Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 18th of October 2018
November 10, 2011

Solvency II reporting a major task for insurers

by Gill Montia

Story link: Solvency II reporting a major task for insurers

Insurers are being alerted to the amount of work needed to comply with Solvency II reporting requirements.

According to PricewaterhouseCoopers (PwC), for many insurers, reporting has tended to take a back seat to capital evaluation and risk management under the Solvency II directive, due to the uncertainty around reporting requirements.

However, EIOPA’s recently launched proposals should allow companies to accelerate their implementation plans, as they define the content and format of reporting, both on a private basis to supervisors and to all stakeholders.

Overall, reporting will be much more detailed and exhaustive, compared to current requirements.

PwC expects the proposed rules to be adopted in their current form and warns that their publication should be taken as a wake up call for insurance companies regarding the size of the task at hand, given the extensive disclosure requirements.

The group’s insurance partner, Jim Bichard, comments: “The biggest challenge for most insurers will be the requirement to report to the regulator on a more frequent basis and in some areas to report information that has not previously been needed.”

He adds: “Finance functions will need to re-think their target operating model to enable faster reporting and enhanced integration with actuarial, risk and other departments.”

 

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