EIOPA launched a consultation on the amendments of supervisory reporting and public disclosure document.
In this consultation paper, EIOPA proposes amendments to the reporting requirements, which are mainly based on the Report on quantitative reporting templates published together with the 2020 Solvency II Opinion. In addition to those changes, the proposals include simplification of quarterly reporting for all undertakings, elimination of some reporting templates for all undertakings and new thresholds to promote better risk-based and proportionate reporting requirements. This will lead to a reduction of the number of templates to be reported for the majority of the undertakings.
EIOPA proposals on the review of the reporting requirements should bring several benefits, which will ultimately lead to a better protection of policyholders:
- Reduction of reporting costs for the majority of insurance undertakings;
- Inclusion of information needed for supervisory purposes focusing on emerging risks and new areas for which supervisors identified a number of data gaps;
- A more fit-for-purpose reporting, for example reducing and simplifying when possible but also accommodating gaps identified by supervisors.