DPM methodology and XBRL are the standard for reporting data submission between EIOPA and national competent authorities.
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 and a decision of the Board of Supervisors on the reporting of the pan-European Personal Pension Product key information document.
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Changes in the taxonomy releases
Currently, EIOPA reporting taxonomy package not only includes Solvency II (for insurance and reinsurance undertakings, Special Purpose Vehicles and branches from third country insurance undertakings), but also the reporting for EIOPA Financial Stability purposes, ECB Insurance Statistics, EIOPA information needs on IORPs, ECB Pension Funds Statistics, information on PEPP prudential (integrated and stand alone to cover reporting entities from all financial sectors), Solvency II disclosure package, and, finally, also the Financial Conglomerates Reporting package.
EIOPA is introducing a more automated and efficient way to produce taxonomies, reducing the risk for mistakes and mitigating the frequency and impact of business and technical changes in the implementation of reporting requirements.
To allow the market to anticipate and to adapt to these changes, we are explaining in the document below what business and technical changes we are introducing, what consequences this will have and when they will be introduced. Read the document below to find out more about the upcoming changes in EIOPA’s taxonomy releases :
EBA and EIOPA jointly with Eurofiling have revised the Taxonomy Architecture to implement the improvements introduced to the data point modelling through the DPM Refit.
Survey on taxonomy implementation starting dates
EIOPA aims to gain in-depth technical insights into potential challenges that stakeholders might face if the starting date of a new taxonomy were to be set for the 4th quarter or the 1st of January of the year after. During EIOPA's reporting public event held on 10 October 2023, initial feedback highlighted diverse views and preferences on this matter with some participants expressing concerns.
In light of this feedback and the need for a more comprehensive understanding of stakeholder perspectives, EIOPA is actively seeking input from all relevant parties.
Learn more and respond to the survey
The Data Point Model (DPM)
A structured representation of the data, identifying all the business concepts and their relations, as well as validation rules. The data point model (DPM) implements the uniform and consistent definitions included in the implementing technical standards (ITS), guidelines and Board of Supervisors decisions on reporting and disclosure. It is composed of the annotated templates for the PEPP PR, Solvency II and for the Pension funds with the common DPM dictionary.
The Data Point Model Standard 2.0
The Data Point Model (DPM) Standard is a key component of the data dictionary used by EIOPA and the EBA to define concepts for the harmonised regulatory data requirements applicable to financial institutions in the European Economic Area (EEA). In that sense, the DPM Standard supports experts preparing or using regulatory reporting data by providing a structured representation of the information, identifying all the business concepts and their relations, as well as validation and calculation rules.
The DPM Standard 2.0 enhances the methodology that is at the core of EIOPA and the EBA reporting process, creating a fully consistent approach for modelling reporting requirements. The new DPM supports the whole reporting lifecycle, from data definition to data exploration, and aims to reap the benefits of stronger collaboration and higher harmonisation and to improve the digital processing of the regulatory data required by authorities.
EIOPA and the EBA, following their joint DPM Refit project to keep the standard up-to-date, published in June 2023 the main package of the new DPM Standard 2.0 version and shared more information on specific events.
Moreover, in April 2024, EIOPA, the EBA and the European Central Bank (ECB) set up an alliance for common governance and collaboration in developing and maintaining the Data Point Model (DPM) Standards.
The DPM Alliance is established through a Memorandum of Understanding that was signed by the EIOPA, the EBA and the ECB to foster harmonisation among the organisations. This alliance aims at ensuring consistent methodology for modelling reporting requirements, the common metamodel used for populating the reporting requirements and the associated documentation.
The XBRL taxonomies and related artefacts
Implementing the technical data requirements and validation rules described by the data point model in the technical format of XBRL. 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.
T4U Source code (Source code providing the means to create “Mapping” table):
Updated DPM database classical relational tables and mapping generator containing a fix to F – fact and C – context value mapping. (The 2.8.0 database is no longer within the generator, as the 2.8.0 Hotfix version is now available directly):
The list of known issues
The list describes issues and provides solutions to be taken into account during the technical implementation. Mainly corrections in relation to the DPM and XBRL taxonomies.
XBRL Taxonomy Releases
For planning purposes, please refer to the latest time schedule below (see timeline image below - updated 07/08/2024) and the EIOPA Taxonomy Roadmap (updated 12/06/2024).
EIOPA Taxonomy Roadmap - Updated 7 August 2024
2.7.0 and 2.7.1 (PEPP and Pension Funds)
The 2.7.0 release is the one to be used from the reference period Q4-2022 and includes the PEPP Prudential (PEPP PR) integration for Solvency II and Pension Funds frameworks, as well as PEPP PR standalone reporting. The release 2.7.1 includes only the reflection of Croatia entering the Euro-Zone. PEPP standalone reporting remains to use 2.7.0 release until new taxonomy is announced. Pension Funds (IORPs) continues to use 2.7.1 release until Q4 2024 included (2.9.0 will be applicable from Q1 2025).
2.8.0 (Solvency II)
The 2.8.0 Solvency II release is the one to be used by the insurance and reinsurance undertakings and branches from third country insurance undertakings from the reference period Q4-2023 until Q3-2024 and includes changes only to Solvency II [(EU) 2023/894 - ITS with regards to the templates for the submission of information necessary for supervision (applicable as of 31/12/2023)], but no changes to Pension Funds nor to PEPP. The final version of 2.8.0 with validations was published on 17 March 2023, the 2.8.0 Hotfix on 13 October 2023.
2.8.2 (Solvency II minor release)
EIOPA has been continuously monitoring the submissions under the 2.8.0 Solvency II taxonomy and the relevant issues and decided that the high number of issues that require additional workaround must be corrected. As the corrections are extended compared to a usual hotfix and the version is already in use, EIOPA decided to release it as 2.8.2 minor release, also due to IT implementation reasons. The public working draft (PWD) was published on 10 September 2024 for stakeholders’ review until 7 October 2024.
EIOPA is organising a Q&A session for all stakeholders on 17 September 2024 to present the summary of changes and open the floor to any questions you may have. Please see the details here:
Solvency II 2.8.2 taxonomy release Q&A session - EIOPA (europa.eu)
Besides this Q&A session, stakeholders should send their comments on the PWD using the usual contact information:
• Regarding DPM and XBRL technical issues, please contact xbrleiopa [dot] europa [dot] eu (xbrl[at]eiopa[dot]europa[dot]eu) identifying the Taxonomy Release of the DPM-XBRL implementation issue
• Regarding the business validations (BV) and technical validations (TV) please contact validationseiopa [dot] europa [dot] eu (validations[at]eiopa[dot]europa[dot]eu)
The final 2.8.2 is planned to be published on 15 October 2024. 2.8.2 will be applicable from the Q42024 / annual 2024 reference periods until new release is announced. The next major Solvency II release (2.10.0) will be based on the ITS amendment following the revised reporting package after Level 1 and Level 2 proposals under the Solvency II Review.
2.8.1 (FICOD)
Regarding the 2.8.1 release for FICOD (Financial Conglomerates), it is a standalone (not integrated) cross-sectoral version to be used for reporting of insurance led conglomerates until a new release is announced. The final version was published on 31 July 2023 and the Hotfix on 6 November 2023. The application date is 31 December 2023 with first reporting in 2024.
2.9.0 (Pension Funds)
The Pension Funds 2.9.0 taxonomy will be applicable from Q1 2025 and applies only to Pension Funds (IORPs). 2.9.0 Hotfix was published on 16 July 2024.
Taxonomy Timeline
EIOPA Taxonomy Timeline 10 Sept 2024
EIOPA aims to continue with the approach of one taxonomy release per year to concentrate the number of taxonomy publications to the extent possible. However, in circumstances of intense business changes or when, eventually, a released taxonomy contains material defects, a second release may be needed. As a precautionary measure, this potential corrective release, labelled as ‘Hotfix’, is included in the yearly schedule to aid planning.
Introduction:
The Taxonomy licence
The Pan-European Personal Pension Product PR release notes (updated on 08/11/2022)
DPM:
The DPM Dictionary and Pan-European Personal Pension Product PR Annotated Templates workbooks
The Detailed change log between the 2.7.0 hotfix and 2.7.0_PWD2
Validations:
The PEPP PR List of validations (updated on 08/11/2022)
Taxonomy:
The PEPP PR XBRL taxonomy (updated on 08/11/2022)
The PEPP PR XBRL taxonomy with external files (updated on 08/11/2022)
The PEPP PR XBRL instance examples
The XBRL taxonomy documentation
The PEPP PR DPM database (updated on 08/11/2022)
The EIOPA Unified DPM database with Solvency II, Pension Funds and PEPP Prudential (updated on 08/11/2022)
The EIOPA Unified XBRL taxonomy with Solvency II, Pension Funds and PEPP Prudential with external files (updated on 08/11/2022)
The EIOPA Unified XBRL taxonomy with Solvency II, Pension Funds and PEPP Prudential (updated on 08/11/2022)
Instructions:
The Technical instructions for EIOPA Pan-European Personal Pension Product Prudential reporting (updated on 08/11/2022)
DPM:
DPM Dictionary and PEPP KID Annotated Templates
Validations:
PEPP KID List of validations (Updated on 08/11/2022)
Taxonomy:
PEPP KID XBRL taxonomy with external files
PEPP KID XBRL instance examples
Pension funds XBRL assertion test (updated on 10/12/2021)
Instructions:
Technical instructions for KID PEPP Data Point Model and Taxonomy 2.6.1
Introduction:
The introduction on SII Taxonomy 2.8.2 - presentation for the Industry during Q&A Session on 17 September 2024
The Taxonomy licence
DPM:
The DPM Dictionary, the Solvency II Annotated Templates and the Solvency_II_DPM_Annotated_Templates_table_group_arrangement
The Simplified Change Log between 2.8.0 Hotfix and 2.82.2 PWD
The Detailed change log between the 2.8.0 Hotfix and 2.8.2 PWD (including the draft validation detailed change log)
Validations:
The Solvency II List of validations
Taxonomy:
The Solvency 2 XBRL taxonomy, Solvency 2 XBRL taxonomy with external files, Solvency 2 XBRL instance examples
The XBRL taxonomy documentation
The DPM database documentation
Instructions:
The Business package
Addition Resources:
Unofficial reporting including ECB add-ons.
Introduction:
DPM:
The DPM Dictionary and Solvency 2 Annotated Templates workbooks
The Detailed change log between the 2.8.0 and 2.7.0
The Detailed change log between the 2.7.0 Hotfix_and 2.8.0 Hotfix
The Detailed change log between the 2.8.0 Hotfix_and 2.8.0
The Draft validations change log between the 2.8.0 Hotfix_and 2.8.0
Validations:
The Solvency II List of validations (updated 21/08/2024)
The List of known Issues (updated 21/08/2024)
Taxonomy:
The Solvency 2 XBRL taxonomy, the Solvency 2 XBRL taxonomy with external files, Solvency 2 XBRL instance examples
The XBRL taxonomy documentation
The XBRL Filing Rules (updated 26/01/2024)
The Solvency II DPM database and the DPM database documentation
Instructions:
The Business package
Technical instructions providing information on PEPP integrated reporting:
The Technical instructions for EIOPA Solvency II reporting using the XBRL taxonomy (updated on 19/06/2023)
Introduction:
The Taxonomy licence
The Solvency 2 Release notes (updated on 28/02/2022)
DPM:
The DPM Dictionary and Solvency 2 Annotated Templates workbooks
The Detailed change log between the 2.7.0 hotfix and 2.6.0 hotfix
The Detailed change log between the 2.7.0 hotfix and 2.7.0 PWD2
Validations:
The Solvency II List of validations (updated on 02/03/2023)
Taxonomy:
The Solvency II XBRL taxonomy (updated on 28/02/2023), the Solvency II XBRL taxonomy with external files (updated on 28/02/2023), the Solvency II XBRL instance examples (updated on 08/11/2022)
The XBRL taxonomy documentation
The Solvency II DPM database (updated on 08/11/2022)
The EIOPA Unified DPM database with Solvency II, Pension Funds and PEPP Prudential (updated on 08/11/2022)
The EIOPA Unified XBRL taxonomy with Solvency II, Pension Funds and PEPP Prudential with external files (updated on 08/11/2022), the EIOPA Unified XBRL taxonomy with Solvency II, Pension Funds and PEPP Prudential (updated on 08/11/2022)
Technical instructions providing information on PEPP integrated reporting:
The Technical instructions for EIOPA Solvency II reporting using the XBRL taxonomy
Announcement (11/08/2021): EIOPA has published a list of deactivated validations
Taxonomy licence
Solvency 2 release notes (updated on 03/11/2021)
DPM:
DPM Dictionary and Solvency 2 Annotated Templates
Detailed change log between the 2.6.0 and 2.5.0 Hotfix
Detailed change log between the 2.6.0 and 2.6.0 PWD
DPM documentation
Validations:
Solvency 2 List of validations (updated on 20/06/2022)
Validation syntax
Taxonomy:
Solvency 2 XBRL taxonomy (updated on 03/11/2021)
Solvency 2 XBRL taxonomy with external files (updated on 03/11/2021)
Solvency 2 XBRL instance examples
Solvency 2 XBRL assertion test (updated on 10/12/2021)
XBRL taxonomy documentation
XBRL Filing Rules
Solvency 2 DPM database (updated on 03/11/2021)
EIOPA Unified DPM database with Solvency 2 and Pension Funds (updated on 03/11/2021)
Introduction:
Taxonomy licence
Solvency 2 release notes (updated on 3/11/2020)
List of Known issues for EIOPA taxonomies (updated on 7/05/2021)
DPM:
DPM Dictionary and Solvency 2 Annotated Templates workbooks
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
DPM documentation
Validations:
Solvency 2 List of validations (updated on 7/05/2021)
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 documentation
XBRL Filing Rules
Solvency 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 licence
Solvency 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 workbooks
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
DPM 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 Rules
Solvency 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 licence
Solvency 2 release notes
List of Known issues for EIOPA taxonomies (updated 11/02/2020)
DPM:
DPM Dictionary and Solvency 2 Annotated Templates workbooks
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
DPM documentation
Validations:
Solvency 2 List of validations (updated 03/04/2020)
Validation syntax
Taxonomy:
Solvency 2 XBRL taxonomy,
Solvency 2 XBRL instance examples
Solvency 2 XBRL assertions tests (updated 20/11/2018)
XBRL taxonomy documentation
XBRL Filing Rules
Solvency 2 DPM database (updated 12/12/2018)
EIOPA Unified DPM database with Solvency 2 and Pension Funds (updated 12/12/2018)
Instructions:
Solvency 2 Business package supporting the changes
This pension funds DPM and XBRL taxonomy package release 2.9.0 Hotfix is provided to be used from the 01/01/2025 reference date until a new version is announced in line with the Governance of Taxonomy Releases.
Introduction:
The Taxonomy licence
The Pension Funds release notes
DPM:
The DPM Dictionary (ATOME output) and Pension Funds Annotated Templates (ATOME output) workbooks
The Pension Funds Annotated Templates (ATOME output) with table groups within single worksheet workbook
The DPM Dictionary and Pension Funds Annotated Templates legacy format workbooks
The Detailed change log between the 2.9.0 Hotfix and 2.7.1
The Detailed change log between the 2.9.0 Hotfix and 2.9.0
Validations:
The Pension Funds List of validations (updated 21/08/2024)
Taxonomy:
The Pension Funds XBRL taxonomy, the Pension Funds XBRL taxonomy with external files
The Pension Funds XBRL instance examples
The XBRL taxonomy documentation
The Pension Funds DPM database
The EIOPA Unified DPM database with Solvency II, Pension Funds and PEPP Prudential. Due to the fact that the various release periods of different frameworks are not aligned their dictionaries are also not fully aligned. Therefore, the created unified database is based on a dictionary which is a combination of the dictionaries of the base models, and thus should not be treated as reference.
Instructions:
Introduction
The Taxonomy licence
The Pension Funds release notes
DPM:
The DPM Dictionary and Pension Funds Annotated Templates workbooks
The DPM Dictionary (ATOME output) and Pension Funds Annotated Templates (ATOME output) workbooks
The Detailed change log between the 2.9.0_ and 2.7.1
The Detailed change log between the 2.9.0_ and 2.9.0_PWD
Validations:
The Pension Funds List of validations
Taxonomy:
The Pension Funds XBRL taxonomy, the Pension Funds XBRL taxonomy with external files, the Pension Funds XBRL instance examples
The XBRL taxonomy documentation
The Pension Funds DPM database and the DPM database documentation
Instructions:
Please be informed that artefacts in cursive are common between Pan-European Personal Pension Products KID, Pan-European Personal Pension Products PR, Solvency II and Pension Funds.
The Taxonomy licence
The Pension Funds release notes (updated on 01/03/2023)
DPM:
The DPM Dictionary (updated on 01/03/2023) and Pension Funds Annotated Templates (updated on 01/03/2023) workbooks
The Detailed change log between the 2.7.0_hotfix and 2.6.0_hotfix
The Detailed change log between the 2.7.0_hotfix and 2.7.0_PWD2
Validations:
The Pension Funds List of validations (updated on 19/06/2023)
Taxonomy:
The Pension Funds XBRL taxonomy (updated on 01/03/2023)
The Pension Funds XBRL taxonomy with external files (updated on 01/03/2023)
Pension Funds XBRL instance examples (updated on 08/11/2022)
The XBRL taxonomy documentation
The Pension Funds DPM database (updated on 08/11/2022)
The EIOPA Unified XBRL taxonomy with Solvency II, Pension Funds and PEPP Prudential with external files (updated on 08/11/2022)
The EIOPA Unified XBRL taxonomy with Solvency II, Pension Funds and PEPP Prudential (updated on 08/11/2022)
Instructions:
Announcement (11/08/2021): EIOPA has published a list of deactivated validations
Taxonomy licence
Pension Funds release notes (updated on 03/11/2021)
DPM:
DPM Dictionary and Pension Funds Annotated Templates
Detailed change log between Pension Funds II 2.6.0 and 2.5.0 Hotfix
Detailed change log between Pension Funds II 2.6.0 and 2.6.0 PWD
DPM documentation
Validations:
Pension funds List of validations (updated on 03/11/2021)
Validation syntax
Taxonomy:
Pension Funds XBRL taxonomy (updated on 03/11/2021)
Pension Funds XBRL taxonomy with external files (updated on 03/11/2021)
Pension Funds XBRL instance examples
XBRL taxonomy documentation
XBRL Filing Rules
Pension Funds DPM database (updated on 03/11/2021)
EIOPA Unified DPM database with Solvency 2 and Pension Funds (updated on 03/11/2021)
Instructions:
Technical instructions for EIOPA and ECB Pension Funds reporting using the XBRL taxonomy
Taxonomy licence
Pension Funds release notes (updated on 3/11/2020)
List of Known issues for EIOPA taxonomies (updated on 7/05/2021)
DPM:
DPM Dictionary and Pension Funds Annotated Templates workbooks
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
DPM documentation
Validations:
Pension funds List of validations (updated on 7/05/2021)
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 documentation
XBRL Filing Rules
Pension 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 licence
Pension Funds release notes
List of Known issues for EIOPA taxonomies (updated 28/04/2020)
DPM:
DPM Dictionary and Pension Funds Annotated Template workbooks
Detailed 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 taxonomy
Pension Funds XBRL instance examples
Pension Funds XBRL assertions tests (updated 20/11/2018)
XBRL taxonomy documentation
XBRL Filing Rules
Pension Funds DPM database (updated 12/12/2018)
EIOPA Unified DPM database with Solvency 2 and Pension Funds (updated 13/12/2019)
Instructions:
Technical instructions for EIOPA and ECB Pension Funds reporting using the XBRL taxonomy
Introduction:
The Taxonomy licence
The Financial conglomerates release notes
DPM:
The DPM Dictionary and Financial conglomerates Annotated Templates workbooks
Validations:
The Financial conglomerates List of validations
Taxonomy:
The Financial conglomerates XBRL taxonomy, the Financial conglomerates XBRL taxonomy with external files
The Financial conglomerates XBRL instance examples
The XBRL taxonomy documentation
The Financial conglomerates DPM database
The DPM Database documentation
Instructions:
The Technical instructions for FICOD reporting using the XBRL taxonomy
Please be informed that artefacts in cursive are common between Pan-European Personal Pension Products KID, Pan-European Personal Pension Products PR, Solvency II, Pension Funds and Financial Conglomerates.
Contact
To contact us for support please use one of the below options:
- Questions regarding the business package (supervisory reporting or public disclosure requirements) should be submitted on the Q&A page.
- Questions regarding DPM and XBRL technical issues, please contact xbrleiopa [dot] europa [dot] eu (xbrl[at]eiopa[dot]europa[dot]eu) identifying the Taxonomy Release of the DPM-XBRL implementation issue
- Questions regarding the business validations (BV) and technical validations (TV) please contact validationseiopa [dot] europa [dot] eu (validations[at]eiopa[dot]europa[dot]eu)
Supervisory Reporting and Public Disclosure requirements
Reporting requirements under Solvency II Directive
The supervisory reporting requirements applicable to all undertakings subject to Solvency II Directive are defined in:
- (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision (applicable as of 31/12/2023)
- Internal Model templates 2.8.0 release_Q&As.xlsx Due to the 2023/894 - ITS, NCAs have started identifying mistakes in the LOG files. EIOPA acknowledges these mistakes and they will be amended in the next ITS revision. However, until they are amended, EIOPA can only provide clarifications as to what is expected in these data cells using the Q&A process.
- Explanatory notes on reporting templates Variation Analysis templates
Public Disclosure requirements under Solvency II Directive
The following public disclosure requirements are applicable to all undertakings subject to Solvency II Directive:
Reporting requirements for the purposes of financial stability
The Guidelines on Financial Stability Reporting define the reporting requirements for financial stability purposes and apply to individual insurance and reinsurance undertakings, insurance third country branches and participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies.
Requirements applicable to branches from undertakings with head offices outside the European Union
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. 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. These Guidelines include supervisory reporting requirements applicable to all branches from undertakings with head-offices outside the European Union subject to Solvency II Directive.
Reporting under Solvency II Directive applicable to all vehicles subject to Solvency II Directive
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. These supervisory reporting requirements should enable the supervisory authorities of the special purpose vehicles to assess continued compliance with the relevant requirements.
EIOPA’s Guidelines on Reporting and Public Disclosure provide further details as to what supervisory authorities should expect from insurance and reinsurance undertakings, participating insurance and reinsurance undertakings, insurance holdings companies and mixed financial holding companies in the Regular Supervisory Reporting, including the mandatory application of the validation rules (data checks) as published by EIOPA (List of Validations).
Reporting requirements for IORPs
Unofficial reporting templates including ECB add-ons
Complementary to the EIOPA’s reporting requirements, EIOPA included the ECB requirements of the “Unofficial reporting templates including ECB add-ons” for both insurance and pensions sector within the Taxonomy. EIOPA’s approach aims to minimise the burden for undertakings by allowing them to create single reports covering both EIOPA’s and ECB’s requirements in one process (subject to NCA guidelines). More information can be found on the website of the European Central Bank.
Reporting requirements for PEPP
Implementing Technical Standards on Reporting for PEPP (Pan-European Pensions Product)
EIOPA Guidelines on PEPP supervisory reporting (EIOPA-21/260)
Reporting requirements for FICOD
Commission Implementing Regulation (EU) 2022/2454
Common Minimum Standards for Revisions of Reported data
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.
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.
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).
Legal Entity Identifier (LEI)
The Legal Entity Identifier is a unique identification code proposed by the Financial Stability Board (FSB) and endorsed by G20 in 2012, aimed at achieving a unique, worldwide identification of legal entities participating in financial transactions.
In December 2021 EIOPA revised the Guidelines on Legal Entity Identifier to facilitate and further promote the use of LEI as unique identification code for legal entities. The guidelines harmonise the identification of legal entities ensuring high quality, reliable and comparable data.
The legal entities impacted by the guidelines are insurance and reinsurance undertakings and relevant branches, as well as Institutions for Occupational Retirement Provision (IORPs) which meet specific conditions and intermediaries operating cross-border.
The revised guidelines also analyse the use of the LEI code for identification purposes when competent authorities provide information to EIOPA.
Find out more about the Revised Guidelines on Legal Entity Identifier
Data quality in Solvency II reporting
Reliable data is central to successful data-driven supervision, evidence-based decision making as well as micro- and macro-prudential analysis. EIOPA - together with National Competent Authorities - has been working on assessing and improving the quality of supervisory insurance reporting data. After over 130.000 individual submissions since the introduction of Solvency II reporting in 2016, EIOPA published a report on data quality in September 2022. While quantitatively measuring the quality of data remains challenging, the report found that multiple key performance indicators and an overall quality score show significant improvements over the years.