What is a quantitative reporting template?
It covers the Individual Quantitative Reporting Templates (QRTs) at solo and group level, including Financial Stability Reporting and aims to provide stakeholders the full view of the future reporting and disclosure requirements, as a complement of the legislative proposals in this area covered by the Opinion.
What does QRT mean Solvency II?
Coverage of solvency data and calculations for Balance Sheet, Asset Management, Premiums Claims and Expenses and Reinsurance. • Mappings defined for Quantitative. Reporting Templates (QRT) make it. easier to identify the data required. to support the Solvency II measures.
How is Solvency II calculated?
It is calculated by estimating the cost of capital equal to the SCR necessary to support the insurance and reinsurance obligations over their lifetime in respect of those risks which cannot be hedged – these include underwriting risk, reinsurance credit risk, operational risk and “unavoidable market risk”.
Does Solvency II apply to brokers?
Although the Solvency II Directive has no explicit requirements towards insurance intermediaries, it has implications on insurance intermediaries.
What is Solvency II ratio?
Solvency Ratio in Solvency II For the Solvency II regime, we would be talking about the market value of assets and the market value of liabilities – the values that would hold true in a fair market transaction between two knowledgeable parties.
What is Solvency II balance sheet?
Solvency II aims to establish a solvency regime that is better matched to the true risks of an insurance company. An Economic Balance Sheet is a balance sheet that incorporates Risk Margins (Market Value Margins). Risk Margins are required metrics for Solvency II and IRFS 4 Phase II (see below).
Does Solvency II apply to UK?
Introduction to the UK implementation of Solvency II Other aspects of the Solvency II framework, made by the European Commission (Commission) under delegated authority given to it by the Solvency II Directive, have direct application in Member States and are not separately implemented in the UK.
What are the three pillars of Solvency II reporting and disclosure?
Reporting and disclosure in the Solvency II world. The Solvency II Directive is built around the ‘3 pillars’ of quantitative requirements (Pillar 1), supervisory review (Pillar 2) and disclosure requirements (Pillar 3).
What is solsolvency II?
Solvency II. It covers the Individual Quantitative Reporting Templates (QRTs) at solo and group level, including Financial Stability Reporting and aims to provide stakeholders the full view of the future reporting and disclosure requirements, as a complement of the legislative proposals in this area covered by the Opinion. The
What is the disclosure required in the sfcr and RTS?
The disclosure required in the SFCR and RTS is extensive and concepts of proportionality and materiality will be subject to significant interpretation by firms. Extensive quarterly quantitative reporting will be introduced for all firms, with deadlines of three or four weeks after the quarter end.