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No. 1557/2024

19 December 2024

RULES

on procedures, presentation and templates for the report of insurance companies and insurance groups on solvency and financial position.

Article 1. Scope.

These Rules apply to the activities of domestic insurance companies and the activities of foreign insurance companies in this country, see Articles 2 and 3 of Act No. 100/2016 on insurance activities. These Rules also apply to insurance groups, see Article 1 of Act No. 60/2017 on insurance groups.

Article 2. Procedures, presentation and templates for the report on solvency and financial position.

Pursuant to Article 54(1) of Act No. 100/2016 on insurance activities, an insurance company shall publish a report on solvency and financial position no later than 14 weeks after the end of the financial year. Pursuant to Article 41(1) of Act No. 60/2017 on insurance groups, a mutual undertaking, a holding company in the insurance sector and a mixed holding company in financial activities within an insurance group are responsible for publishing annually a report on solvency and financial position on a group basis. These Rules are issued in order to implement technical implementing standards stipulating procedures, presentation and templates for the reporting.

Article 3. Implementation of the Regulation.

With these Rules, Commission Implementing Regulation (EU) 2023/895 of 4 April 2023 on technical implementing standards for the application of Directive 2009/138/EC of the European Parliament and of the Council as regards procedures, presentation and templates for the publication of information from insurance and reinsurance undertakings on their report on own funds, solvency and financial position, and repealing Commission Implementing Regulation (EU) 2015/2452, which was incorporated into the EEA Agreement by decision of the Joint EEA Committee No. 280/2023 of 27 October 2023, enters into force in this country. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 93 of 19 December 2024, pp. 1597-1805.

Article 4. Entry into force.

These Rules, which are issued pursuant to the authorisation in Article 57(4) of Act No. 100/2016 on insurance activities and Article 41(5) of Act No. 60/2017 on insurance groups, enter into force immediately. Upon their entry into force, Rules No. 1115/2021 on procedures, presentation and templates for the report of insurance companies on solvency and financial position are repealed.

Central Bank of Iceland, 19 December 2024.

	Ásgeir Jónsson, Governor of the Central Bank.	Rannveig Júníusdóttir, Executive Director.

Department B - Date of publication: 19 December 2024