Solvency II News: Changes to Solvency II reporting due to Covid-19

On 20 March EIOPA issued Recommendations for Supervisory Flexibility Regarding the Deadline of Supervisory Reporting and Disclosures, due to the outbreak of Coronavirus/COVID-19. These recommendations are likely to impact the delivery of the public disclosures and we have adjusted our system accordingly.

The changes can be summaries as follow:
1. Changes the reporting timeline 
2. Staggered publication of the QRTs 
3. Additional reporting on the effect of Covid-19 on business performance

1. Changes to the reporting timeline
In practice the added flexibility will amount to two reporting cycles, which Solvency II Wire Data defines as follows (the full EIOPA recommendation text can be found below):

1st reporting cycle:
QRTs: Partial QRTs (4 templates)
SFCR: Limited SFCR (Notice on impact of COVID-19 on business).
Publication date: up to 2 week delay (solo by 21 April, group by 2 June)

2nd reporting cycle:
QRTs: Full QRTs (all templates)
SFCR: Full SFCR report
Publication date: up to 8 week delay (solo by 2 June, group by 14 July)

2. Staggered publication of the QRTs 
Undertakings will have to publish the following 4 templates within 2 weeks of the current deadline:
S.25.01 / S.25.02 / S.25.03

The full set of QRTs must be published within 8 weeks of the current deadline.

The flexibility applies to both solo and group.

3. COVID-19 impact report
Alongside the 4 basic templates (2 week delay), undertakings also have to publish a report on the impact of the Coronavisu/COVID-19 on their business.

EIOPA states that: “Insurance and reinsurance undertakings should consider the current situation as a “major development” as referred to in article 54(1) in the Solvency II Directive and publish at the same time of publication of the information referring to the year-end occurring on 31 December 2019 or after, any appropriate information on the effect of the Coronavirus/COVID-19 in the published information. “

Changes to SFCR List … (available to premium subscribers of Solvency II Wire Data.)

Solvency II Wire Data collects all available public QRT templates for group and solo.

QRT templates available on Solvency II Wire Data 
S.02.01 Balance sheet
S.05.01 Premiums, claims and expenses Life & Non-life
S.05.02 Premiums, claims and expenses by country Life & Non-Life
S.12.01 Life and Health SLT Technical Provisions
S.17.01 Non-life Technical Provisions
S.19.01 Non-life Insurance Claims Information

S.22.01 Impact of long term guarantees and transitional measures
S.23.01 Own funds
S.25.01 SCR Standard formula
S.25.02 SCR Standard Formula Partial Intern Models
S.25.03 SCR Standard Formula Intern Model
S.32.01 Undertakings in the scope of the group