EIOPA Consults on Review of Technical Package on Solvency II Reporting

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

• Press Release
• Consultation

Comment Due Date: April 20, 2020

Keywords: Europe, EU, Insurance, Solvency II, Solvency II Review, Reporting, Proportionality, XBRL Taxonomy, Disclosures, EC, EIOPA