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XBRL Europe day - EIOPA Update. May 6, 2014 Roma. Solvency II in 2009. Solvency II seen end of 2009 4 levels Framework directive [ 2009/138/CE - 25 November 2009 ] Implementation measures (Commission – Delegated acts) Guidelines (CEIOPS) Monitoring proper working (Commission) - PowerPoint PPT Presentation
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XBRL Europe day - EIOPA Update
May 6, 2014Roma
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Solvency II in 2009• Solvency II seen end of 2009
• 4 levels
o Framework directive [2009/138/CE - 25 November 2009]
o Implementation measures (Commission – Delegated acts)
o Guidelines (CEIOPS)
o Monitoring proper working (Commission)
o Entry in force on October 20122Point sur les mesures de niveau 2 et 3
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Solvency II seen nowo Entry in force on the 1st of January 2016
- Day 1 reporting (April/May 2016)- First quarterly regular reporting (May/July 2016)- First annual regular reporting (May/June 2017)
o A preparatory phase- Smaller (subset) reports compared to the full SII- One annual report on end 2014 basis (+20/26 weeks)- And one quarterly report on end Q3 2015 basis (+8/14 weeks)
o Two supporting taxonomies- Preparatory phase (almost stable)- Final Solvency II (will stabilize over the next few months)
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Solvency II – the evolution• http://ec.europa.eu/internal_market/insurance/solvency/future/index_en.htm
• Compared to 2009: a new level: « 2.5 »
4Titre de la présentation
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The level “2.5”• Lisbon Treaty
o Entry in force just after Solvency II directive
• Creation of EIOPAo Task in line with Lisbon Treaty
• Omnibus II directive to adapt Solvency II
5Titre de la présentation
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Expected content by levels• Level 2: Delegated acts (Commission)
o Around 40 topics (end 2014 / beginning 2015).
• Level 2.5: Technical standards (EIOPA proposal, COM adoption)o Regulatoryo Implementing
• Level 3: recommandations and guidelines (EIOPA)o Adressed to NSAs or undertakingso Non legally bindingo « Comply or explain »
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Titre de la présentation
Reporting
XBRL
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The time dimension 2014 2015 Jan-March April- June July
SeptOct-Dec Jan-March April- June July-Sept Oct-
Dec
ITS set 1 : “approval processes”
24.2 prepare for BOS for adoption for consultation at BOS end March
April - June: Consultation
31.10. submission to COM
ITS set 2: “other”
3.10 prepare for BOS for adoption for consultation
Dec.-Feb.: Consultation
30.6. submission to COM
GL set 1 (Approval processes + Pillar 1, including internal models)
1.4. prepare for BOS adoption for consultation
June -Sept.: Consultation
BOS approval end Nov.
1.4 end comply-explain process
GL set 2 (Pillar 2, Pillar 3 and Supervisory issues)
3.10 prepare for BOS adoption for consultation
Dec.– March:Consultation
BOS approval end May
30.9 end comply-explain process
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Preparatory phase
• Omnibus 2 discussion suspended in the summer 2012
• EIOPA opinion (December 2012)
• Consultation on guideline (March 2013), Published in November, In force since 1/1/2014o Electronic format for reporting
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• V1 in November 2013• V1.2 in January• V1.4 soon• Stable V1.5 around end May.
• Assertion gradually implemented• V1.4 without an HD layer (issues on open tables)• Localisation capabilities in V1.5• Manuals in V1.5• Sample instances
Preparatory phase taxonomy
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Betas release of Solvency II Taxonomy
• To be aligned with the ITS
• Recodification (row/column codes), use of codes for list of options, …
• Some iterations, with growing content, until the final one
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T4U: Main goals
Distribution license for all
Europe. Preferable
EUPL licenseUsing the input
forms in a similar layout as the public
reference templates.
Use of XBRL label,
rendering, reference,
formulas, etc.
Allowing reusing or
extension of the tool for national
extensions
Easy to use for administrative
staff with limited IT knowledge
Multiplatform
XBRL syntax and formula validation at client sideEasy to
update when the taxonomy
changes
Internationalization: Languages, data
formats, currencies, etc.
2nd level support
Open source, reusable
Easy to deploy
Good performance
with large amounts of
data
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T4U: Ins and OUTs
Easy-to-use with multiple Data Input
Interfaces
XBRL Validation (open source component) for
Reported Data
DPM Database for Metadata and Data
XBRL load, validation and creation with
database approach
Generation of XBRL Taxonomy according to Eurofiling Architecture
Generation of XBRL Reports according to
Solvency II DPM XBRL Taxonomy (Level 1 & 2)
Support for other XBRL Architectures than EIOPA / Eurofiling
Adavanced data analysis
First-level support/ support services for
extensions
Reports and submissions management
Basic BI analysis capabilities
Second-level support
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T4U: Characteristics• Open source (EUPL)• (Re)use of cross platform components• Design around an SQLite database extending EBA DPM
database• Modular approach: a toolkit instead of a monolithic
approach• Validation through a real XBRL engine possible
o Arelle interface implementedo Database population by Arelle
• Yesterday’s demo:o A windows tool implementationo An excel add-in implementationo A proof of concept of an iPad implementation
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T4U: Schedule• Current planning
o June (windows forms)
o August (Excel add-in)
o September (NCAs oriented capabilities)
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Topics currently examined
• Extensions (national, statistical needs, …)
• Validation service
• Clear shift of focus toward implementation !
