The Reporting Instructions were issued by the Central Bank of Cyprus to all Insurance Companies resident in Cyprus. This follows the implementation of the European Central Bank (ECB) Regulation ECB/2014/50 on statistical reporting requirements by insurance companies, which is legally binding on the insurance companies and provides for the submission to the ECB of detailed information. In order to minimise the reporting burden on the insurance industry, the IC Regulation allows the National Central Banks to derive the statistical information, to the extent possible, from data reported for supervisory purposes under the EU Solvency II framework.
While a large part of the information required under the ECB Regulation are derived from data provided for supervisory purposes, some additional information is still needed. In this respect, the ECB in close cooperation with EIOPA have prepared the “Unofficial reporting templates including ECB add-ons”, which consolidate the statistical and supervisory data requirements. These reporting templates include information that needs to be provided for statistical purposes over and above the supervisory requirements (ECB add-ons).