On 19 February, the Central Bank published issue 25 of Solvency II Matters. Since August 2010 the newsletter has reviewed the industry’s progress towards full implementation of Solvency II. This is the penultimate issue of Solvency II Matters; the final edition will be published in late March. Starting in June, the Central Bank will publish an insurance newsletter on a quarterly basis.
This month’s edition of the newsletter covers Solvency II developments at a European and domestic level since December 2015, many of which have been reported in previous editions of the Insurance Regulatory Update. Firms are reminded that the first set of Solvency II regulatory returns must be submitted in May 2016. A reporting update explains Day 1 reporting requirements under Solvency II. Firms are strongly encouraged to ensure their IT systems and end-to-end reporting process are both working smoothly in advance of this deadline. A useful checklist is provided in relation to reporting and fitness & probity requirements, together with a forward planner, which sets out the key dates for Solvency II firms up to June 2016.
On the domestic front, individuals occupying the Head of Actuarial Function on or before 31 December 2015 must be notified to the Central Bank by 31 May 2016 through its insitu notification process. Where an individual was not in-situ on or before 31 December, their appointment as Head of Actuarial Function is subject to the Central Bank’s prior approval and this should be sought as soon as possible.
The Central Bank has designed draft regulations in relation to eleven National Specific Templates which will address data requirements and other issues that are specific to Ireland and not covered in the standard EIOPA Quarterly Reporting Templates. It is currently in consultation with the Minister for Finance and the Minister for Enterprise, Jobs and Innovation in relation to the draft regulations.
On the European front, the European Commission has published Implementing Technical Standards on Submission of Information and the Solvency and Financial Condition Report. EIOPA has also released the latest version of its XBRL Tool for firms to assist in quantitative reporting under Solvency II. EIOPA has announced its Insurance Stress Test 2016 and has also issued a consultation paper on facilitating effective dialogue between insurance supervisors and auditors.
A link to the newsletter is here.