Watchdogs Can Make Firms Revise Data After Submissions
Law360, London (June 13, 2019, 5:37 PM BST) -- Regulators have the power to force insurance companies to revise the data they submit under a European regulation at a later date even if it was done correctly to begin with, the bloc’s top insurance and banking watchdogs said Thursday.
Member state regulators have the power to force insurers to revise and resubmit data, the European Insurance and Occupational Pensions Authority and the European Central Bank said. Watchdogs can do this even if insurance companies have correctly followed reporting instructions on an individual level but the quality of the data could materially skew the aggregated data from all firms.
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