What does QRT mean Solvency II?
Overview of Reporting Requirements. 4) Own Risk and Solvency Assessment report. (ORSA report) 2) Regular Supervisory Report (RSR) 3) Quantitative Reporting Templates (QRT)
What are eiopa guidelines?
The Guidelines ensure the common, uniform and consistent application to the PEPP supervisory reporting regarding the details of the nature, scope and format of the information to be submitted by the PEPP providers to the competent authorities at predefined intervals and upon occurrence of…
What is SFCR report?
The Solvency and Financial Condition Report (SFCR) provides the general public with an overview of the company’s solvency and financial condition covering business performance, its system of governance, the adequacy of its risk profile and a description of its capital management.
What is the regular supervisory report?
the Regular Supervisory Report (RSR): This is a private report to the supervisor and is not disclosed publicly. Firms submit this report to the local National Competent Authority in full at least every three years and in summary every year. The RSR includes both qualitative and quantitative information.
What is Solvency II ratio?
Since the introduction of Solvency II, insurance companies are required to hold eligible own funds at least equal to their SCR at all times in order to avoid supervisory intervention, i.e. the SCR coverage ratio, defined as eligible own funds divided by SCR, is required to be at least 100%.
Is eiopa a regulator?
The European Insurance and Occupational Pensions Authority (EIOPA) is a European Union financial regulatory institution that replaced the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). It is established under EU Regulation 1094/2010.
What are PRA returns?
Banks, building societies, investment firms, credit unions and insurers need to provide regulatory returns to the Prudential Regulation Authority (PRA). Find out what you need to report, how to report and who to contact with reporting queries.
What are the Solvency II regulations?
Solvency II is a Directive in European Union law that codifies and harmonises the EU insurance regulation. Primarily this concerns the amount of capital that EU insurance companies must hold to reduce the risk of insolvency.
What do you need to know about Solvency II?
Solvency II. It covers the Individual Quantitative Reporting Templates (QRTs) at solo and group level, including Financial Stability Reporting and aims to provide stakeholders the full view of the future reporting and disclosure requirements, as a complement of the legislative proposals in this area covered by the Opinion. The
What are the QRTs for Solvency II Pillar III?
QRTs – Solo Undertakings Category of Template Annual Quarterly Public Financial Stability Technical Provisions 13 2 3 3 Solvency Capital Requirement 10 3 Minimum Capital Requirement 2 2 2 2 Reinsurance 6 3_3 Balance Sheet 3 1 1 1 Country & Cover 2 1 1 1 Own Funds & Participations 2 1 1 1 Variation analysis 3 Assets 5 6 5 46 16 11 16
When to submit external audit of Solvency II?
The audit report shall be submitted in line with the deadlines for reporting to the Central Bank under Solvency II as follows: Reference Year End Deadline (Weeks)* Deadline* 31/12/2016 20 20/05/2017 31/12/2017 18 06/05/2018 31/12/2018 16 22/04/2019 31/12/2019 14 08/04/2020
When is an sfcr required under Solvency II?
Under Solvency II an SFCR is required from solo undertakings and, where relevant, at group and sub group levels. Appendix 2 lists the QRTs to be audited where an SFCR is published at a solo level. Appendix 3 lists the QRTs to be audited in the case of those groups which are in scope. 4.