ESP INS issued Resolution on biometric risk database data reporting obligation.
The resolution requires sectoral data and establishes procedure for its submission by insurance entities within framework of Law 20/2015.
Follows ESP GVT Jan. 2023 issued ESP INS resolution on survival tables #158509.
Follows ESP GVT Nov. 2021 order ETD/1251/2021 on biometric risk data see #93851.
Context
ETD/1251/2021 created Technical Commission for analysis of hypotheses on which the preparation of biometric tables in the insurance sector is based.
Art 4 entrusts it with task of analysing, on continuous basis over time, adequacy of biometric tables re actual evolution of mortality, survival, disability, morbidity rates.
Process to obtain data from Spanish insured group made up of all those insurance entities and pension fund managers with exposure to biometric risk in their portfolio.
Specifically: life insurance companies; non-life insurance companies that operate in the death insurance branch; mixed insurance companies and management companies of employment pension funds, which include non-insured defined benefit pension plans.
Key Aspects
Pursuant to arts 114 of Law 20/2015 and 159 of RD1060/2015 ESP INS requires cited entities to submit database of their insured group or of non-insured defined benefit pension plans integrated into pension funds they manage, before Jan. 1, 2025.
The mentioned database must conform to name, format, fields, catalogues and other detailed instructions in the documents available at the web address provided.
Details of mechanism established for electronic submission of required databases will be published on same website; resolution does not put end to administrative process.
Appeal may be filed within 1 month, to ESP INS or Secretariat of State for Economy, Business Support, competent to resolve it, in line with arts 121-122 Law 39/2015.
Effectiveness
Data must be submitted by Jan. 1, 2025.
Regulators
ESP INS
Entity Types
Ins; Pension
Reference
Res, PR, 7/31/2024; Law 20/2015; RD 1060/2015
Functions
Actuarial and Valuation; Compliance; Legal; Operations; Reporting; Risk; Technology
