Brexit has happened and the decision to leave the EU has been made. This, however, does not mean the UK insurance industry will be leaving regulations behind, in particular we refer to the EU-wide Solvency II regulation. Until the UK officially leaves the EU, Solvency II will stay firmly in place and when it happens it is likely to remain. Solvency II took over a decade to develop costing millions of pounds so we predict it is here to stay. With this in mind we address how you can take the easy route to complying with Solvency II reporting requirements.
So what is the requirement? Since its introduction in January 2016 managing agents should be collecting specific data from their coverholders and TPAs to meet reporting requirements for Solvency II Pillar 3. These reports include ASR 249 Movement of reported but not settled (RBNS) claims, ASR 250 Loss distribution profile (non-life) and ASR 252 Underwriting risks (non-life) – mass risks.
The reports take fields from Lloyd’s Coverholder Reporting standards, so report production should not be a problem for managing agents already receiving and storing their data in compliance with these standards. However, there are coverholders who are still not supplying data in accordance with Lloyd’s Coverholder Reporting standards. The solution? Software such as Intrali, Bordereaux Management can assist with gathering data, quickly and effectively to help get Solvency II reports in order.
Intrali works by taking non-standard bordereaux and extracts and validates and stores data in line with Lloyd’s Coverholder Reporting standards. This data can then be gathered through our reporting service to produce the templates required – this ultimately means the job of Solvency II reporting becomes very simple. Without these solutions, reporting would become a lengthy, more complex process, involving more people.
With a dry run of the submission process having taken place in June this year the full submission will be required in early 2017. So, now is the time to act, as Solvency II is unlikely to disappear in a hurry, if at all.
For more information on Intrali click here.