BaFin Publishes Analysis of Solvency and Financial Condition Report
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.
Related Links (in German)
Deadlines for Reporting and Disclosures
Keywords: Europe, Germany, Insurance, Solvency II, SFCR, SCR, Reporting, BaFin
Featured Experts
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Paul McCarney
Insurance product strategist; insurance domain expert; extensive experience developing risk assessment frameworks for insurers
Brian Robinson
Actuary; risk management specialist; corporate and capital modelling expert
Previous Article
EBA Technical Standards on Authorization of Credit InstitutionsRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
