Reporting [EU]
The European Commission’s proposals are:
Changes to Article 35 (Information to be provided for supervisory purposes) and a new Article 35a (Exemptions and limitations to quantitative regular supervisory reporting granted by supervisory authorities) to adapt the reporting requirements for low-risk profile undertakings, notably to facilitate the access to exemptions and limitations on reporting for these entities.
A new Article 35(5a) and the new Article 256b (Group regular supervisory report) on the regular supervisory report (RSR) lay down the principles and frequency for this report by undertakings and groups. In the case of low-risk profile undertakings it will be every three years and in respect of other (re)insurance undertakings, ‘at least' every three years.
A new Article 35b (Reporting deadlines) sets out reporting deadlines and introduces the possibility to change them where justified by extraordinary circumstances.
Article 51 (Report on solvency and financial condition: contents) and Article 256 (Group solvency and financial report) are amended to modify the structure of the Solvency and Financial Condition Report (SFCR) by undertakings and groups, splitting its content into a part addressed to policyholders and beneficiaries and a part addressed to other stakeholders.
New Articles 51a (Audit requirements) and 256c (Audit requirements) introduce an auditing requirement for the prudential balance sheet, the group balance sheet and/or the single SFCR.
Article 52 (Information for and reports by EIOPA) is amended to introduce an obligation for supervisors to submit to EIOPA statistics on the use of proportionality measures and simplifications in their market.
Article 112 (General provisions for the approval of full and partial internal models) is amended to require undertakings using an internal model to report regularly to the supervisors an estimation of the Solvency Capital Requirement calculated with the standard formula.