On 21 December 2011, the European Insurance and Occupational Pensions Authority (EIOPA) published a public consultation on the additional reporting requirements for financial stability purposes.
EIOPA’s on-going future financial stability work requires additional information beyond the existing proposed Solvency II Pillar 3 reporting requirements. This consultation paper sets out the proposed additional information that large solo and group companies would be required to submit to the supervisory authorities.
The consultation consists of three documents relating to the Pillar 3 reporting requirements including:
- A consultation paper on the proposed reporting add-on.
- Quantitative Reporting Templates containing the additional template (FS-1) and justification for the additional information.
- Reporting instructions (LOG file) to accompany the new template.
This update provides a short summary of the content of the paper and a brief analysis of what these documents may mean for companies.
This analysis has been prepared primarily from the perspective of the UK, reflecting the application of Solvency 1 in the UK and the issues influencing Solvency 2. These may or may not be relevant in other jurisdictions dependant upon how they have implemented the legislation.