Solvency II – Reporting and disclosure Insurance

Transcript:Solvency II – Reporting and disclosure Insurance:
Solvency II – Reporting and disclosure Insurance and Reinsurance Stakeholder Group meeting 12 December 2011 Solvency II – Reporting and disclosure Development process of EIOPA guidelines and standards on reporting and disclosure General framework, objectives and means Explanation on narrative reporting and disclosure, quantitative reporting templates, predefined events Towards a formal opinion from the Insurance and Reinsurance Stakeholder Group Due development process: on-going work for 2 years (solo) / 1 year (group) large involvement of stakeholders resulted in positive feedback detailed supporting documents - LOG files and summaries for rationale Development process for standards and guidelines on reporting and disclosure Development process for standards and guidelines on reporting and disclosure Early public consultation by EIOPA on standards and guidelines General framework Solvency II Directive contains high-level principles Art 35 => supervisory reporting Art. 51 to 55 => public disclosure Art. 254 § 2 and 256 § 1 => application to groups (mutatis mutandis) Art. 256 => single group-wide SFCR * Omnibus II => scope of Implementing Technical Standards (ITS): templates Delegated Act provides details on content & structure of narrative disclosure & reporting, frequency & timelines Process : CEIOPS Consultation Paper 58 (2009) => Solvency Expert Group discussions between COM and Member States, EIOPA (2010 & 2011) => Almost finalised (publication 2012) General framework Implementing technical standards High-priority in OMBII => proposal before Dec 31st 2012 Content of quantitative reporting templates under discussion Process: Draft by EIOPA, adoption by COM. CP 58 (2009) => 1st round of informal consultation (2010) => 2nd round: “pre-consultation” (Q1 2011), incl. meetings with Stakeholders => Public consultation by EIOPA started in Q4 2011 EIOPA guidelines Further details on narrative disclosure & reporting, pre-defined events, reporting & disclosure policies Process: pre-consultation (Q1 2011) => Public consultation by EIOPA started in Q4 2011 => Adoption by EIOPA expected in 2012 Objectives of reporting in Solvency II Regular Supervisory Reporting, the RSR Objectives : Micro-supervision: to perform supervisory review Macro-supervision: to give an overall market view (aggregation & comparison of figures and trends) Means: Confidential and more detailed information than for disclosure No supervision without information ! Objectives of public disclosure in Solvency II Solvency and Financial Condition Report, the SFCR Objectives : Market discipline: to encourage best practices Market confidence: to improve understanding of business Means : Transparency on solvency & financial position Explanation of methods & assumptions used Wider than current disclosure requirements in many