On 12 December 2014, the European Central Bank (ECB) published a Regulation on statistical reporting requirements for insurance corporations.
The Regulation, which is dated 28 November 2014, says that the purpose of imposing statistical reporting requirements on insurance corporations is to provide the ECB with adequate statistics on the financial activities of the insurance corporation subsector in the Member States whose currency is the euro. The collection of statistical information on insurance corporations is necessary to support the ECB in carrying out monetary and financial analysis, and for the European System of Central Banks' contribution to the stability of the financial system.
The Regulation says that there is a close connection between the data collected by national central banks (NCBs) for statistical purposes under the Regulation and the data collected by national competent authorities (NCAs) for supervisory purposes under the Solvency II Directive. To limit the administrative burden and avoid duplication, NCBs may derive the data required to be reported under the Regulation from the data collected under Solvency II, including the national law implementing Solvency II, having due regard to the terms of any co-operation arrangement between the relevant NCB and NCA. Article 70 of Solvency II provides that NCAs may transmit information intended for the performance of their tasks under Solvency II to NCBs and other bodies with a similar function in their capacity as monetary authorities.
The Regulation says that by 2020 at the latest, the ECB Governing Council should assess the merits and costs of an increase in the coverage of quarterly reporting of insurance corporations in each euro area Member State, the separate reporting of assets and liabilities of branches of insurance corporations, and a further reduction in the time for the transmission of data by reporting agents.
The Regulation was published in the Official Journal of the European Union on 20 December 2014 and will enter into force on the twentieth day following that of its publication (8 January, 2015)