FIN-FSA Publishes Examples of Deficiencies in Solvency II Reporting
FIN-FSA has collected and published a list of examples of deficiencies identified in annual Solvency II reporting for 2017. The examples aim to assist reporting entities avoid errors to which no validation rule applies, thus reducing the need for correction reports. The list of examples contains error types by form (taxonomy 2.2.0). The list is not all-inclusive. Similar types of errors may also occur in other similar situations. The entities should adhere to the EIOPA 2.3.0 taxonomy and related guidelines when reporting data for 2018 (fourth quarter and annual reports).
Based on observations on annual reporting for 2017, reporting entities should take the following into consideration when reporting:
- Carefully read the reporting instructions (EU) 2015/2450 and amendments to it
- Additional information in the EIOPA Q&A on reporting
- EIOPA Filing Rules for Solvency II reporting: Detailed technical instructions regarding reported data (for example, when to leave a cell empty, or when the reported value should be ‘None’)
- The reporting application and the validation rules do not include all possible reconciliation tasks, although many have been added. Check that the specification information of the reported data matches the summary data on the form in question and corresponding data reported on other forms.
- Make sure that all data is reported in each row and column where required, including summary data and specification information. Summary rows are not generated through formulas in all columns. In some cases, the same data is reported multiple times in different categories.
- As a rule, all values are to be reported as positive values (EIOPA Q&A 435 and amendment (EU) 2018/1844 to the Implementing Regulation (EU) 2015/2450
Related Link (in English and Finnish): Notification and Examples
Keywords: Europe, Finland, Insurance, Solvency II, Reporting, Taxonomy, EIOPA, FIN-FSA
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
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Previous Article
MAS Amends Notices 610 and 1003 on Submission of ReturnsRelated Articles
EC Adopts Financial Reporting Changes Arising from Benchmark Reforms
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HMT Updates List of Post-Brexit Equivalence Decisions in UK
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.
EBA Issues Erratum for Technical Package on Reporting Framework 3.0
EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.
APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets
APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.
EBA Publishes Risk Dashboard for Third Quarter of 2020
EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.
ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro
ECB concluded the public consultation on the introduction of a digital euro in EU.
ECB Finalizes Guide on Supervisory Approach to Bank Consolidation
ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.
SRB Chair Outlines Work Priorities for 2021
The SRB Chair Elke König published an article setting out work priorities for 2021.
FDIC Selects Companies to Compete in Final Phase of Tech Sprint
FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition.
