News

EIOPA proposes amendments to the adopted Solvency II Technical Standards on Reporting and Disclosure
21/04/2017 12:35

The European Insurance and Occupational Pensions Authority (EIOPA) has identified some required amendments to the Implementing Technical Standard on the templates for the submission of information to the supervisory authorities (ITS on Reporting) and in the Implementing Technical Standard with regard to the procedures, formats and templates of the solvency and financial condition report (ITS on Disclosure). As a result, these amendments concern the Implementing Technical Standards, the Guidelines on Reporting for Financial Stability Purposes and the Guidelines on the Supervision of Branches of Third-Country Insurance Undertakings.

Some of the amendments have an impact on the Solvency II XBRL Taxonomy, namely the governance of Taxonomy releases.  It is of utmost importance that the release of the Taxonomy planned for July 2017 and the legal basis are fully aligned.

In order to provide legal certainty and to facilitate the correct reporting as well as the disclosure process for insurance undertakings, EIOPA invites all interested parties to comment on the proposed amendments or submit possible further amendments. The package for comments includes:

  • Draft amendment of the ITS on Reporting;
  • Draft amendment of the ITS  on Disclosure;
  • Draft Impact Assessment of the draft amendment of the ITS on Reporting;
  • Revised Annex 1, 2 and 3 of the ITS on Reporting;
  • Draft amendment of the Guidelines on Reporting for Financial Stability Purposes; and
  • Draft amendment of the Guidelines on the Supervision of Branches of Third-Country Insurance Undertakings.

All the documents can be accessed hereComments are particularly welcome regarding the impact assessment of the proposed amendments and are to be submitted to SIIReporting@eiopa.europa.eu by close of business on Monday, 8 May 2017.

 

Background

Implementing Technical Standard (ITS) on Reporting (European Commission's Implementing Regulation (EU) 2015/2450 refers to the templates for the submission of information to national supervisory authorities. It was published in the Official Journal on the 31 December 2015 and amended by the European Commission's Implementing Regulation (EU) 2016/1868, published on the 21 of October 2016.)

Implementing Technical Standard (ITS) on Disclosure (European Commission's Implementing Regulation (EU) 2015/2452 lays down implementing technical standards with regard to the procedures, formats and templates of the solvency and financial condition report. It was published in the Official Journal on 31 December 2015.) 

Solvency II XBRL Taxonomy is a systematised description of all the Solvency II reporting requirements. It was developed by EIOPA to ensure the harmonised XBRL reporting under Solvency II.