Regulatory Alerts2020-04-28
Recommendations on supervisory flexibility regarding the deadline for regulatory reporting and public disclosure – coronavirus/COVID-19
EIOPA has issued these recommendations to enable competent authorities across the EU to grant targeted deferrals and flexibility in regulatory reporting and public disclosure for insurance and reinsurance undertakings amid the coronavirus/COVID-19 crisis. The document specifies an eight-week deferral for annual quantitative reports and the Solvency and Financial Report (SFCR), a one-week deferral for first-quarter 2020 quarterly reports, and a four-week extension for derivatives templates, while allowing undertakings to submit complete packages early or split submissions without penalty. Competent authorities are required to align their supervisory frameworks with these measures, confirm compliance within two months, and forward received data to EIOPA promptly to ensure market stability and consistent supervisory convergence.