L 366/36 Official Journal of the European Union 20.12.2014 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 particu- lar 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 ('), and in particular Articles 5(1) and 6(4) thereof, Having regard to the opinion of the European Commission (%), Whereas: (1) Regulation (EC) No 2533/98 provides in Article 2(1) that, for the fulfilment of its statistical reporting require- ments, 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 253398 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 popula- tion 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) (). (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 estab- lished by Directive 2009/138EC of the European Parliament and of the Council (*). 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, () OJL318,27.11.1998,p. 8. () O] C427,28.11.2014,p. 1. () Regulation (EU) No 1011/2012 of the European Central Bank of 17 October 2012 concerning statistics on holdings of securities (ECB/2012/24) (O] L 305, 1.11.2012, p. 6). (*) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the busi- ness of Insurance and Reinsurance (Solvency 1I) (O] L 335, 17.12.2009, p. 1).