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.
Supervisory reporting for insurance companies and pension schemes requires reports to be submitted in XBRL format. XBRL is the open international standard for digital business reporting, managed by a global not for profit consortium, XBRL International.
As the year end approaches, it is time to review the changes in the taxonomy for EIOPA reporting which apply from Q4, 2020.
The three-pillar structure of Solvency II will be familiar to many, with the different pillars representing the main areas covered by the regulations. The legislation and documentation which makes up Solvency II is detailed and complex. With many elements in play it can be difficult to understand how all the pieces fit together.