Eiopa urges insurers to start using its SII reporting template

The European Insurance and Occupational Pensions Authority (Eiopa) has urged insurers to start using its proposed template for Solvency II reporting and disclosure requirements now.

This is despite the fact that the Omnibus II package of Solvency II amendments, which has yet to be agreed, could result in future changes template.

Eiopa has published its proposals for Solvency II reporting following the completion of a public consultation.

The pan-European regulatory body noted that the continuing discussions on Omnibus II and the future implementing measures for Solvency II are expected to lead to changes to reporting requirements under the new directive. It also said that the design or structure of the templates may be affected by the development of the respective IT reporting standards.

However, Eiopa asserted: “Despite possible changes, Eiopa strongly believes that the industry should use this package already now in order to start the implementation phase.”

Eiopa chairman Gabriel Bernardino said: “The publication of this report is crucial because insurance undertakings and supervisors need to start as early as possible with the implementation of reporting and disclosure requirements.

“The proposed reporting templates are the result of a long effort by EIOPA and have benefited from contributions from the different stakeholders. This set of harmonized reporting templates represents a major step towards the consistency of supervisory practices in the EU”.

Eiopa expects that the full package on reporting and disclosure with all the changes incorporated will be available later in 2012.

Last Tuesday, a three-way meeting of The European Commission, European Parliament and the EU Council failed to agree on the final contents of the Omnibus II package of changes. The European Parliament is expected to vote on Omnibus II on 22 October this year.

Solvency II is currently scheduled to come into force in January 2014.