BoE Consults on the Insurance XBRL Taxonomy Version 1.0.0
BoE published public working draft of the standalone National Specific Templates (NSTs) and standard formula reporting for firms with an approved internal model (SF.01) taxonomy, along with the related technical artefacts, that will make up part of BoE’s insurance XBRL taxonomy. The public working draft follows the policy statement PS21/18, which addresses changes to the reporting format under Solvency II. Firms and software vendors are invited to provide feedback on the modeling, annotated templates, validations, and XBRL taxonomy by August 24, 2018.
The taxonomy, data point model (DPM) dictionary, annotated templates, and validation rules represent the reporting requirements set out in PS16/18 on changes in insurance reporting requirements and the supervisory statement SS15/16 titled "Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model." The DPM extends EIOPA’s Solvency II Version 2.3.0.0 dictionary. This public working draft should not be used for reporting. The public working draft for internal model outputs and market risk sensitivities will be released in early September and the final live release will consolidate all frameworks.
Related Links
- Draft NST SF.01 XBRL Taxonomy Version 1.0.0 (ZIP)
- Draft NST SF.01 DPM Version 1.0.0 (ZIP)
- Draft NST SF.01 Validations Version 1.0.0 (XLSX)
- Taxonomy
Comment Due Date: August 24, 2018
Keywords: Europe, UK, Insurance, Solvency II, XBRL, Taxonomy 1.0.0, NST, DPM, Reporting, Validations, BoE
Featured Experts
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Paul McCarney
Insurance product strategist; insurance domain expert; extensive experience developing risk assessment frameworks for insurers
Brian Robinson
Actuary; risk management specialist; corporate and capital modelling expert
Previous Article
BoE Paper Examines Linguistic Complexity in Banking RegulationsRelated Articles
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
BIS Bulletin Examines Cognitive Limits of Large Language Models
The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.
ECB is Conducting First Cyber Risk Stress Test for Banks
As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.
EBA Continues Momentum Toward Strengthening Prudential Rules for Banks
A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.
EU and UK Agencies Issue Updates on Final Basel III Rules
The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards