Escali Blog

European Commission review of Solvency II

Oct 8, 2021 2:06:07 PM / by Andrew Sweetmore posted in EIOPA Reporting, Solvency II reporting, EU, Implementing regulation

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The European Commission have recently adopted a review of Solvency II. The review largely follows EIOPA’s proposals, as set out in their Opinion from December 2020.

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XBRL Taxonomy 2.6.0 applies from Q4 2021

Sep 6, 2021 11:45:11 AM / by Andrew Sweetmore posted in EIOPA Reporting, XBRL, QRT, Solvency II reporting, Taxonomy

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Taxonomy 2.6.0 introduces new reporting requirements which apply from Q4 2021. This new taxonomy includes only a handful of changes although new and updated validations can potentially give rise to errors or warnings not seen before.

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EIOPA consultation on QRT reports – Significant changes proposed

Aug 24, 2021 2:45:58 PM / by Andrew Sweetmore posted in EIOPA Reporting, QRT, Solvency II reporting, ESG, Delegated regulation, Bærekraft, Consultation

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EIOPA have recently launched a consultation on draft amendments to EU regulations on the quantitative reporting templates (QRT) and the solvency and financial condition report (SFCR). Comments are requested by 17 October 2021.

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Fund look-through – Tripartite format

Apr 15, 2021 10:41:46 AM / by Andrew Sweetmore posted in EIOPA Reporting, QRT, Investeringer, SCR, Markedsrisiko, EIOPA

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Stress testing and reporting fund content are two of the main challenges with Solvency II and EIOPA/ECB reporting. Many fund managers use their own format when supplying fund content information. Data quality varies, which makes the process even more challenging. The standard format Tripartite (TPT) can help address these issues.

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Taxonomy 2.5.0 - what's new?

Dec 23, 2020 1:56:53 PM / by Andrew Sweetmore posted in EIOPA Reporting, XBRL, QRT, Solvency II reporting, Taxonomy, EU, EIOPA

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As the year end approaches, it is time to review the changes in the taxonomy for EIOPA reporting which apply from Q4, 2020.

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The secret to successful reporting – it’s in the cloud

Nov 24, 2020 5:01:20 PM / by Andrew Sweetmore posted in EIOPA Reporting, Solvency II reporting, Cloud Software

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Software and applications are increasingly making use of cloud storage. Almost everyone makes use of this convenient technology in their everyday lives, whether it be to backup the data on their mobile phone or store photographs and other data.

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What is the LEI code?

Sep 29, 2020 2:48:30 PM / by Gerdt Vedeler posted in EIOPA Reporting, Solvency II reporting

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Introduction

LEI (Legal Entity Identifier) is an international identification number which is used for legal entities (e.g. companies or government entities) operating in financial markets. Institutional investors including banks, insurance companies and pension funds use LEI codes as they are required for supervisory reporting. LEI codes are also useful in the calculation of solvency capital requirements.

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What is the NACE code?

Aug 21, 2020 11:57:28 AM / by Andrew Sweetmore posted in EIOPA Reporting, Solvency II reporting, NACE

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NACE  (for the French term “ N omenclature  statistique  des  A ctivités   économiques  dans la  C ommunauté   E uropéenne ”)  is a European standard for industry grouping widely used in statistic s . It   is required for  institutional reporting like Solvency II and EIOPA reporting  for pension schemes .   It comes from  EU Regulation 1893/2006 of the European Parlament  

What is NACE? 

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EIOPA and ECB reporting requirements

Oct 17, 2019 2:27:00 PM / by Andrew Sweetmore posted in EIOPA Reporting

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A quick Google search for “EIOPA reporting for Pensions Schemes” brings up the Data Point Model and XBRL page on the EIOPA website. This page contains an enormous amount of information and can extremely useful for those of us who need to produce and validate the XBRL reports required by EIOPA and the ECB.

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Escali clients are ready for EIOPA reporting - are you?

Oct 11, 2019 2:42:00 PM / by Andrew Sweetmore posted in EIOPA Reporting

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The Bergen City Council Pension Fund (BKP) is one of the largest pension funds in Norway. With assets of nearly EUR 2bn, BKP will be required to submit EIOPA's new reports for pension schemes from Q3, 2019. BKP have successfully reported to the Financial Supervisory Authority of Norway as part of a test exercise. The pension fund is now well prepared to meet the reporting requirements.

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