Solvency II Pillar 3 - Claims Data Collection Requirements
Lloyd’s issued bulletin Y4951 on 18 December 2015 giving an overview of the reporting requirements for Solvency II Pillar 3 which affects both premium and claims data collection. Please refer to the bulletin for further information on the requirements.
Managing agents in a lead capacity will need to initiate claims data collection from January 2016. For the avoidance of doubt, the requirements include data on a ‘look through’ basis, i.e. provision of a supporting schedule of underlying claims where a number of individual claims are collated and reported on a periodic basis, including but not limited to open covers and bulking lineslips.
There are two parts to the process:
- managing agents must collate data into the agreed format (to be advised by Lloyd's) for submission within the timeframes detailed in Y4951
- data will be aggregated (grossed up and combined with follow data) and then provided back to managing agents for subsequent submission to Lloyd’s.
Lloyd’s is developing a service to assist the market in respect of the second part of the process, but managing agents will be required to collate the data for submission in the agreed format.
From discussions with our members it is clear that the collection and collation of the data for submission in an agreed format may present a challenge. Managing agents have differing requirements, processes and technology making a single market service and solution impractical.
There are several providers that are able to provide bespoke services and we would encourage managing agents to make their own enquiries and arrangements as appropriate.
For further information or if you have any other queries, please contact Ruth Cameron-Errington on: Ruth.Cameron-Errington@LMALloyds.com.
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Ruth Cameron-Errington
Senior Executive, Claims
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