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The Actuary The magazine of the Institute & Faculty of Actuaries

EIOPA consults on Solvency II reporting

EIOPA has invited market participants and insurance and reinsurance stakeholders to participate in this consultation and said it welcomes comments from all interested parties.

This consultation will end on Friday, 20 January, 2012 at 18.00 HRS CET. Comments should be submitted via email.

All the relevant documentation and the template can be accessed on the EIOPA website.

Jim Bichard, insurance partner at PwC, said: "To date, Solvency II reporting has tended to take a back seat to capital evaluation and risk management work streams for many European insurers due to the uncertainty around the requirements. EIOPA's publication removes some of this uncertainty and allows insurers to accelerate their implementation plans.

"This is far more detailed than the last public consultation and demonstrates the size of the task at hand for insurance companies in meeting the extensive disclosures required under the new regime.

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