The European Insurance and Occupational Pensions Authority (EIOPA) has today submitted to the European Commission its draft amendments of two Implementing Technical Standards (ITS) that set out supervisory reporting and disclosure requirements under Solvency II.
The proposed amendments incorporate changes necessitated by the recent review of Solvency II while also supporting European Commission’s initiative to simplify rules and ease administrative burdens by reducing the reporting burden by at least 25% across all sectors (35% for SME).
The draft amendments to the ITS seek to achieve this by reducing the frequency of certain templates, deleting some annual templates, making greater use of proportionality principles and introducing technical simplifications across the framework.
If implemented as proposed, the reporting burden would be reduced by 26% for solo undertakings in terms of number of quarterly templates (36% for small and non-complex undertakings), by 30% in terms of annual templates (44% for small and non-complex undertakings) and by 22% in terms of data points.
EIOPA is of the view that the proposed reporting reductions would bring meaningful benefits – including a better use of the principle of proportionality – without jeopardising EIOPA’s and national supervisors’ ability to uphold the protection of policyholders and to maintain financial stability in Europe’s insurance sector.
