The Solvency 2 Regulations 2015

EIOPA: information

6.—(1) The PRA must provide the following information to EIOPA on an annual basis—

(a) the average capital add-on per undertaking;

(b) the distribution of capital add-ons imposed by the PRA measured as a percentage of the solvency capital requirement, shown separately for—

(i) all insurance undertakings and reinsurance undertakings;

(ii) life insurance undertakings;

(iii) non-life insurance undertakings;

(iv) insurance undertakings pursuing both life and non-life activities;

(v) reinsurance undertakings;

(c) for each disclosure referred to in sub-paragraphs (a) and (b), the proportion of capital add-ons imposed by or under FSMA in pursuance of Articles 37(1)(a), (b) and (c) of the Solvency 2 Directive;

(d) the number of insurance undertakings and reinsurance undertakings benefiting from—

(i) the limitation on regular supervisory reporting referred to in Article 35(6) of the Solvency 2 Directive;

(ii) the exemption from reporting on an item-by-item basis referred to in Article 35(7) of the Solvency 2 Directive;

(e) for the insurance undertakings or reinsurance undertakings referred to in sub-paragraph (d), the total volume of capital requirements, premiums, technical provisions and assets, measured as a percentage of the total volume of capital requirements, premiums, technical provisions and assets of insurance undertakings and reinsurance undertakings in the United Kingdom;

(f) the number of groups benefiting from the limitation on regular supervisory reporting or the exemption from reporting on an item-by-item basis referred to in Article 254(2) of the Solvency 2 Directive; and

(g) for the groups referred to in sub-paragraph (f), the total volume of capital requirements, premiums, technical provisions and assets, measured as a percentage of the total volume of capital requirements, premiums, technical provisions and assets of all groups.

(2) Until the end of 2020, the PRA shall provide the following information to EIOPA on an annual basis—

(a) the number of insurance undertakings and reinsurance undertakings applying the matching adjustment, the volatility adjustment, the extension of the recovery period in accordance with Article 138(4) of the Solvency 2 Directive and the transitional measures set out in regulations 53 and 54;

(b) its assessment of the availability of long-term guarantees in insurance products and the behaviour of insurance undertakings and reinsurance undertakings as long-term investors in the United Kingdom market;

(c) its assessment of the impact at a national level of the relevant measures on the financial position of insurance undertakings and reinsurance undertakings, anonymised in respect of each undertaking;

(d) its assessment of the effect of the relevant measures on the investment behaviour of insurance undertakings and reinsurance undertakings and whether any of the relevant measures provide undue capital relief;

(e) its assessment of the effect of any extensions of the recovery period in accordance with Article 138(4) of the Solvency 2 Directive on the efforts of insurance undertakings and reinsurance undertakings to re-establish the required level of eligible own funds covering their solvency capital requirements or to reduce their risk profiles in order to ensure compliance with their solvency capital requirements;

(f) its assessment of whether the insurance undertakings and reinsurance undertakings that apply the transitional measures set out in regulations 53 and 54 comply with the phasing-in plans referred to in Article 308e of the Solvency 2 Directive; and

(g) its assessment of the prospects of those undertakings reducing their use of those transitional measures in the future, taking into account the United Kingdom’s regulatory environment.

(3) In this regulation—

(a) a requirement to provide information about undertakings applies only in relation to undertakings that are PRA-authorised persons.

(b) “the relevant measures” means the matching adjustment, the volatility adjustment, the symmetric adjustment mechanism to the equity capital charge and the transitional measures set out in regulations 53 and 54.