EIOPA Issues Draft DPM and Taxonomies for Solvency II Reporting
The European Insurance and Occupational Pensions Authority (EIOPA) published the second public working draft of versions 2.7.0 and 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy. For both the draft versions, the taxonomy package contains release notes, DPM database, DPM documentation, DPM dictionary, Solvency II annotated templates, detailed change logs from earlier versions, Solvency II XBRL taxonomy, and XBRL taxonomy documentation and filing rules. The package for draft version 2.7.0 also contains a list of validations.
The EIOPA Solvency II DPM and XBRL taxonomy package release 2.7.0 is provided to be used from the December 31, 2022 reference date until a new version is announced. Meanwhile, the EIOPA Solvency II DPM and the XBRL taxonomy package 2.8.0 release are to be used from December 31, 2023 until a new version is announced. The final XBRL taxonomy release 2.8.0 without validations (that is templates and instructions will be final) is expected to be published in July-August 2022. The final release of version 2.8.0 with validations and modeling will be published in January 2023 (hotfix is expected in March 2023). EIOPA aims to continue with the approach of one taxonomy release per year to concentrate the number of taxonomy publications to the extent possible. However, in circumstances of intense business changes or when, eventually, a released taxonomy contains material defects, a second release may be needed. As a precautionary measure, this potential corrective release, labeled as "Hotfix," is included in the yearly schedule to aid planning.
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Keywords: Europe, EU, Insurance, Reporting, DPM, XBRL Taxonomy, Solvency II, Taxonomy, EIOPA
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