Insurers submitted the first quantitative reporting templates under Solvency II in May 2016 - the Day 1 and Q1 2016 Quantitative Reporting Templates (QRTs). Following this, Milliman undertook a survey of Irish (re)insurance companies to understand their experience to date with the Pillar 3 requirements. This briefing note identifies the difficulties faced by insurers in meeting the first reporting deadlines and the challenges that lie ahead in respect of the QRTs and reports (Solvency and Financial Condition Report and Regular Supervisory Report) required for the first annual reporting in May 2017.
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Milliman Solvency II Pillar 3 Survey
Milliman undertook a survey of Irish (re)insurance companies to understand their experience to date with the Pillar 3 requirements, to identify the key challenges faced by (re)insurers and to gauge the level of work required to meet the first annual reporting requirements in May 2017.
Mike Claffey