Commission Opinion of 26 November 2014 on the draft new Regulation of the European Central Bank on statistical reporting requirements by insurance corporations 2014/C 427/01 1. On 30 July 2014 , the Commission received a request from the European Central Bank (ECB) for an opinion on a draft new Regulation on statistical reporting requirements by insurance corporations. 2. The Commission welcomes this request and recognises that the ECB has acted in accordance with its obligation to consult it on draft ECB regulations whenever links with the Commission’s statistical requirements exist , so as to guarantee the coherence necessary to produce statistics meeting the ECB’s and the Commission’s respective information requirements.
Good cooperation between the ECB and the Commission benefits both institutions, users and respondents by allowing European statistics to be produced more efficiently. The Commission also welcomes the fact that the draft Regulation refers explicitly to its opinion. 3. The Commission welcomes the fact that the draft Regulation aligns the thresholds of the quarterly item-by-item reporting requirements with Article 35 of the Solvency II Directive. 4. However, the Commission encourages the ECB Governing Council, when reviewing this alignment by 2020 at the latest (as provided for in the draft Regulation), to bear in mind that it is critical for the Commission that this alignment be maintained, since the administrative costs linked to quarterly item-by-item reporting would be excessively burdensome for SME insurers.
Were the alignment not to be maintained, the Commission would probably have to issue unfavourable opinions on future proposals for statistical reporting requirements by insurance corporations. 5. Furthermore, it must be underlined that the draft Regulation can have no impact on the rules on the use of confidential data collected for the purpose of producing European statistics . This means, in particular, that data originating in the European Statistical System that have been transmitted to the European System of Central Banks may be used for statistical purposes only. 6. In conclusion, the Commission generally supports the draft ECB Regulation insofar as it contributes to efficient cooperation between the European Statistical System and the European System of Central Banks and the promotion of high-quality, consistent statistics at European level.
It is of the opinion, however, that the above-mentioned concerns should be addressed. Done at Brussels, 26 November 2014 . For the Commission Marianne Thyssen Member of the Commission