Insurance Europe: Insurers welcome EC supervisory data strategy for EU financial system, but say benefits must outweigh costs

18 June 2021

The industry fully supports the aim of the supervisory data strategy to initiate a shift to a modern, efficient and effective approach to data collection for supervisory purposes.

Insurance Europe has published its response to a roadmap consultation by the European Commission on its supervisory data strategy for the EU financial system.

At the same time, the following points should be considered:

• The approach should work for all stakeholders and benefits should outweigh costs.
• The principle of proportionality should always be taken into account. 
• Existing reporting timelines should be respected.
• The strategy should provide reporting relief and operational benefits for insurers.
• Reporting requirements changes should be minimized, communicated timely and allow sufficient time for implementation.
• Changes to reporting requirements proposed in the context of the review of Solvency II should be aligned with the timeline of the supervisory data strategy.
• It is important to keep the industry and stakeholders involved in the further development and implementation of the strategy.

response

Insurance Europe

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