Solvency II news: XBRL & ORSA public consultations

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More on the consultation on the Solvency II XBRL taxonomy

EIOPA has provided more details on the Solvency II XBRL taxonomy consultation. Speaking at the 5t^h Solvency II Summit held in London (19 July 2011), Iwona Krasniewska, Senior Expert – Solvency II at EIOPA, told delegates that the consultation on the Solvency II XBRL taxonomy published on the EIOPA website was just a sample of the XBRL taxonomy. The sample describes the Solvency II reporting in the harmonised data format to be used for the transmission of reporting templates. “The current technical consultation aims to provide evidence and information for quality assurance of the taxonomy, identify and mitigate implementation risks (resources, cost, time, etc.) and to investigate mechanisms for XBRL taxonomy maintenance,” she said. “Through the technical consultation EIOPA would like to request feedback from interested parties at an early stage when technical choices and solutions within the taxonomy are being developed.” Consultation period: Friday, 22 July, 2011 – Wednesday, 7 September, 2011 at 18.00 HRS CEST Consultation documents available here.

Details of ORSA public consultation

EIOPA also announced details of an ORSA consultation in November. Solvency II Wire can reveal that Ms Krasniewska also confirmed that EIOPA will start a public consultation of the ORSA at the beginning of November 2011, which will last until the end of the year. In addition, she revealed that EIOPA will provide reporting and disclosure requirements at the beginning of November this year. The reporting and disclosure package will include the general requirements about reporting and disclosure, reporting templates, taxonomy and impact assessment.

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