Insurance institutions and groups subject to Solvency II publish an annual Solvency and Financial Condition Report (SFCR) for public consumption. In particular, this report describes the institution’s or the group’s business and results, governance system, risk profile and valuation methods for solvency and capital management purposes. It also sets out and explains any significant changes relative to the previous period.
Authorisation to publish a single Solvency and Financial Condition Report at group level (single SFCR) allows the group parent to publish a single SFCR covering both the group and its members.
If a group chooses this presentation option, it must, in addition to its publication obligations, send a copy of the single document to the group’s supervisory authority. A summary of the document is translated into the language of each subsidiary, and supervisory authorities can also require groups to have the parts of the single document that correspond to institutions under their supervision translated into their language.
A single Solvency and Financial Condition Report at group level may cover only the group and certain of its members. In such cases, the other members of the group are required to publish individual Solvency and Financial Condition Reports.