Regulatory Reporting Requirements

Article 312(1)(d) of the Delegated Regulations sets out the requirement to report Quarterly QRTs.

Undertakings must submit QRTs for each quarter. See Article 304(1)(d) of the Delegated Regulation for information on quarterly reporting. For specific quarterly reporting requirements see Article 6 of the Commission Implementing Regulation (EU) 2015/2450 laying down Implementing Technical Standards.

See Article 304(1)(d) of the Delegated Regulation for information on Annual reporting. For specific annual reporting requirements see Articles 8 – 20 of the 

Guidance Note on S19 in SFCR

Undertakings must submit an RSR at least every three years. In accordance with Article 312(1)(a) and (2) of the Delegated Regulation the Central Bank has discretion to require undertakings to submit their RSR at the end of any financial year. Where there is no requirement for the submission of a full RSR each financial year, undertakings are required to submit a summary report setting out material changes that have occurred over the given financial year.

See Articles 304 to 311 for specific content of the RSR. For deadlines see Article 312(1)(a) of the Delegated Regulation.

Undertakings must also submit a separate Directors Certification of the RSR.

Undertakings must submit the ORSA on an annual basis. Please refer to Article 47 of S.I. 485 and Articles 306 of the Delegated Regulation for what the assessment should include.

Undertakings must also submit a separate Directors Certification of the ORSA.

Low and Medium Low undertakings are required to submit an ORSA template via the Central Bank Portal. Download/Save a copy of the Low/Medium Low ORSA Template.

Undertakings are required to notify the Central Bank where certain events take place (pre-defined events). In accordance with Guideline 30 of EIOPA’s Guidelines on Reporting and Public Disclosure, insurance and reinsurance undertakings should immediately notify the Central Bank any events which could reasonably lead or have already led to material changes in an undertaking’s business and performance, system of governance, risk profile and solvency and financial position (a “pre-defined event”).

All High and Medium High Impact Undertakings are required to submit a Recovery Plan. Undertakings submit their Recovery plans on ad hoc basis whenever they update and approve the plan.

Quarterly Reporting

Undertakings using an internal model are required to submit the Internal Model Structured Template: 

For Q1, Q2 and Q3 the SCR in the Internal Model Structured template should match the SCR reported in the Solvency II Quarterly Own Funds template (S.23.01) for that same quarter. The Q4 submission has been replaced with an annual submission (see below).

Undertakings are required to submit their minor model change logs quarterly via the Online Reporting System. The reporting deadlines for minor change logs are set in line with Solvency II reporting for Group undertakings.

Annual Reporting

Undertakings using an internal model are also required to submit a Structured Template as part of their annual Solvency II reporting. The SCR in the annual Internal Model Structured Template should match the SCR reported in the Solvency II Annual Own Funds template (S.23.01).

The profit and loss attribution and the validation report are submitted at least annually via the Central Bank’s Online Reporting System. Undertakings must submit the reports  no later than 14 days after they have been finalised.

These requirements apply to all insurance and reinsurance undertakings authorised by the Central Bank of Ireland, with an approved full or partial internal model.

Insurance, Variable Annuity & Branch National Specific Templates

Please refer to the National Specific Templates (NST) page for more information on NST reporting requirements

Statistical ECB Add-ons & National Specific Templates

• Please refer to Statistics NST page for more information.
• ECB Add-ons

The Central Bank derives the ECB data requirement from data collected under the provisions of S.I. 485. While a large part of the ECB requirements will be met by S.I. 485 data collection, some additional reporting in the form of ECB add-ons will be required. View these ECB add-ons.

Where relevant as per Guideline 2, (re)insurance undertakings must comply with the EIOPA Guidelines on Reporting for Financial Stability Purposes. Undertakings and groups falling within the scope of the Guidelines are required to submit QRTs on a quarterly, semi-annual or annual basis.

Whilst some of the financial stability QRTs are identical or similar to the Solvency II QRTs, the financial stability QRTs adhere to different deadlines (refer to Guideline 16). 

The State receives the proceeds of life assurance policies that lie unclaimed for between 5 and 15 years. Undertakings must submit an Unclaimed Life Assurance - Certificate of Compliance on an annual basis pursuant to The Unclaimed Life Assurance Policies Act 2003.A Return of Funds or a Nil Return must be made to the National Treasury Management Agency by the 30th April each year.

From June 2024, relevant Life Insurance undertakings must submit their Certificate of Compliance and Return of Funds/Nil Return via the Central Bank of Ireland Portal.

 

Section 27B of the Central Bank Act 1997 (as inserted by the CBFSAI Act 2004) requires auditors to make a written report to the Central Bank, within one month of the date of the auditor’s report on the undertaking’s financial statements. The Statutory Duty Confirmation is a statement to the Central Bank that there is no matter, not already reported in writing to the Central Bank by the auditor, that has come to the attention of the auditor during the ordinary course of the audit that gives rise to a duty to report to the Central Bank. Where matters have already been reported to the Central Bank, such matters should be referred to in the Statutory Duty Confirmation. The Statutory Duty Confirmation does not replace the auditor’s obligation to report under other relevant legislation.

Auditors must make a written report to the Central Bank stating whether or not circumstances have arisen that require the auditor to report a matter to the Central Bank under a prescribed enactment and if such circumstances have arisen, specify those circumstances. This is an annual requirement and the Central Bank should receive such reports every year from the external auditor. 

The period covered by the Statutory Duty Confirmation commences from the date of issue of the previous declaration. It covers all matters that require the auditor to report to the Central Bank in respect of the specified period.

From June 2024, Auditors must submit the Section 27B report to the Central Bank, via the CBI Portal, within one month of the date of the auditor’s report on the financial statements, or such extended period as the Central Bank allows. 

Section 27C of the Central Bank Act 1997 (as amended by the CBFSAI Act 2004) requires the auditor to report to the undertaking, or those concerned with its management, on any matter that has come to the auditor’s notice during the course of the financial statement audit. The auditor must also provide the Central Bank with a copy of that report.

The copy of the report must be provided at the same time as, or as soon as practicable after, the original is provided to the undertaking. If the auditor does not provide a report to the undertaking, the auditor must notify the Central Bank in writing that this is the case (a “nil return”).

An auditor of an insurance undertaking who, without reasonable excuse, fails to comply with the provisions above, commits an offence.

From June 2024, Auditors must submit Section 27C reports to the Central Bank, via the Central Bank of Ireland Portal.