EIOPA have made some significant decisions on quantitative reporting measures in response to stakeholders’ concerns. Here we discuss implications, areas of uncertainty and the deadlines.
Latest proposals from EIOPA provide insurers with a largely stabilised package of quantitative reporting requirements. This should give sufficient certainty for insurers to move their reporting work-streams forward as they prepare for implementation.
On 8 November 2011 EIOPA published its draft proposals on qualitative and quantitative reporting (‘the proposals’) under Solvency II. These proposals define the content and format of insurers' Solvency II reporting both on a private basis to their supervisors and for public reporting to all stakeholders. This represents an important milestone in the development of the Solvency II regime.
The proposals are open for comment until 20 January 2012 and EIOPA plans to finalise reporting requirements in the summer of 2012. Whilst there remain a small number of areas of uncertainty these proposals follow an intensive period of informal consultations where EIOPA gathered stakeholder feedback and revised its proposed requirements.