The Norwegian Financial Supervisory Authority (Finanstilsynet) published its annual decision on Solvency II reporting relief for 2025, confirming that no life or non-life insurers will be exempted from quarterly reporting and determining which firms must submit item-by-item quantitative reporting. Nine life insurers are required to report item-by-item in 2025 and Nordnet Livsforsikring AS may apply for an exemption. For non-life insurers, 14 firms must report item-by-item, two firms may apply for an exemption, and 34 non-life insurers are exempted from this reporting. The item-by-item scope covers Solvency II templates S.06.02, S.06.03, S.08.01 and S.11.01. Finanstilsynet also concluded that no Norwegian captive insurers met the criteria (as at 31 December 2024) for relief from parts of annual reporting, and reminded firms that exemptions do not remove the obligation to provide the underlying data on request and that extraordinary reporting may be required, including recalculating and reporting the Solvency Capital Requirement if the risk profile materially deviates from the assumptions underlying the last reported SCR. The deadline for exemption applications from the three eligible firms is 7 February 2025.
Norwegian Finanstilsynet 2025-01-16
Norwegian Financial Supervisory Authority confirms no quarterly Solvency II reporting relief in 2025 and sets item-by-item reporting scope
The Norwegian Financial Supervisory Authority announced its 2025 Solvency II reporting relief, requiring nine life and 14 non-life insurers to submit item-by-item reports. Nordnet Livsforsikring AS and two non-life insurers may apply for exemptions, while 34 non-life insurers are exempt. No Norwegian captive insurers qualified for annual reporting relief. Firms must still provide underlying data on request and may need to recalculate the Solvency Capital Requirement if risk profiles change.