ECAIs) has been amended to reflect the changes introduced in 2018 by ESMA, including new registrations and withdrawn registrations. Furthermore, one correction is part of the consultation addressing an error in the instructions of the template "S.25.02 - Solvency Capital Requirement," for groups using the standard formula and the partial internal model.

EIOPA will consider the responses it receives to this consultation and then finalize the draft amendments and corrections to the implementing technical standards on reporting and disclosure. The draft amendments and corrections to the implementing technical standards on reporting and disclosures will then be submitted to EC for endorsement. All corrections and amendments and the update of the taxonomy validations will be incorporated in the XBRL taxonomy version 2.4.0. The public working draft should be published by June 03, 2019 for consultation and the final version published by July 15, 2019, in line with the Governance of Taxonomy Releases.

 

Related Links

Comment Due Date: May 14, 2019

Keywords: Europe, EU, Insurance, Securities, Reinsurance, Solvency II, Reporting, SCR, Capital Requirements, Disclosures, STS Securitization, SFCR, Securitization Framework, EIOPA

Related Articles
News

FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic Banks

FSB is seeking feedback as part of its evaluation of the effects of the too-big-to-fail reforms for banks.

May 23, 2019 WebPage Regulatory News
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA on Industry Self-Assessments into Governance and Accountability

APRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).

May 22, 2019 WebPage Regulatory News
News

PRA Consults on Maintenance of TMTP Under Solvency II

PRA published a consultation paper (CP11/19) that sets out its approach to update supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTP) under Solvency II.

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

IASB Proposes Improvements to IFRS 9 and IFRS 16

IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.

May 21, 2019 WebPage Regulatory News
News

Denis Beau of BDF on Supervisory Priorities for Climate-Change Risks

Denis Beau, the First Deputy Governor of BDF, delivered opening remarks at the BCBS-BSCEE-FSI High-level Meeting for Europe on banking supervision.

May 21, 2019 WebPage Regulatory News
News

ISDA CDM to be Deployed for UK Digital Regulatory Reporting Pilot

ISDA announced deployment of the ISDA Common Domain Model (ISDA CDM 2.0) to support the UK FCA, BoE, and participating financial institutions in testing phase two of the Digital Regulatory Reporting pilot for derivatives.

May 21, 2019 WebPage Regulatory News
News

MAS to Consolidate Regulation of Merchant Banks Under Banking Act

MAS published a consultation paper that proposes to consolidate the regulation of merchant banks under the Banking Act and to move merchant banks to a licensing regime under the MAS Act.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3118