The December edition of the Newsletter notes that reporting requirements will remain a challenge for undertakings in 2016 and urges Solvency II firms to focus on regulatory reporting to ensure they are ready for the first submissions due in May 2016. The Central Bank intends to hold an industry workshop in February 2016 to provide guidance on Solvency II reporting, details of which will be published shortly.
The Central Bank reports that a draft set of conditions of authorisations were issued to Solvency II (re)insurers and the 21 day review period to submit comments had commenced. As previously reported, the Central Bank’s final decision on the revised conditions is not expected until after the commencement of the Solvency II Implementing Regulations on 1 January 2016.
(Re)Insurers seeking to be excluded from the Solvency II regime are required to notify the Central Bank. Template notification forms are available on the Central Bank website for (re)insurers who are eligible for exclusion on the basis of size or because they are closing their activity.
The reporting update notes that a Public Working Draft of National Specific Template taxonomy is available on the Central Bank website. An invitation is extended to Low and Medium Low impact firms to sign up for external user testing of the Central Bank ONR system. The Central Bank also reports that EIOPA has published two new draft implementing technical standards on: (1) the submission of information to supervisory authorities; and (2) the procedures, formats and templates of the solvency and financial condition report.
Finally, the Central Bank notes that the European Commission has granted equivalence to Bermuda and Japan. These decisions, if approved by the European Parliament and the Council, will enter into force 20 days after publication in the Official Journal. An update on the decision to grant provisional equivalence to the US, Canada, Brazil, Mexico, Australia and Bermuda is reported on below.
A link to the Newsletter is here.