Documents and high-level observations – ECB-EIOPA Joint Workshop on Insurance Reporting – 20 October

Members will find attached the final agenda and presentations of ECB-EIOPA Joint Workshop on Insurance Reporting, held today, 20 October.

Some high-level observations and comments:

  • There were 246 participants.
  • There were presentations on:
    •         SII 2020 review from: ECB, EIOPA and EC.
    •         ITS amendments consultation from EIOPA
    •         ITS amendments consultation from the industry.
    •         Data quality from ECB, EIOPA, Banca d’Italia, DNB
    •         Examples on the use of insurance data by ESRB, EIOPA and ECB
  • General comments from Ana Teresa Moutinho:
    •         Work on the reporting changes started already in Februari 2019, with the call for input  (and there were five further interactions with stakeholders thereafter)
    •         On the implementation date of the ITS amendments: EIOPA will look into the input and comments it received, and EIOPA is open to discuss a reasonable implementation date.
    •         On the industry request to align the timing for the ITS amendments with the SII 2020 review implementation date,  she noted it was difficult for EIOPA to see the link with the ITS with L1 and L2. EIOPA has the right to amend the ITS, and the processes are clear. Thereby she noted that there is no change EIOPA is proposing at this moment which is conditional to the SII review.
    •         The impacts of the ITS amendments will mostly affect the bigger insurers.
    •         EIOPA will consider stakeholder comments, and she noted that detailed comments are the most helpful.
  • Comments from Ana Teresa Moutinho on the industry presentation:
    •         She acknowledged the concerns regarding the thresholds, and noted that EIOPA would think of ways to make it work better
    •         She recognized the fact that any change in the templates – even the change of one cell  – has an IT impact.
    •         On the industry’s feedback that the consultation was untransparent and the lack of a comprehensive overview, she referred to the many interactions the industry had in the past years on the reporting changes and to the cover note and track changed version of the logs that was issued with the consultation on ITS amendments. And she highlighted she did not understand the industry’s concern.