Commission Implementing Regulation (EU) 2023/895 of 4 April 2023 laying down implementing technical standards for the application of Directive 2009/138/EC of the European Parliament and the Council with regard to the procedures, formats and templates for the disclosure by insurance and reinsurance undertakings of their report on their solvency and financial condition and repealing Implementing Regulation (EU) 2015/2452 (Text with EEA relevance)
Commission Implementing Regulation (EU) 2023/895of 4 April 2023laying down implementing technical standards for the application of Directive 2009/138/EC of the European Parliament and the Council with regard to the procedures, formats and templates for the disclosure by insurance and reinsurance undertakings of their report on their solvency and financial condition and repealing Implementing Regulation (EU) 2015/2452(Text with EEA relevance)THE EUROPEAN COMMISSION,Having regard to the Treaty on the Functioning of the European Union,Having regard to Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency II)OJ L 335, 17.12.2009, p. 1., and in particular Article 56, fourth paragraph, and Article 256(5) thereof,Whereas:(1)Commission Implementing Regulation (EU) 2015/2452Commission Implementing Regulation (EU) 2015/2452 of 2 December 2015 laying down implementing technical standards with regard to the procedures, formats and templates of the solvency and financial condition report in accordance with Directive 2009/138/EC of the European Parliament and of the Council (OJ L 347, 31.12.2015, p. 1285). specifies the procedures, formats and templates for the public disclosure by insurance and reinsurance undertakings of their report on their solvency and financial condition, as referred to in Article 51 of Directive 2009/138/EC.(2)The disclosure of information is an essential prerequisite for policyholder protection. Alignment between reporting and disclosure requirements should foster policyholder protection as well as risk-based supervision. To that end, changes to cross-border information and other areas in the context of updates to the reporting requirements should also be reflected in the disclosure requirements.(3)To improve quality, comparability and the readability of the disclosed information, the templates laid down in Implementing Regulation (EU) 2015/2452 concerning the solvency capital requirement should be updated. For undertakings using partial or full internal models to calculate their solvency capital requirements, those updated templates should display the diversification benefits between separate risk modules more comprehensively.(4)Disclosure requirements should not be excessively burdensome for undertakings. To that end, it is necessary to specify how disclosure requirements apply in a proportionate way without jeopardizing the quality of data to be provided by the undertaking.(5)In order to ensure that the disclosure requirements remain relevant and provide high quality information to policyholders and other stakeholders, it is necessary to substantially revise the disclosure templates laid down in Implementing Regulation (EU) 2015/2452. Given the extent of the changes, it is appropriate to repeal Implementing Regulation (EU) 2015/2452.(6)This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Insurance and Occupational Pensions Authority.(7)The European Insurance and Occupational Pensions Authority has conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Insurance and Reinsurance Stakeholder Group established by Article 37 of Regulation (EU) No 1094/2010 of the European Parliament and of the CouncilRegulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48)..(8)Undertakings should be given sufficient time to implement the updated disclosure requirements. The date of application of this Regulation should therefore be deferred.HAS ADOPTED THIS REGULATION: