EIOPA Publishes XBRL Taxonomy for Reporting of Information on IORPs
EIOPA published the XBRL Taxonomy applicable for reporting of information on Institutions for Occupational Retirement Provision (IORPs) as of the third quarter of 2019. This taxonomy provides national competent authorities with the technical means for submission, to EIOPA, of harmonized information of all pension funds in the European Economic Area. Additionally, EIOPA published a hotfix update for version 2.3.0 of the Solvency II taxonomy. This update corrected the taxonomy validations to optimize the data quality with minor impact on IT systems—providing XBRL instance compatibility with version 2.3.0.
EIOPA, in close collaboration with ECB, developed the integrated technical templates and means to report—via a single submission—the information required by both EIOPA and ECB. Subject to adoption by the national competent authorities, this integrated taxonomy may also be used for the collection of information from the pension funds by national competent authorities. Such an adoption would reap efficiency gains and further clarity of the reported information.
The Pensions XBRL Taxonomy can be reconciled with Solvency II reporting requirements and is closely aligned with the ECB pensions reporting requirements. The taxonomy uses the same architecture as Solvency II and offers—via one common dictionary—all insurance, pension funds, and ECB "add-ons" concepts. The taxonomy dictionary, based on the Data Point Model (DPM), provides a single definition of the terms and the relations among them.
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Keywords: Europe, EU, Insurance, Solvency II, Pension Funds, Annotated Templates, DPM, XBRL, Taxonomy, IORPs, EIOPA
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