Deloitte: Solvency II reporting requirements require immedaite action

By Rob Starr, Content Manager, Big4.com

Deloitte, the business advisory firm, says insurers, fund managers and banks must not delay the design and implementation of their Solvency II reporting programmes. This comes on the heels of the European Insurance and Occupational Pensions Authority (EIPOA) has published details of reporting disclosure requirements for Solvency II.

Francesco Nagari, lead partner at Deloitte on IFRS and Solvency II reporting comments saying that there is less than 18 months to go before Solvency II is expected to go live and the first regulatory report is only a few weeks after the end of the first quarter of 2014.  He notes that making changes to processes and systems, testing and training people in the new regime will require a huge amount or work.  He feels the release of this detailed guidance should spur all firms that had waited for this additional clarity into designing and implementing their Solvency II reporting solutions.

“The EIOPA guidance is a key milestone towards the final reporting requirements because all European insurers can now invest time and resources to understand the requirements with a much higher degree of certainty. Although some assumptions may still be necessary, EIOPA has released this guidance believing that all insurers should use it to start addressing the significant challenge of reporting the volume and detail of data required by Solvency II,“ Nagari says.