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23 December 2016

EIOPA publishes information on the use of limitations from regular supervisory reporting

The European Insurance and Occupational Pensions Authority released its first report on the limitations from the regular supervisory reporting, used by insurance and reinsurance undertakings.

This first report has a preliminary nature, as annual submissions of the 2016 quantitative reporting will only be available from 2017 onwards. Therefore, the 2016 report does not include information on exemptions from annual reporting.

Insurance and reinsurance undertakings are subject to annual and quarterly reporting. According to the Solvency II Directive national competent authorities (NCAs) can exempt or limit the submission of the quantitative reporting templates (QRTs), based on the criteria such as a defined threshold of the life and non-life market shares in a country, or the size of an undertaking.

The results of the report show that the limitations from quarterly reporting concern 924 solo undertakings and 30 groups. Eleven NCAs have authorised at least one undertaking to use limitations from reporting. Twenty NCAs have not authorised limitations from reporting as many of them plan to collect at least a few quarters of reporting before taking a decision on the limitations or exemptions.

The market share of undertakings benefiting from limitations rests below the maximum of 20% set in the Solvency II Directive.

Full report


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