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COVID-19 Solvency II Reporting Amendments

On the 20th March 2020, EIOPA published an article recommending flexibility on the deadlines for submissions for Solvency II Annual and Quarterly reporting due to COVID-19. The PRA released a statement on the 23rd March 2020 that they would accept delays in reports mentioned in the link below to align with EIOPA. There are a number of PRA specific reports in the link below, which will have accepted delays, too.

Firms are able to submit anytime from the original submission date up to the end of the extended deadline window as per the tables in the above link. Where reporting submissions are comparatively well-progressed, the PRA encourages firms to submit them earlier in the windows to the extent possible.

Firms should note the Technical Annex within the EIOPA recommendations document, and in particular that any subsequent submissions shall include all previously submitted templates for that period to avoid submissions being overwritten. Corresponding external audit deadlines are also extended to accommodate the delays.

The Function Six team wish everybody well during this troublesome time. Contact us if you need any help getting your submissions over the line.

Kai Engel
Kai is an experienced Application Consultant and exceptional CPM architect. He is an Oracle HFM Certified Implementation Specialist and a former Tagetik CPM consultant. Kai also has considerable Solvency II Pillar 3 application implementation experience having held the Tagetik UK position of Solvency II Lead. Kai’s technical skills extend well beyond Tagetik and HFM, and he has spent his entire career on the project frontlines.

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