The deadline for annual Solvency II reporting submissions will be two weeks earlier in 2020. The submission date is 7 April 2020. The deadline for the submission of the 2020 quarterly Quantitative Reporting Templates (QRTs) is unchanged from the equivalent deadline in 2019. This briefing note by Milliman’s Ellen Matthews and Sinéad Clarke provides a calendar highlighting key 2020 Solvency II deadlines.
In May 2018, the first Solvency and Financial Condition reports (SFCRs) were published for year-end 2017. These reports contain a significant amount of data in the Quantitative Reporting Templates (QRTs), including information concerning the company’s performance over the reporting period, system of governance, risk profile valuation basis and capital requirements.
In this report, Milliman consultants provide a summary of SFCRs and the main players in the Belgian market for both life and non-life undertakings. The report focuses on a subset of the largest insurers in Belgium and compares year-end 2017 results with year-end 2016 results in terms of the Solvency Capital Requirement (SCR), written premiums, technical provisions and technical result.
This analysis by Milliman consultants compares information provided in Quantitative Reporting Templates (QRTs) and Solvency and Financial Condition Reports (SFCRs) and draws conclusions about the balance sheets and risk exposures of 15 UK private medical insurance and health cash plan providers. The analysis also highlights noteworthy trends between the 2017 and 2018 publications.
Solvency II came into effect on 1 January 2016 and introduced a number of disclosure requirements for European insurers. Under the new requirements, the majority of European insurers were required to publish detailed Solvency and Financial Condition Reports (SFCRs) for the first time in May 2017. The SFCRs contain a significant amount of information on the insurance companies, including details of their business performances, risk profiles, balance sheets and capital positions, amongst other topics. Insurers are also required to publish a great deal of quantitative information in the public Quantitative Reporting Templates (QRTs) included within the SFCRs.
One year later, the majority of the European insurers published their SFCRs for year-end 2017, providing an opportunity for more detailed comparisons among insurers over the last two years.
A new Milliman report compares the information provided in the QRTs and SFCRs to draw some conclusions about the balance sheets and risk exposures of Luxembourg insurers. The analysis focuses on the differences between 2016 and 2017.
Under Solvency II, European insurers are required to publish their Solvency and Financial Condition Reports (SFCRs). Two sets of SFCRs have been published, with the first publication for most entities occurring in May 2017 and the second one in May 2018.
The SFCRs contain a significant amount of information including details of the company’s performance over the reporting period, system of governance, risk profile, valuation basis and capital requirements. In addition, the SFCRs include a number of Quantitative Reporting Templates (QRTs) providing details of the company’s financial position under Solvency II.
This analysis by Milliman consultants compares information provided in the QRTs and SFCRs and draws conclusions about the balance sheets and risk exposures of European health insurers. It also highlights substantial trends between the 2017 and 2018 publications.
With Solvency II reporting becoming routine for companies, the focus now shifts to improving regulatory reporting processes and meeting the earlier deadlines.
This year, the deadline for submission of the 2019 quarterly quantitative reporting templates (QRTs) is a week earlier than the equivalent deadline in 2018 and the deadline for submission of the annual reporting requirements is two weeks earlier. In this briefing, Milliman’s Patrick Meghen and Ellen Matthews provide the timeline summarising the reporting requirements in 2019 for both solo entities and groups (assuming a year-end reporting date of December).