Scope of audit of Solvency II reporting by insurance undertakings

With this survey we have taken stock of the requirements for an audit of the regulatory reporting in the insurance industry across Europe after the Solvency II regime has become applicable in January 2016.

The results show that in 12 countries (out of 13) the audit profession is involved in the audit of or assurance on regulatory reporting within the Solvency II regime.

However, there is a clear divergence in the requirements by the National Competent Authorities (NCAs) which may create doubts about the level of reliability and quality of public disclosures across Europe. A harmonised approach would favour the reliability and comparability of the regulatory reporting and disclosures of the insurance undertakings across Europe, especially for those in multinational groups, and therefore contribute to a level playing field in this area.