The Solvency II Pillar 3 regulatory reporting requirements came into force on 1 January 2016.
The PRA has set out a three distinct phases for the Solvency II regulatory reporting schedule and each has different requirements. The three phases include:
In the transitional phase, December year end solo firms are required to submit Day 1 submissions by 20 May 2016 and Q1 2016 submissions by 26 May 2016. Firms will be required to submit the full set of annual quantitative reporting templates (QRT’s) including annual national specific templates (NST) from 2017. Furthermore from 2017 firms will need to submit onerous qualitative information in the annual solvency and financial condition report (SFCR) and the regular supervisory report (RSR).
For further details visit PRA website.
The 2,500+ data inputs to the 75+ reports and the frequency of reporting under Pillar 3 requires significant manual input and resource time. This pressure is only set to increase as external reporting changes from dry-run preparatory phase to actual full scale operational obligation in 2016/ 2017. Such arduous and comprehensive risk reporting, scrutinised by external parties, requires firms to have a long-term strategic vision beyond regulatory compliance mentality.
With the introduction of the Moore Stephens SII Engine, which can be installed in 1 day, we offer UK and EU insurers a solution in one integrated and coherent regulatory reporting environment. Our end goal is to support companies in keeping the cost of on-going SII compliance at a minimum, and ensuring full compliance with future requirements and possible amendments.
Moore Stephens SII Engine offers a tangible opportunity of implementing and operating an integrated reporting system which addresses both external and internal reporting across various functions.
The SII Engine is developed in accordance with both EIOPA and PRA specifications and has been audited and assured by an independent 3rd party big 4 audit firm. Now more than 200 end users across 60 insurance companies have now implemented the SII Engine.
For more details please contact Omar Ripon, our Partner lead for the Solvency II Engine.