Central Bank of Ireland Publishes Updates for Solvency II Reporting
The Central Bank of Ireland updated release notes, XBRL taxonomy package, validations, and list of known issues for the national specific templates (NSTs) for Solvency II reporting. The current version of release notes is planned to be used for collection of NST quarterly submissions from the fourth quarter of 2018 onward.
The Central Bank of Ireland has introduced a number of NSTs for reporting. These templates are deemed necessary to address requirements specific to the local market and/or the nature of insurance undertakings supervised in Ireland and are not catered for in the set of Solvency II harmonized reporting templates produced by EIOPA. The only acceptable format for submission of NSTs will be XBRL. A decision was taken to extend the EIOPA Solvency II XBRL Taxonomy as the standard for reporting data submission between the Central Bank of Ireland and regulated insurance undertakings for Solvency II NSTs.
To this end, the NST Data Point Model (DPM) is a structured representation of the data, identifying all the business concepts and its relations, in addition to the validation rules. The DPM contains all the relevant technical specifications necessary for developing an IT reporting solution (independent from the technical format). In addition, the Central Bank NST XBRL taxonomy presents data items, business concepts, relations, and validation rules described by the Central Bank NST DPM in the technical format of XBRL.
Related Links
- Release Notes (DOC)
- Taxonomy Package (ZIP)
- Validations (XLSX)
- List of Known Issues (XLSX)
- NSTs for Solvency II Reporting
Keywords: Europe, Ireland, Insurance, Reporting, Solvency II, Taxonomy, Validations, National Specific Templates, Central Bank of Ireland
Featured Experts
Adam Koursaris
Asset and liability management expert; capable modeler; risk and capital specialist
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
ECON Report on PEPP Proposal Tabled for Plenary in ParliamentRelated Articles
PRA Finalizes Supervisory Approach for Non-Systemic Banks in UK
PRA published the policy statement PS8/21, which contains the final supervisory statement SS3/21 on the PRA approach to supervision of the new and growing non-systemic banks in UK.
EBA Finalizes Standards on Methods of Prudential Consolidation
EBA published a report that sets out the final draft regulatory technical standards specifying the conditions according to which consolidation shall be carried out in line with Article 18 of the Capital Requirements Regulation (CRR).
EBA Updates List of Other Systemically Important Institutions in EU
EBA updated the list of other systemically important institutions (O-SIIs) in EU.
BCBS Report Concludes Basel Risk Categories Can Capture Climate Risks
BCBS published two reports that discuss transmission channels of climate-related risks to the banking system and the measurement methodologies of climate-related financial risks.
UK Authorities Welcome FSB Review of their Remuneration Regime
UK Authorities (FCA and PRA) welcomed the findings of FSB peer review on the implementation of financial sector remuneration reforms in the UK.
PRA and FCA Letter on Addressing Risks from Use of Deposit Aggregators
PRA and FCA jointly issued a letter that highlights risks associated with the increasing volumes of deposits that are placed with banks and building societies via deposit aggregators and how to mitigate these risks.
MFSA to Amend Banking Act and Rules in Coming Months to Transpose CRD5
MFSA announced that amendments to the Banking Act, Subsidiary Legislation, and Banking Rules will be issued in the coming months, to transpose the Capital Requirements Directive (CRD5) into the national regulatory framework.
EC Delegated Regulation on Specialized Lending Exposures Under CRR
EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.
OSFI Proposes to Enhance Assurance Expectations for Basel Returns
OSFI launched a consultation to explore ways to enhance the OSFI assurance over capital, leverage, and liquidity returns for banks and insurers, given the increasing complexity arising from the evolving regulatory reporting framework due to IFRS 17 (Insurance Contracts) standard and Basel III reforms.
ECB Issues Results of Benchmarking Analysis of Recovery Plans of Banks
ECB published results of the benchmarking analysis of the recovery plan cycle for 2019.
