(16)

the following articles are inserted: ‘Article 35a Exemptions and limitations to quantitative regular supervisory reporting granted by supervisory authorities 1. Without prejudice to Article 129(4), where the predefined periods referred to in Article 35(2), point (a)(i), are shorter than one year, the supervisory authorities concerned may limit regular supervisory reporting, where: That limitation to regular supervisory reporting shall be granted only to undertakings that collectively do not represent more than 20 % of a Member State’s life and non-life insurance and reinsurance market respectively, where the life market share is based on gross technical provisions and the non-life market share is based on gross written premiums. When determining the eligibility of undertakings for those limitations, supervisory authorities shall give priority to small and non-complex undertakings. 2. The supervisory authorities concerned may limit regular supervisory reporting, or exempt insurance and reinsurance undertakings from reporting on an item-by-item basis, where: The exemption from reporting on an item-by-item basis shall be granted only to undertakings that collectively do not represent more than 20 % of a Member State’s life and non-life insurance and reinsurance market respectively, where the life market share is based on gross technical provisions and the non-life market share is based on gross written premiums. When determining the eligibility of undertakings for those limitations or exemptions, supervisory authorities shall give priority to small and non-complex undertakings. 3. Captive insurance undertakings and captive reinsurance undertakings shall be exempted from regular supervisory reporting on an item-by-item basis where the predefined periods referred to in Article 35(2), point (a)(i), are shorter than one year, provided that they comply with both of the following conditions: 4. For the purposes of paragraphs 1 and 2 of this Article, as part of the supervisory review process, in respect of undertakings classified as small and non-complex undertakings, supervisory authorities shall assess whether the submission of information would be overly burdensome in relation to the nature, scale and complexity of the risks of the undertaking, taking into account, at least: 5. For the purposes of paragraphs 1 and 2, as part of the supervisory review process, in respect of undertakings not classified as small and non-complex undertakings, supervisory authorities shall assess whether the submission of information would be overly burdensome in relation to the nature, scale and complexity of the risks of the undertaking, taking into account, at least, paragraph 4, points (a) to (d), and the following: 6. In order to ensure the coherent and consistent application of paragraphs 1 to 5 of this Article, EIOPA shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1094/2010 to further specify: Article 35b Reporting deadlines 1. Member States shall ensure that insurance and reinsurance undertakings submit to the supervisory authorities the information referred to in Article 35(1) to (4) on an annual or less frequent basis within 16 weeks of the end of the undertaking’s financial year. 2. Member States shall ensure that insurance and reinsurance undertakings submit to the supervisory authorities the information referred to in Article 35(1) to (4) on a quarterly basis within five weeks of the end of each quarter. 3. Member States shall ensure that insurance and reinsurance undertakings submit to the supervisory authorities the regular supervisory report referred to in Article 35(5a) within 18 weeks of the end of the undertaking’s financial year.’ ; the submission of that information would be overly burdensome in relation to the nature, scale and complexity of the risks inherent in the business of the undertaking; the information is reported at least annually. the submission of that information would be overly burdensome in relation to the nature, scale and complexity of the risks inherent in the business of the undertaking; the submission of that information is not necessary for the effective supervision of the undertaking; the exemption does not undermine the stability of the financial systems concerned in the Union; and the undertaking is able to provide the information upon request. the insured persons and beneficiaries are any of the following: legal entities of the group of which the captive insurance undertaking or captive reinsurance undertaking is part, natural persons eligible to be covered under that group’s insurance policies, provided that the business covering those natural persons remains below 5 % of technical provisions; the insurance obligations and the insurance contracts underlying the reinsurance obligations of the captive insurance undertaking or captive reinsurance undertaking do not consist of any compulsory third-party liability insurance. the market risks that the investments of the undertaking give rise to; the level of risk concentrations; possible effects of the management of the assets of the undertaking on financial stability; the systems and structures of the undertaking to provide information for supervisory purposes and the written policy referred to in Article 35(5). the volume of premiums, technical provisions and assets of the undertaking; the volatility of the claims and benefits covered by the undertaking; the total number of classes of life and non-life insurance for which authorisation is granted; the appropriateness of the system of governance of the undertaking; the level of own funds covering the Solvency Capital Requirement and the Minimum Capital Requirement; whether the undertaking is a captive insurance undertaking or a captive reinsurance undertaking only covering risks associated with the industrial or commercial group to which it belongs. the methods for determining the market shares referred to in paragraph 1, second subparagraph, and in paragraph 2, second subparagraph, of this Article; the process to be used by the supervisory authorities to inform the insurance and reinsurance undertakings about any limitation or exemption referred to in this Article.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.