Insurance group slams solvency reporting rules

Wednesday, 7 June 2017 00:00 - - {{hitsCtrl.values.hits}}

Insurance group slams solvency reporting rules The Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE) has again criticised the European Insurance and Occupational and Pensions Authority (EIOPA) for its alleged haste in the conduct of consultations.

In its latest response to changes being made to Solvency II rules governing insurance firms’ disclosure and reporting, AMICE not only claimed that EIOPA’s “short deadline consultation has not allowed a sufficient due process” but also identified certain definitions which the group believes are wrong.

As part of its feedback, AMICE added, “We propose to include a selection ‘not reported; no primary insurance business’ to avoid the selection ‘not reported by other reasons’ – the latter one would make a separate explanation mandatory.”

Earlier this year, in response to EIOPA consultation on the review of specific items in the Solvency II delegated regulation, AMICE said a discussion paper was launched in a period in which AMICE members are very busy in preparing annual financial statements and determining Solvency positions and all related disclosure requirements.

“The topics presented by EIOPA are topics which need to be discussed intensely especially when issues are recognised and solutions have to be prepared. AMICE has tried to provide as many details as possible and examples where relevant. However, the limitations in time and resources of our members did provide us with some constraints,” said the group.

A set of Solvency II classifications will be published in July 2017, leaving EIOPA pressed for time to ensure the amendments are fully aligned. Meanwhile, insurance companies in the UK foresee increased costs for consumers amid the revised capital requirements.

(Source: http://www.insurancebusinessmag.com)