Regulatory Alerts2016-06-27
Instruction No. 2016-I-20 of 27 June 2016 on the amplitude of declaration ranges for states S.21.01 and S.21.03 of Implementing Regulation (EU) No 2015/2450 to be communicated by insurance and reinsurance undertakings under Solvency II
The Prudential Control and Resolution Authority issued Instruction No. 2016-I-20 to standardize reporting requirements for insurance and reinsurance undertakings subject to Solvency II. The instruction mandates that these entities must exclusively use one of the five base options defined in Annex 2 of Implementing Regulation (EU) No 2015/2450 when declaring data for state S.21.01 regarding claim distribution risk profiles and state S.21.03 regarding non-life underwriting risk distribution by sum insured. This directive entered into application on the date of its publication in June 2016.
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