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April 10, 2023 Page 1
Solvency II updateQuantitative Reporting Templates
Pierre-Jean Vouette (CEIOPS)XIII European Banking Supervisors XBRL Workshop, Luxemburg, 25 Nov 2010
CEIOPS
April 10, 2023 Page 2
Executive summary
CEIOPS
• Objectives
• General structure
• Frequency and Deadlines
• Informal consultation with the stakeholders
• IT dimension
CEIOPS
April 10, 2023 Page 3
Objectives (1/2)
• Quantitative data => essential input for the supervisory process (at the micro and macro levels)
• Part of regular reporting, with a standardized format
• Concerns both solo entities and groups
• Content to be developed at Level 3 (Binding Technical Standards)
CEIOPS
April 10, 2023 Page 4
Objectives (2/2)
• Current situation : huge differences between member states
• Solvency II templates => harmonized for all EEA undertakings : will replace existing national requirements
• Why harmonization is important :
• Exchange of information between authorities (esp. for colleges)
• Comparison of data between countries
• Aggregation of figures at the European level
• Reduction of burden for undertakings (esp. cross-border)
• Convergence of supervisory practices
CEIOPS
04/10/23 Page 5
General structure (1/2)
Balance sheet
Assets (incl. detailed list)
Technical provisions
development
Reinsurance
Capital requirements
Results analysis
Harmonised elements
+
National specificities
Specific regulations or activities : e.g. distribution of profits, P&I clubs, etc.; Accounting information
Received in a harmonised format, capable of being shared automatically with EIOPA and/or other supervisory authorities
Received in locally-defined format and not automatically shared
CEIOPS
April 10, 2023 Page 6Page 6
General structure (2/2)
Solo Templates(EEA (re)insurance entities)
Solo Templates(EEA (re)insurance entities)
Group-specificTemplates
(non-EEA or non-insuranceentities, IGT,
risk concentr°)
Group-specificTemplates
(non-EEA or non-insuranceentities, IGT,
risk concentr°)
Group TemplatesGroup Templates
Also for sub groupsAlso for sub groups(when there is sub (when there is sub
group supervision!)group supervision!)
CEIOPS
April 10, 2023 Page 7
Frequency and deadlines
• Frequency : both annual and quarterly (for “core” data)
• Deadlines :
• 1st Solvency II templates : Q1 2013 (quarterly), reporting year 2013 (annual)
CEIOPS
April 10, 2023 Page 8
Consultation Process
• First draft of (solo) templates in CEIOPS’ Consultation Paper 58
• Further consultation within CEIOPS, to deal with major concerns
• Informal consultation with stakeholders from April to Sept 2010
• Pre-Consultation in December 2010
• Open issue : stabilize content in late 2011 (before formal BTS adoption in 2012), to give more implementation time to undertakings & supervisors
CEIOPS
April 10, 2023 Page 9
IT dimension
• New framework (valuation + risks assessment) for supervisors and undertakings: many new concepts at the same time.
• More than 3500 reporting entities + tight timeline
• Initial arguments in favour of an XML solution seen easier in this context
• Work started end of june. Taxonomy still being developed. Some templates are perhaps more complex than initially envisaged.
• Dependence on business requirements stabilisation
• Next steps : pre-consultation, formal consultation, binding solution. To go live at the beginning of 2013
