Insurance Statistics

Introduction

The Statistics Division of the Central Bank of Ireland is responsible for the collection, compilation and transmission of statistical data for the purpose of fulfilling the European Central Bank’s (ECB) statistical reporting requirements. A new ECB regulation on statistical reporting requirements for insurance corporations was published in Q4 2014.

Insurance Corporation's Regulation

Contact: [email protected]

Reporting statistical data

The ECB and EIOPA have been working closely to align the new ECB statistical reporting requirements with Solvency II reporting requirements, to minimise the reporting burden on the insurance industry. The ECB Regulation allows National Central Banks to derive the necessary statistical information, where possible, from data reported for supervisory purposes under the EU’s Solvency II framework. The Central Bank of Ireland has chosen to avail of this option and derive the ECB data requirement from data collected under the provisions of Directive 2009/138/EC (Solvency II). This will avoid introducing an entirely new reporting framework to meet the ECB requirements. 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. This additional ECB information is presented in the “unofficial reporting templates including ECB add-ons” and will be integrated into EIOPA’s Data Point Model (DPM; a structured representation of the data) and Taxonomy. The combined reporting requirements must be submitted in eXtensible Business Reporting Language (XBRL) format.

• Unofficial reporting templates including ECB add-ons
• Reporting format (DPM and XBRL)

The Central Bank of Ireland also requires some additional detail to facilitate the translation of the supervisory based data into macro-economic statistical concepts. This information will allow for a much broader use of the data for national statistical purposes and reduce the requirements for future statistical returns. Please find the Statistics National Specific Templates (NSTs) below, to be completed by the full Solvency II reporting population. Please also find accompanying Notes on Compilation (including worked examples) for the Statistics NSTs below. These notes will facilitate the reporting population when compiling the required data for the Statistics NST submissions. These Statistics NSTs, in line with the Insurance NSTs, will be collected in XBRL format, so all information collected from Insurance undertakings is in a consistent format.

The following Statistics National Specific Template (SNST.1), should be completed by any domestic branch (resident of Ireland) of any Insurance Corporation Headquartered in another EEA country. Please also find accompanying Notes on Compilation (including a worked example) for SNST.1 below.

Please find a Questions & Answers document for the Statistics NSTs below. The purpose of this document is to provide Insurance Corporations with additional information of the Statistics NSTs. These notes will be a useful resource on completing the Statistics NST submissions. 

Common Minimum Standards for Revisions

In order to minimise the reporting burden on the insurance industry, the ECB regulation for compiling the Insurance Corporations Statistics allows National Central Banks (NCBs) to derive the necessary statistical information from data reporting for supervisory purposes under the EU’s Solvency II framework. Given this possibility for integrated supervisory and statistical reporting, the ECB and EIOPA have also defined common minimum standards for revisions transmitted by national authorities to both the ECB and EIOPA.

For information on Solvency II, please click on the following link

• Solvency II