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Response provided to EIOPA call for input on reporting and disclosure ITS

Insurance Europe has responded to the European Insurance and Occupational Pensions Authority’s (EIOPA) call for input on the inclusion of new data validations and corrections to the reporting/disclosure Implementing Technical Standard (ITS) and harmonisation of the European XBRL Filing Rules.

Insurance Europe raised concerns in several areas, including on the look-through approach for investment related undertakings, and the reporting of nominated external credit assessment institutions (ECAI) in several quantitative reporting templates (QRTs).

On the look-through approach for investment related undertakings, Insurance Europe stressed that due to an ambiguous wording, the latest amendments by European Commission Implementing Regulations do not relieve the burden for undertakings, although that was the goal of EIOPA.

Regarding the reporting of the nominated ECAI in several QRTs, Insurance Europe asked for this requirement to be limited to the parent company of each rating agency group and to exclude all subsidiaries on the grounds that undertakings often do not know which company from a rating group issued a specific rating.

Published 22 February 2018