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 timely 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.