EIOPA issues Recommendations on supervisory flexibility regarding deadlines of supervisory reporting and public disclosure
On 20 March 2020 the European Insurance and Occupational Pensions Authority (EIOPA) has issued Recommendations addressed to national competent authorities on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure in light of the Coronavirus pandemic.
EIOPA has issued these Recommendations so that undertakings can concentrate their efforts on monitoring and assessing the impact of the COVID-19 situation as well as ensuring business continuity during these difficult times.
The Recommendations aim to offer operational relief in allowing for delays in reporting and public disclosure in the following cases:
- Annual reporting referring to year-end occurring on 31 December 2019
- Quarterly reporting referring to Q1-2020
- Solvency and Financial Condition Report referring to year-end occurring on 31 December 2019
The Recommendations also identify the current situation as a major development and therefore highlight the need for insurers to publish appropriate information on the effect of the Coronavirus/COVID-19 in the published information.