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.
Keywords: Europe, EU, Insurance, Reporting, DPM, XBRL Taxonomy, Solvency II, Taxonomy, EIOPA
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous ArticleECB Report Assesses Progress on Euro Adoption by 7 EU Countries
FINMA Approves Merger of Credit Suisse and UBS
The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.
BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks
The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.
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.
APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.
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