Supervisory reporting - DPM and XBRL

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) and, finally, also the Solvency II disclosure 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.

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 2.0 (DPM - Refit Project)

The Data Point Model (DPM) Standard is a key component of the data dictionary used by the EBA and EIOPA 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 the EBA and EIOPA 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.

EBA and EIOPA, in their journey towards the DPM Refit project, is publishing now the main package while will share here more information on next steps and specific events.

DPM 2.0 Factsheet

DPM 2.0 Press Release

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):

DPM database classical relational tables and mapping generator ZIP:

The list of validations

Contains the list of validations of PEPP PR, Solvency II and pension funds to be fulfilled by the reports. The list is updated according to the governance of taxonomies releases and amended following a public consultation.

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 of the IT implementation, please refer to The Governance of Taxonomy Releases (currently under review), the latest time schedule for 2023-2024 (updated 22/09/2023) and the Taxonomy Roadmap (updated 29/03/2022). 

The 2.7.0 release is the one to be used for the reference period between Q4-2022 and Q3-2023 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.

The 2.8.0 SII release is the one to be used by the insurance and reinsurance undertakings and branches from third country insurance undertakings for the reference period between Q4-2023 and Q4-2024 and includes changes only to Solvency II, 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 SII Hotfix was foreseen to be published on 30 September 2023, however due to the high number of feedbacks received in September, it will be published on Friday, 13 October 2023.

For the reference period between Q4-2023 and Q4-2024 PEPP will use 2.7.0 release and IORPs will use 2.7.0 or 2.7.1 release.

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. The final version was published on 31 July 2023 and the Hotfix is foreseen to be published on 6 November 2023. The application date is 31 December 2023 with first reporting in 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.

The PEPP Data Point Models and XBRL Taxonomies

Solvency II Data Point Models and XBRL Taxonomies

The Pension Funds Data Point Models and XBRL Taxonomies

The FICOD Data Point Models and XBRL Taxonomies

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:

• Implementing Technical Standards on Reporting (include Reporting Templates and Instructions)
• Amendment to the Implementing Technical Standard on Reporting (2016)
• Amendment to the Implementing Technical Standard on Reporting (2017)
• Amendment to the Implementing Technical Standard on Reporting (2018)
• Amendment to the Implementing Technical Standard on Reporting (2019)
• Consolidated version, including amendments of Commission Implementing Regulations (EU) 2016/1868 of 20 October 2016, (EU) 2017/2189 of 24 November 2017, (EU) 2018/1844 of 23 November 2018 and (EU) 2019/2103 of 27 November 2019 and (EU) 2020/657 of 15 May 2020

• (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

Reporting requirements for IORPs

• Decision on IORPS reporting
• Revised IORPs decision (2023)

Reporting requirements for PEPP

• Implementing Technical Standards on Reporting for PEPP (Pan-European Pensions Product)

Public Disclosure requirements under Solvency II Directive

The following public disclosure requirements are applicable to all undertakings subject to Solvency II Directive:

• Implementing Technical Standards on Disclosure (include the Public Disclosure Templates and Instructions)
• Amendment to the Implementing Technical Standard on Public Disclosure (2017)
• Amendment to the Implementing Technical Standard on Public Disclosure (2018)
• Amendment to the Implementing Technical Standard on Public Disclosure (2019)
• (EU) 2023/895 - ITS for the disclosure of solvency and financial condition report (applicable as of 31/12/2023)

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.

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. The "Unofficial reporting templates including ECB add-ons" and instructions for ECB add-ons are called "unofficial and highlight the information that needs to be provided for statistical purposes over and above the supervisory requirements ("ECB add-ons"). These unofficial reporting templates are purely for illustrative purposes and are not subject to mandatory reporting across all Member States of the European Union. The templates are called "unofficial" to distinguish them from the reporting templates of the ECB Implementing Regulation. More information can be found on the website of the European Central Bank.

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.

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.

Go to the report on data quality to find out more

To contact us for support please use one of the below options: 

• Questions regarding supervisory reporting or public disclosure requirements should be addressed with the Submit a Q&A page
• Questions regarding DPM and XBRL technical questions please contact xbrl@eiopa.europa.eu identifying the Taxonomy Release of the DPM-XBRL implementation issue
• Questions regarding the business validations (BV) and technical validations (TV) please contact validations@eiopa.europa.eu