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Question

Contra-Diction with regards to Disclosure under the SFCR:
Directive Art. 53, 1 and 2  allows the non-disclosure of info due to secrecy or confidentiality commitments or competition
Guidelines (level 3) on reporting and public disclosure, EIOP-BoS-15/109EN, 14/09/2015: in Section IV: Public Disclosure and Supervisory Reporting Process, Guideline 32 - SFCR - Non-disclosure of information
1.46. Insurance and reinsurance undertakings should not enter into contractual obligation binding them to secrecy or confidentiality that is required to be disclosed under the SFCR.
Please, check my request to delete the level 3 guideline. A contract or insurance policy between two business partners is always protected by data protection laws based on the freedom to conclude contracts as long as such a contract does not offend against penalty laws.

European Insurance and Occupational Pensions Authority · Accepted Answer

In accordance with article 53 of Solvency II Directive, non-disclosure of information due to secrecy or confidentiality commitments or competition is foreseen. When EIOPA Guideline states  that "Insurance and reinsurance undertakings should not enter into contractual obligation binding them to secrecy or confidentiality that is required to be disclosed under the SFCR" the aim is that insurance and reinsurance undertakings do not ex-ante and deliberately enter clauses in individual contracts with the aim of avoiding disclosure as required in Solvency II Directive.
In any case, the non-disclosure has to be permitted by the NCA and in no way EIOPA Guideline contradicts or impedes this right to non-disclose.

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