Solvency II reporting is applied to life, non-life and reinsurance companies from 1 January 2016. Supervised entities submit reports to the Financial Supervisory Authority (FIN-FSA), which forwards the information to the European Insurance and Occupational Pensions Authority (EIOPA).
Solvency II reporting includes:
- quarterly reporting (companies and groups)
- annual (companies and groups)
- quarterly and annual reporting submitted to EIOPA, intended for the maintenance of financial stability (largest groups or companies, which are notified separately by the FIN-FSA about their reporting obligations)
In Finland, additional information required in European Central Bank insurance statistics is also collected at the company level in connection with Solvency II reporting.
Technical implementation of Solvency II reporting
Solvency II data is reported in accordance with taxonomies published by EIOPA (Data Point Model and XBRL taxonomies). In Finland, data collection instances that include additional information required in European Central Bank insurance statistics are used in company-level reporting.
A reporting application downloadable from the FIN-FSA’s Jakelu distribution service and workbooks intended for Solvency II data collection can be used as an aid to reporting.
Solvency II reports submitted to the FIN-FSA can also be produced from reporting entities own systems. Reports produced from own systems are produced in accordance with specifications presented in the FIN-FSA’s Solvency II description of electronic reporting (appendix).
The FIN-FSA requires that reporting entities, when submitting data in electronic form, adhere to both the FIN-FSA’s Solvency II description of electronic reporting and EIOPA’s Filing Rules for Solvency II Reporting, and that the data fulfils the validations presented in EIOPA’s List of Validations document.