The 31st October 2014 is the deadline for notifications to the MFSA in relation to the following:
- Insurance and Reinsurance undertakings that plan to use the XBRL Tool for Undertakings developed by EIOPA to fulfill their reporting requirements under the Preparatory Phase and/or for Day 1 reporting under Solvency II should notify the MFSA by 31st October 2014. The Insurance and Reinsurance undertakings that fall within the reporting thresholds for the preparatory phase of Solvency II will be submitting their first reporting templates 22 weeks after 31st December 2014 while Groups have 28 weeks.
- If, as part of their Solvency II implementation, Insurance and Reinsurance undertakings plan to submit an application for approval of:
1. An Undertaking Specific Parameter (USP)
2. A partial internal model
3. A full internal model
4. Ancillary Own Fund items
5. Own Fund items not included in the list of Own Fund items in Articles 69,72,74,76 and 78 of the Implementing Measures
6. Long-term Guarantee measures
and will seek approval for use of the above on 1st January 2016, the MFSA should be notified by 31st October 2014.
The full text of the MFSA circular issued on 12.09.2014 regarding the above may be accessed by clicking here.