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Insurers welcome EC supervisory data strategy for EU financial system, but say benefits must outweigh costs

17-6-2021

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.

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