EIOPA proposes amendments to the adopted Solvency II Technical Standards on Reporting and Disclosure

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The European Insurance and Occupational Pensions Authority (EIOPA) has identified some required amendments to the Implementing Technical Standard on the templates for the submission of information to the supervisory authorities (ITS on Reporting) and in the Implementing Technical Standard with regard to the procedures, formats and templates of the solvency and financial condition report (ITS on Disclosure). As a result, these amendments concern the Implementing Technical Standards, the Guidelines on Reporting for Financial Stability Purposes and the Guidelines on the Supervision of Branches of Third-Country Insurance Undertakings.

Some of the amendments have an impact on the Solvency II XBRL Taxonomy, namely the governance of Taxonomy releases. It is of utmost importance that the release of the Taxonomy planned for July 2017 and the legal basis are fully aligned.

In order to provide legal certainty and to facilitate the correct reporting as well as the disclosure process for insurance undertakings, EIOPA invites all interested parties to comment on the proposed amendments or submit possible further amendments. The package for comments includes:

• Draft amendment of the ITS on Reporting;
• Draft amendment of the ITS on Disclosure;
• Draft Impact Assessment of the draft amendment of the ITS on Reporting;
• Revised Annex 1, 2 and 3 of the ITS on Reporting;
• Draft amendment of the Guidelines on Reporting for Financial Stability Purposes; and
• Draft amendment of the Guidelines on the Supervision of Branches of Third-Country Insurance Undertakings.

All the documents can be accessed here. Comments are particularly welcome regarding the impact assessment of the proposed amendments and are to be submitted to SIIReportingeiopa [dot] europa [dot] eu (SIIReporting[at]eiopa[dot]europa[dot]eu) by close of business on Monday, 8 May 2017.