Question ID: 127
Regulation Reference: Guidelines on submission of information to NCAs (Preparatory phase)
Article: 211
Status: Final
Date of submission: 13 Mar 2015
Question
For type of undertaking "11. Special purpose vehicle authorized in accordance with Art. 211 of Directive 2009/138/EC", in effect an insurance SPV, please can you advise on the following disclosure:
(a) Report in H1b "For other regulated undertakings, total amount of balance sheet used for prudential purposes."
(b) Report written premiums net of reinsurance ceded under IFRS or local GAAP in I1b.
(c) No underwriting or investment performance will be reported for this type of undertaking in cells in J1 and K1 respectively.
(d) Total performance will be reported in L1 based on local GAAP.
Finally will this type of undertaking be included in A1A Cover premiums, claims and expenses under full Solvency II?
EIOPA answer
(a) The total value of the assets, as reported in the balance sheet to NSA (please see ITS on SPVs) should be reported.
(b) This item should not be reported. (a SPV is not an insurer and the ITS on SPVs does not require for p&l reporting)
(c) Agree, this item should not be reported.
(d) Yes, the figures of profit and loss of local GAAP should be reported.
Finally this type of undertaking should not be included in S.05.01/S.05.02 (old Cover-A1).