EIOPA Submits Draft Changes to SII Reporting and Disclosures
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.
Related Links
Keywords: Europe, EU, Insurance, Solvency II, Reporting, Implementing Technical Standards, Disclosures, EIOPA, Taxonomy 2.8.0
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Previous Article
EBA Proposes Policy Actions to Address Risks of Non-Bank LendingRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
