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 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 8280