Transcript Title of the presentation….

Solvency II update
Quantitative Reporting Templates
Pierre-Jean Vouette (CEIOPS)
XIII European Banking Supervisors XBRL Workshop, Luxemburg, 25 Nov 2010
17 July 2015
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CEIOPS
CEIOPS
Executive summary
• Objectives
• General structure
• Frequency and Deadlines
• Informal consultation with the stakeholders
• IT dimension
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CEIOPS
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)
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CEIOPS
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
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CEIOPS
General structure (1/2)
Harmonised elements
Balance
sheet
Assets (incl.
detailed list)
Technical
provisions
development
National specificities
Results
analysis
Capital
requirements
Reinsurance
Received in a harmonised format, capable of being shared
automatically with EIOPA and/or other supervisory authorities
+
Specific
regulations or
activities : e.g.
distribution of
profits, P&I
clubs, etc.;
Accounting
information
Received in locally-defined format
and not automatically shared
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CEIOPS
General structure (2/2)
Solo
Templates
(EEA (re)insurance entities)
Group-specific
Templates
(non-EEA or
non-insurance
entities, IGT,
risk concentr°)
Group Templates
Also for sub groups
(when there is sub
group supervision!)
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6
Page
CEIOPS
Frequency and deadlines
• Frequency : both annual and quarterly (for “core” data)
• Deadlines :
End of
reporting
period (T)
Annual templates = T+16 weeks
Quarterly templates =
Group templates =
T+6 weeks
T+20 weeks
• 1st Solvency II templates : Q1 2013 (quarterly), reporting year
2013 (annual)
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CEIOPS
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
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CEIOPS
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
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Thank you
[email protected]
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