Most insurers and reinsurers are now required to submit quarterly returns to the Financial Regulator. The Financial Regulator has published updated guidance to assist firms in meeting these obligations.
Both life and non-life insurers are required to submit returns on a quarterly basis to the Financial Regulator using the Online Reporting System. The quarterly returns should be received by the Financial Regulator within 4 weeks of the end of the relevant quarter.
The Financial Regulator published a guidance note in January 2010 to ensure the consistency of submissions by non-life insurers (the “Guidance Note”). The Guidance Note details the various forms that must be completed and submitted as part of each non-life insurance quarterly return and includes information to assist in completing each form.
We have been informed that an equivalent paper has not been published for the completion of life insurance quarterly returns as there has been no material change in the forms to be submitted.
All reinsurers, with the exception of captive reinsurers, that have total assets in their most recent audited annual financial statements in excess of €20m are required to submit a quarterly return to the Financial Regulator. Reinsurers that do not fall within the requirement of mandatory quarterly reporting will be required to submit such a return if their available solvency margin falls below 150% of their required solvency margin and will be required to do so every quarter thereafter unless the Financial Regulator consents otherwise.
Reinsurance quarterly returns must be submitted within 45 calendar days after the end of the quarter and are to be based on the latest audited information, if available, or upon the latest available management accounts. Reinsurance quarterly returns must contain the relevant items, as appropriate, contained in the updated requirements papers for each of Life, Non-Life and Composite Reinsurance Undertakings dated December 2009.
The relevant forms are available in excel format in the reinsurance section of the Financial Regulator’s website until such time as the Financial Regulator’s Online Reporting platform becomes available to reinsurers.
