Regulatory Alerts2016-06-27
Instruction No. 2016-I-19 of 27 June 2016 on reporting modalities for states S.16.01, S.19.01, S.20.01, S.21.01, S.29.03 and S.29.04 of Implementing Regulation (EU) No 2015/2450
The Prudential Control and Resolution Authority issued Instruction No. 2016-I-19 to establish specific reporting rules for Solvency II insurance and reinsurance undertakings regarding states S.16.01, S.19.01, S.20.01, S.21.01, S.29.03, and S.29.04. The instruction mandates that direct insurance and proportional reinsurance entities report on an occurrence basis, with specific exceptions for maritime and credit lines which must use an underwriting basis, while non-proportional reinsurance also uses an occurrence basis. Conversely, pure reinsurance undertakings are required to report all engagements on an underwriting basis, and these rules apply immediately upon publication.
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