Reporting requirements under Solvency II Directive
The supervisory reporting requirements applicable to all undertakings subject to Solvency II Directive are defined in:
Public Disclosure requirements under Solvency II Directive
The following public disclosure requirements are applicable to all undertakings subject to Solvency II Directive:
Reporting requirements for the purposes of financial stability
The Guidelines on Financial Stability Reporting define the reporting requirements for financial stability purposes and apply to individual insurance and reinsurance undertakings, insurance third country branches and participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies.
Requirements applicable to branches from undertakings with head offices outside the European Union
The purpose of the Guidelines on the supervision of branches of third-country insurance undertakings is to ensure a consistent, efficient and effective protection of policyholders within the European Union. The Guidelines on Third Country Branches in particular aim to ensure, as a minimum, the same level of protection of policyholders of a branch of a third country insurance undertaking as that they enjoy when they are dealing with an insurance undertaking situated in the European Union whether in its home Member State or through a branch under Solvency II Directive. These Guidelines include supervisory reporting requirements applicable to all branches from undertakings with head-offices outside the European Union subject to Solvency II Directive.
In order to minimise the reporting burden on the insurance industry, the ECB Regulation allows the national central banks to derive the necessary statistical information, to the extent possible, from data reported for supervisory purposes under the EU's Solvency II framework. The "Unofficial reporting templates including ECB add-ons" and instructions for ECB add-ons are called "unofficial and highlight the information that needs to be provided for statistical purposes over and above the supervisory requirements ("ECB add-ons"). These unofficial reporting templates are purely for illustrative purposes and are not subject to mandatory reporting across all Member States of the European Union. The templates are called "unofficial" to distinguish them from the reporting templates of the ECB Implementing Regulation. More information can be found on the website of the European Central Bank.
Reporting under Solvency II Directive applicable to all vehicles subject to Solvency II Directive
The Implementing Technical Standards on Special Purpose Vehicles defines that special purpose vehicles have to submit supervisory reporting to national competent authorities on an annual basis. These supervisory reporting requirements should enable the supervisory authorities of the special purpose vehicles to assess continued compliance with the relevant requirements.
If you have questions related to reporting and disclosure requirements, please submit it via the dedicated tool on EIOPA's Website.
Common Minimum Standards for Revisions of Reported data
Given the integrated reporting approach followed for supervisory and statistical reporting to EIOPA and the ECB, a common understanding of the minimum level of data quality is required as well as of when a revision of data is considered necessary.
While information reported should be of good quality at the time of its first submission, at a later stage revisions may be needed upon request by the European or national authorities or upon financial institutions' own initiative.
Therefore, the European Insurance and Occupational Pensions Authority (EIOPA) and the European Central Bank (ECB) published Common Minimum Standards for Data Revisions agreed between the ECB, EIOPA, the National Central Banks (NCBs) and the National Competent Authorities (NCAs).