PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts. The update supports National Specific Templates, Internal Model Outputs, Market Risk Sensitivities, and Standard Formula reporting. BoE invites feedback, particularly from firms and software vendors, on the public working draft technical artefacts by July 27, 2020. BoE will aim to publish the final version of the taxonomy and data point model (DPM) in September 2020.
The taxonomy, DPM dictionary, annotated templates, and validation rules represent the requirements within the Occasional Consultation Paper CP3/20. The taxonomy is aligned to EIOPA Solvency II Taxonomy 2.5 PWD. In CP3/20, PRA sets out the proposals to make minor amendments to PRA rules, supervisory statements, National Specific Templates and associated LOG files, and the market risk sensitivities data item and associated instructions. Release notes to this public working draft of the insurance taxonomy outline the following changes:
- A new entry point "qls" has been added, splitting Quarterly Lloyd’s Solo reporting requirements from Annual Lloyd’s Solo reporting requirements. The "als" entry point has therefore also been updated.
- A notation change has been made to document hierarchies, which include the root value across BoE taxonomies. This has no material impact and the label change has been highlighted in NS.11.01.01.
- Only changes in the data dictionary where the owner is "boec," "boehd," or "boemd" have been highlighted using color coding. The full list of changes since UK Insurance Taxonomy 1.1 can be found in the published change log.
- Color coding has been added to the validation rules Excel spreadsheet, with a key given on the "Note" worksheet. This color coding highlights the specific change made and should be reviewed alongside the "Last Change" column.
- Internal Model Output validations boe_bv34 and boe_bv35 have been deleted and replaced with validations boe_bv226, boe_bv227, boe_bv228, and boe_bv229. As there is no one-to-one mapping this has not been indicated in the "Replaces" column.
- Internal Model Output validations boe_bv148, boe_bv149, boe_bv150, boe_bv151, boe_bv152, and boe_bv153 have been re-expressed within the taxonomy package with the intention of reducing processing time. The function of these rules remains unchanged.
- The arithmetic approach used for each validation rule is now indicated within the validations spreadsheet.
- PWD Release Notes (PDF)
- PWD of XBRL Taxonomy, Version 1.2.0 (ZIP)
- PWD of DPM, Version 1.2.0 (ZIP)
- PWD of Taxonomy Validations, Version 1.2.0 (ZIP)
- Change Log (XLSX)
- Sample Instance Documents (ZIP)
Comment Due Date: July 27, 2020
Keywords: Europe, UK, Insurance, Reporting, Solvency II, XBRL, Taxonomy 1.2.0, DPM, National Specific Templates, Technical Artefacts, CP3/20, PRA
HKMA has published a circular that sets out the regulatory and reporting treatment for loans that participating authorized institutions may grant to eligible borrowers under the 100% Personal Loan Guarantee Scheme.
ECB published the results of the assessment of internal models that banks use to calculate risk-weighted assets for credit, market, and counterparty credit risks.
PRA published a statement on the regulatory treatment of retail residential mortgage loans under the Mortgage Guarantee Scheme, or MGS.
FCA is consulting, via CP21/7, on the second phase of proposed rules to introduce the UK Investment Firm Prudential Regime (IFPR).
HM Treasury and BoE announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential central bank digital currency in UK.
EIOPA published an opinion to set out its expectations on the supervision of the integration of climate change risk scenarios by insurers in their Own Risk and Solvency Assessment (ORSA).
Bundesbank published two circulars on AnaCredit reporting requirements. Circular 27/2021 covers changes to the reporting of branches, additional attributes to be reported for investment funds from August 01, 2021, and updates to the list of international organizations.
EC published the Implementing Regulation 2021/622 that lays down implementing technical standards for reporting of the minimum requirement for own funds and eligible liabilities (MREL).
BCBS has set out the strategic work priorities, as part of its the work program for 2021-22.
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.