The Solvency II regime came into force on 1st January 2016, with the first prudential reporting by undertakings falling within the scope of the Solvency II Directive from April 2016.
Solvency II establishes uniform reporting standards which encompass quantitative information about investments by insurance and reinsurance undertakings and requires broader reporting of interim figures. With the implementation of these new standards, the investment fund sector has had to work with its investors in the insurance industry to determine the impact.
The investment fund industry has been asking for uniform reporting templates especially due to the diversity of insurance investors in Europe. To ensure a consistent application of the Solvency II reporting, asset managers, insurance companies and industry bodies formed a European Solvency working group. They worked to create a standard template for asset managers of investment funds which is used under Solvency II to provide the required underlying data.
This so called Tripartite Template (TPT) Version 3.0 formed the basis of an ALFI free member seminar held in February 2016. It focused primarily on reporting obligations under the Solvency II Directive. The event was attended by approximately 200 investment fund experts from Luxembourg and abroad.