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

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

    ESMA updated the reporting manual on the European Single Electronic Format (ESEF).

    July 09, 2020 WebPage Regulatory News
    News

    EBA Calls on Resolution Authorities to Consider Impact of COVID Crisis

    EBA published a statement on resolution planning in light of the COVID-19 pandemic.

    July 09, 2020 WebPage Regulatory News
    News

    ECB Guideline on Materiality Threshold for Credit Obligations Past Due

    ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.

    July 08, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-14 With Respect to PPP and CARES Act

    FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.

    July 08, 2020 WebPage Regulatory News
    News

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    July 08, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5458