Question ID: 876
Regulation Reference: (EU) No 2015/2452 - procedures, formats and templates of the solvency and financial condition report
Article: 35
Status: Final
Date of submission: 14 Dec 2016
Question
2015/2452 regulates how information is to be exchanged with the regulatory supervisor. However, a few questions remain:
-Monetary values should be converted to thousands (such as 43000 => 43). Has the value to be rounded or just floored?
-How shall these values be reported in the narrative reporting? Also just in thousands or fully precise?
EIOPA answer
The answer is not clear if it refers to supervisory reporting of quantitative reporting templates or to the RSR/SFCR. The second question cleary adresses the narrative reports.
Please consider the following clarifications:
- Monetary amounts in the quantitative reporting templates should be reported in units (and not in thousands);
- The SFCR should inlcude the moneraty amounts in thousands;
- For the RSR, it is actually left open however we do expect consistency with SFCR which is thousands;
- In relation to how to convert units in thousands no rule is specified. The reporting undertaking should adopt its own convention, use it consistently and explain it the SFCR .