Solvency II

Use of LEI code could help improve information quality and automation of data processing


Insurance Europe has responded to a consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on revised guidelines on the use of the legal entity identifier (LEI).

Insurance Europe supports the use of the same identification code for various reporting tasks, which can help improve quality of information and automation of data processing. 

Care should be taken to ensure that this does not result in unnecessary burden and administrative costs. As a general principle to identify whether an insurer needs an LEI code, EIOPA should identify the reports for which an LEI would be necessary, and then consider whether a separate LEI for each of these entities providing these reports is truly necessary.