Featured Product

    EIOPA Consults on Review of Technical Package on Solvency II Reporting

    February 05, 2020

    EIOPA published proposals for the review of technical implementation means for the package on Solvency II supervisory reporting and public disclosure. With these proposals, EIOPA aims to improve the efficiency and effectiveness of the reporting and disclosure framework, thus reducing the costs associated to the processes. The proposals in this technical area contribute further to the proportionality and cost efficiency the framework. The deadline for submission of feedback is April 20, 2020.

    EIOPA received, on February 11, 2019, a Call for Advice from EC on the review of Solvency II. The Call for Advice covers a broad variety of topics, including all topics that EIOPA has already started to work on, such as supervisory reporting and public disclosure. EIOPA will respond to the Call for Advice in the form of an EIOPA Opinion, which will also include a holistic impact assessment. The Solvency II Opinion was published for consultation in the fourth quarter of 2019.

    EIOPA has decided to integrate the technical implementation means into the Solvency II 2020 review package to ensure that it covers all reporting processes. The EIOPA "technical means" are normally addressed mainly via the decisions of the EIOPA Board of Supervisors (BoS) and the regular publication of technical artefacts and documents (such as annotated templates, XBRL taxonomy, and governance). However, during this consultation process, EIOPA will consider whether, for the narrative reports, that is Solvency and Financial Condition Report (SFCR) and Regular Supervisory Report (RSR), more details on the type of digital format should be reflected in the legislation (Level 2) or the guidelines on reporting and public disclosure. This document aims to review the technical means within the scope of:

    • The BoS governance process for XBRL taxonomies development and publication
    • The business and technical validations, including its definition and documentation, its deactivation process, and its tolerance mechanism
    • Taxonomy architecture, EIOPA’s taxonomy tooling, and its deliverables
    • The improvement of the accessibility and reachability of the public disclosure data, including its standardization as machine-readable

    The review of the technical means for the supervisory reporting is targeted for Solvency II. However, to keep the current harmonization (single dictionary, taxonomy, and so on), any review will also be applied by analogy to the EIOPA Pension Funds.

     

    Related Links

    Comment Due Date: April 20, 2020

    Keywords: Europe, EU, Insurance, Solvency II, Solvency II Review, Reporting, Proportionality, XBRL Taxonomy, Disclosures, EC, EIOPA

    Featured Experts
    Related Articles
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News
    News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    News

    EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation

    The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)

    October 26, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8582