EIOPA published a report on limitations and exemptions from Solvency II reporting during 2020 and Q1 2021.
According to EIOPA:
⦁ During 2020, three NCAs granted limitations and exemptions from reporting to 113 solo undertakings, and during the Q1 2021 there were 11 NCAs which granted limitations to 669 solo undertakings.
⦁ At group level, two NCAs granted limitations and exemptions from annual reporting to seven groups during 2020 and two NCAs granted exemptions to 27 groups for the quarterly reporting during Q1 2021.
⦁ In Q1 2021, large undertakings completed around 10 templates while on average five were submitted by smaller ones.
⦁ Regarding annual reporting the 10 largest undertakings by total assets completed on average almost 37 templates, while the 10 smallest undertakings completed only 28 templates.
⦁ The results show that proportionality is implemented in the reporting and reflects the nature, scale and complexity of the risks inherent to the business.
⦁ The average number of templates submitted by small, medium-sized or large insurance undertakings varies substantially, which reflects that the proportionality embedded in the design of reporting requirements delivers a good result.
For more information, please see here.
Insurance Europe Summary EIOPA reports on ‘limitations and exemptions’ (2020 and Q1 2021).pdf