EIOPA published its draft amended Implementing Technical Standards (ITS) on supervisory reporting and disclosure.
EIOPA’s draft proposal leads to fit-for-purpose reporting requirements, reduction of reporting costs for the majority of insurance undertakings and better supervision through the inclusion of some new information on emerging risks and new areas for which supervisors identified a number of data gaps.
In particular, the amendments of Supervisory Reporting and Public Disclosure include simplifications of quarterly reporting for all undertakings, elimination of some annual reporting templates for all undertakings and new thresholds to better promote risk-based and proportionate reporting requirements, leading to exemptions of reporting certain templates for many undertakings.
Furthermore, considering the specific nature of captive insurance and captive reinsurance undertakings, the reporting requirements have been adjusted to the nature, scale and complexity of their business and consider their different business models.
EIOPA Guidelines on the supervision of branches of third country insurance undertakings and on reporting for Financial Stability Purposes were also amended, while ensuring consistency between reporting requirements.
Please find the documents here, and more information here.
In terms of next steps the secretariat of Insurance Europe will prepare a first draft set of comments that can be submitted in the consultation on Public Working Draft 1 of the SII Taxonomy 2.8.0 (open for feedback from 1 till 30 April).
Members are reminded that EIOPA will present an overview of the main changes during the ‘Taxonomy meets the market workshop’ on 6 April (here)
Insurance Europe