These long awaited detailed reporting requirements follow from the CEIOPS’ Final Advice (former CP 58) on Level 2 issued in 2009, which included an Annex on Quantitative Reporting Templates, as well as two rounds of informal consultations with major European stakeholders in the
summer of 2010 and Q1 2011. The latter was until today the main source of information for the industry on the expected quantitative reporting under Solvency II.
Feedback from these consultations has been taken into account by EIOPA in order to provide a largely stabilised package to facilitate the preparatory work of (re)insurance undertakings for Solvency II. This public consultation is being organised before the agreement on the Omnibus II Directive and before the adoption of the proposal for the Delegated Act by the European Commission. The draft proposals are based on the latest status of the above, but any future adjustments to the
Delegated Act (‘Level 2’) will be taken into account in the final reporting requirements after the public consultation. It is expected that these adjustments should not have a material impact on the content of the QRTs and the guidelines; however EIOPA has listed the areas where impacts should be considered.
EIOPA is looking for stakeholders’ feedback on the package as a whole and in particular on the issues that are not yet fully settled: variation analysis templates, own funds (eligibility, reconciliation reserve), quarterly reporting of the balance sheet, risk concentration, non-life catastrophe risk SCR, ringfenced funds reporting and narrative reporting guidelines.