EIOPA · 1318
1318
- Regulation
- (EU) No 2015/2452 - procedures, formats and templates of the solvency and financial condition report
- Article
- 51
- Submitted
- 2017-09-07
- Answered
- 2019-10-16
Question
Questions have been raised previously regarding how values should be reported in the narrative reporting.
My interpretation of EIOPA's response number 876 (please see other information) is as following:
(i) values in the SFCR (i.e. the content of the main body of the report) must be reported in thousands
(ii) QRTs are to be reported in the nearest units and therefore, the public QRTs append to the SFCR will be exactly the same as the submitted QRT that is presented in the nearest unit as opposed to the need to round them to the nearest thousands for the purpose of SFCR appendices. Or, do companies need to round their QRTs to the nearest thousands as well before appending to the SFCR?
Can you please confirm that the interpretation is correct?
Answer
The information disclosed in the templates as part of the SFCR shall be disclosed in thousands of units (article 2 of ITS 2015/2452). The information disclosed in the main body of the SFCR can be reported also in other units.For rounding the information presented in the templates as part of the SFCR undertaking should adopt its own convention, use it consistently and explain it in the SFCR.
This Q&A is published by European Insurance and Occupational Pensions Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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