This report focuses on the limitations and exemptions as applied by the national competent authorities (NCAs) in different markets in 2019 year-end and the first quarter of 2020 and highlight the difference with regard to the last year’s report.
The limitations and exemptions on reporting foreseen in Article 35 of the Solvency II Directive are a concrete proportionality measure in reporting requirements. However, they should not be seen as the only proportionality measure.
Reporting requirements also reflect a natural embedded proportionality directly connected to the nature, scale and complexity of the business. In addition, risk-based thresholds are included in the reporting Implementing Technical Standard (ITS).