EIOPA consults on streamlined supervisory reporting
The European Insurance and Occupational Pensions Authority (EIOPA) has published a consultation paper on amendments to its supervisory reporting and disclosure requirements under Solvency II. These were first implemented in 2016, and EIOPA notes the importance of building on experience so far to ensure that reporting remains fit for purpose.
The proposals are largely built on EIOPA’s earlier Report on quantitative reporting templates together with its Opinion on the 2020 review of Solvency II. It has also done additional work in areas such as risk-based thresholds, intra-group transactions and risk concentrations templates, variation analysis templates, new non-life templates, and sustainability reporting. The changes include simplification of quarterly reporting and elimination of certain reporting templates, with new thresholds to improve proportionality.
EIOPA aims to reduce and simplify reporting burdens where possible, but also fill data gaps that have been identified, including information relating to emerging risks. Under the changes, the majority of insurance undertakings will need to complete fewer templates and benefit from a reduction in reporting costs. Comments are due by 17 October 2021.
Read more here.
And in case you missed it back in May, for those interested in how Inline XBRL might be deployed to make insurance company public disclosures (aka ‘Pillar 3 disclosures’) more accessible and useful, our guest post from Antoine Bourdais and Clément Duhamel of Invoke is a must-read.
