2017 is the first year when insurance undertakings in EU will prepare their Full Measures annual reporting in accordance with Solvency II directive and the related delegated acts. This is a significant challenge - the information to be reported is large in volume, extremely various in nature and strictly defined.
Reporting is to be performed in two directions - quantitative and qualitative. Quantitative reporting includes the preparation of the annual quantitative reporting templates (QRTs), whereas qualitative reporting comprises preparation of two reports: Solvency and Financial Condition Report and Regular Supervisory Report. The first report is made public, must be prepared annually and must be published onto the official web page of the company.
The second report is sent to the regulatory body of the undertaking and is prepared every three years, unless explicitly specified by the regulator that period should be more frequent. If there is no such requirement, companies shoud at least report annually that there have been no significant changes to the information, presented in the most recent report.
At the same time, in the first half of 2017 Financial Supervision Commission will conduct stress testing exercises and balance sheet reviews of the insurance companies with reference date 31/12/2016.
Next challenges before the insurance sector, related to Solvency II will be focused on improving the efficiency of reporting - until 2019, each year reporting deadlines will be shortened.
Thanks to the support of Generali Group, we, Generali Insurance AD, believe that we will be able to cope with the upcoming difficulties. For more than two years we have been incessantly making efforts in this direction, by learning and teaching, by improving processes and keeping in line with current trends in business in order to adapt to this new environment and continue to be the insurer of choice among clients.