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Importance of Solvency II Reporting for Stakeholders
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Abstract
Reporting is called the third pillar of Solvency II and thus is given a crucial role in the framework. Initially originating from the idea of fostering market discipline, reporting requirements in Solvency II are now split into supervisory reporting and public reporting. The reporting requirements include the aim to create transparency about the compliance with Pillar 1 and Pillar 2 requirements. Supervisors, auditors, and the further public can be identified as main addressees of Solvency II reporting. The Solvency II 2020 Review defines the latter more precisely as policyholders and market professionals and tries to address them more specifically. In addition, the proportionality principle is strengthened significantly in the area of reporting. The application of the new rules will show whether the ambitious political aims in the Solvency II 2020 Review will be achieved in Pillar 3.
Title: Importance of Solvency II Reporting for Stakeholders
Description:
Abstract
Reporting is called the third pillar of Solvency II and thus is given a crucial role in the framework.
Initially originating from the idea of fostering market discipline, reporting requirements in Solvency II are now split into supervisory reporting and public reporting.
The reporting requirements include the aim to create transparency about the compliance with Pillar 1 and Pillar 2 requirements.
Supervisors, auditors, and the further public can be identified as main addressees of Solvency II reporting.
The Solvency II 2020 Review defines the latter more precisely as policyholders and market professionals and tries to address them more specifically.
In addition, the proportionality principle is strengthened significantly in the area of reporting.
The application of the new rules will show whether the ambitious political aims in the Solvency II 2020 Review will be achieved in Pillar 3.
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