Featured Product

    PRA Publishes Public Working Draft of XBRL Taxonomy 1.2.0 for Insurers

    July 13, 2020

    PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts. The update supports National Specific Templates, Internal Model Outputs, Market Risk Sensitivities, and Standard Formula reporting. BoE invites feedback, particularly from firms and software vendors, on the public working draft technical artefacts by July 27, 2020. BoE will aim to publish the final version of the taxonomy and data point model (DPM) in September 2020.

    The taxonomy, DPM dictionary, annotated templates, and validation rules represent the requirements within the Occasional Consultation Paper CP3/20. The taxonomy is aligned to EIOPA Solvency II Taxonomy 2.5 PWD. In CP3/20, PRA sets out the proposals to make minor amendments to PRA rules, supervisory statements, National Specific Templates and associated LOG files, and the market risk sensitivities data item and associated instructions. Release notes to this public working draft of the insurance taxonomy outline the following changes:

    • A new entry point "qls" has been added, splitting Quarterly Lloyd’s Solo reporting requirements from Annual Lloyd’s Solo reporting requirements. The "als" entry point has therefore also been updated.
    • A notation change has been made to document hierarchies, which include the root value across BoE taxonomies. This has no material impact and the label change has been highlighted in NS.11.01.01.
    • Only changes in the data dictionary where the owner is "boec," "boehd," or "boemd" have been highlighted using color coding. The full list of changes since UK Insurance Taxonomy 1.1 can be found in the published change log.
    • Color coding has been added to the validation rules Excel spreadsheet, with a key given on the "Note" worksheet. This color coding highlights the specific change made and should be reviewed alongside the "Last Change" column.
    • Internal Model Output validations boe_bv34 and boe_bv35 have been deleted and replaced with validations boe_bv226, boe_bv227, boe_bv228, and boe_bv229. As there is no one-to-one mapping this has not been indicated in the "Replaces" column.
    • Internal Model Output validations boe_bv148, boe_bv149, boe_bv150, boe_bv151, boe_bv152, and boe_bv153 have been re-expressed within the taxonomy package with the intention of reducing processing time. The function of these rules remains unchanged.
    • The arithmetic approach used for each validation rule is now indicated within the validations spreadsheet.

      

    Related Links

    Comment Due Date: July 27, 2020

    Keywords: Europe, UK, Insurance, Reporting, Solvency II, XBRL, Taxonomy 1.2.0, DPM, National Specific Templates, Technical Artefacts, CP3/20, PRA

    Featured Experts
    Related Articles
    News

    EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio

    EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.

    November 19, 2020 WebPage Regulatory News
    News

    ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs

    In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.

    November 19, 2020 WebPage Regulatory News
    News

    IASB Begins First Phase of Post-Implementation Review of IFRS 9

    IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Report Examines Progress in Resolvability of Systemic Institutions

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.

    November 18, 2020 WebPage Regulatory News
    News

    EBA Benchmarks National Insolvency Frameworks Across EU

    EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Reports Assess Impact of Pandemic on Financial Stability

    FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.

    November 17, 2020 WebPage Regulatory News
    News

    RBNZ Consults on Implementation of Capital Review Changes

    RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.

    November 17, 2020 WebPage Regulatory News
    News

    IASB Announces Andreas Barckow as the New Chair from July 2021

    The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.

    November 17, 2020 WebPage Regulatory News
    News

    HKMA Consults on Capital Rules for Bank Equity Investments in Funds

    HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.

    November 17, 2020 WebPage Regulatory News
    News

    ESRB Supports Extension of Macro-Prudential Measure by Swedish FSA

    ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).

    November 17, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6153