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
- 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.