On 23 March 2020, the European Insurance and Occupational Pensions Authority (EIOPA) published recommendations to European National Competent Authorities that aim to offer operational relief and support business continuity to insurance and reinsurance undertakings by extending deadlines for supervisory reporting and public disclosure during the Covid-19 outbreak.  EIOPA states that “undertakings need to concentrate their efforts on monitoring and assessing the impact of the Coronavirus/COVID-19 situation as well as ensuring business continuity”.

The recommendations allow for an 8 week delay to the submission of the Regular Supervisory Report and Solvency and Financial Condition Report and a four week delay for quarterly reporting for Q1 (occurring after 31 March but before 1 June).

Insurance and reinsurance undertakings may opt for submitting the full reporting package at any time before the shortest delay indicated above.

View: EIOPA issues recommendations on supervisory flexibility for the supervisory reporting and public disclosure deadlines