Today, the European Insurance and Occupational Pension Authority (EIOPA) launched a Consultation Paper on proposals for Solvency II 2020 Review - Review of technical implementation means for the package on Solvency 2 Supervisory Reporting and Public Disclosure.
EIOPA received on 11 February 2019 the Call for Advice of the European Commission on the review of Directive 2009/138/EC (Solvency II). The Call for Advice covers a broad variety of topics, including all topics that EIOPA has already started to work on, such as supervisory reporting and public disclosure.
In this context EIOPA decided to integrate in the 2020 review in addition to wave 1 and wave 2 (also) the technical implementation means into the Solvency II 2020 review package, to ensure that it covers the entire reporting processes.
The EIOPA technical means are normally addressed mainly via EIOPA’s BoS decisions and the regular publication of technical artefacts and documents (Annotated templates, XBRL taxonomy, governance, etc.). However, during this consultation process EIOPA will consider if for the narrative reports, i.e. the SFCR and RSR, more details on the type of digital format should be reflected in the legislation (level 2) or the EIOPA Guidelines on reporting and public disclosure.
The review of the technical means for the supervisory reporting are thought in particular for Solvency 2 but in order to keep the current harmonization (single dictionary, taxonomy, etc.) any review will also be applied by analogy to the EIOPA Pension Funds.
EIOPA aims to improve the efficiency and effectiveness of the reporting and disclosure framework, thereby reducing the costs associated to the processes. In this context, EIOPA proposals in this technical area contribute further to the proportionality and cost efficiency the framework
For responding to this consultation please use the page below. The deadline for submission of feedback is Monday, 20 April 2020 at 23.59 hrs CET.
Unless requested otherwise, all contributions received will be published after the deadline for submission.