Solvency II reporting and other timelines - Q4 2016 to Q2 2018
2016
Q4
Nov
Oct
2017
Dec
Q1
Feb
Jan
Mar
Apr
Solvency II reporting requirements
Q2
May
Jun
Pillar 1
Head of Actuarial Function (HoAF) reporting (and AFR aligned)
"Front-ending"
Peer Review
"Front-ending"
2018
Jul
Q4
Nov
Oct
Dec
Q1
Feb
Jan
Mar
Apr
AO TP
"Front-ending"
"Front-ending"
Aug 20 - Peer Review
Report (within one
month of AR TP)
Report finalisation
HoAF opinion on ORSA risks, scenarios and projections
ORSA process in 2017
Review of Risks...
Jun
AR TP
TP peer review
SF assessment to be
submitted before YE
SF assessment for 2017
ORSA supervisory
report submission
to CBI within 2
weeks of Board
approval
Q2
May
May 6 - AO TP (same
deadline as annual QRT)
TP peer review
SF assessment for 2016
Example of ORSA reporting
Sep
AR TP
AO TP
SF assessment to be
submitted before YE
Pillar 2
Q3
Aug
July 20 - AR TP (within
two months of AO TP)
May 20 - AO TP (same
deadline as annual QRT)
Assess SF appropriateness (SF undertakings)
November
2016
SF assessment for 2018
Scenarios...
ORSA supervisory
report submission
to CBI within 2
weeks of Board
approval
Reporting
Projections...
Board
Approval
HoAF and Board engagement, HoAF reporting and opinions
ORSA processes in 2018
8 wks Nov 25
QRT SII
8 wks Feb 25
QRT SII
EIOPA - QRTs - Annual
QRT SII (annual)
EIOPA - SFCR
SFCR
EIOPA - RSR (min. triennial, with material updates annually)
RSR (first year)
Financial Stability - QRTs - Quarterly
Financial Stability - QRTs - Annual
For undertakings
with SII BS assets
> €12bn
NSTs (1, 2) - Quarterly - Non-Life, Life - High PRISM rated only
NSTs (1, 2) - Annual - Non-Life, Life - High PRISM rated only
NSTs (3-7) - Semi-annual - Non-Life - High PRISM rated only
NSTs (8-11) - Quarterly - Variable annuity writers only
FS (annual)
8 wks Nov 25
NSTs - L, NL
Same reporting
deadlines as
EIOPA
NSTs (12-13) - Quarterly - Statistical - All undertakings
NSTs - L, NL
8 wks Feb 25
7 wks May 19
20 wks May 20
NSTs - L, NL
8 wks Feb 25
8 wks Feb 25
8 wks Feb 25
8 wks Nov 25
8 wks Nov 25
NSTs - VA
NST
NSTs - VA
NST
7 wks Nov 18
QRT SII
SFCR
RSR
NSTs - L, NL
NSTs - VA
NST
7 wks Aug 18
"Front-ending" and
draft findings
HoAF draft report
Peer Review
"Front-ending" and
draft findings
Peer Review draft report
"Front-ending" and
draft findings
Trilateral engagement (HoAF, Peer Review and External Audit)
7 wks Nov 18
NSTs - L, NL
8 wks May 26
9 wks FS (quarterly)
Mar 4
9 wks Mar 4
FS (quarterly)
7 wks Feb 18
NSTs - L, NL
NSTs - VA
NST
7 wks Aug 18
7 wks Aug 18
7 wks Aug 18
7 wks Feb 18
7 wks Feb 18
7 wks Feb 18
NSTs - Semi
7 wks Nov 18
7 wks Nov 18
NSTs - VA
NST
NSTs - VA
NST
Final
report
May 20 - CBI
submissions
Final
report
Audit
Committee
meeting
Audit activities
"Front-ending" and
draft findings
HoAF draft report
"Front-ending" and
draft findings
Peer Review draft report
"Front-ending" and
draft findings
Actuarial Function Report
AO TP
Actuarial Opinion on TP
AR TP
Actuarial Report on TP
CBI
Central Bank of Ireland
DA
SII Delegated Acts
DAR
Domestic Actuarial Regime
ECB
European Central Bank
EIOPA
European Insurance and
Occupational Pensions Authority
FS
Financial Stability
HoAF
Head of Actuarial Function
IASB
International Accounting
Standards Board
IDD
Insurance Distribution Directive
ITS
Implementing Technical Standards
KID
Key Information Document
L
Life
MiFID
Markets in Financial Instruments
Directive
NL
Non-life
NST
National Specific Templates
ORSA
Own Risk and Solvency Assessment
PRIIPS
Packaged Retail and Insurancebased Investment Products
PRISM
CBI Probability Risk and Impact
SysteM
QRT
Quantitative Reporting Template
RSR
Regular Supervisory Report
RTS
Regulatory Technical Standards
SCR
Solvency Capital Requirement
SF
Standard Formula
SFCR
Solvency and Financial Condition
Report
SII
Solvency II
TP
Technical Provisions
VA
Variable Annuity
YE
Year-end
wks -
6
May 12
18 wks May 6
NSTs - L, NL
6 wks May 12
6 wks May 12
NSTs - VA
NST
Board update
Head of Actuarial Function (HoAF) reporting
External Audit
9 wks Dec 2
9 wks FS (quarterly)
Sept 1
NSTs - L, NL (annual)
NSTs - Semi
7 wks May 19
7 wks May 19
6 wks May 12
18 wks May 6
18 wks May 6
18 wks May 6
QRT SII
QRT SII (annual)
Board update
Practical example of CBI reporting interactions
7 wks Feb 18
QRT SII
FS (annual)
NSTs - L, NL (annual)
NSTs - Semi
7 wks Aug 18
QRT SII
9 wks Jun 2 FS (quarterly)
10 wks FS (quarterly)
Mar 11
10 wks Mar 11
10 wks FS (quarterly)
Dec 9
FS (quarterly)
7 wks May 19
20 wks May 20
20 wks May 20
20 wks May 20
QRT SII
AFR
HoAF and Board Engagement
Pillar 3
EIOPA - QRTs - Quarterly
Abbreviations
Final
report
May 6 - CBI
submissions
Final
report
Audit activities
Audit
Committee
meeting
Legend
External deadline
Ongoing trilateral communications
Ongoing trilateral communications
Example company set
deadline for delivery
IFRS reporting
IFRS 17 (IFRS 4 Phase 2)
Final standard developments
Final standard expected
Preparation period (for expected effective date of 1 January 2021)
IFRS 9 (for insurers)
Start-date driven by
period end
Deferral approach for insurers
Start-date not prescribed
Jan 1 - effective date
Market and distribution
Jan 1 - currently expected effective date
Redrafting of RTS after EU Parliament rejection
PRIIPs (Packaged Retail and Insurance-based Investment Products)
IDD (Insurance Distribution Directive)
Oct 24 Consultation
closes
EIOPA preparation of draft ITS
Finalisation of RTS (TBD)
Feb 23 - ITS
submitted to
European
Commission
Finalisation of requirements
KID preparation and finalisation
Aug 23 - EIOPA
deadline for
publication of final
Guidelines
KID updates
Transposition into law
Feb 23 - Deadline for
transposition into Irish law
Reporting requirements
not applicable to all
undertakings (e.g. vary by
PRISM rating)
Contacts
Notes:
Paraic Joyce
Padraig Osborne
Niall Naughton
David Walsh
Ronan Mulligan
Aoife Martin

Reporting requirements presented above are not exhaustive and are for illustrative purposes only.
Insurance Partner
Partner
Life Actuarial Principal Consultant
Life Actuarial Principal Consultant
Non-Life Actuarial Director
Non-Life Actuarial Director

Deadlines are based on an individual undertaking with a 31 December financial year-end.
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]

6 additional weeks apply to individual EIOPA/ECB/NST deadlines for groups; 2 additional weeks apply for FS reporting by groups.
01 792 6394
01 792 6106
01 792 6314
01 792 8983
01 792 7505
01 792 6829

EIOPA/NST quarterly reporting deadlines reduce from 8 weeks for 2016 reporting, by 1 week each year, to 5 weeks from 2019 onwards.

EIOPA/NST annual reporting deadlines reduce from 20 weeks for year-end 2016, by 2 weeks each year, to 14 weeks from 2019 onwards.

FS quarterly reporting deadlines reduce from 10 weeks for 2016, by 1 week each year, to 7 weeks from 2019 onwards.

For FS reporting, the same deadlines apply for quarterly and annual reporting.

FS semi-annual reporting relates to reporting in respect of a quarter.

NST (3-7) semi-annual reporting for non-life relates to reporting in respect of a half-year.

Each undertaking is required by the CBI to submit its first RSR at the same time as its first set of annual QRTs and SFCR.
© 2016 PricewaterhouseCoopers. All rights reserved. In this document, “PwC” refers to the Irish member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity.

"Front-ending" refers to review (e.g of data, governance, assumptions and methodology) that can be completed before the valuation date.
Please see www.pwc.com/structure for further details.

Peer review of TPs under the DAR is required every 2, 3 or 5 years for High, Medium-High and Medium-Low undetakings respectively.
This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional
advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers, its members, employees and
agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
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