Guideline on the Preparation of Supplementary Statistical Reports by Insurance Companies for HNB (from 1 January 2023)

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1 Guideline on the Preparation of Supplementary Statistical Reports by Insurance Companies: • FR-OSIG – Quarterly Report for Financial Accounts Statistics • SHS-OSIG – Annual Report on Subsidiary Investments in Securities Zagreb, January 2023.

2 Table of Contents Introduction .....................................................................................................................................................3 Reports, Reporting Obligors and Submission Deadlines ...................................................................4 FR-OSIG Reporting Requirement ...................................................................................................................4 3.1. FR-OSIG Report Rules..............................................................................................8 3.1.1. Header Description ................................................................................................................................8 3.1.2. Item Lines Description .......................................................................................................................8 3.2. Technical Instructions for FR-OSIG Report Submission ...................................................................................9 SHS-OSIG Reporting Requirement.................................................................................................................9 4.1. SHS-OSIG Report Rules..........................................................................................10 4.1.1. Header Description ..............................................................................................................................10 4.1.2. Item Lines Description .....................................................................................................................10 4.2. Technical Instructions for SHS-OSIG Report Submission ...............................................................................10

3 Introduction

1. The Croatian National Bank (hereinafter: HNB) collects statistical data from insurance companies in the Republic of Croatia for the purpose of producing official statistics within its competence, such as: financial accounts statistics, balance of payments statistics, insurance company statistics, securities holdings statistics and other statistics, as well as for reporting in accordance with the requirements of the European Central Bank (hereinafter: ECB) and the statistical office of the European Union (EUROSTAT).
2. The specific reporting requirements subject to this Guideline are collected in the context of ECB reporting requirements in accordance with: a. Regulation (EU) No 1374/2014 ECB of 28 November 2014 on statistical reporting requirements for insurance companies (ECB/2014/50), b. Guideline (EU) 2021/831 ECB of 26 March 2021 on statistical data to be reported for financial intermediaries other than monetary financial institutions (ECB/2021/12), c. Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European System of National and Regional Accounts in the European Union (ESA 2010), d. ECB Guideline of 25 July 2013 on statistical reporting requirements for the ECB in the field of quarterly financial accounts (ECB/2013/24), and e. Regulation No 1011/2012 ECB of 17 October 2012 on statistical data on securities holdings (ECB/2012/24).
3. In accordance with the ECB Regulation (ECB/2021/12), national central banks may collect data for insurance company statistics in one of the following ways: a) direct reporting by insurance companies, which implies the development of a national reporting system b) indirectly based on data collected for supervisory purposes in accordance with Directive 2009/138/EU (Solvency II).
4. Taking into account regulatory options, prevailing EU practice and aiming to limit the administrative burden on reporting institutions, HNB has decided that for insurance company statistics reporting purposes, data collected for supervisory purposes under Solvency II requirements shall be used, supplemented by reporting templates prepared in close cooperation between the ECB and EIOPA (European Insurance and Occupational Pensions Authority), so-called "ECB add-ons".
5. This Guideline defines two supplementary reporting requirements with the aim of collecting: a) quarterly data necessary for compiling financial accounts statistics in accordance with the Regulation on the European System of National and Regional Accounts and Guidelines in the field of quarterly financial accounts (FR-OSIG), and b) annual data necessary for compiling securities holdings statistics in accordance with ECB Regulation 2012/24 (SHS-OSIG).
6. Namely, since based on data available within Solvency II reporting, supplemented by ECB add-on tables, it is not possible to assess the levels and changes in those levels due to valuation adjustments (revaluations), transactional changes or reclassifications by counterparty sectors, which is the basic requirement of financial accounts statistics, it is necessary to prescribe a supplementary quarterly reporting requirement FR-OSIG for the technical provisions instrument of non-life insurance.
7. Furthermore, Solvency II supervisory reporting is based on the application of the so-called "home" principle, according to which an insurance company's report contains data on subsidiaries in any other EU member state or any third country. Since the ECB securities holdings statistics (SHS) are based on the application of the so-called "host" principle, according to which each country reports only on securities holdings of its residents (entities with their seat in it), in order to enable comparison of the two reporting systems and coverage of data on securities holdings of insurance companies by country of residence, it is necessary to collect supplementary annual data on securities holdings of subsidiaries of Croatian insurance companies SHS-OSIG by the country of the subsidiary's seat.
8. The start of reporting the quarterly FR-OSIG and annual SHS-OSIG reports in accordance with this Guideline implies the cessation of reporting obligations for the "Quarterly Statistical Report of Insurance/Reinsurance Companies (HR-OSIG)" by insurance companies.
9. The data of the quarterly FR-OSIG report and annual SHS-OSIG report will be collected in accordance with the content, technical specifications, reporting channel and deadlines prescribed by this Guideline.

4 Reports, Reporting Obligors and Submission Deadlines 10. This Guideline defines the reporting rules for the quarterly statistical FR-OSIG report and annual statistical SHS-OSIG report. 11. The obligors for submitting FR-OSIG and SHS-OSIG reports are resident insurance companies and reinsurance companies, as well as subsidiaries of insurance companies from third countries that have approval from the Agency for Insurance Business in the Republic of Croatia in accordance with the provisions of the Insurance Act (NN 30/15, 112/18, 63/20 and 133/20), and which are also subject to supervisory reporting in accordance with Directive 2009/138/EU (Solvency II). 12. The quarterly report for financial accounts statistics FR-OSIG is submitted in accordance with the reporting deadlines prescribed by Directive 2009/138/EU for submitting quarterly (QRT) Solvency II reports and