The European Insurance and Occupational Pensions Authority (EIOPA) launched today a new consultation package on amendments to supervisory reporting and public disclosure requirements under Solvency II, with the aim of easing the reporting burden on (re)insurance undertakings. In addition to amendments to the Implementing Technical Standards (ITS) on supervisory reporting and on public disclosure, the package also includes Draft revised Guidelines on reporting for financial stability purposes and Draft revised Guidelines on the supervision of branches of third country insurance undertakings.
The revision of the ITS on supervisory reporting and public disclosure was triggered in the first instance by the need to incorporate certain changes introduced during the review of Solvency II in the templates for supervisory reporting and public disclosure. At the same time, the revision provided a timely opportunity to contribute to the European Commission’s initiative to boost the competitiveness of European companies by reducing the reporting burden by at least 25% across all sectors (35% for SME). The proposals presented today, which have benefited from stakeholders’ feedback, are aligned with this objective.
The current revision of the standards builds on the previous review of the ITS on supervisory reporting and public disclosure in 2023, when EIOPA had already reduced some reporting requirements, to further streamline requirements. Before proposing amendments, EIOPA, in collaboration with national supervisors, carefully assessed which data is truly necessary for effective supervision and financial stability, while also critically evaluating the impact of any new data requirements. This balanced approach is aligned with EIOPA’s overarching strategy on regulatory simplification.
This overall reduction in reporting is achieved by reducing the frequency of certain templates, deleting some annual templates, making greater use of proportionality principles and introducing technical simplifications across the framework. In addition to the changes resulting from the Solvency II review and the focus on simplfication, the consultation paper also addresses errors and inconsistencies identified since the last revision of the ITS in 2023, while requesting only a limited set of new information amid an overall reduction in reporting.
EIOPA is confident that the proposals would lead to a substantial burden reduction for European (re)insurers. If implemented as proposed, reporting requirements would fall at least by an estimated 26% for solo undertakings in terms of number of annual and quarterly templates (22% in terms of data points) and at least by 36% for small and non-complex undertakings, without jeopardising EIOPA’ and national supervisors’ ability to uphold the protection of policyholders and to maintain financial stability in Europe’s insurance sector.
Consultation process
EIOPA invites all interested stakeholders to provide comments to EIOPA via the EU Survey no later than 10 October 2025. All responses will be published on EIOPA’s website, unless otherwise requested.