Solvency II Art.53-54: Arts 53, 54; DR Arts 299, 302 Handle permitted non-disclosure and publish updates after major developments

What does Art.53-54 require?

Supervisors may permit non-disclosure where competitors would gain significant undue advantage or confidentiality obligations bind the undertaking (never for capital management information); the SFCR must state and explain any non-disclosure, and the undertaking must tell the supervisor when the reason ceases. After a major development significantly affecting the SFCR, including an MCR breach without a realistic finance scheme within one month or a significant SCR breach without a realistic recovery plan within two months, undertakings must disclose its nature and effects (breach amounts immediately, and again if unresolved after three or six months) and publish an updated report.