Monday March 23 2020

News Source: Fund Regulation

Focus: Solvency II

Type: General

Country: European Union

The European Insurance and Occupational Pensions Authority (EIOPA) has issued Recommendations addressed to national competent authorities on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure in light of the Coronavirus/COVID-19 pandemic. These Recommendations are issued in accordance with Article 16 of Regulation (EU) No 1094/2010  (EIOPA Regulation) and are based on Directive 2009/138/EC  (Solvency II Directive) and EIOPA’s guidelines and other relevant EIOPA instruments.

Solvency and Financial Condition Report referring to year-end occurring on 31 December 2019 or year-end after that date but before 1 April 2020

Competent authorities should accept an 8-week delay for the publication of the Solvency and Financial Condition Report (SFCR) with the exception of the following information: Balance-sheet (S.02.01), LTG (S.22.01), Own funds (S.23.01) and SCR calculation (S.25.01) using the templates as identified in Commission Implementing Regulation (EU) 2015/2452 both at solo and group level.

Competent authorities should accept a 2-week delay in the publication of the templates described above, using the means of disclosure usually used for the publication of the SFCR.

Insurance and reinsurance undertakings should consider the current situation as a “major development” as referred to in article 54(1) in the Solvency II Directive and publish at the same time of publication of the information referring to the year-end occurring on 31 December 2019 or after, any appropriate information on the effect of the Coronavirus/COVID-19 in the published information.

Click on the above link for further information.