EC Amends Rules on Procedures, Formats, and Templates of SFCR
EC published the Commission Implementing Regulations (CIRs) 2017/2189 and 2017/2190. CIR (EU) 2017/2189 amends Implementing Regulation (EU) 2015/2450 and lays down implementing technical standards on the templates for the submission of information to the supervisory authorities according to Directive 2009/138/EC (Solvency II). CIR (EU) 2017/2190 amends Implementing Regulation (EU) 2015/2452 and lays down implementing technical standards on to the procedures, formats, and templates of the solvency and financial condition report (SFCR) according to Solvency II. CIR 2017/2189 and 2017/2190 shall enter into force on the twentieth day following that of their publication in the Official Journal of the European Union.
It is necessary to facilitate consistent reporting and to improve the quality of the information reported to the supervisory authorities as provided for by CIRs (EU) 2015/2450 and (EU) 2015/2452. To ensure coherence between provisions in CIR (EU) 2017/2189 and provisions in CIR (EU) 2017/2190, which should enter into force at the same time, and to facilitate a comprehensive view and access to them by persons subject to those obligations, including investors that are non-Union residents, it is desirable to include all the implementing technical standards required by Articles 35(10), 244(6), and 245(6) of Solvency II and those required by Articles 56 and 256(5) of Solvency II in a single Regulation. CIRs 2015/2450 and 2015/2452 are, therefore, being amended. Several minor drafting errors in the instructions of the templates included in the text of Implementing Regulations (EU) 2015/2450 and (EU) 2015/2452 are also being corrected.
- Annexes II and III to Implementing Regulation (EU) 2015/2450 and 2015/2452 have been amended in accordance with Annex I to CIRs 2017/2189 and 2017/2190, respectively.
- Annexes I, II, and III to Implementing Regulation (EU) 2015/2450 and 2015/2452 have been corrected in accordance with Annex II to CIRs 2017/2189 and 2017/2190, respectively.
Related Links
Effective Date: December 15, 2017
Keywords: Europe, EU, Insurance, Solvency II, Implementing Technical Standards, CIR 2017/2189, CIR 2017/2190, EC
Featured Experts
Paul McCarney
Insurance product strategist; insurance domain expert; extensive experience developing risk assessment frameworks for insurers
Previous Article
Andrea Enria of ECB on Tackling Supervisory Challenges with SuptechRelated 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.