Featured Product

    EIOPA Consults on Review of Technical Package on Solvency II Reporting

    February 05, 2020

    EIOPA published proposals for the review of technical implementation means for the package on Solvency II supervisory reporting and public disclosure. With these proposals, EIOPA aims to improve the efficiency and effectiveness of the reporting and disclosure framework, thus reducing the costs associated to the processes. The proposals in this technical area contribute further to the proportionality and cost efficiency the framework. The deadline for submission of feedback is April 20, 2020.

    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

    Comment Due Date: April 20, 2020

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

    Featured Experts
    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    News

    BCBS Issues Climate Risk Principles while HKMA Expresses Its Support

    The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.

    June 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8286