Frankfurt, 10 July 2012 – The European Insurance and Occupational Pensions Authority (EIOPA) published today its final report on reporting and disclosure requirements for insurance undertakings and insurance groups.

The report states the level of granularity of the information that supervisory authorities will need to receive. It reflects a balanced approach towards costs and benefits, and contributes to an efficient risk-based Supervisory Review Process and, therefore, to a higher protection of policyholders. The reporting requirements are also expected to contribute to financial stability and to allow the assessment and monitoring of market developments.

EIOPA underlines that the ongoing discussions related to the Omnibus II Directive (OMD II) and the future Implementing Measures are expected to lead to changes in the reporting requirements. The design or structure of the templates may also be  affected by the development of the respective IT reporting standards.

But, despite possible changes, EIOPA strongly believes that the industry should use this package already now in order to start the implementation phase.

Gabriel Bernardino, Chairman of EIOPA, said: “The publication of this report is crucial because insurance undertakings and supervisors need to start as early as possible with the implementation of reporting and disclosure requirements. The proposed reporting templates are the result of a long effort by EIOPA and have benefited from contributions from the different stakeholders. This set of harmonized reporting templates represents a major step towards the consistency of supervisory practices in the EU”.

EIOPA expects that the full package on reporting and disclosure with all the changes incorporated will be available later in 2012.

Note for Editors:

The Final report on reporting and disclosure requirements for insurance undertakings and insurance groups contains the outcome of the Public Consultation No. 11/009 (CP9) and No. 11/011 (CP11), which were launched by EIOPA on 8 November and 21 December 2011 respectively. The Report includes a feedback statement with EIOPA’s opinion on the main comments received during these two public consultations.

The Report contains the detailed resolution template with EIOPA’s feedback on all comments received (Annex I), together with the documents up-dated as a result of the comments received (Annex II).

EIOPA would like to thank all respondents who submitted comments on the CP9 and CP11. Their valuable input and suggestions for improving the reporting and disclosure requirements package helped to identify those areas that needed further clarifications.  

The European Insurance and Occupational Pensions Authority (EIOPA) was established as a result of the reforms to the structure of supervision of the financial sector in the European Union. The reform was initiated by the European Commission, following the recommendations of a Committee of Wise Men, chaired by Mr. de Larosiere, and supported by the European Council and Parliament.

EIOPA is part of the European System of Financial Supervision consisting of three European Supervisory Authorities, the National Supervisory Authorities and the European Systemic Risk Board. It is an independent advisory body to the European Commission, the European Parliament and the Council of the European Union.

EIOPA’s core responsibilities are to support the stability of the financial system, transparency of markets and financial products as well as the protection of insurance policyholders, pension scheme members and beneficiaries.