Commission Implementing Regulation (EU) 2023/894 of 4 April 2023 laying down implementing technical standards for the application of Directive 2009/138/EC of the European Parliament and the Council with regard to the templates for the submission by insurance and reinsurance undertakings to their supervisory authorities of information necessary for their supervision and repealing Implementing Regulation (EU) 2015/2450 (Text with EEA relevance)

New [Commission Implementing Regulation (EU) 2023/894]() as regards technical standards for the information to be provided by insurance and reinsurance undertakings for supervisory purposes was published in the Official Journal (OJ) of the EU. The new Implementing Regulation entirely replaces the previous regulation in this context, namely [Commission Implementing Regulation (EU) 2015/2450](), due to the large number of changes that have been made to the prior version to reflect „emerging risks and evolving practices“. The key changes are briefly outlined below; for detailed comprehensive information on the new technical standards, please refer to the original legal document.
– The current cross-border activity templates have been replaced to gather information on „premiums, claims and expenses“ by location of risk and underwriting which shall ensure an equal treatment of policy holders irrespective their nationality or place of residence.
– A new template has been inserted to require the reporting of climate change-related risks to their investments, including both transition and physical risks (Template S.06.04).
– A new template (Template S.14.02.01) has been inserted to require the detailed information on non-life insurance products by the line of business and the product category (e.g. number of contracts, gross premium amounts, etc.).
– A new template (Template S.14.03.01) has been inserted to gather information on cyber security risks that have been insured by (re)insurance undertakings (e.g. types of contracts, risks covered, total covered amounts, etc.).
– Various new templates have been added for (re)insurance undertakings using internal models for the determination of own funds requirements. The new templates allow supervisory authorities to better assess the adequacy of the models and subsequent capital levels. In this context, several existing filing instructions have also been modified to provide more clarity for the filing of existing returns.
– According to the recital, several reporting requirements have been clarified in an effort to apply them in a more proportionate way.
– Special, less burdensome reporting requirements have been introduced for captive insurance and reinsurance undertakings due to the fact that they only „cover risks associated with the industrial or commercial group to which they belong“.