Insurance market update - December 2011
The Deloitte view for life insurers
The European Insurance and Occupational Pensions Authority (EIOPA) recently published its public consultation on the Level 3 guidelines and Quantitative Reporting Templates (QRTs) for the reporting and disclosure aspects of Solvency II. With most insurers currently working to finalise their capital model implementation and embedding Solvency II in their day-to-day business, it is now time to tackle the reporting challenges. Whilst some firms would prefer to delay the design of their Pillar 3 reporting until the requirements are final, this may not allow sufficient time for the requirements to be addressed.
In this edition, we provide an overview of the Solvency II reporting requirements with particular focus on EIOPA’s Level 3 consultation papers. We explore the main areas that might prove challenging for insurers and areas where the Solvency II reporting burden might prove less onerous than the current FSA requirements. Finally, we discuss the Solvency II narrative reporting and how insurers could align them with their existing reporting processes.
Insurance Market Update (PDF)