On 22 December 2016, the Central Bank of Ireland (the “Central Bank”) issued a Policy Notice on Discretions and Options on Submission of Information to the Central Bank under Solvency II (the “Policy Notice”). The Policy Notice is relevant to all (re)insurers falling within the scope of Solvency II.

Under Solvency II, National Supervisory Authorities are given certain options and discretions concerning information that they may require (re)insurers to submit. The Policy Notice outlines the discretions and options that the Central Bank has availed of as of December 2016. 

In summary, the Policy Notice addresses the Central Bank’s policy on:

• exemptions from Solvency II annual regulatory item-by-item reporting
• the lines of business (re)insurers are required to report in template S.21.03.01
• the definition of number of claims reported in template S.20.01.01
• the reporting by currency in templates S.16.01.01 and S.19.01.01;
• underwriting or accident year reporting in templates S.16.01.01, S.19.01.01, S,19.01.21, S.20.01.01, S.21.01.01 and S.29.03.01
• The brackets that must be used when reporting loss distribution information by claims incurred in template S.21.01.01, and 

The brackets that must be used when reporting information on underwriting risks by sum insured in template S.21.03.01.

To view the Policy Notice in full, please click here. 

Contributed by: Catherine Carrigy