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EIOPA IT & Data Committee London Eurofiling Workshop

EIOPA IT & Data Committee London Eurofiling Workshop. Ljubljana ,25 th April 2013. XBRL choice. XML based With a defined methodology to split reporting attributes (validations, rendering, …) Endorsed by EIOPA Board of Supervisors for data sharing between NSAs and EIOPA

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EIOPA IT & Data Committee London Eurofiling Workshop

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  1. EIOPA IT & Data CommitteeLondon Eurofiling Workshop Ljubljana,25thApril 2013

  2. XBRL choice • XML based • With a defined methodology to split reporting attributes (validations, rendering, …) • Endorsed by EIOPA Board of Supervisors for data sharing between NSAs and EIOPA • Mutualized development: • An EIOPA effort instead of 30 national efforts • Experience sharing with the others ESAs (EBA, ESMA) • No change in the existing reporting path: • Undertakings report to NSAs • Then NSAs exchange between themselves and EIOPA • Not mandatory between undertakings and NSAs

  3. Preparing for Solvency II • Consultation on guidelines published on the 27/3: • Open until 19 of june 2013 • 4 consultation papers (CP-13/008 to CP-13/011). • CP-13/10: Proposal for Guidelines on submission of information to national competent authorities, including Impact Assessment • Include a subset of the expected final Solvency 2 reporting • DPM and XBRL taxonomy supporting the proposal simultaneously published

  4. The taxonomy timeline Publication of Solvency II DPM Analyses XBRL SII Seminar in Tallin Sep-2012 Oct-2012 Preconsultation SII Taxonomy XBRL Week in Madrid Publication of PoC XBRL Week in Frankfurt Webinar Presenting PoC and DPM analyses Jul-2011 Mar-2012 Jun-2012 Dec-2012 2011 Jul Sep Nov Jan 2012 Mar May Jul Sep Nov 2012 Jul-2012 Publication of the SII Preparatory Taxonomy Publication of the DPM and Taxonomy for the Preparatory phase Final Report No 11/009 and 11/011 Nov-2013 Mar-2013 Final Version of Preparatory Package First Internal draft full set SII templates XBRL Conf. in Dublin Jun-2013 Dec-2013 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2013 Today Mar-2013 Nov-2013 Publication of the SII Preparatory GL CP-13/010 Publication of the Preparatory GL

  5. The Tool for Undertakings Goals Distribution license for all Europe. Preferable EUPL license Internationalization: Languages, data formats, currencies, etc. Using the input forms in a similar layout as the public reference templates. Allowing reusing or extension of the tool for national extensions Easy to use for administrative staff with limited IT knowledge Easy to deploy XBRL syntax and formula validation at client side Use of XBRL label, rendering, reference, formulas, etc. 2nd level support Easy to update when the taxonomy changes Open source, reusable Good performance with large amounts of data Multiplatform Note that these requirements are under discussion and not final

  6. Tool for Undertakings Timeline 8.3 Weeks Phase 1 (First analysis) Internal project timeline 12.9 Weeks Phase 2 (Analysis, design and PoCs) 13.3 Weeks Phase 3 Core functionalities construction&testing Legend 22.3 Weeks Phase 3 Non-core functionalities construction&testing Internal milestone 12 Weeks External milestone Phase 3 Testing & training IT&DC BoS First PoC TfU TfU contractor's analyses starts First Beta TfU 27-12 First version of the TfU 18-10 30-5 30-12 2013 May 2013 May Jul Sep Nov Jan Mar 2014 External milestones 27-12 24-3 1-11 Publication of the Preparatory GL and Preparatory Taxonomy Publication of the release candidate of SII Preparatory Reporting Package Publication of the SII Preparatory GL, the DPM and Taxonomy

  7. Keeping up to date https://eiopa.europa.eu/publications/eu-wide-reporting-formats/index.html

  8. Keeping up to date http://www.eurofiling.info/solvencyII/index.shtml

  9. Thank you! Aitor Azcoaga European Insurance and Occupational Pensions Authority (EIOPA) Westhafen Tower. Westhafenplatz 1 60327 Frankfurt am Main. aitor.azcoaga@eiopa.europa.eu

  10. DPM and XBRL TaxonomyDevelopment process and relationships information requirements § business templates decisions legal acts data analysis data model annotated templates breakdowns and members data storage views (rendering) taxonomy all/logical combinations and general rules data exchange valid combinations $total = sum($components) $v1 = +/- $v2 business rules and error messages $v1 = $v2 + $v3 $v1 ≥ $v2 ... declarations, relationships and documentaion

  11. XBRL taxonomy development process

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