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Updates in Reporting Framework 3.0 and Technical Standards on Pillar 3 Disclosure

02/09/2021 ||By: Nivetha

The EBA continually strives to update the reporting framework for improved consistency and quality of financial reports being submitted. In its efforts to do so, EBA has published a new reporting framework, updating the mapping of quantitative disclosure data and supervisory reporting. This framework is an update of reporting framework 2.10, which aims to foster […]

Though Less Exposed to Risks, Solvency Reporting is More Important During Pandemic.

12/02/2020 ||By: Nivetha

Solvency reporting can get very complicated very quickly. Especially amidst the Covid-19 pandemic, several concerns have been raised about insurance company solvency positions. It has been brought up to the notice of the European Insurance and Occupational Pensions Authority (EIOPA) that analysts have been focusing less on making public disclosures – this can be a […]

The challenges of Solvency II reporting

08/07/2018 ||By: Karthik Sathuragiri

Recently, InsuranceERM released an article arguing that most Solvency II reporting mistakes happen in solvency ratios. The findings were based on an analysis conducted by Insurance Risk Data, which found that in 68% of cases where errors in quantitative reporting templates were discovered, the errors were surrounding solvency and minimum capital ratios.   What are […]

News on reforms in Solvency II risk margin for UK entities

06/26/2018 ||By: Prakash R

The UK regulator – Prudential Regulatory Authority (PRA) – has concerns that the build-up of offshore reinsurance by undertakings can become a major issue when unconstrained. In fact, they believe the stock build-up of offshore reinsurance is an unintended consequence, and that it might become a significant prudential concern when not restrained. The regulator has […]

Solvency II: PRA Issues Consultation Paper on Modelling of Volatility Adjustment

05/09/2018 ||By: Amruth

Although Solvency II is now well and truly in force, the Prudential Regulation Authority (PRA) continues to publish a number of consultations into Solvency II. The topics of the consultations have ranged from regulatory reporting to changes to the external audit requirement for parts of the Solvency and Financial Condition Report (SFCR).   On 11th […]

Solvency II: PRA proposes changes to ease reporting burdens

01/22/2018 ||By: Prakash R

The Prudential Regulation Authority (PRA) has issued a consultation paper in which it proposes significant changes to how insurance firms must satisfy reporting requirements under Solvency II, while reducing the administrative burden. The PRA’s proposed changes would affect all firms in the UK obliged to report under Solvency II regulations, as well as the Society […]

Solvency II – what next, now EIOPA has withdrawn T4U?

12/13/2017 ||By: Charles A

In November, the European Insurance and Occupational Pensions Authority (EIOPA) withdrew its free Pillar 3 reporting software, Tool for Undertakings (T4U). EIOPA gave plenty of warning of its intentions – it announced in July 2016 that it would release its final iteration of the tool in October of that year, then begin decommissioning in July […]

Solvency II – EIOPA Latest Statistics – Analysis

11/02/2017 ||By: Charles A

The European Insurance and Occupational Pensions Authority (EIOPA) published its latest quarterly set of statistics on the European insurance sector in mid-November. The set is based on Solvency II regulatory reporting and is the next in the series of statistics on solo undertakings that began on 28 June. The statistics contain country aggregates for balance […]

EIOPA EU-wide Stress Testing Framework

05/29/2017 ||By: Charles A

The European Insurance and Occupational Pensions Authority (EIOPA) launched a European Union (EU) wide stress test for the European insurance sector on 24th May 2016. The exercise aimed to assess insurers’ vulnerabilities and EIOPA expressly noted that it should not be interpreted as a ‘pass-or-fail’ test. EIOPA noted that the stress test was designed to […]

A Review of Solvency II Principles (Supervisory Reporting)

05/23/2017 ||By: Charles A

The Solvency II (Directive 2009/138/EC) regulatory compliance framework has put in place a robust ‘Three Pillar’ approach for the regulation of insurance and reinsurance undertakings (Undertakings) operating throughout the European Union (EU). Pillar 1 deals with quantitative requirements (e.g. assessment of own funds, Solvency Capital Requirement (SCR)), Pillar 3 deals with disclosure requirements (e.g. transparency, […]

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