21 April 2017

EIOPA proposes amendments to the adopted Solvency II technical standards on reporting and disclosure

The EIOPA has identified some required amendments to the ITS on the templates for the submission of information to the supervisory authorities (ITS on Reporting) and in the ITS 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, European Insurance and Occupational Pensions Authority (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.

Comments are particularly welcome regarding the impact assessment of the proposed amendments by close of business on Monday, 8 May 2017.

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