Supervisory reporting formats
Insurance and reinsurance undertakings, captive insurance and captive reinsurance undertakings, participating insurance and reinsurance undertakings, insurance holding companies and mixed financial holding companies shall submit the information in accordance with this Regulation in the data exchange formats and representations determined by the supervisory authorities or by the group supervisor and in accordance with the following specifications:
(a)
data points with the data type ‘monetary’ shall be expressed in units with no decimals, with the exception of the information referred to in templates S.06.02, S.08.01 and S.11.01 of Annex I and III to this Implementing Regulation which shall be expressed in units with two decimals;
(b)
data points with the data type ‘percentage’ shall be expressed as per unit with four decimals;
(c)
data points with the data type ‘integer’ shall be expressed in units with no decimals;
(d)
all data points shall be expressed as positive values except in the following cases:
(i)
the data points are of an opposite nature from the natural amount of the item;
(ii)
the nature of the data point allows for positive and negative values to be reported;
(iii)
a different reporting format is required by the instructions set out in the Annex concerned.
Reporting currency
1. Unless otherwise required by the supervisory authority for the purposes of this Implementing Regulation, reporting currency, shall be the following currency:
(a)
for individual reporting, the currency used for the preparation of the insurance or reinsurance undertaking’s financial statements;
(b)
for group reporting, the currency used for the preparation of the consolidated financial statements.
2. Data points with the data type ‘monetary’ shall be reported in the reporting currency, which requires the conversion of any other currency into the reporting currency unless otherwise provided for in Annex II and III of this Implementing Regulation.
3. When expressing the value of any asset or liability denominated in another currency than the reporting currency, insurance and reinsurance undertakings, captive insurance and captive reinsurance undertakings, participating undertakings, insurance holding companies and mixed financial holding companies shall convert the value into the reporting currency as if the conversion had taken place at the closing rate of the last day for which the appropriate rate was available in the reporting period to which the asset or liability relates.
4. When expressing the value of any income or expense, insurance and reinsurance undertakings, captive insurance and captive reinsurance undertakings, participating undertakings, insurance holding companies and mixed financial holding companies shall convert that value into the reporting currency using the same basis of conversion as that used for accounting purposes.
5. When expressing the values of historical data denominated in a currency other than the reporting currency, such values related to previous reporting periods shall be converted into the reporting currency based on the closing rate on the last day of the period being reported for which the conversion rate is available.
6. Unless otherwise required by the supervisory authority, the conversion into the reporting currency shall be calculated by applying the exchange rate from the same source as the one used for the insurance or reinsurance undertaking’s financial statements in the case of individual reporting, or the same source used for the consolidated financial statements in the case of group reporting
Re-submission of information
Insurance and reinsurance undertakings, captive insurance and captive reinsurance undertakings, participating insurance and reinsurance undertakings, insurance holding companies and mixed financial holding companies shall be responsible for the quality of the information reported.
They shall re-submit as soon as practicable the information reported using the templates referred to in this Implementing Regulation where:
(a)
the information originally reported has materially changed in relation to the same reporting period after the submission of that information to the supervisory authorities or to the group supervisor; or
(b)
the supervisory authorities or the group supervisor request it due to material data quality issues.
Risk-based reporting thresholds
1. Insurance and reinsurance undertakings, captive insurance and captive reinsurance undertakings, participating insurance and reinsurance undertakings, insurance holding companies and mixed financial holding companies shall not be required by the supervisory authorities to submit annually the information referred to in Articles 35 of Directive 2009/138/EC to which a risk-based reporting threshold applies when that threshold is not exceeded in both the current and the previous reporting year.
2. Insurance and reinsurance undertakings, captive insurance and captive reinsurance undertakings, participating insurance and reinsurance undertakings, insurance holding companies and mixed financial holding companies that do not exceed the applicable risk-based reporting thresholds as defined in the previous paragraph shall be exempted from reporting the information referred to in Article 35 of Directive 2009/138/EC for which risk-based thresholds are identified in this Implementing Regulation for the current and the following reporting year.
3. Insurance and reinsurance undertakings, captive insurance and captive reinsurance undertakings, participating insurance and reinsurance undertakings, insurance holding companies and mixed financial holding companies that exceed the applicable risk-based reporting thresholds as defined in paragraph 1 shall report information referred to in Article 35 of Directive 2009/138/EC for which risk-based thresholds are identified in this Implementing Regulation for the current reporting year and reassess whether the thresholds are not exceeded in the following reporting year.
4. Captive insurance undertakings which fulfil all of the following conditions shall use the templates as set out in Articles 7, 9, 11, 13, 14, 16, 18, 20, 22, 24 and 25 of this Regulation:
a)
in relation to the insurance obligations, all insured and beneficiaries are legal entities of the group to which the captive insurance undertaking belongs or are natural persons eligible to be covered under the group insurance policies as long as the business covering natural persons remains below 5 % of technical provisions;
b)
the insurance obligations and the insurance contracts underlying the reinsurance obligations do not relate to any compulsory third party liability insurance.
5. Captive reinsurance undertakings which fulfil all of the following conditions shall use the templates as set out in Articles 7, 9, 12, 15, 17, 19, 21, 22 and 25 of this Regulation:
a)
the conditions in points a) and b) of previous paragraph;
b)
loans in place with the parent or any group company, including groups cashpools do not exceed 20 % of Total Assets held by the captive reinsurance undertaking;
c)
the maximum loss resulting from the gross technical provisions can be deterministically assessed without the use of stochastic methods.
