Post by account_disabled on Feb 20, 2024 0:28:08 GMT -5
When it comes to issues related to the Solvency II Directive, EIOPIA (European Insurance and Occupational Pensions Authority), the European authority for insurance and occupational pensions; It is the place to go. On its website you can resolve doubts related to the implementation of the new forms of work required by this regulation that, in a few months, will come into force. Among its contributions to the new way of working for companies in the insurance sector are its template proposals , which simplify the transition that insurers must carry out to live up to the quantitative requirements imposed by the Directive, and which They can be summarized in: Minimum capital requirement. Solvency capital requirement. Essential elements for calculating technical provisions. Investment requirements. Quantitative reporting templates are one of the most important instruments for all companies affected by Solvency II.
In addition to its technical difficulty, it must be remembered that its content must adhere to strict USA Student Phone Number List regulations that require that: The information is presented on a quarterly basis. The corresponding reports are prepared annually. The content meets all the requirements of Solvency II. QRT templates must guarantee the absence of errors and, just as or more importantly, inconsistencies. To achieve this, most companies have opted to automate this tool, an option that, at the same time, allows them to improve their integration capacity. Solvency II and QRT: what the quantitative reporting templates are like Solvency II requires a change of concept in the way insurance and reinsurance companies approach its management. The new framework entails adaptation to different requirements, such as those related to transparency and publicity of operations, those related to reporting (pillar III), qualitative requirements (pillar II) or quantitative requirements (pillar I ). Quantitative reporting templates, also known as QRT (Quantitative Reporting Templates) , are part of the tools that European companies in the insurance sector should start using.
In this line, the contribution of EIOPIA is interesting, with the draft proposal on quantitative reporting templates for Solvency II, which it makes available to users through its website. The QRT model published by EIOPIA (and which is downloadable in Excel format) has the following templates: 1. Premiums, claims and expenses - quarterly data. 2. Own funds (quarterly template - for individual entities). 3. Required solvency capital. 4. Minimum required capital. 5. Investment data - Portfolio List. 6. Assets. 7. Accumulated and net of derivatives. 8. Historical derivative operations for a reference period. 9. Performance of investment assets (by asset categories). 10. Investment funds. 11. Credit securities. 12. Technical provisions for life and health insurance (quarterly). 13. Non-life technical provisions (quarterly). 14. Outgoing reinsurance program for the year following the year of registration. 15. Participation of reinsurers. 16. Profits and losses. Related posts: Solvency II: connecting the dots Business planning: steps for designing a strategic plan.