Solvency II Preparatory Phase Reporting goes "Live"
We are pleased to advise that the Central Bank is now open to receive formal submissions of Solvency II preparatory phase reporting. The required changes have been made to our Online Reporting System (“ONR”) and undertakings can now file the Quantitative and Narrative reporting detailed in our Solvency II - Submission of Information Guidelines.
High and Medium High impact firms must submit their reporting 22 weeks after the year end i.e. by 3 June 2015. For relevant group entities the deadline is 6 weeks later i.e. 15 July 2015.
"Live" & "Test" Environments:
Undertakings who have participated in External User testing should note the link to the “live” environment here. Existing and new users should contact their internal ONR Firm Administrator to request access to the new Preparatory Solvency II Return Types.
The External Test environment will remain open for the time being and undertakings can continue to use it to test their processes up to and beyond the “live” reporting deadline on 3 June. Please note that there will be very limited technical support provided as our resources will be focussed on supporting the “live” reporting.
Low & Medium Low Impact Undertakings:
There is no requirement for Low & Medium Low undertakings to submit Solvency II reporting during the preparatory phase in 2015. Nevertheless these firms may participate if they wish to test their processes. To allow for potential participation both Low and Medium Low firms are set up on the ONR system but there are no consequences if these firms do not submit nor will reminders issue. The above reporting timelines do not apply to Low and Medium Low firms and the “live” ONR system will accept filings throughout 2015. (Please note that during the Preparatory Phase the ONR system cannot accept filings by Low and Medium Low firms whose financial year-end is not 31 December). The XBRL taxonomy will apply and firms should ensure their quantitative data has been validated before attempting to upload. Please note that there will be very limited technical support available to Low and Medium Low firms who submit as resources will be focussed on supporting the High and Medium High firms who are required to submit.
Important Technical information Updates:
Please review Solvency II Information Note 7 - Preparatory Phase Reporting - Feedback from User Testing
Further Support & Contact Information:
ECB Statistical Reporting Requirements for Insurers
A new ECB regulation on statistical reporting requirements for insurance corporations was published in Q4 2014. While a large part of the ECB requirements will be met by the Solvency II data collection, some additional reporting in the form of ECB add-ons will be required from Irish insurance companies. In addition to this the Bank will also introduce national specific templates for statistical purposes in order to facilitate the translation of the supervisory based data into macro-economic statistical concepts. For more information on the ECB regulation, ECB add-ons and Statistics National Specific Templates, please visit this page in the Statistics section of our website.
30 April 2015
Solvency II Newsletter
The April 2015 issue of our Solvency II Matters Newsletter is now available to view or download.
9 April 2015
FLAOR Reporting Tool for Low and Medium Low Undertakings
The FLAOR Reporting Tool for Low and Medium Low Undertakings has been updated. There have been some 'minor' fixes to the previous version. We would request that relevant firms use the updated version of the reporting tool when making their 2015 FLAOR submissions via the Online Reporting System.
Solvency II - Preparatory Phase Reporting
Two User Manuals for the Solvency II Preparatory Reporting Phase are now available to view or download. The manuals are also available in the 'Reporting Requirements' section of the Life, Non-Life and Reinsurance pages. The manuals contain instructions for insurance undertakings when uploading XBRL files and narrative reports to the Central Bank of Ireland Online Reporting System (ONR) during the Solvency II Preparatory Reporting Phase.
1 April 2015
EIOPA Comply or Explain Process on Set 1 of the Solvency II Guidelines
Under Article 16(3) of the EIOPA Regulation National Competent Authorities are required to make every effort to comply with EIOPA Guidelines. This obligation is also contained in Article 71(2)(b) of the Solvency II Directive. The Central Bank intends to comply with Set 1 of the Guidelines and will incorporate them into our supervisory practices as appropriate. The Central Bank expects insurance and reinsurance undertakings to comply with the provisions in Set 1 of the Guidelines.
31 March 2015
Solvency II Newsletter
The March 2015 issue of the Solvency II Matters Newsletter is now available to view or download.
Solvency II Information Notes
The Insurance Directorate has published two further Solvency II Information Notes. The latest notes outline the application processes for:
13 March 2015
Solvency II Information Note
The Insurance Directorate has published a third Solvency II Information Note. The latest note outlines the application processes for the Matching Adjustment, the Volatility Adjustment, the Transitional measures on Risk Free Interest Rate and Transitional measures on Technical Provisions. It supplements Information Note 1 which was published on 27 February 2015.
Solvency II Preparatory Phase - Taxonomy and Filing Rules
Please be advised that the Central Bank of Ireland has implemented version 1.5.2c of the EIOPA Preparatory taxonomy. Submissions to the Central Bank of Ireland are expected to be in XBRL format validated against version 1.5.2c of the Preparatory taxonomy. Version 1.5.2c is available here on the EIOPA website.
The version of the filing rules the Central Bank of Ireland will use is currently under review. Undertakings should review the latest version of the filing rules here on the EIOPA website.
27 February 2015
The Insurance Directorate has published two Information Notes and the latest edition of our Solvency II Newsletter to assist undertakings in their preparations for Solvency II implementation.