EIOPA, PRA and FCA regulatory reporting and public disclosure requirements in response to COVID-19

EIOPA published recommendations, on 20 March 2020, addressed to the EU insurance sector on supervisory flexibility regarding the deadline of supervisory and public disclosure by insurers, in light of the COVID-19 pandemic. In consideration of these recommendations, on 23 March 2020, the PRA published a statement on COVID-19 regulatory reporting amendments for UK insurers. It published a list of accepted delays relating to harmonised reporting under the Solvency II Directive (2009/138/EC) and PRA-owned reporting. The FCA has also issued a statement, on 21 March 2020, requesting all listed companies observe a moratorium on the publication of preliminary financial statements for at least two weeks. This was followed by a joint statement, on 26 March 2020, by the FCA, FRC and PRA confirming the moratorium can end on 5 April 2020 and an announcement allowing listed companies an extra 2 months to publish their audited annual financial reports.