Getting ready for Solvency II reporting

The latest proposals from the European Insurance and Occupational Pensions Authority (EIOPA) provide insurers with a largely stabilised package of quantitative reporting requirements. This should give sufficient certainty for insurers to move their reporting workstreams forward as they prepare for implementation.

On 10 July 2012 EIOPA published the Final Report (“the Report”) on its consultation on reporting and disclosure requirements under Solvency II. The report includes an updated package of quantitative reporting templates (including additional ‘financial stability’ reporting requirements for large insurers) and updated guidelines on narrative reporting. The revised reporting package reflects the amendments made to address consultation responses. EIOPA confirmed the updated reporting package is a stable view of the detail of information that will be required under Solvency II. Although some amendments will be necessary to reflect the finalisation of the Solvency II legislation, it is not expected these amendments will be substantial.