Circular Letter ST.17-0432 — Update of exemption thresholds for statistical reporting by insurance companies

2, boulevard Royal ◦ L-2983 Luxembourg ◦ Fax (+352) 4774-4943 ◦ E-mail: reporting.assurance@bcl.lu ./.
Ref.: ST.17-0432 Luxembourg, October 23, 2017

To all insurance companies

Subject: Update of exemption thresholds for statistical reporting by insurance companies

Dear Sirs,

We refer to Circular BCL/2015/239 by which the BCL introduced a statistical collection from insurance companies, as well as to our circular letter of November 25, 2015, specifying the exemption thresholds for monthly and quarterly reports.

In accordance with point 3.4.2 of the aforementioned circular and in application of Article 7 of Regulation ECB/2014/50, the BCL intends to exempt certain insurance companies from monthly and quarterly statistical reporting obligations.

In this context, the BCL establishes collection thresholds according to the three sub-sectors: (i) Life insurance, (ii) Non-life insurance, (iii) Reinsurance.

From 2018, the thresholds have been redefined for all sub-sectors in terms of total balance sheet assets excluding the activity of foreign branches, as recorded in the S4.3-L report:

Total balance sheet in millions of euros
Reinsurance 70
Life insurance 1000
Non-life insurance 50

2, boulevard Royal ◦ L-2983 Luxembourg ◦ Fax (+352) 4774-4943 ◦ E-mail: reporting.assurance@bcl.lu ./.

Insurance companies whose total balance sheet, reported in the December 2016 S4.3-L, exceeds the threshold are required to submit all reports to the BCL (monthly, quarterly, annual). The concerned companies that have hitherto benefited from the exemption will submit, as initial reports, the reports for the month of December 2017 by January 29, 2018.

Finally, we wish to remind you that the annual declaration is mandatory for every insurance company.

For any further questions, we invite you to contact the BCL by sending an email to reporting.assurance@bcl.lu.

We thank you in advance for your kind cooperation and ask you to accept, Sirs, the expression of our distinguished consideration.

BANQUE CENTRALE DU LUXEMBOURG

Cédric Arnould Philippe Arondel
Statistician Head of the Economic and Financial Statistics Section