FIN-FSA has collected and published a list of examples of deficiencies identified in annual Solvency II reporting for 2017. The examples aim to assist reporting entities avoid errors to which no validation rule applies, thus reducing the need for correction reports. The list of examples contains error types by form (taxonomy 2.2.0). The list is not all-inclusive. Similar types of errors may also occur in other similar situations. The entities should adhere to the EIOPA 2.3.0 taxonomy and related guidelines when reporting data for 2018 (fourth quarter and annual reports).
Based on observations on annual reporting for 2017, reporting entities should take the following into consideration when reporting:
- Carefully read the reporting instructions (EU) 2015/2450 and amendments to it
- Additional information in the EIOPA Q&A on reporting
- EIOPA Filing Rules for Solvency II reporting: Detailed technical instructions regarding reported data (for example, when to leave a cell empty, or when the reported value should be ‘None’)
- The reporting application and the validation rules do not include all possible reconciliation tasks, although many have been added. Check that the specification information of the reported data matches the summary data on the form in question and corresponding data reported on other forms.
- Make sure that all data is reported in each row and column where required, including summary data and specification information. Summary rows are not generated through formulas in all columns. In some cases, the same data is reported multiple times in different categories.
- As a rule, all values are to be reported as positive values (EIOPA Q&A 435 and amendment (EU) 2018/1844 to the Implementing Regulation (EU) 2015/2450
Related Link (in English and Finnish): Notification and Examples
Keywords: Europe, Finland, Insurance, Solvency II, Reporting, Taxonomy, EIOPA, FIN-FSA
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