On July 10, 2012, the European Insurance and Occupational Pensions Authority (EIOPA) published a package containing its final report on the draft Guidelines for Solvency II reporting and disclosure requirements for insurance undertakings and groups.
This package includes a number of changes to the reporting templates that help address concerns about the burden and cost of reporting and compliance. While many of these changes, including increases to thresholds and simplifications to reporting requirements, will help reduce the reporting burden on companies, the impact of some of the changes for companies may be limited). Furthermore, while thresholds have been raised or included for certain reporting areas, others have been removed completely. As such, the overall impact of these changes on the reporting burden is hard to assess.
This summary of the report’s contents includes a brief analysis of how this final package may affect companies in the run up to Solvency II implementation.