1.Member States shall require insurance and reinsurance undertakings to submit to the supervisory authorities the information which is necessary for the purposes of supervision, taking into account the objectives of supervision laid down in Articles 27 and 28 and the general principles of supervision laid down in Article 29, in particular the principle of proportionality. Such information shall include at least the information necessary for the following when performing the process referred to in Article 36:
to assess the system of governance applied by the undertakings, the business they are pursuing, the valuation principles applied for solvency purposes, the risks faced and the risk-management systems, and their capital structure, needs and management;
to make any appropriate decisions resulting from the exercise of their supervisory rights and duties.
2.Member States shall ensure that the supervisory authorities have the following powers:
to determine the nature, the scope and the format of the information referred to in paragraph 1 which they require insurance and reinsurance undertakings to submit at the following points in time:
at predefined periods;
upon occurrence of predefined events;
during enquiries regarding the situation of an insurance or reinsurance undertaking;
to obtain any information regarding contracts which are held by intermediaries or regarding contracts which are entered into with third parties; and
to require information from external experts, such as auditors and actuaries.
3.The information referred to in paragraphs 1 and 2 shall comprise the following:
qualitative or quantitative elements, or any appropriate combination thereof;
historic, current or prospective elements, or any appropriate combination thereof; and
data from internal or external sources, or any appropriate combination thereof.
4.The information referred to in paragraphs 1 and 2 shall comply with the following principles:
it must reflect the nature, scale and complexity of the business of the undertaking concerned, and in particular the risks inherent in that business;
it must be accessible, complete in all material respects, comparable and consistent over time; and
it must be relevant, reliable and comprehensible.
5.Member States shall require insurance and reinsurance undertakings to have appropriate systems and structures in place to fulfil the requirements laid down in paragraphs 1 to 4 as well as a written policy, approved by the administrative, management or supervisory body of the insurance or reinsurance undertaking, ensuring the ongoing appropriateness of the information submitted.
5a.Taking into account the information required in paragraphs 1, 2, and 3 and the principles set out in paragraph 4, Member States shall ensure that insurance and reinsurance undertakings submit to the supervisory authorities a regular supervisory report that comprises information on the undertaking’s business and performance, system of governance, risk profile, valuation for solvency purposes and capital management over the reporting period.
The frequency of the regular supervisory report shall be:
for small and non-complex undertakings, every three years, or, where permitted by the supervisory authority, up to every five years;
for insurance and reinsurance undertakings other than small and non-complex undertakings, every three years.
For the purposes of point (b) of the second subparagraph, if deemed necessary, a supervisory authority may require supervised undertakings to report more frequently.
9.The Commission shall supplement this Directive by adopting delegated acts in accordance with Article 301a specifying:
the information referred to in paragraphs 1 to 4 of this Article;
the criteria for limited supervisory reporting for captive insurance undertakings and captive reinsurance undertakings considering the nature, scale and complexity of the risks of those specific types of undertaking with a view to ensuring, to the appropriate extent, convergence of supervisory reporting.
10.►M13In order to ensure uniform conditions of application of this Article, EIOPA shall develop draft implementing technical standards on regular supervisory reporting with regard to the templates for the submission of information to the supervisory authorities referred to in paragraphs 1 and 2, including the risk-based thresholds establishing the trigger for reporting requirements, where applicable, or any exemption of specific information for certain types of undertaking, such as captive insurance and reinsurance undertakings, considering the nature, scale and complexity of the risks of specific types of undertaking. EIOPA shall develop information technology (IT) solutions, including reporting templates and instructions for the reporting referred to in paragraphs 1 and 2.◄
EIOPA shall submit those draft implementing technical standards to the Commission by 30 June 2015.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1094/2010.
12.By 29 January 2027, EIOPA shall submit to the Commission a report on potential measures, including legislative changes, to develop an integrated data collection in order to:
reduce areas of duplications and inconsistencies between the reporting frameworks in the insurance sector and other sectors of the financial industry;
improve data standardisation and efficient sharing and use of data already reported within any Union reporting framework by any relevant Union or national competent authority; and
reduce compliance costs.
EIOPA shall prioritise, but not limit itself to, information concerning the areas of collective investment undertakings and derivatives reporting.
When preparing the report referred to in the first subparagraph, EIOPA shall work in close cooperation with the other European Supervisory Authorities and the European Central Bank (ECB) and shall, where relevant, involve the national competent authorities.