Regulatory Reporting Requirements

Reporting - User Manual

Information to be provided for Supervisory Purposes

In accordance with Statutory Instrument 485 (S.I. 485) Regulation 34 (1) “An insurance undertaking or reinsurance undertaking shall provide to the Central Bank information which is necessary for the purposes of supervision in accordance with these Regulations, taking into account the objectives of supervision laid down in Regulations 27 and 28”.

Quarterly Quantitative Templates (QRTs)

Article 312(1)(d) of the Delegated Regulations sets out the requirement to report Quarterly QRTs.

Undertakings must submit QRTs for each quarter. See Article 304(1)(d) of the Delegated Regulation for information on quarterly reporting. For specific quarterly reporting requirements see Article 6 of the Commission Implementing Regulation (EU) 2015/2450 laying down Implementing Technical Standards (ITS).

Annual QRTs

See Article 304(1)(d) of the Delegated Regulation for information on Annual reporting. For specific annual reporting requirements see Articles 8 – 20 of the ITS.

Solvency and Financial Condition Report (SFCR)

Undertakings must submit an SFCR annually and disclose it publicly. The SFCR is a narrative report that supports the Annual QRTs (see Article 4 of the ITS) that are submitted. See Article 52 of the S.I. 485 for content of the SFCR. For further details on specific content of the SFCR see Articles 290 – 303 of the Delegated Regulation. Article 304(1)(a) of the Delegated Regulation discloses what the supervisory authorities require as part of regular supervisory reporting which includes the SFCR.

A short guidance note on the completion of the S.19.01.21 template in the SFCR is available below.

Regular Supervisory Report (RSR)

Undertakings must submit an RSR at least every three years. In accordance with Article 312(1)(a) and (2) of the Delegated Regulation the Central Bank has discretion to require undertakings to submit their RSR at the end of any financial year. Where there is no requirement for the submission of a full RSR each financial year, undertakings are required to submit a summary report setting out material changes that have occurred over the given financial year.

See Articles 304 to 311 for specific content of the RSR. For deadlines see Article 312(1)(a) of the Delegated Regulation.

Own Risk and Solvency Assessment (ORSA)

Undertakings must submit the ORSA on an annual basis. Please refer to Article 47 of S.I. 485 and Articles 306 of the Delegated Regulation for what the assessment should include.

Low and Medium Low undertakings are required to submit an ORSA template via the Central Bank Portal. A copy of the ORSA template is available below.

Pre-defined Events

Undertakings are required to notify the Central Bank where certain events take place (pre-defined events). In accordance with Guideline 30 of EIOPA’s Guidelines on Reporting and Public Disclosure, insurance and reinsurance undertakings should immediately notify the Central Bank any events which could reasonably lead or have already led to material changes in an undertaking’s business and performance, system of governance, risk profile and solvency and financial position (a “pre-defined event”).

Financial Stability Reporting Requirements

Where relevant as per Guideline 2, (re)insurance undertakings must comply with the EIOPA Guidelines on Reporting for Financial Stability Purposes. Undertakings and groups falling within the scope of the Guidelines are required to submit QRTs on a quarterly, semi-annual or annual basis.

Whilst some of the financial stability QRTs are identical or similar to the Solvency II QRTs, the financial stability QRTs adhere to different deadlines (refer to Guideline 16).

Undertakings should submit the financial stability QRTs through the Central Bank Portal.

Internal Model undertakings

Quarterly Reporting

Undertakings using an internal model are required to submit the following structured template:

For Q1, Q2 and Q3 the SCR in the Internal Model Structured template should match the SCR reported in the Solvency II Quarterly Own Funds template (S.23.01) for that same quarter. A submission for Q4 will no longer be needed and has been replaced with annual submission (see below).

Minor model change logs should be submitted quarterly via the Online Reporting System. The reporting deadlines for minor change logs are set in line with Solvency II reporting for Group undertakings.

Annual Reporting

Undertakings using an internal model are also required to submit a Structured Template as part of their annual Solvency II reporting. The SCR in the annual Internal Model Structured Template should match the SCR reported in the Solvency II Annual Own Funds template (S.23.01).

The profit and loss attribution and the validation report should be submitted at least annually via the Central Bank’s Online Reporting System. The reports should be submitted no later than 14 days after they have been finalised.

These requirements apply to all insurance and reinsurance undertakings authorised by the Central Bank of Ireland, with an approved full or partial internal model.

Insurance, Variable Annuity & Branch National Specific Templates

Please refer to the National Specific Templates (NST) page for more information on NST reporting requirements

Statistical ECB Add-ons & National Specific Templates

• Please refer to Statistics NST page for more information.
• ECB Add-ons

The Central Bank derives the ECB data requirement from data collected under the provisions of S.I. 485. While a large part of the ECB requirements will be met by S.I. 485 data collection, some additional reporting in the form of ECB add-ons will be required. These ECB add-ons can be found here.

NTMA Nil Return

The State receives the proceeds of life assurance policies that lie unclaimed for between 5 and 15 years. Undertakings must submit an Unclaimed Life Assurance - Certificate of Compliance on an annual basis pursuant to The Unclaimed Life Assurance Policies Act 2003.A Return of Funds or a Nil Return must be made to the National Treasury Management Agency by the 30th April each year.

Statutory Duty Confirmations

Section 27B of the Central Bank Act 1997 (as inserted by the CBFSAI Act 2004) requires auditors to make a written report to the Central Bank, within one month of the date of the auditor’s report on the undertaking’s financial statements. The Statutory Duty Confirmation is sent directly to the Central Bank and is a statement to the Central Bank that there is no matter, not already reported in writing to the Central Bank by the auditor, that has come to the attention of the auditor during the ordinary course of the audit that gives rise to a duty to report to the Central Bank. Where matters have already been reported to the Central Bank, such matters should be referred to in the Statutory Duty Confirmation. The Statutory Duty Confirmation does not replace the auditor’s obligation to report under other relevant legislation.

Auditors must make a written report to the Central Bank stating whether or not circumstances have arisen that require the auditor to report a matter to the Central Bank under a prescribed enactment and if such circumstances have arisen, specify those circumstances. This is an annual requirement and the Central Bank should receive such reports every year from the external auditor. Auditors must submit the report to the Central Bank within one month of the date of the auditor’s report on the financial statements, or such extended period as the Central Bank allows.

The period covered by the Statutory Duty Confirmation commences from the date of issue of the previous declaration. It covers all matters that require the auditor to report to the Central Bank in respect of the specified period. Correspondence in relation to Statutory Duty Confirmations should be sent to the following address:

Statutory Duty Confirmations
Insurance Supervision Division
Central Bank of Ireland
New Wapping Street
North Wall Quay
Dublin 1
D01 F7X3

Email: [email protected]

Auditors Management Letters

Section 27C of the Central Bank Act 1997 (as amended by the CBFSAI Act 2004) requires the auditor to report to the undertaking, or those concerned with its management, on any matter that has come to the auditor’s notice during the course of the financial statement audit. The auditor must also provide the Central Bank with a copy of that report.

The copy of the report must be provided at the same time as, or as soon as practicable after, the original is provided to the undertaking. If the auditor does not provide a report to the undertaking, the auditor must notify the Central Bank in writing that this is the case (a “nil return”).

An auditor of an insurance undertaking who, without reasonable excuse, fails to comply with the provisions above, commits an offence.

Correspondence in relation to Auditors Management Letters should be sent to the following address:

Auditors Management Letters
Insurance Supervision Division
Central Bank of Ireland
New Wapping Street
North Wall Quay
Dublin 1
D01 F7X3

Email: [email protected]