The European Insurance and Occupational Pensions Authority (EIOPA) published today its final report on reporting and disclosure requirements for insurance undertakings and insurance groups.
The report states the level of granularity of the information that supervisory authorities will need to receive. It reflects a balanced approach towards costs and benefits, and contributes to an efficient risk-based Supervisory Review Process and, therefore, to a higher protection of policyholders. The reporting requirements are also expected to contribute to financial stability and to allow the assessment and monitoring of market developments.
EIOPA underlines that the ongoing discussions related to the Omnibus II Directive (OMD II) and the future Implementing Measures are expected to lead to changes in the reporting requirements. The design or structure of the templates may also be affected by the development of the respective IT reporting standards.
But, despite possible changes, EIOPA strongly believes that the industry should use this package already now in order to start the implementation phase.
Gabriel Bernardino, Chairman of EIOPA, said: "The publication of this report is crucial because insurance undertakings and supervisors need to start as early as possible with the implementation of reporting and disclosure requirements. The proposed reporting templates are the result of a long effort by EIOPA and have benefited from contributions from the different stakeholders. This set of harmonized reporting templates represents a major step towards the consistency of supervisory practices in the EU".
EIOPA expects that the full package on reporting and disclosure with all the changes incorporated will be available later in 2012.
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