Solvency II Reporting And Disclosure Requirements - The Final Advice On Level 2 Implementing Measures

Summary

The final advice on implementing measures ("Level 2") for the reporting and disclosure aspects of Solvency II describes the content and reporting of the public Solvency and Financial Condition Report ("SFCR") and the private Report to Supervisor ("RTS"). The content remains largely unchanged from the Consultation Paper 58 issued in July 2009 ("CP 58") and there is now more clarity over the group reporting requirements and timescales.

As expected, a number of matters will be addressed when the Committee of European Insurance and Occupational Pensions Supervisors ("CEIOPS") provides the standards, recommendations and guidelines for European supervisors ("Level 3") in 2011, including the Quantitative Reporting Templates ("QRTs") and scope of the external audit, making it challenging for insurers to make progress in addressing some of the requirements.