Insurance Commission to automate reporting
The Insurance Commission (IC) is moving to automate the quarterly financial reporting of insurers and mutual benefit associations (MBAs) in the near term as it seeks to speed up the collection and processing of industry data.
In an advisory, the IC said it is developing a web-based platform to automate the consolidation of the Enhanced Quarterly Reports on Selected Financial Statistics (EQRSFS).
The platform will first undergo pilot testing with a limited number of regulated entities before being rolled out across the insurance industry.
For now, existing EQRSFS reporting requirements and deadlines remain in effect pending the issuance of separate guidelines for the new platform.
“This initiative forms part of the Commission’s continuing efforts to modernize its data collection processes and improve the efficiency, accuracy and timeliness of industry statistical reporting,” the regulator said.
The EQRSFS was introduced in 2023 as a consolidated quarterly reporting template for insurers, replacing the separate Quarterly Reports on Selected Financial Statistics and the Statement of Paid-Up Capital, Reserves and Investments.
According to the IC, the two reports contained some similar schedules, prompting their merger to improve the quality, accuracy and consistency of data while streamlining reporting.
The enhanced report covers financial statistics, capital, reserves and investments, while also requiring sex-disaggregated data in business done schedules for life insurers, nonlife insurers and MBAs.
The regulator has been working on the modernization of the EQRSFS since 2025.
