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04 December 2014 Supervision Supervision label Q&A

Question:

What does the LEI code mean for Solvency II insurers?

Answer:

EIOPA has issued guidelines on the use of the LEI [1] by future Solvency II insurers. Within the context of sound operational management (see Section Section of the Financial Supervision Act (Wet op het financieel toezicht – Wft)) and in line with the EIOPA guidelines, DNB expects all future Solvency II insurance companies and groups to apply for a LEI code by mid-2015 at the latest and to use this consistently in their reports to DNB as of 2016. This will facilitate a smooth transition to the Solvency II framework.

Under Solvency II, the LEI code will be part of the information requested in the reporting forms that are harmonised at a European level as of 2016. It will facilitate the exchange of information between Solvency II insurers, national supervisory authorities and EIOPA. The LEI code will also facilitate performing risk analyses on the information submitted; thereby contributing to effective and efficient supervision. The LEI code does not apply for small insurers with a limited risk size coming under the Solvency II Basic regime.

What is an LEI code?
LEI stands for Legal Entity Identifier, a global unique identity code for legal entities. The Financial Stability Board (FSB) developed this global system for identification of legal entities at the G20’s request to improve the transparency of the financial markets. In the Netherlands, the Chamber of Commerce is responsible for issuing LEI codes (see the Chamber of Commerce website for more information).

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[1]

sector

  • Insurers