Flexibility for (re)insurer reporting & public disclosure
On 20 March 2020, the European Insurance and Occupational Pensions Authority (EIOPA) published recommendations on supervisory flexibility regarding the deadline for supervisory reporting and public disclosure by (re)insurers.
EIOPA is conscious that (re)insurers will face challenging market conditions in the immediate future and will need to concentrate efforts on monitoring/assessing the COVID-19 impact to ensure business continuity. EIOPA highlights that submission of Q1 2020 information to national insurance supervisors across Europe is important. However, the recommendations (applicable from 20 March 2020) aim to:
foster consistent approaches by supervisors when extending flexibility for reporting and disclosure
offer operational relief and support business continuity of (re)insurers
It remains to be seen whether supervisors will implement some or all of the recommendations. EIOPA has previously confirmed it would be directly engaging supervisors with this in mind.
EIOPA is keeping the recommendations under review.
Reporting template references (per EU level delegated and implementing regulations) are included below, to assist.