EIOPA Launches Field Test on Templates Under 2020 Solvency II Review
EIOPA, as part of the 2020 Solvency II reporting and disclosure review, launched a field test on the revised and newly proposed reporting templates. The aim of the field test is to provide undertakings the possibility to implement the new and revised reporting requirements, to identify main issues, and to report on these issues. The field test is open for all solo undertakings and service providers. Feedback received until January 31, 2020 will support EIOPA in ongoing discussions with stakeholders. However, EIOPA will also welcome feedback after January 31, 2020, which will be considered for future development of the implementing technical standards on reporting and disclosures.
The field test includes templates related to solvency capital requirement, detailed analysis per period for life insurance and reinsurance undertakings, cyber risk, and internal models. The field test is based on the templates and instructions as published in the consultation on supervisory reporting and public disclosure. The taxonomy package consists of DPM Excel files, XBRL files, and database. Certain templates—namely S.01.01, S.01.02, S.01.03, and T.99.01—were added to the package to ensure that the field test DPM and XBRL taxonomy consist of the same functional templates as the officially released taxonomy packages. The Excel files include annotated templates and DPM dictionary; list of the same data points included in the Annotated templates file, and suggestions about potential validation checks that have been added as comments. The field test does not aim for national competent authorities to receive real data.
Although there is no intention to collect real data during the field test exercise, the 2.4.0 taxonomy architecture has been used, including its 2.4.0 Filing rules. Experience shows that many important questions and concerns, including those linked with the interpretation of which information is requested, are raised during implementation. To address these questions and concerns, EIOPA is conducting this field test and welcomes any feedback on the questions, concerns, and any problem encountered during the test phase.
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Keywords: Europe, EU, Insurance, Reinsurance, Solvency II, Field Test, Reporting, Disclosures, SFCR, Quantitative Reporting Templates, Cyber Risk, DPM, XBRL, EIOPA
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