Marie Scholer and Lazaro Cuesta Barbera. It covers both the definition of reporting requirements and the underlying regulations for Introduction:Taxonomy licenceSolvency 2 release notes (updated on 3/11/2020) List of Known issues for EIOPA taxonomies (updated on 8/03/2021), DPM:DPM Dictionary and Solvency 2 Annotated Templates workbooksDetailed change log between the 2.5.0_and 2.4.0_HotfixDetailed change log between the 2.5.0 and 2.5.0_PWDDPM documentation, Validations:Solvency 2 List of validations (updated on 8/03/2021)Validation syntax, Taxonomy:Solvency 2 XBRL taxonomy (updated on 3/11/2020)Solvency 2 XBRL taxonomy with external files (updated on 3/11/2020)Solvency 2 XBRL instance examples (updated on 18/11/2020)Solvency 2 XBRL assertion test (updated on 18/11/2020)XBRL taxonomy documentationXBRL Filing RulesSolvency 2 DPM database (updated on 3/11/2020)EIOPA Unified DPM database with Solvency 2 and Pension Funds (updated by 3/11/2020), Announcement (03/04/2020): 2.4.0 Taxonomy Technical specifications for EIOPA recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure – Coronavirus COVID-19, Introduction:Taxonomy licenceSolvency 2 release notes (updated 04/11/2019)List of Known issues for EIOPA taxonomies (updated 28/04/2020), DPM:DPM Dictionary and Solvency 2 Annotated Templates workbooksDetailed change log between the 2.4.0 and 2.3.0 hotfix Detailed change log between the 2.4.0 and 2.4.0 PWDDPM documentation, Validations:Solvency 2 List of validations (updated 15/07/2020)Validation syntax, Taxonomy:Solvency 2 XBRL taxonomy (updated 04/11/2019), the Solvency 2 XBRL taxonomy with external files (updated 04/11/2019), the Solvency 2 XBRL instance examples and Solvency 2 XBRL assertions tests (updated 08/11/2019)XBRL taxonomy documentation XBRL Filing RulesSolvency 2 DPM database (updated 13/12/2019)EIOPA Unified DPM database with Solvency 2 and Pension Funds (updated 13/12/2019), Instructions:Solvency 2 Business package supporting the changes, Introduction:Taxonomy licenceSolvency 2 release notesList of Known issues for EIOPA taxonomies (updated 11/02/2020), DPM:DPM Dictionary and Solvency 2 Annotated Templates workbooksDetailed change log between the 2.3.0 hotfix and 2.3.0 Detailed change log between the 2.3.0 hotfix and 2.2.0 hotfix DPM documentation, Validations:Solvency 2 List of validations (updated 03/04/2020)Validation syntax, Taxonomy:Solvency 2 XBRL taxonomy,Solvency 2 XBRL instance examplesSolvency 2 XBRL assertions tests (updated 20/11/2018)XBRL taxonomy documentation, XBRL Filing RulesSolvency 2 DPM database (updated 12/12/2018)EIOPA Unified DPM database with Solvency 2 and Pension Funds (updated 12/12/2018), Taxonomy licencePension Funds release notes (updated on 3/11/2020)List of Known issues for EIOPA taxonomies (updated on 8/03/2021), DPM:DPM Dictionary and Pension Funds Annotated Templates workbooksDetailed change log between Pension Funds II 2.5.0 and 2.3.0 HotfixDetailed change log between Pension Funds II 2.5.0 and 2.5.0 PWD DPM documentation, Validations:Pension funds List of validations (updated on 8/03/2021)Validation syntax, Taxonomy:Pension Funds XBRL taxonomy (updated on 3/11/2020)Pension Funds XBRL taxonomy with external files  (updated on 3/11/2020)Pension Funds XBRL instance examples (updated by 18/11/2020)Pension Funds XBRL assertion test (updated on 18/11/2020)XBRL taxonomy documentationXBRL Filing RulesPension Funds DPM database (updated on 3/11/2020)EIOPA Unified DPM database with Solvency 2 and Pension Funds (updated by 3/11/2020), Instructions:Technical instructions for EIOPA and ECB Pension Funds reporting using the XBRL taxonomy, Taxonomy licencePension Funds release notesList of Known issues for EIOPA taxonomies (updated 28/04/2020), DPM:DPM Dictionary and Pension Funds Annotated Templates workbooksDetailed change log between Pension Funds II 2.3.0 and 2.3.0 PWD2 DPM documentation, Validations:Pension funds List of validations (updated 15/07/2020)Validation syntax, Taxonomy:Pension Funds XBRL taxonomyPension Funds XBRL instance examplesPension Funds XBRL assertions tests (updated 20/11/2018) XBRL taxonomy documentationXBRL Filing RulesPension Funds DPM database (updated 12/12/2018)EIOPA Unified DPM database with Solvency 2 and Pension Funds (updated 13/12/2019). The Tool will not be updated to support the 2.2.0 or following taxonomies. risks and factors in the delegated acts under Solvency II and IDD. The European Insurance and Occupational Pensions Authority (EIOPA) published on 21 July 2011 a sample of the future Solvency II taxonomy and reports. Highlight EIOPA is consulting on its Opinion on the 2020 review of Solvency II. EIOPA implemented the DPM methodology and the XBRL as the standard for reporting data submission between EIOPA and national competent authorities following a decision of the Board of Supervisors on Collection of Information by EIOPA. As a general rule one taxonomy release per year has been published and EIOPA aims to continue this approach to minimise the number of taxonomy publications. These Guidelines include supervisory reporting requirements applicable to all branches from undertakings with head-offices outside the European Union subject to Solvency II Directive. These supervisory reporting requirements should enable the supervisory authorities of the special purpose vehicles to assess continued compliance with the relevant requirements. In addition to entry points for the original Solvency II report versions (including reporting on third country branches and SPVs), the EIOPA XBRL taxonomy provides entry points for reporting for financial stability purposes and ECB insurance statistics purposes. Changes in 2.4.0: 96 validations; Additional technical fields in the Basic information templates to … Please subscribe to this RSS feed to receive updates when the content of this page is updated. EIOPA publishes updated information on the DPM and XBRL Taxonomy design on its website to increase awareness and collect technical feedback from relevant market participants. Under EIOPA's latest Solvency II Taxonomy Roadmap, the (solo) deadlines for the remaining 2020 reference dates are as follows: 2020 Q2 4 August 2020 2020 Q3 4 November 2020 QRT, FST, NST, ECB add-on - Reporting Templates. '���/V���jv�>��j���R��������v�Z,o��߿�B���r5��*6>:d����ޖlD_,e�) ��k���φ�Oo��p0>���@p��/�`��9��Y\�v~���}tl� �y���o�˿��?��c\��p�z;MZ���o`mq��\��Fz��Tv�����Rd�X�� i�] B$�9ǽj��/��^�P���%.��#��c�%�>��G ����K�݆!��f.6|�bczc�4��,w]��i9�=}\� МU�#ZI��:.K�Gr��é���.Gq٫P#�I�El����V���[��%�v#�Ŏ��8ZY�6��F�����T۹�@V;�=��КT�5�*����y)j�� 6M�S�3'n{�o��?a�zQVy�Uj�덇 ��A�vzr���+�r�����Y��p�cqנf�(� �7�' ���֮�W����X:]����f]��͔ܬ������t+1��Ճd��P����z:X��lh�.��75B(9�ЧC% ��Ȟp��^֞��yip�G�&b�|�c�d��+NCr���䈉����e���q���l�w��&?��[� 18�[ɭz56�?2%+=O�Z�z�RImcN�Ϝ6�,� �spxYPS|�!O��w�������B�!م�nZ�Z,dcu:�r�|S����>hnܫ=��G2i�n�y Ă�l|P���$�R�P��j>��w�T��S�jT��[��_t5��4�2�1BU��� 4. By Dave Nitchman. The Solvency II taxonomy has been updated and this means that reports from reference date 31-12-2019 should be reported with taxonomy version 2.4.0. 1 0 obj 2 0 obj Given the integrated reporting approach followed for supervisory and statistical reporting to EIOPA and the ECB, a common understanding of the minimum level of data quality is required as well as of when a revision of data is considered necessary. Solvency II Taxonomy. In CP3/20, PRA sets out the proposals to make minor amendments to PRA rules, supervisory statements, National Specific Templates and associated LOG files, and the market risk sensitivities data … EIOPA –European Insurance and Occupational Pensions Authority– email: xbrl@eiopa.europa.eu; Website: https://eiopa.europa.eu 2 of 9 I Introduction This EIOPA Solvency II DPM and XBRL taxonomy package release 2.5.0 Public Working Draft is provided to be used from the 31/12/2020 reference date until a new version is Today, EIOPA also published a hotfix update for the 2.3.0 Solvency II taxonomy. The code contains 4 characters, with following structure: First two characters – Country of listing EIOPA Publishes Corrective Updates. endobj While information reported should be of good quality at the time of its first submission, at a later stage revisions may be needed upon request by the European or national authorities or upon financial institutions' own initiative. The XBRL standard and software solutions are implemented by external parties (XBRL International and software vendors) to provide the software solutions to meet the defined requirements. On 15 July the European Insurance and Occupational Pensions Authority (EIOPA) released its updated Solvency II Data Point Models and XBRL taxonomies. This is a disclosure of the XBRL technology that will be used for Solvency II reporting. N.B: An instance document prepared for Pillar 3 reporting MUST comply with the business Solvency II is based on the principle of using fair values for assets – ... uniform taxonomy for sustainability factors. This article investigates how much investment held by insurers may be eligible to the EU sustainable finance taxonomy. As it was the case for the update of the previous 2.2.0 hotfix, this hotfix is correcting the taxonomy validations to optimise the data quality with minor impact on IT systems – providing XBRL "instance compatibility" with 2.3.0. The taxonomy and all related documents, including filing rules, details of the changes made, the Data Point Model, validations and instructions can be found here. This section covers the reporting and disclosure requirements under Solvency II, the requirements applicable to branches from undertakings with head-offices outside the European Union and special purpose vehicles. %���� <> %PDF-1.5 O�������ye]� ��qҘi,ދ�6ƴ�!|��X�B��� U�����p�S�n.%@��t×�@�.XuؓA�a�Wz���ubZF�g�仢�=�m�s�N���nz$e��Rv�Y6��}��F�-=m�. 4 0 obj EIOPA also makes the point that there is no excuse for incorporating sustainability analysis on one side of the balance sheet but not the other. Europe’s insurers truly appreciate its high standards of governance, risk management, reporting, and the consumer protection it provides. Reporting under Solvency II Directive applicable to all vehicles subject to Solvency II Directive. Following EIOPA’s Recommendations of 20 March 2020 on annual and quarterly reporting and publication deadlines, EIOPA considers that insurance and reinsurance undertakings should now be in condition to comply with the deadlines provided in the Solvency II framework. These unofficial reporting templates are purely for illustrative purposes and are not subject to mandatory reporting across all Member States of the European Union. It also includes Solvency II XBRL Taxonomy developed by EIOPA to ensure the harmonised XBRL reporting under Solvency II. However, there is a limited, yet significant, number of problems that need to be addressed. The EIOPA Solvency II XBRL taxonomy The EBA is using a Data Points Model, a more sophisticated XBRL model, in which the link between the taxonomy and the business use is more difficult to establish. The purpose of the Guidelines on the supervision of branches of third-country insurance undertakings is to ensure a consistent, efficient and effective protection of policyholders within the European Union. EIOPA SII Annotated Templates 2.1.0 Jul 2020; EIOPA SII Validations 2.1.0 Jul 2020 <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 14 0 R] /MediaBox[ 0 0 595.2 841.6] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Therefore, the European Insurance and Occupational Pensions Authority (EIOPA) and the European Central Bank (ECB) published Common Minimum Standards for Data Revisions agreed between the ECB, EIOPA, the National Central Banks (NCBs) and the National Competent Authorities (NCAs). This EIOPA Solvency II DPM and XBRL taxonomy package release 2.5.0 is provided to be used from the 31/12/2020 reference date until a new version is announced in line with the Governance of Taxonomy Releases. The biggest changes are found in Sheets S.26.01 and S.27.01. In order to minimise the reporting burden on the insurance industry, the ECB Regulation allows the national central banks to derive the necessary statistical information, to the extent possible, from data reported for supervisory purposes under the EU's Solvency II framework. As a precautionary measure, this potential release is included in the yearly schedule to aid planning. The Implementing Technical Standards on Special Purpose Vehicles defines that special purpose vehicles have to submit supervisory reporting to national competent authorities on an annual basis. Important: Due to budget restrictions EIOPA will have to decommission the T4U from the second half of 2017 after undertakings have conducted the first Solvency II reporting exercise. The list is updated according to the governance of taxonomies releases and amended following a public consultation. It is expected that in most of the years only one release will occur. EIOPA –European Insurance and Occupational Pensions Authority– email: xbrl@eiopa.europa.eu; Website: www.eiopa.europa.eu 8/83 III.3 History of the Taxonomy architecture III.3.1 Underlying assumptions and overview In order to contribute to the development of Solvency II, … More information can be found on the website of the European Central Bank. On 15 July the European Insurance and Occupational Pensions Authority (EIOPA) released its updated Solvency II Data Point Models and XBRL taxonomies. European Insurance and Occupational Pensions Authority EIOPA has released Taxonomy version 2.4.0 for Solvency II reporting. I.Overview of this document 2. The Bank of England has now updated the Solvency II XBRL filing manual to help firms and software vendors create XBRL instance documents for Solvency II Pillar 3 reporting in light of the latest EIOPA Solvency II Taxonomy 2.2.0 update (the Bank will be adopting the Taxonomy 2.2.0 hotfix). <> The list describes issues and provides solutions to be taken into account during the technical implementation. Solvency II and other EU directives into UK law as part of Brexit preparations, but the extent to which it adopts or mirrors proposals after Brexit is unclear. Background Solvency II is the most sophisticated in the world. To contact us for support please use one of the below options: Deprecated versions - Data point model and XBRL, Common Minimum Standards for Revisions of Reported data, Insurance Data Point Model and Taxonomy 2.5.0  (Published 15/7/2020) (hotfix by 3/11/2020), Insurance Data Point Model and Taxonomy 2.4.0 (Published 15/07/2019, hotfix of non-working validations updated by 4/11/2019), Data Point Model and Taxonomy 2.3.0 Hotfix (Published 17/07/2018, hotfix update by 05/11/2018), Pension Funds Data Point Model and Taxonomy 2.5.0  (Published 15/7/2020) (hotfix by 3/11/2020), Pension Funds Data Point Model and Taxonomy 2.3.0 (Published 5/11/2018, Insurance and reinsurance stakeholder group, Pan-European Personal Pension Product (PEPP), decision of the Board of Supervisors on Collection of Information by EIOPA, List of Known issues for EIOPA taxonomies (updated on 8/03/2021), Detailed change log between the 2.5.0_and 2.4.0_Hotfix, Detailed change log between the 2.5.0 and 2.5.0_PWD, Solvency 2 XBRL taxonomy with external files, EIOPA Unified DPM database with Solvency 2 and Pension Funds, 2.4.0 Taxonomy Technical specifications for EIOPA recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure – Coronavirus COVID-19, Detailed change log between the 2.4.0 and 2.3.0 hotfix, Detailed change log between the 2.4.0 and 2.4.0 PWD, Detailed change log between the 2.3.0 hotfix and 2.3.0, Detailed change log between the 2.3.0 hotfix and 2.2.0 hotfix, Solvency 2 Business package supporting the changes, Detailed change log between Pension Funds II 2.5.0 and 2.3.0 Hotfix, Detailed change log between Pension Funds II 2.5.0 and 2.5.0 PWD, Pension Funds XBRL taxonomy with external files, Technical instructions for EIOPA and ECB Pension Funds reporting using the XBRL taxonomy, Detailed change log between Pension Funds II 2.3.0 and 2.3.0 PWD2, Implementing Technical Standards on Reporting, Amendment to the Implementing Technical Standard on Reporting, Explanatory notes on reporting templates Variation Analysis templates, Implementing Technical Standards on Disclosure, Amendment to the Implementing Technical Standard on Public Disclosure, Guidelines on Financial Stability Reporting​, Guidelines on the supervision of branches of third-country insurance undertakings, Questions regarding supervisory reporting or public disclosure requirements should be addressed with the, Questions regarding DPM and XBRL technical questions please contact, Questions regarding the business validations (BV) and technical validations (TV) please contact, Westhafenplatz 1, 60327 Frankfurt am Main. The Guidelines on Third Country Branches in particular aim to ensure, as a minimum, the same level of protection of policyholders of a branch of a third country insurance undertaking as that they enjoy when they are dealing with an insurance undertaking situated in the European Union whether in its home Member State or through a branch under Solvency II Directive.