(a)information allowing the supervisory authorities to gain a good understanding of the system of governance within the undertaking, and to assess its appropriateness to the undertaking's business strategy and operations;
(b)information relating to the undertaking's delegation of responsibilities, reporting lines and allocation of functions;
(b)information on the policies and processes established by the undertaking to ensure that those persons are fit and proper.
(b)information on significant risks that the undertaking is exposed to over the life-time of its insurance and reinsurance obligations, and how these have been captured in its overall solvency needs;
(c)information on any material risks that the undertaking has identified and that are not fully included in the calculation of the Solvency Capital Requirement as set out in Article 101(4) of Directive 2009/138/EC;
(d)information on how the undertaking fulfils its obligation to invest all its assets in accordance with the ‘prudent person principle’ set out in Article 132 of Directive 2009/138/EC;
(a)a description of how the own risk and solvency assessment is performed, internally documented and reviewed;
(d)where the persons carrying out the internal audit function assume other key functions in accordance with Article 271(2), an assessment, in qualitative and quantitative terms, of the criteria set out in points (a) and (b) of Article 271(2).
(a)where the undertaking outsources any critical or important operational functions or activities, the rationale for the outsourcing and evidence that appropriate oversight and safeguards are in place;
(b)information on the service providers to whom any critical or important operational functions or activities have been outsourced and on how the undertaking ensures that the service providers comply with Article 274(3)(a).
1.The regular supervisory report shall includecontain all of the following information regarding the insurance or reinsurance undertaking'sundertaking’s system of governance:
(a)a description of the structure of the undertaking’s administrative, management or supervisory body of its main roles and responsibilities and of the segregation of responsibilities within those bodies, and in particular whether relevant committees exist within them, and a description of the main roles and responsibilities of key functions;
(b)(c) the remuneration entitlements of the members of the administrative, management or supervisory body,body and other key function, over the reporting period and a comparison of the information with that reported on the previous reporting period and the reasons for any material changes.changes to those entitlements compared to the previous reporting period, including an explanation of the relative importance of the fixed and variable components of remuneration.
2.The regular supervisory report shall includecontain all of the following information regarding the compliance of the insurance or reinsurance undertaking with fit and proper requirements:
(a)in accordance with the requirements set out in Article 42 of Directive 2009/138/EC, a list of the persons in the undertaking that are responsible for key functions;
(b)a description of the undertaking’s specific requirements concerning skills, knowledge and expertise applicable to the persons who effectively run the undertaking or have other key functions.
3.The regular supervisory report shall includecontain all of the following information regarding the risk management system of the insurance or reinsurance undertaking:
(a)(b) a description of how the ownrisk management system including the risk management function, are implemented and solvency assessment is integrated into the managementorganisational processstructure and into the decision-making processprocesses of the undertaking.undertaking;
(b)(a) information on the undertaking'sundertaking’s risk management strategies, objectives, processes and reporting procedures for each category of risk;
(c)(e) information on how the undertaking verifies the appropriateness of credit assessments from external credit assessments institutionsinstitutions, including howinformation on how, and the extent to whichwhich, the undertaking uses credit assessments from external credit assessments institutions are used;institutions;
(d)(f) results of the assessments regarding the extrapolation of the risk-free rate, the matching adjustment and the volatility adjustment, as referred to in Article 44(2a) of Directive 2009/138/EC.
4.The regular supervisory report shall describe the process undertaken by the undertaking to fulfil its obligation to conduct an own risk and solvency assessment as part of its risk management system and how the own risk and solvency assessment is integrated into the organisational structure and decision-making processes of the undertaking.
5.The regular supervisory report shall includecontain all of the following information regarding the internal control system of the insurance or reinsurance undertaking:
(a)a description of the undertaking’s internal control system elements and, where applicable, any material failures of that internal control system;
(b)information on the activitiesadvice performedgiven and assessments performed, as referred to in accordance with Article 46(2) of Directive 2009/138/EC during the reporting period;period, including any planned activities that were not implemented and the reason for their non-implementation;
(c)information on the undertaking'sundertaking’s compliance policypolicy, preparedany pursuantmajor toactivities Articletaken 270 of this Regulation,under the processcompliance for reviewing that policy, the frequency of reviewplan and any significantmaterial changescompliance toproblems that policyidentified during the reporting period.
6.The regular supervisory report shall includecontain all of the following information regarding the internal audit function of the insurance or reinsurance undertaking:
(a)(b) a description of the undertaking's internal auditaudits policy, the process for reviewing that policy, the frequency of review and any significant changes to that policyperformed during the reporting period;period, with:
(i)(a) a description of internal audits performed during the reporting period, with a summary of the material findings and recommendations reported to the undertaking'sundertaking’s administrative, management or supervisory body, and any action taken with respect to these findings and recommendations;body;
(ii)a summary of and any action taken with respect to those material findings and recommendations;
(iii)(a) any information on theoutstanding keymaterial procedures that the internal control system includes;issues;
(b)(c) a description of the undertaking'sundertaking’s internal audit plan, including future internal auditspolicy, and the rationalefrequency forof theseits future audits:revision;
(c)a description of the undertaking’s audit plan, including future internal audits and the rationale for those future audits.
7.9. The regular supervisory report shall includecontain anyall otherof materialthe following information regarding the systemactuarial of governancefunction of the insurance or reinsurance undertaking.undertaking:
(a)a description of how the actuarial function of the insurance or reinsurance undertaking is implemented;
(b)7. With regard to the actuarial function the regular supervisory report shall include an overview of the activities undertaken by the actuarial function in each of its areas of responsibility during the reporting period, describing how the actuarial function contributes to the effective implementation of the undertaking'sundertaking’s risk management system.system and describing the main findings of the actuarial function.
8.The regular supervisory report shall includecontain all of the following information regarding outsourcing:
(a)a description of the outsourcing policy of the insurance or reinsurance undertaking;
(b)(c) a list of the persons responsible for the outsourced key functions in the service provider.
9.4. The regular supervisory report shall includecontain allany ofother the followingmaterial information regarding the ownsystem riskof andgovernance solvency assessments which were performed over the reporting period byof the insurance or reinsurance undertaking:undertaking.