Solvency II: Changes to reporting format – PS21/18
Overview
This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 11/18 ‘Solvency II: Changes to reporting format’ (see page 2 of 2). It also contains the PRA’s final policy, as follows:
- amendments to the Reporting Part of the PRA Rulebook (Appendix 1);
- updated Supervisory Statement (SS) 25/15 ‘Solvency II: regulatory reporting, internal model outputs’ (Appendix 2);
- updated SS26/15 ‘Solvency II: ORSA and the ultimate time horizon – non-life firms’ (Appendix 3);
- updated SS7/17 ‘Solvency II: Data collection of market risk sensitivities’ (Appendix 4); and
- updated SS15/16 ‘Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model’ (Appendix 5).
This PS is relevant to all UK Solvency II firms, and to the Society of Lloyd’s and its managing agents.
The PRA will release public working drafts and final versions of the relevant technical artefacts in the coming months. On Friday 29 June 2018, the PRA published a web update to provide indicative dates for the availability of the relevant materials required for implementation of the reporting changes.
The changes to the reporting format will be effective for submissions of year-end 2018 information, from Monday 31 December 2018 onwards.
Feedback on consultation responses
The PRA received one response to the CP. The feedback was generally supportive of the changes proposed, although it noted that firms should have sufficient time to update their software capabilities to enable submission via XBRL format.
Policy Statement 21/18 - Appendix 1: Amendments to the Reporting Part of the PRA Rulebook (pdf)
- Appendix 2: SS25/15 ‘Solvency II: regulatory reporting, internal model outputs’
- Appendix 3: SS26/15 ‘Solvency II: ORSA and the ultimate time horizon – non-life firms’
- Appendix 4: SS7/17 ‘Solvency II: Data collection of market risk sensitivities’
- Appendix 5: SS15/16 ‘Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model’
Solvency II: Changes to reporting format – CP11/18
Published on 20 April 2018
Overview
In this consultation paper (CP), the Prudential Regulation Authority (PRA) proposes changes to the file type and reporting format for a number of regular insurance reporting submissions in order to align with Solvency II Quantitative Reporting Templates and international data standards.
In Policy Statement (PS) 2/15 ‘Solvency II: a new regime for insurers’, the PRA published NSTs and accompanying LOG files. The templates are currently published in Excel format. In paragraph 12.13, the PRA said it expected to consult on moving to XBRL reporting and would consult on any change in reporting format.
The CP is relevant to all UK Solvency II firms, and the Society of Lloyd’s and its managing agents.
Summary of proposals
The CP details the proposals to change the reporting format from Microsoft Excel workbooks to XBRL (eXtensible Business Reporting Language) standards for:
- National Specific Templates (NSTs);
- Internal Model Outputs (IMO);
- Market Risk Sensitivities (MRS); and
- Standard formula reporting for firms with approved internal model (model drift).
The PRA does not propose changes to the underlying content of the above reports. The PRA is consulting separately on the content of NSTs in CP2/18 ‘Changes in insurance reporting requirements’ and IMO in CP10/18 ‘Solvency II: Updates to internal model output reporting’.
Responses and next steps
This consultation closed on Friday 1 June 2018. The PRA invites feedback on the proposals set out in this consultation.