Featured Product

    EC Regulation Amends Certain Templates for Solvency II Reporting

    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

    Featured Experts
    Related Articles
    News

    EBA Single Rulebook Q&A: Second Update for November 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to eight questions that relate to the Bank Resolution and Recovery Directive (BRRD) and the Capital Requirements Regulation and Directive (CRR and CRD).

    November 15, 2019 WebPage Regulatory News
    News

    FASB Delays Effective Dates for CECL, Leases, and Hedging Standards

    FASB issued two Accounting Standards Updates finalizing the delays in effective dates for standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.

    November 15, 2019 WebPage Regulatory News
    News

    ESMA Updates Q&A on Securitization Regulation in November 2019

    ESMA updated questions and answers (Q&A) on the Securitization Regulation (Regulation 2017/2402).

    November 15, 2019 WebPage Regulatory News
    News

    HKMA Announces Finalization of Banking Liquidity Amendment Rules 2019

    HKMA issued a letter informing all authorized institutions that negative vetting of the Banking (Liquidity) (Amendment) Rules 2019 (BLAR) has now expired. Thus, the BLAR will now come into operation from January 01, 2020.

    November 15, 2019 WebPage Regulatory News
    News

    BCBS Consults on Revised Disclosures for Market Risk Framework

    BCBS launched a consultation on the revised disclosure requirements for the market risk framework for banks.

    November 14, 2019 WebPage Regulatory News
    News

    BCBS Consults on Disclosure Templates of Sovereign Exposures of Banks

    BCBS published a consultation on the voluntary disclosure templates related to sovereign exposures of banks.

    November 14, 2019 WebPage Regulatory News
    News

    PRA Publishes Final Policy on Maintenance of TMTP Under Solvency II

    PRA published the policy statement (PS25/19) that contains the final supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTPs) under Solvency II.

    November 14, 2019 WebPage Regulatory News
    News

    FSB Examines Implementation of Resolution Regimes in Financial Sector

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions and sets out plans for further work.

    November 14, 2019 WebPage Regulatory News
    News

    IAIS Adopts ComFrame, ICS, and Holistic Framework for Systemic Risk

    IAIS adopted a comprehensive set of reforms—Common Framework (ComFrame), Insurance Capital Standard (ICS) Version 2.0, and Holistic Framework for Systemic Risk—that will enable effective cross-border supervision of insurance groups and contribute to global financial stability.

    November 14, 2019 WebPage Regulatory News
    News

    PRA Publishes Templates for Statistical Disclosures Under Solvency II

    PRA published templates for statistical disclosures, as required under Article 31(2) of the Solvency II Directive.

    November 14, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4157