Commission Implementing Regulation (EU) 2018/1844

of 23 November 2018

amending and correcting Implementing Regulation (EU) 2015/2450 laying down implementing technical standards with regard to the templates for the submission of information to the supervisory authorities in accordance with Directive 2009/138/EC of the European Parliament and of the Council

(Text with EEA relevance)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency II)1, and in particular the third subparagraph of Article 35(10), the third subparagraph of Article 244(6) and the second subparagraph of Article 245(6) thereof,

Whereas:

(1)
Commission Implementing Regulation (EU) 2015/24502 lays down the reporting templates that insurance and reinsurance undertakings as well as participating insurance and reinsurance undertakings, insurance holding companies and mixed financial holding companies need to use for reporting to the supervisory authorities information that is necessary for the purposes of supervision.
(2)
Commission Delegated Regulation (EU) 2017/15423, amending the rules on the calculation of regulatory capital requirements for certain categories of assets held by insurance and reinsurance undertakings, introduced the new qualifying infrastructure corporate asset class with a dedicated capital requirement. In order to ensure that supervisory authorities receive the necessary information also on infrastructure corporates investments made by insurance and reinsurance undertakings, with a level of detail and granularity comparable to that existing for the other asset classes within the calculation of the market risk module, the relevant reporting templates, as laid down in Implementing Regulation (EU) 2015/2450, should be adapted taking into account those amendments.
(3)

Provisions on the correct use of sign of expressions and consistent exchange rates are crucial to improve consistency and quality of the information reported with regard to the historical data denominated in a currency other than the reporting currency. Therefore Article 2 and Article 3 have been amended to improve the quality of the information reported.

(4)

The templates concerning variation analysis aim to explain with economic metrics, why and how the situation of the undertaking has evolved during the year. As stakeholders have identified a number of areas for improvement and further clarification, some amendments to the instructions of templates S.29.01 to S.29.04 are necessary.

(5)

Implementing Regulation (EU) 2015/2450 should therefore be amended accordingly.

(6)

Drafting errors in the instructions of the templates which may lead to inconsistent and misleading information and consequently affect the quality of the supervisory review process should be corrected. Therefore some corrections, mainly addressing missing reporting items or information in the ‘General comments’ and missing cells in the ‘Instructions’, are needed.

(7)

This Regulation is based on the draft implementing technical standards submitted by the European Insurance and Occupational Pensions Authority to the Commission.

(8)
The European Insurance and Occupational Pensions Authority has conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Insurance and Reinsurance Stakeholder Group established by Article 37 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council4,

HAS ADOPTED THIS REGULATION: