Insurance Europe: The strategy should provide reporting relief and operational benefits for insurers

17 June 2021 — Alexandra GUZUN
Insurance Europe has published its response to a roadmap consultation by the European Commission on its supervisory data strategy for the EU financial system. The industry fully supports the aim of the supervisory data strategy to initiate a shift to a modern, efficient and effective approach to data collection for supervisory purposes.

At the same time, the following points should be considered:

  • The approach should work for all stakeholders and benefits should outweigh costs.
  • The principle of proportionality should always be taken into account.
  • Existing reporting timelines should be respected.
  • The strategy should provide reporting relief and operational benefits for insurers.
  • Reporting requirements changes should be minimized, communicated in a timely fashion and allow sufficient time for implementation.
  • Changes to reporting requirements proposed in the context of the review of Solvency II should be aligned with the timeline of the supervisory data strategy.
  • It is important to keep the industry and stakeholders involved in the further development and implementation of the strategy.
Source: Insurance Europe

591 views
Share |