# Regulation (EU) No 1374/2014 of the European Central BankShow full title

Regulation (EU) No 1374/2014 of the European Central Bank of 28 November 2014 on statistical reporting requirements for insurance            corporations (ECB/2014/50)         

        - Previous
        - Next

U.K.

# Regulation (EU) No 1374/2014 of the European Central Bank

# of 28 November 2014

# on statistical reporting requirements for insurance corporations

# *(ECB/2014/50)*

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article                           5 thereof,                        

Having regard to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information                           by the European Central Bank(1), and in particular Articles 5(1) and 6(4) thereof,                        

Having regard to the opinion of the European Commission(2),                        

Whereas:

(1)Regulation (EC) No 2533/98 provides in Article 2(1) that, for the fulfilment of its statistical reporting requirements, the                              European Central Bank (ECB), assisted by the national central banks (NCBs), has the right to collect statistical information                              within the limits of the reference reporting population and of what is necessary to carry out the tasks of the European System                              of Central Banks (ESCB). It follows from Article 2(2)(a) of Regulation (EC) No 2533/98 that insurance corporations form part                              of the reference reporting population for the purpose of fulfilling the ECB's statistical reporting requirements, inter alia,                              in the field of monetary and financial statistics. Furthermore, Article 2(4) of Regulation (EC) No 2533/98 states that, in                              duly justified cases, the ECB has the right to collect statistical information on a consolidated basis. Article 3 of Regulation                              (EC) No 2533/98 requires the ECB to specify the actual reporting population within the limits of the reference reporting population                              and provides it with the power to fully or partly exempt specific classes of reporting agents from its statistical reporting                              requirements.

(2)The purpose of imposing statistical reporting requirements on insurance corporations is to provide the ECB with adequate statistics                              on the financial activities of the insurance corporation subsector in the Member States whose currency is the euro (hereinafter                              the ‘euro area Member States’), which are viewed as one economic territory. The collection of statistical information on insurance                              corporations is necessary to satisfy regular and ad hoc analytical needs, to support the ECB in carrying out monetary and                              financial analysis, and for the ESCB's contribution to the stability of the financial system.

(3)NCBs should have the power to collect information on insurance corporations from the actual reporting population as part of                              a broader statistical reporting framework, provided that the fulfilment of the ECB's statistical requirements is not jeopardised.                              In such cases, it is appropriate to ensure transparency by informing the reporting agents of the various statistical purposes                              for which the data are collected.

(4)In order to minimise the reporting burden on insurance corporations, NCBs should have the power to combine their reporting                              requirements under this Regulation with their reporting requirements under Regulation (EU) No 1011/2012 of the European Central                              Bank (ECB/2012/24)(3).

(5)There is a close connection between the data collected by NCBs for statistical purposes under this Regulation and the data                              collected by national competent authorities (NCAs) for supervisory purposes under the framework established by Directive 2009/138/EC                              of the European Parliament and of the Council(4). Given the ECB's general mandate under Article 5.1 of the Statute of the European System of Central Banks and of the European                              Central Bank (hereinafter the ‘Statute of the ESCB’) to engage in cooperation with other bodies in the field of statistics,                              and in order to limit the administrative burden and avoid the duplication of tasks, NCBs may derive the data required to be                              reported under this Regulation from data collected under Directive 2009/138/EC, including the national law implementing that                              Directive, having due regard to the terms of any cooperation arrangement between the relevant NCB and the relevant NCA. Article                              70 of Directive 2009/138/EC provides that NCAs may transmit information intended for the performance of their tasks under                              that Directive to NCBs and other bodies with a similar function in their capacity as monetary authorities.

(6)The European system of accounts set up by Regulation (EU) No 549/2013 of the European Parliament and of the Council(5) (hereinafter the ‘ESA 2010’) requires that the assets and liabilities of institutional units are reported in the country                              of residence. In order to minimise the reporting burden, if NCBs derive data required to be reported under this Regulation                              from data collected under Directive 2009/138/EC, the assets and liabilities of branches of insurance corporations whose head                              offices are resident in the European Economic Area (EEA) may be aggregated with those of the head offices. Limited information                              on branches of insurance corporations should be collected for the purposes of monitoring their size and any deviations from                              the ESA 2010.

(7)The standards for the protection and use of confidential statistical information as laid down in Article 8 of Regulation (EC)                              No 2533/98 should apply to the collection of statistical information under this Regulation.

(8)While it is recognised that regulations adopted under Article 34.1 of the Statute of the ESCB do not confer any rights or                              impose any obligations on Member States whose currency is not the euro (hereinafter ‘non-euro area Member States’), Article                              5 of the Statute of the ESCB applies to both euro and non-euro area Member States. Recital 17 of Regulation (EC) No 2533/98                              states that Article 5 of the Statute of the ESCB, together with Article 4(3) of the Treaty on European Union, implies an obligation                              to design and implement at national level all the measures that the non-euro area Member States consider appropriate to collect                              the statistical information needed to fulfil the ECB's statistical reporting requirements and to make timely preparations                              in the field of statistics in order to become euro area Member States.

(9)Article 7(1) of Regulation (EC) No 2533/98 provides that the ECB has the power to impose sanctions on reporting agents that                              fail to comply with the statistical reporting requirements set out in ECB regulations or decisions.

(10)By the year 2020, at the latest, the Governing Council should assess the merits and costs of: (a) an increase in the coverage                              of quarterly reporting from 80 % to 95 % of the total market share of insurance corporations in each euro area Member State;                              (b) the separate reporting of assets and liabilities of branches of insurance corporations where the branches are resident                              in euro area Member States and the parent entities of such branches are resident in the EEA; and (c) a further reduction in                              the time for the transmission of data by reporting agents to four weeks, following the end of the quarter to which the data                              relates,

HAS ADOPTED THIS REGULATION:

## Article 1U.K.Definitions

For the purposes of this Regulation:

‘insurance corporation’ and ‘IC’ (subsector 128 of the ESA 2010) mean a financial corporation or quasi-corporation that is                              principally engaged in financial intermediation as a consequence of the pooling of risks mainly in the form of direct insurance                              or reinsurance.                           

The following are included within the definition:

a financial corporation or quasi-corporation that provides life insurance services, where policyholders make regular or one-off                                       payments to the insurer in return for which the insurer guarantees to provide the policyholders with an agreed sum, or an                                       annuity, at a given date or earlier;                                    

a financial corporation or quasi-corporation that provides non-life insurance services to cover risks such as, for example,                                       risks of accidents, sickness, fire or credit default;                                    

a financial corporation or quasi-corporation that provides reinsurance services, where insurance is bought by the insurer                                       to protect itself against an unexpectedly high number of claims or exceptionally large claims.                                    

The following are not included within the definition:

investment funds as defined in Article 1 of Regulation (EU) No 1073/2013 of the European Central Bank (ECB/2013/38)(6);                                    

financial vehicle corporations engaged in securitisation transactions as defined in Article 1 of Regulation (EU) No 1075/2013                                       of the European Central Bank (ECB/2013/40)(7);                                    

monetary financial institutions as defined in Article 1 of Regulation (EU) No 1071/2013 of the European Central Bank (ECB/2013/33)(8);                                    

pension funds as defined in paragraph 2.105 of the ESA 2010.

‘branch’ means an unincorporated agency or branch, but not the head office, of an insurance or reinsurance corporation;

‘subsidiary’ means an incorporated entity in which another entity has a majority or full participation;

‘reporting agents’ has the meaning as defined in Article 1 of Regulation (EC) No 2533/98;

‘resident’ has the meaning as defined in Article 1 of Regulation (EC) No 2533/98. For the purposes of this Regulation, if                              a legal entity lacks a physical dimension its residence shall be determined by the economic territory under whose laws the                              entity is incorporated. If the entity is not incorporated, its residence shall be determined by its legal domicile, namely                              the country whose legal system governs the creation and continued existence of the entity;                           

‘relevant NCB’ means the NCB of the euro area Member State in which the insurance corporation is resident;

‘relevant NCA’ means the NCA of the euro area Member State in which the insurance corporation is resident;

‘security-by-security data’ means data broken down into individual securities;

‘item-by-item data’ means data broken down into individual assets or liabilities;

‘aggregated data’ means data that has not been broken down into individual assets or liabilities;

‘financial transactions’ means transactions that arise out of the creation, liquidation or change in ownership of financial                              assets or liabilities, as further described in Part 5 of Annex II;                           

‘price and exchange rate revaluations’ means changes to the valuation of assets and liabilities that arise from changes to                              the price of assets and liabilities and/or the effect of exchange rates on the values, expressed in euro, of assets and liabilities                              denominated in a foreign currency, as further described in Part 5 of Annex II.                           

## Article 2U.K.Actual reporting population

1.Where NCBs collect data under the ESA 2010, which requires the assets and liabilities of institutional units to be reported                        in the country of residence, the actual reporting population shall consist of the insurance corporations resident in the territory                        of the relevant euro area Member State.                  

2.Where NCBs derive data to be reported under this Regulation from data collected under the provisions of Directive 2009/138/EC                        or national law implementing that Directive, the actual reporting population shall consist of:                  

(a)insurance corporations incorporated and resident in the territory of the relevant euro area Member State, including subsidiaries                        whose parent entities are located outside that territory;                  

(b)branches of insurance corporations specified in point (a) that are resident outside the territory of the relevant euro area                        Member State; and                  

(c)branches of insurance corporations that are resident in the territory of the relevant euro area Member State but whose head                        office is outside the EEA.                  

Branches of insurance corporations that are resident in the territory of a euro area Member State and whose head office is                     inside the EEA are not part of the actual reporting population.                  

3.The insurance corporations in the actual reporting population shall be subject to full statistical reporting requirements                        unless a derogation granted pursuant to Article 7 applies.                  

## Article 3U.K.List of insurance corporations for statistical purposes

1.The Executive Board of the ECB shall establish and maintain, for statistical purposes, a list of insurance corporations that                        form the actual reporting population under this Regulation. The list may be based on lists of insurance corporations that                        are currently drawn up by national authorities, where such lists are available, and supplemented by other lists of insurance                        corporations that fall within the definition of ‘insurance corporation’ in Article 1.                  

2.The relevant NCB may request a reporting agent specified in Article 2(2)(a) to provide the necessary information on its branches                        where such information is required for the purpose of the list.                  

3.The NCBs and the ECB shall make the list and any updates to it available in an appropriate form, including by electronic means,                        via the internet or, at the request of the reporting agents concerned, in paper form.                  

4.If the latest electronic version of the list referred to in this Article is incorrect, the ECB shall not impose sanctions                        on a reporting agent that has not properly fulfilled its reporting requirements to the extent that it relied on the incorrect                        list in good faith.                  

## Article 4U.K.Statistical reporting requirements

1.The reporting agents shall provide to the relevant NCB, either directly or via the relevant NCA pursuant to local cooperation                        arrangements, and in accordance with Annexes I and II:                  

(a)on a quarterly basis, end-of-quarter stock data on the assets and liabilities of insurance corporations and, in line with                        Article 5, quarterly revaluation adjustments or financial transactions, where applicable;                  

(b)on a quarterly basis, end-of-quarter stock data on non-life insurance technical reserves broken down by line of business;                  

(c)on an annual basis, end-of-year stock data on non-life insurance technical reserves broken down by line of business and geographic                        area.                  

2.In addition to the requirements of paragraph 1, reporting agents that are insurance corporations incorporated and resident                        in the territory of a euro area Member State shall provide to the relevant NCB, directly or via the relevant NCA pursuant                        to local cooperation arrangements, information on premiums written, claims incurred and commissions paid. This information                        shall be provided on an annual basis in accordance with Annexes I and II.                  

3.NCBs may obtain the data required to be reported under this Regulation from the following data collected under the framework                        established by Directive 2009/138/EC:                  

(a)data contained in quantitative reporting templates for supervisory reporting transmitted to NCBs by NCAs, whether the NCB                        and the NCA are separately established or integrated within the same institution, in accordance with the terms of local cooperation                        arrangements between the two bodies; or                  

(b)data contained in quantitative reporting templates for supervisory reporting, transmitted by reporting agents directly and                        simultaneously to an NCB and NCA.                  

Where a quantitative reporting template for supervisory reporting contains data needed to fulfil the statistical reporting                     requirements of this Regulation, NCBs shall have access to the entire template and any related template required for data                     quality purposes.                  

Member States may establish cooperation arrangements to provide for centralised collection by the relevant NCA of information                     addressing both the data collection requirements under the framework established by Directive 2009/138/EC and the additional                     data collection requirements defined in this Regulation, in accordance with national law and harmonised terms of reference                     as may be defined by the ECB.                  

4.NCBs shall inform reporting agents of the various purposes for which their data are collected.                  

## Article 5U.K.Revaluation adjustments and financial transactions

Information on revaluation adjustments and financial transactions, as further specified in Annex I and described in Annex                     II, shall be obtained as follows:                  

reporting agents shall report aggregated data on revaluation adjustments and/or financial transactions, depending on the relevant                              NCB's instructions;                           

NCBs shall either derive approximations of the value of securities transactions from security-by-security data or shall directly                              collect data on such transactions from reporting agents on a security-by-security basis. NCBs may follow a similar approach                              for assets other than securities when collecting item-by-item data;                           

approximations of the value of financial transactions concerning insurance technical reserves maintained by insurance corporations                              shall be derived:                           

by reporting agents, in accordance with the relevant NCB's guidance based on common best practices as may be defined at euro                                       area level; or                                    

by the relevant NCB, based on data provided by insurance corporations.

## Article 6U.K.Accounting rules

1.Unless otherwise provided for in this Regulation, the accounting rules followed by insurance corporations for the purpose                        of reporting under this Regulation shall be those laid down in the relevant national law implementing Directive 2009/138/EC                        or in any other national or international standards to be followed by insurance corporations based on instructions provided                        by NCBs.                  

2.In addition to the requirements of any accounting rules followed by insurance corporations in accordance with paragraph 1,                        deposits and loans held by insurance corporations and denoted as ‘nominal value’ in Table 2.1 and Table 2.2 of Annex I shall                        be reported at the principal amount outstanding at the end of the quarter. Write-offs and write-downs as determined by the                        relevant accounting practices shall be excluded from this amount.                  

3.Without prejudice to accounting practices and netting arrangements prevailing in the euro area Member States, all financial                        assets and liabilities shall be reported on a gross basis for statistical purposes.                  

## Article 7U.K.Derogations

1.Derogations may be granted to small insurance corporations as follows:                  

(a)NCBs may grant derogations to the smallest insurance corporations in terms of market share as defined in Article 35(6) of                        Directive 2009/138/EC, provided that the insurance corporations that contribute to the quarterly aggregated balance sheet                        account for at least 80 % of the total market share of insurance corporations in each euro area Member State;                  

(b)an insurance corporation that is granted a derogation under point (a) shall comply with the reporting requirements in Article                        4 on an annual basis so that the insurance corporations that contribute to the annual aggregated balance sheet account for                        at least 95 % of the total market share of insurance corporations, in each euro area Member State;                  

(c)an insurance corporation that is not required to report any data under point (a) and (b) shall report a reduced set of information,                        as defined by the relevant NCB;                  

(d)NCBs shall check the fulfilment of the conditions set out in points (a) and (b) annually and in good time in order to grant                        or withdraw, if necessary, any derogation with effect from the start of the following calendar year.                  

2.NCBs may grant derogations to insurance corporations in respect of the reporting of holdings of currency and deposits at nominal                        value.                  

If data collected at a higher level of aggregation shows that holdings of currency and deposits by resident insurance corporations                     amount to less than 10 % of the national combined total of insurance corporation balance sheets and less than 10 % of total                     euro area insurance corporation holdings of currency and deposits in terms of stocks, the relevant NCB may decide not to require                     the reporting of holdings of currency and deposits at nominal value. The relevant NCB shall inform the reporting agents of                     such a decision.                  

3.Insurance corporations may choose not to make use of a derogation but instead to fulfil the full statistical reporting requirements                        specified in Article 4. If an insurance corporation makes such a choice, it shall obtain the prior consent of the relevant                        NCB before any subsequent use of the derogation.                  

## Article 8U.K.Timeliness

1.For the year 2016, reporting agents shall transmit to the relevant NCB or the relevant NCA or both, in accordance with local                        cooperation arrangements, the required quarterly data, at the latest eight weeks following the end of the quarter to which                        the data relates. This deadline shall be brought forward by one week per year thereafter and shall be five weeks for quarters                        ending in 2019.                  

2.For the year 2016, reporting agents shall transmit to the relevant NCB or the relevant NCA or both, in accordance with local                        cooperation arrangements, the required annual data, at the latest 20 weeks following the end of the year to which the data                        relates. This deadline shall be brought forward by two weeks per year thereafter and shall be 14 weeks for 2019.                  

## Article 9U.K.Minimum standards and national reporting arrangements

1.Reporting agents shall comply with the statistical reporting requirements in accordance with the minimum standards for transmission,                        accuracy, compliance with concepts and revisions specified in Annex III.                  

2.The NCBs shall define and implement the reporting arrangements to be followed by the reporting agents in accordance with national                        requirements. The NCBs shall ensure that these reporting arrangements provide the required statistical information and allow                        accurate checking of the fulfilment of the minimum standards for transmission, accuracy, compliance with concepts and revisions                        specified in Annex III.                  

## Article 10U.K.Mergers, divisions and reorganisations

In the event of a merger, division or reorganisation that might affect the fulfilment of their statistical obligations, the                     reporting agents concerned shall inform the relevant NCB, directly or via the relevant NCA in accordance with local cooperation                     arrangements, as soon as the intention to implement the operation has been published and before it takes effect, of the procedures                     that are planned for the fulfilment of the statistical reporting requirements set out in this Regulation.                  

## Article 11U.K.Verification and compulsory collection

The NCBs shall exercise the right to verify or to collect compulsorily the information which reporting agents are required                     to provide pursuant to this Regulation, without prejudice to the ECB's right to verify or to collect compulsorily such information                     itself. In particular, the NCBs shall exercise this right when a reporting agent does not fulfil the minimum standards for                     transmission, accuracy, compliance with concepts or revisions specified in Annex III.                  

## Article 12U.K.First reporting

1.First reporting shall begin with quarterly data for the first quarter of 2016 and annual data for 2016.                  

2.Insurance corporations referred to in Article 7(1)(b) shall report annual data from the reference year 2016. In addition,                        in order to compile statistics on the insurance corporation subsector from the beginning of 2016, these insurance corporations                        shall report a complete set of data in line with Article 4(1)(a) for the first quarter of 2016.                  

## Article 13U.K.Final provision

This Regulation shall enter into force on the twentieth day following that of its publication in the *Official Journal of the European Union*.                  

This Regulation shall be binding in its entirety and directly applicable in the Member States in accordance with the Treaties.

Done at Frankfurt am Main, 28 November 2014.

*For the Governing Council of the ECB*                            

*The President of the ECB*                            

Mario Draghi                            

## ANNEX IU.K.STATISTICAL REPORTING REQUIREMENTS

## PART 1U.K.**General statistical reporting requirements**

### 1.The actual reporting population must provide the following statistical information, on a quarterly basis:U.K.

security-by-security data for securities with ISIN codes;

data on securities without ISIN codes either on a security-by-security or aggregated basis, broken down by instrument/maturity                              categories and counterparties;                           

data on assets and liabilities other than securities either on an item-by-item or aggregated basis, broken down by instrument/maturity                              categories and counterparties.                           

### 2.Aggregated data must be provided in terms of stocks and, in accordance with the relevant NCB's instructions, in terms of either:                        (a) revaluations due to price and exchange rate changes; or (b) financial transactions.U.K.

### 3.Insurance corporations (ICs) incorporated and resident in the territory of a euro area Member State must also provide, on                        an annual basis, data on premiums, claims and commissions, identifying business carried out domestically and through branches                        abroad, broken down by individual countries in the case of European Economic Area (EEA) countries.U.K.

### 4.The data to be provided to the relevant NCB on a security-by-security basis is specified in Table 2.1 for securities with                        ISIN codes and in Table 2.2 for securities without ISIN codes. The aggregated quarterly statistical reporting requirements                        for stocks are specified in Tables 1a and 1b and those for revaluations due to price and exchange rate changes or financial                        transactions are specified in Tables 3a and 3b. The annual reporting requirements for premiums, claims and commissions are                        specified in Table 4.U.K.

## PART 2U.K.**Insurance technical reserves**

### 1.As regards insurance technical reserves, for the quarterly reporting requirements listed below, reporting agents shall derive                        approximations, if the data cannot be identified directly, in accordance with the relevant NCB's guidance, based on common                        best practices defined at euro area level:U.K.

in relation to assets, data on the residence of the entity providing reinsurance to the reporting agent that is maintained                              as non-life insurance technical reserves (reinsurance recoverables);                           

in relation to liabilities, data on:

the residence of the holders of insurance technical reserves (life and non-life separately) provided by ICs resident in Member                                       States whose currency is the euro (hereinafter the ‘euro area Member States’);                                    

pension entitlements, referring to occupational pension plans (broken down by defined contribution, defined benefit and hybrid                                       schemes);                                    

financial transactions and/or revaluation adjustments for all required breakdowns, as shown in Tables 3a and 3b.

### 2.NCBs may also choose to derive the required information from data they deem necessary to require from the reporting agents                        for the purposes of this Part.U.K.

## PART 3U.K.**Reporting tables**

### *Table 1a*

**Quarterly stocks**

### *Table 1b*

**Quarterly stocks**a

### *Table 2***Required security-by-security data**U.K.

Data for the fields in Table 2.1 and Table 2.2 must be reported for each security classified under the instrument categories                     ‘debt securities’, ‘equity’ and ‘investment fund shares/units’ (as defined in Table A of Part 1 of Annex II). While Table                     2.1 refers to securities that have been assigned an ISIN code, Table 2.2 refers to securities without an ISIN code.                  

### *Table 2.1***Holdings of securities with an ISIN code**U.K.

Data for each field must be reported for each security in accordance with the following rules:

Data for field 1 must be reported.

If the relevant NCB does not directly collect security-by-security data on financial transactions, data for two out of the                              three fields 2, 3 and 4 must be reported (i.e. fields 2 and 3; fields 2 and 4; or fields 3 and 4). If data are collected for                              field 3, data must also be collected for field 3b.                           

If the relevant NCB directly collects security-by-security data on financial transactions, data for the following fields must                              also be reported:                           

field 5; or fields 6 and 7; and

field 4; or fields 2 and 3.

The relevant NCB may also require reporting agents to report data for fields 8, 9, 10 and 11.

### *Table 2.2***Holdings of securities without an ISIN code**U.K.

Data for each field must be reported either: (a) for each security; or (b) by aggregating any number of securities as a single                     item.                  

In the case of (a) the following rules apply:

Data for fields 1, 12, 13, 14 and 15 must be reported.

If the relevant NCB does not directly collect security-by-security data on financial transactions, data for two out of the                              three fields 2, 3 and 4 must be reported (i.e. fields 2 and 3; fields 2 and 4; or fields 3 and 4). If data are collected for                              field 3, data must also be collected for field 3b.                           

If the relevant NCB directly collects security-by-security information on financial transactions, data for the following fields                              must also be reported:                           

field 5; or fields 6 and 7; and

field 4; or fields 2 and 3.

The relevant NCB may also require reporting agents to report data for fields 3b, 8, 9, 10 and 11.

In the case of (b) the following rules apply:

Data for fields 4, 12, 13, 14, 15 must be reported.

Data for either field 5 or both fields 10 and 16 must be reported.

The relevant NCB may also require reporting agents to report data for fields 8, 9 and 11.

#### *Table 3a*

**Quarterly revaluation adjustments or financial transactions**

#### *Table 3b*

**Quarterly revaluation adjustments or financial transactions**

#### *Table 4*

**Annual premiums, claims and commissions**

## ANNEX IIU.K.DESCRIPTIONS

## PART 1U.K.**Descriptions of instrument categories**

### 1.Table A provides a detailed standard description of the instrument categories which national central banks (NCBs) must transpose                        into their national categories in accordance with this Regulation. Neither the list of individual financial instruments in                        the table nor their corresponding descriptions are intended to be exhaustive. The descriptions refer to the European system                        of accounts set up by Regulation (EU) No 549/2013 (hereinafter the ‘ESA 2010’).U.K.

### 2.For some of the instrument categories, maturity breakdowns are required. These refer to:U.K.

original maturity, i.e. maturity at issue, which is the fixed period of life of a financial instrument before which it cannot                              be redeemed, e.g. debt securities, or before which it can only be redeemed with a penalty, e.g. some types of deposits; or                           

remaining maturity, i.e. the remaining period of life of a financial instrument at the end of the reporting period, before                              which it cannot be redeemed, e.g. debt securities, or before which it can only be redeemed with a penalty, e.g. some types                              of deposits.                           

### 3.Financial claims can be distinguished by whether they are negotiable or not. A claim is negotiable if its ownership is readily                        capable of being transferred from one party to another by delivery or endorsement or of being offset in the case of financial                        derivatives. While any financial instrument can be traded, negotiable instruments are designed to be traded on an organised                        exchange or ‘over-the-counter’, although actual trading is not a necessary condition for negotiability.U.K.

### *Table A***Description of instrument categories in the assets and liabilities of insurance corporations (ICs)**U.K.

#### ASSETS

#### LIABILITIES

## PART 2U.K.**Descriptions of security-by-security attributes**

### *Table B*

**Descriptions of security-by-security attributes**

## PART 3U.K.

### *Table C*

**Descriptions of premiums, claims and commissions**

## PART 4U.K.**Descriptions by sector**

The ESA 2010 provides the standard for sector classification. Table D provides detailed descriptions of those sectors which                     NCBs must transpose into their national classifications in accordance with this Regulation. Counterparties resident in the                     territories of the Member States whose currency is the euro are identified according to their sector in accordance with the                     lists maintained by the European Central Bank (ECB) for statistical purposes and the guidance for the statistical classification                     of counterparties provided in the ECB's ‘Monetary Financial Institutions and Markets Statistics Sector Manual: Guidance for                     the Statistical Classification of Customers’(9).                  

### *Table D*

**Descriptions by sector**

## PART 5U.K.**Descriptions of financial transactions and revaluation adjustments for the purposes of this Regulation**

### 1.‘Financial transactions’ are measured in terms of the difference between stock positions at end-period reporting dates, from                        which the effects of changes resulting from the influence of ‘revaluation adjustments’ (as a consequence of price and exchange                        rate changes) and ‘reclassifications and other adjustments’ are removed. The ECB requires statistical information for the                        purpose of compiling data on financial transactions in the form of adjustments that involve ‘reclassifications and other adjustments’                        as well as ‘price and exchange rate revaluations’.U.K.

### 2.‘Price and exchange rate revaluations’ reflect changes to the valuation of assets/liabilities arising either from changes                        in the price at which assets/liabilities are recorded or traded, or from changes in exchange rates that affect the values,                        expressed in euro, of assets and liabilities denominated in a foreign currency. Price revaluations take into account the changes                        that occur over time in the value of end-period stocks because of changes in the reference values at which such stocks are                        recorded, i.e. holding gains/losses. Movements in exchange rates against the euro that occur between end-period reporting                        dates also result in changes in the value of foreign currency assets/liabilities when expressed in euro. As these changes                        represent holding gains/losses and are not due to financial transactions, these effects need to be removed from the financial                        transaction data. In principle, ‘price and exchange rate revaluations’ also takes account of changes in value that result                        from transactions in assets/liabilities, i.e. realised gains/losses; however, there are different national practices in this                        regard.U.K.

## ANNEX IIIU.K.MINIMUM STANDARDS TO BE APPLIED BY THE ACTUAL REPORTING POPULATION

Reporting agents must meet the following minimum standards to fulfil the European Central Bank's (ECB's) statistical reporting                     requirements.                  

Minimum standards for transmission:

reporting must be timely and within the deadlines set by the relevant NCB;

statistical reports must take their form and format from the technical reporting requirements set by the relevant NCB;

the reporting agent must provide details of one or more contact persons to the relevant NCB;

the technical specifications for data transmission to the relevant NCB must be followed;

for security-by-security reporting, if the relevant NCB so requests, the reporting agents must provide further information                                       (e.g. name of issuer, issue date) needed to identify securities whose security identification codes are either erroneous or                                       not publicly available.                                    

Minimum standards for accuracy:

statistical information must be correct: all linear constraints must be fulfilled (e.g. subtotals must add up to totals);

reporting agents must be able to provide information on the developments implied by the transmitted data;

statistical information must be complete and must not contain continuous and structural gaps; existing gaps should be acknowledged,                                       explained to the relevant NCB and, where applicable, bridged as soon as possible;                                    

reporting agents must follow the dimensions, rounding policy and decimals set by the relevant NCB for the technical transmission                                       of the data.                                    

Minimum standards for compliance with concepts:

statistical information must comply with the definitions and classifications contained in this Regulation;

in the event of deviations from these definitions and classifications, reporting agents must monitor and quantify the difference                                       between the measure used and the measure contained in this Regulation on a regular basis;                                    

reporting agents must be able to explain breaks in the transmitted data compared with the previous periods' figures.

Minimum standards for revisions:

The revisions policy and procedures set by the ECB and the relevant NCB must be followed. Revisions deviating from regular                              revisions must be accompanied by an explanatory note.                           

1

OJ L 318, 27.11.1998, p. 8.                           

2

OJ C 427, 28.11.2014, p. 1.                           

3

Regulation (EU) No 1011/2012 of the European Central Bank of 17 October 2012 concerning statistics on holdings of securities                              (ECB/2012/24) (OJ L 305, 1.11.2012, p. 6).                           

4

Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the                              business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1).                           

5

Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national                              and regional accounts in the European Union (OJ L 174, 26.6.2013, p. 1).                           

6

Regulation (EU) No 1073/2013 of the European Central Bank of 18 October 2013 concerning statistics on the assets and liabilities                              of investment funds (ECB/2013/38) (OJ L 297, 7.11.2013, p. 73).                           

7

Regulation (EU) No 1075/2013 of the European Central Bank of 18 October 2013 concerning statistics on the assets and liabilities                              of financial vehicle corporations engaged in securitisation transactions (ECB/2013/40) (OJ L 297, 7.11.2013, p. 107).                           

8

Regulation (EU) No 1071/2013 of the European Central Bank of 24 September 2013 concerning the balance sheet of the monetary                              financial institutions sector (ECB/2013/33) (OJ L 297, 7.11.2013, p. 1).                           

9

March 2007, available on the ECB's website at https://www.ecb.europa.eu/