The European Insurance and Occupational Pensions Authority (EIOPA) submitted, to the European Commission, draft amendments to the implementing technical standards on supervisory reporting and disclosure requirements under Solvency II.
The draft proposals for the implementing standards incorporate feedback received following a public consultation in 2021.The draft proposal leads to fit-for-purpose reporting requirements, reduction of reporting costs for the majority of insurance undertakings, and better supervision through the inclusion of some new information on emerging risks and new areas for which supervisors identified a number of data gaps. In particular, the amendments of Supervisory Reporting and Public Disclosure include simplifications of quarterly reporting for all undertakings, elimination of some annual reporting templates for all undertakings, and new thresholds to better promote risk-based and proportionate reporting requirements, leading to exemptions of reporting certain templates for many undertakings. Amendments were also introduced to reporting requirements with respect to loss-absorbing capacity of deferred taxes, cross-border information, climate change risks, internal models, solvency capital, financial stability reporting, risk concentration templates, and own funds templates at group level.
Furthermore, considering the specific nature of captive insurance and captive reinsurance undertakings, the reporting requirements have been adjusted to the nature, scale, and complexity of their business and consider their different business models. EIOPA Guidelines on the supervision of branches of third-country insurance undertakings and on reporting for Financial Stability Purposes were also amended, while ensuring consistency between reporting requirements. On April 04, 2022, EIOPA published a Public Working Draft (PWD) of Solvency II Data Point Models and XBRL taxonomy 2.8.0. All amendments will be incorporated in the XBRL taxonomy version 2.8.0. and are expected to be applicable for end of year 2023 and fourth quarter-2023 reporting. The XBRL Taxonomy Release map informs that the final release of 2.8.0 taxonomy with validations and modeling will be published in January 2023 (Hotfix in March 2023). Additionally, the 2.8.0 taxonomy will be applicable only in 2024 for first reporting financial year 2023 and the fourth quarter of 2023.
Keywords: Europe, EU, Insurance, Solvency II, Reporting, Implementing Technical Standards, Disclosures, EIOPA, Taxonomy 2.8.0
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