Recital 1

(1)Information received through reporting is essential for risk based supervision and policyholder protection. To this end, supervisors need to receive meaningful data within reasonable timelines. In order to ensure that the reporting requirements stay up to date and reflect emerging risks and evolving practices, it is necessary to substantially revise reporting templates provided by Implementing Regulation (EU) 2015/2450. This requires changes to numerous templates, the addition of new templates and the removal of obsolete ones. Given the extent of the changes, it is appropriate to repeal Implementing Regulation (EU) 2015/2450.