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.

The application must, in particular, specify the following:

• a list of legal entities covered by the single report
• the involvement of the boards of directors or supervisory boards of the subsidiaries in question in the process of preparing and signing off the single document (specifying in particular how information is fed back for the relevant parts of the document)
• information about the content and structure of the report:
  • the organisation of the report and, in particular, the ability to identify sections corresponding to individual assessments
  • evidence that the information on each of the institutions covered is sufficient
• an indication of any required translations that have been commissioned, with particular attention to timescales and content.

Applications should be sent by post to the following address, as well as by e-mail to the inspection team responsible for the group:

Secrétariat général de l’Autorité de contrôle prudentiel et de résolution
Brigade de contrôle des organismes d’assurance
61, rue Taitbout
75436 Paris Cedex 09

After consulting the supervisory authorities of the foreign subsidiaries in question and taking into account opinions and reservations expressed by them, the ACPR will reach its decision within five months.