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EU insurers to file stability reports

Thursday 22 December 2011 – by [email protected]

Large European insurers will have to meet a number of additional reporting requirements under draft measures put forward by the European Insurance and Occupational Pensions Authority.

On Wednesday, Eiopa released what it terms “quantitative reporting templates for financial stability purposes” as part of the EU’s Solvency II directive.

The templates aim to ensure that the biggest insurance firms provide sufficient information so that the authority can analyse where systemic risks may be arising in the sector.

Insurers with over €6bn ($7.9bn) of assets on their balance sheets will be obliged to report quarterly information about the level of their own funds, and any open derivative positions and securities lending they have undertaken, among other requirements.

The data will be supplied in addition to another set of draft templates, put forward by Eiopa in November.

The move comes as Eiopa begins to build up information on financial stability in the sector, which will be reported to the European Systemic Risk Board.

Related articles:

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Eiopa ‘doesn’t care’ about solvency req

Solvency II templates to cost €250,000

Barnier backs 2014 Solvency II delay

Insurers to disclose use of derivatives

The consultation states: “Solo insurance undertakings and groups beyond the €6bn balance sheet total threshold shall submit the same information, on the highest possible level of consolidation, for financial stability purposes.”

Eiopa is inviting feedback on the draft requirements by 20 February 2012.

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