The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy. EIOPA also published its guidance on integrating the customer’s sustainability preferences in the suitability assessment under the Insurance Distribution Directive (IDD).
Solvency II DPM and XBRL taxonomy
The EIOPA Solvency II DPM and XBRL taxonomy package version 2.8.0 contains release notes, DPM documentation, DPM dictionary, Solvency II annotated templates, detailed change logs from earlier versions, list of validations, Solvency II XBRL taxonomy, and XBRL taxonomy documentation and filing rules. The taxonomy package release 2.8.0 is provided to be used from the December 31, 2023 until a new version is announced. This taxonomy release 2.8.0 has been published without validations (that is templates and instructions are final). The final release of version 2.8.0 with validations and modeling will be published in January 2023 (hotfix is expected in March 2023).
Guidance on Integrating Sustainability Preferences
The guidance is based on Commission Delegated Regulation (EU) 2021/1257 and aims at easing the implementation of the Delegated Regulation by national competent authorities as well as by insurance undertakings and insurance intermediaries providing advice on insurance-based investment products. Commission Delegated Regulation (EU) 2021/1257 requires insurers and insurance intermediaries to integrate the customer’s sustainability preferences into the sales process when they provide advice on insurance-based investment products. The guidance will apply from August 02, 2022. EIOPA provides guidance on:
- how to help customers better understand the concept of “sustainability preferences” and their investment choices
- how to collect information on sustainability preferences from customers
- how to match customer preferences with products, based on product disclosures under the Sustainable Finance Disclosure Regulation (SFDR)
- what arrangements are necessary to ensure the suitability of an insurance-based investment product
- the sustainable finance-related training and competence expected of insurance intermediaries and insurance undertakings who provide advice on insurance-based investment products
The guidance is complemented by a feedback statement, which addresses the comments received from stakeholders in a public consultation on draft guidelines on integrating the customer’s sustainability preferences earlier this year. After the consultation, EIOPA decided to pause its work on guidelines on the topic of sustainability preferences in order to gather more information based on the implementation experience with the new legislative framework in the coming months.
- Notification on Solvency II DPM and XBRL Taxonomy
- Release Notes on Solvency II Taxonomy (PDF)
- Press Release on Guidance on Integrating Sustainability Preferences
- Guidance on Integrating Sustainability Preferences (PDF)
Keywords: Europe, EU, Insurance, Reinsurance, Reporting, Solvency II, DPM, XBRL Taxonomy, Taxonomy, Insurance Based Investment Products, IDD, Suitability Assessment, SFDR, ESG, EIOPA
Previous ArticleEESC Opines on Proposals on CRR and European Single Access Point
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.