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Solvency II update Quantitative Reporting Templates

Solvency II update Quantitative Reporting Templates. Pierre-Jean Vouette (CEIOPS) XIII European Banking Supervisors XBRL Workshop, Luxemburg, 25 Nov 2010. CEIOPS. Executive summary. Objectives General structure Frequency and Deadlines Informal consultation with the stakeholders

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Solvency II update Quantitative Reporting Templates

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  1. Solvency II updateQuantitative Reporting Templates Pierre-Jean Vouette (CEIOPS) XIII European Banking Supervisors XBRL Workshop, Luxemburg, 25 Nov 2010

  2. CEIOPS Executive summary • Objectives • General structure • Frequency and Deadlines • Informal consultation with the stakeholders • IT dimension

  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)

  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

  5. General structure (1/2) Harmonised elements National specificities Balance sheet Results analysis Specific regulations or activities : e.g. distribution of profits, P&I clubs, etc.; Accounting information Capital requirements Assets (incl. detailed list) + Technical provisions development Reinsurance Received in locally-defined format and not automatically shared Received in a harmonised format, capable of being shared automatically with EIOPA and/or other supervisory authorities

  6. 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!) Page 6 Page 6 1 April 2014

  7. Frequency and deadlines • Frequency : both annual and quarterly (for “core” data) • Deadlines : • 1st Solvency II templates : Q1 2013 (quarterly), reporting year 2013 (annual)

  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

  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

  10. Thank you pierre-jean.vouette@ceiops.eu

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