EIOPA Consults on Review of Technical Package on Solvency II Reporting
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
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Nick Jessop
Scenario modeling expert; risk management specialist; quantitative financial modeler
Previous Article
FED Proposes to Revise and Extend Form FR Y-9C for Holding CompaniesRelated Articles
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.
BCBS Report Examines Impact of Basel III Framework for Banks
The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.
PRA Consults on Prudential Rules for "Simpler-Regime" Firms
Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.
DNB Publishes Multiple Reporting Updates for Banks
DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.
NBB Sets Out Climate Risk Expectations, Issues Reporting Updates
The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting
EBA Updates Address Securitization Standards and DGS Guidelines
The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.
FSB Publishes Letter to G20, Sets Out Work Priorities for 2023
The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023
ISSB Standards May Become Effective from January 2024
The International Organization of Securities Commissions (IOSCO) welcomed the confirmation statement by the International Sustainability Standards Board (ISSB) setting out its progress in the development of its first sustainability-related corporate disclosure standards.
