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EIOPA has published its final guidelines for the phasing-in of the Solvency II regime, with the regulations announced to come into force on 1st January 2016. Prior to that date, European insurers have two other deadlines to meet:- A pre-application to the relevant regulator must be submitted in or around September 2014
- A full application to the relevant regulator must be submitted by 1st June 2015
- Identify all of the systems (digital and physical) where the data resides
- Locate all of the required data within those systems
- Digitise any data that is held in a physical format
- Assign the data to its correct Solvency II classification (which may be different from its internal or local regulatory classification)
- Standardise the data (e.g. taxonomy, currency, date formats) for consumption by one or more risk calculation engines
- Validate all of the data prior to running the calculations
- Ensure data can always be collected, validated and processed in time to meet Solvency II reporting deadlines