Solvency II – Reporting and disclosure. Insurance and Reinsurance Stakeholder Group meeting 12 December 2011. Solvency II – Reporting and disclosure. De velopment process of EIOPA guidelines and standards on reporting and disclosure General framework, objectives and means
Insurance and Reinsurance Stakeholder Group meeting
12 December 2011
Development process for standards and guidelines on reporting and disclosure
* Omnibus II => scope of Implementing Technical Standards (ITS): templates
No supervision without information !
Wider than current disclosure requirements in many countries!
Similar structure of narrative RSR and SFCR to enable comparability between undertakings & between the SFCR / RSR
B. Governance and remuneration policy
C. Risk Profile
SFCR and RSR
a. Business, External Environment and performance
D. Valuation for solvency purposes
E. Capital management
Specific regulations or activities: e.g. distribution of profits, P&I clubs, etc.;
Capital requirements (SCR / MCR) & Own funds
Assets (incl. detailed list)
(Life & Non-Life)
Received in locally-defined format and not automatically shared
Received in a harmonised format, capable of being shared automatically with EIOPA and/or other supervisory authorities
(EEA (re)insurance entities)
Also for sub groups
(when there is sub group supervision!)
Variation Analysis templates:
Risk Concentrationreporting through a group-specific template:
Question 4: Are there any practical or operational issues with the application of the reporting and disclosure requirmentswhich can be identified by undertakings? If any, please describe your concerns and how they could be addressed.
Question 5: Do you agree with the analysis of the costs and benefits for the implementation of the reporting and disclosure requirements? Are there other costs and negative impacts EIOPA should consider? What benefits may flow from the proposed reporting and disclosure requirements?
For example, what would be the potential impact of ORSA on the pricing, design and availability of insurance products, the corresponding effects for consumers and the wider social or economic impacts even if indirectly?