EIOPA trims insurance reporting
Europe’s insurance supervisor has published a progress report on its simplification drive, with a focus on reporting. Under the revised Solvency II framework, the European Insurance and Occupational Pensions Authority (EIOPA) has cut quarterly reporting templates for solo insurers by 26% and annual templates by 30%. That comfortably conforms with the European Commission’s 25% burden-reduction benchmark. Small and non-complex undertakings, which EIOPA estimates could number around 660, get deeper cuts of 36% and 44%. Overall, the number of data points falls by 22%. Solvency II reporting relies on EIOPA’s XBRL taxonomy, so simpler templates should also require a slimmer taxonomy. The guidelines have been trimmed too, with 160 deleted across 25 sets, and the next EU-wide bottom-up insurance stress test has been pushed back to 2028.
A lot of this simplification stems from reuse of EIOPA’s existing data. It plans to replace some liquidity-monitoring reporting with analysis of existing Solvency II data. Its Value for Money benchmarking will draw on PRIIPs, Solvency II and supervisory data to avoid adding new reporting.
Looking ahead, EIOPA promises a report on integrated data reporting by the end of 2026. It argues that future reporting and disclosures should allow automatic data extraction by RegTech and SupTech tools, building on the data access enabled by the European Single Access Point (ESAP). When good, structured data is already being reported, simplifying reporting doesn’t have to mean less information
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