The Central Bank has published the latest edition of Solvency II Matters, detailing recent Solvency II policy developments and implementation activities.

Key developments reported include the following:

  1. FLAOR Report

All undertakings are reminded of their obligation to submit a FLAOR report before the 31 December 2014 deadline, using the Central Bank’s Online Reporting System (ONR). The FLAOR reporting tool is now available for all (re)insurers on the Central Bank’s website.

  1. Guidelines on Preparing for Solvency II - Q&A

The Central Bank has published a Q&A document in response to queries submitted by industry stakeholders on the Central Bank’s Guidelines on Preparing for Solvency II. The document addresses queries raised by stakeholders on the Guidelines and attempts to clarify certain matters.

  1. Central Bank Survey on Guidelines on Preparing for Solvency II

The Central Bank has conducted a recent survey for the purpose of assessing an undertaking’s progress on complying with guidelines on preparing for Solvency II, in particular the guidelines on System of Governance and Submission of Information. The output of the survey will be used to supplement ongoing supervisory engagement during the preparatory period and will inform the Central Bank’s report to EIOPA in early 2015 on the application of the preparatory guidelines.

  1. Submission of Information Guidelines

Following the recent publication by EIOPA of updated information on the Guidelines on Submission of Information to National Competent Authorities, the Central Bank has reminded undertakings of the submission dates for QRTs during the preparatory period which are as follows:

Annual Reporting (QRTs)

  1. solo undertakings: annual quantitative information (QRTs) relating to the financial year ending on 31 December 2014, must be submitted no later than 22 weeks after the undertaking’s financial year end. This means a submission deadline of 3 June 2015;
  2. group undertakings: annual quantitative information (QRTs) relating to the financial year ending on 31 December 2014, must be submitted no later than 28 weeks after the undertaking’s financial year end. This means a submission deadline of 15 July 2015.

Quarterly Reporting (QRTs)

  1. solo undertakings: quarterly quantitative information (QRTs) relating to the quarter ending on 30 September 2015, must be submitted no later than eight weeks after the quarter end. This means a submission deadline of 25 November 2015;
  2. group undertakings: quarterly quantitative information (QRTs) relating to the quarter ending on 30 September 2015, must be submitted no later than 14 weeks after the quarter end. This means a submission deadline of 6 January 2016.
  1. Consultation on National Specific Templates

The Central Bank has indicated its intention to consult on a list of national specific templates (NSTs) in November. However, the submission of NSTs will not be required during the preparatory phase.

To view the latest edition of Solvency II Matters, please click here.  

Adoption of Solvency II Delegated Act

On 10 October, the European Commission adopted a Delegated Act containing implementing rules for Solvency II. The rules govern such matters as the valuation of assets and liabilities, the eligibility of insurers’ own fund items to cover capital requirements and how insurance companies should be managed and governed.

The Act will come into force once approved by the European Parliament and European Council.

To view the text of the Delegated Act, please click here.