Solvency II reporting requirements: real relief for insurers still missing
The European supervisory authority EIOPA aims to simplify reporting under Solvency II. However, the proposal currently under consultation falls significantly short of this goal.
“Fewer reporting forms and differentiated requirements for smaller and larger companies are fundamentally the right approach – but at the same time, new reporting obligations are being introduced. The intended relief is therefore barely noticeable,” says Jörg Asmussen, CEO of the German Insurance Association (GDV). “For many companies, this is merely a placebo, not an effective simplification.” The GDV has submitted its official response.
Consultation concluded: GDV calls for substantial reduction in bureaucracy
Since July 2025, EIOPA has been collecting feedback on proposed changes to the technical standards for Solvency II reporting. The aim of the reform is to streamline reporting requirements and tailor them more closely to the diverse structures of insurance companies. Smaller, less complex firms are to benefit from simplified rules, while larger providers would face more comprehensive requirements. This so-called proportionality approach is sound in principle, but in practice, only a small number of companies, representing a minor share of the market, would benefit. Insurance groups are also largely excluded from the relief measures.
EIOPA plans to present a final proposal in spring 2026, which will then need to be adopted by the European Commission as a legal act.
New reporting obligations undermine the simplification goal
While some reporting templates (QRTs) are to be eliminated, the proposal also introduces new reporting requirements – for example, regarding natural catastrophe risks and pension data. Some of these are being introduced without convincing substantive justification and involve considerable effort to implement. "Insurers need real relief instead of symbolic corrections," says Asmussen. The bottom line is that the bureaucratic burden is likely to be reduced only to a limited extent. The European Commission's 25 percent target therefore remains a distant prospect.
Insurers call for practical and effective solutions
The planned new requirements would result in considerable technical and organizational effort for many companies. The supervisory benefit of these changes remains unclear in many cases. The GDV therefore calls for duplicate reporting structures to be avoided and existing instruments to be used more efficiently.
