Eiopa issues proposal for reporting shakeup

Insurers will have to report more frequently and provide more information to their regulators under proposed Solvency II guidance issued today.

The proposals for reporting under Solvency II have been issued for public consultation by the European Insurance and Occupational Pensions Authority (Eiopa).

PricewaterhouseCooper insurance partner Jim Bichard said: “The biggest challenge for most insurers will be the requirement to report to the regulator on a more frequent basis and in some areas to report information that has not previously been needed. Finance functions will need to re-think their target operating model to enable faster reporting and enhanced integration with actuarial, risk and other departments.”

The Eiopa publication would allow insurers to speed up their Solvency II implementation, he added.