BaFin published an analysis of the Solvency and Financial Condition Report (SFCR) and the key figures separated by division. The assessment shows that insurers meet requirements for Solvency II.
A few weeks after the publication of the first evaluation, BaFin has now assessed in detail the SFCRs of insurers for the first financial year under Solvency II. The results show that all individual companies subject to reporting requirements meet the new requirements for the coverage. The coverage of the Solvency Capital Requirement (SCR) with own funds amounts to about 330% on average across all divisions. The solvency and financial report is part of the narrative reporting system. It is used to disclose qualitative and quantitative information about a company against the public and the supervision and has to be published by the insurer on its website.
In addition to the SFCR, BaFin receives from the companies the Regular Supervisory Report (RSR) as well as the company's own risk and solvency assessment (ORSA) report. These two reports are not published. The deadlines for reporting and disclosure requirements are available on the BaFin website. BaFin forwards the companies' quantitative reports to EIOPA. Every three months, EIOPA publishes an evaluation of the figures presented, which allow a comparison of countries. Once a year, in each case on April 30, BaFin will also make major supervisory figures public.
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Keywords: Europe, Germany, Insurance, Solvency II, SFCR, SCR, Reporting, BaFin
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