liabilities that are not reported on a quarterly basis (latest annual other criteria to define BS-C1). thresholds would not overcome this difficulty. On the other hand, to AMICE members reiterate their opposition to any request for calculate Own funds quarterly balance sheets at both solo and group levels. Such quarterly, undertakings publication would be tremendously burdensome and without any will have to calculate the value added for either the supervisor or the undertaking. We believe entire balance sheet with that the purpose of requesting the submission of more frequent than the same frequency. annual information is to support the solvency monitoring as part of Taking all this into the Supervisory Review process (SRP) and (re)insurance account, EIOPA believes undertakings’ own internal strategic management needs. The that, both from a information needed for the continuous monitoring of (re)insurance supervisory point of view undertakings’ solvency positions will be provided by a new powerful and from an operational tool, the ORSA. The ORSA will allow the assessment of own funds point of view for and technical provisions on a continuous basis by using undertakings, the proportionate methodologies and proxies, hence on a quarterly request of the basis, but without the need for recourse to a formal balance sheet quarterly without that would be very costly to establish. exemptions is the best approach. Quarterly reporting is to be an to SRP. The primary objective of the ORSA is undertaking’s internal assessment. ORSA is not performed for supervisor’s purposes.
liabilities that are not reported on a quarterly basis (latest annual BS-C1). AMICE members reiterate their opposition to any request for quarterly balance sheets at both solo and group levels. Such publication would be tremendously burdensome and without any value added for either the supervisor or the undertaking. We believe that the purpose of requesting the submission of more frequent than annual information is to support the solvency monitoring as part of the Supervisory Review process (SRP) and (re)insurance undertakings’ own internal strategic management needs. The information needed for the continuous monitoring of (re)insurance undertakings’ solvency positions will be provided by a new powerful tool, the ORSA. The ORSA will allow the assessment of own funds and technical provisions on a continuous basis by using proportionate methodologies and proxies, hence on a quarterly basis, but without the need for recourse to a formal balance sheet that would be very costly to establish. other criteria to define thresholds would not overcome this difficulty. On the other hand, to calculate Own funds quarterly, undertakings will have to calculate the entire balance sheet with the same frequency. Taking all this into account, EIOPA believes that, both from a supervisory point of view and from an operational point of view for undertakings, the request of the quarterly without exemptions is the best approach. Quarterly reporting is to be an to SRP. The primary objective of the ORSA is undertaking’s internal assessment. ORSA is not performed for supervisor’s purposes.
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