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EIOPA Insurance Financial Regulation. Pierre-Jean Vouette Aitor Azcoaga
EIOPA Insurance Financial
Regulation. Pierre-Jean Vouette
Aitor Azcoaga
Solvency II • Solvency II and Omnibus II
• Reporting
• XBRL
Timeline
2001 In force
Nov. 2009: Solvency II Directive
1/1/2011
Technical preparation
(advices)
Technical standards
Implementing measures
Omnibus II
TODAY
Solvency II • 4 levels
• Framework Directive [2009/138/CE - 25 november
2009]
• Implementation measures (Commission – Delegated acts)
• Guidelines (CEIOPS)
• Monitoring proper working (Commission)
Solvency II
Level “2.5” ? • Lisbon treaty
– TFEU art. 290 and 291 • Delegated acts • Technical standards
• EIOPA founding regulation, art. 8 – Draft technical standards
• Regulatory • Implementing
• Adopted by COM – Transparent process
• Public consultation • Process delay: at least 8 months
Expected content by levels
• Level 2: Delegated acts (Commission) – Around 40 topics.
• Level 2.5: Technical standards (EIOPA proposal, COM adoption) – Regulatory – Implementing
• Level 3: recommandations and guidelines (EIOPA) – Adressed to NSAs or undertakings – Non legally binding – « Comply or explain »
7 Titre de la présentation
Reporting
XBRL
Preparing for Solvency II
• Consultation on guidelines published on the 27/3: – Open until 19 of june 2013 – 4 consultation papers (CP-13/008 to CP-13/011). – CP-13/10: Proposal for Guidelines on submission of
information to national competent authorities, including Impact Assessment
– Include a subset of the expected final Solvency 2 reporting
– DPM and XBRL taxonomy supporting the proposal simultaneously published
8 Titre de la présentation
The taxonomy timeline
2011 Jul Sep Nov Jan 2012 Mar May Jul Sep Nov 2012
XBRL Week in Frankfurt Dec-2012
Publication of Solvency II DPM Analyses Oct-2012
Webinar Presenting PoC and DPM analyses
Publication of PoC
Sep-2012
Jul-2012
XBRL Week in Madrid Jun-2012
XBRL SII Seminar in
Tallin Mar-2012
Preconsultation SII Taxonomy Jul-2011
Final Report No 11/009 and 11/011
Publication of the DPM and Taxonomy for the Preparatory phase
2013 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013
Today
Final Version of Preparatory Package
Dec-2013
Publication of the Preparatory GL
Nov-2013
Publication of the SII Preparatory Taxonomy Nov-2013
First Internal draft full set SII templates Jun-2013
Mar-2013
Publication of the SII Preparatory GL
CP-13/010
Mar-2013
XBRL Conf. in Dublin
The existing deliveries • The DPM annotated templates for the Solvency II and
documentation • The DPM for the preparatory phase and documentation • The Taxonomy for the preparatory phase:
• A two layer taxonomy. HD and MD. • Some common technical approaches with the EBA’s
taxonomies • The architecture documentation • Complete Solvency II dictionary available in-line https://eiopa.europa.eu/publications/eu-wide-reporting-formats
The planned deliveries • An update on the preparatory taxonomy (2013 Q2-Q3)
• A filler manual (related to CEN delivery) (2013 Q3)
• A NSA’s manual (2013 Q3-Q4)
The Tool for Undertakings
Helping the undertakings without XBRL knowledge, providing a tool to easily create complete and valid XBRL instances of the
Solvency II harmonized quantitative reporting
Designing the XBRL tool to be reusable for other projects and specifically extensible for NSA local requirements
Contributing to XBRL community and open source community
The Tool for Undertakings Goals Distribution
license for all Europe.
Preferable EUPL license
Using the input forms in a
similar layout as the public
reference templates.
Use of XBRL label,
rendering, reference,
formulas, etc.
Allowing reusing or
extension of the tool for national
extensions
Easy to use for administrative
staff with limited IT knowledge
Multiplatform
XBRL syntax and formula validation at client side Easy to
update when the taxonomy
changes
Internationalization: Languages, data
formats, currencies, etc.
2nd level support
Open source, reusable
Easy to deploy
Good performance
with large amounts of
data
Note that these requirements are under discussion and not final
Tool for undertakings OLD timeline
23/7/2012
1st Phase 2nd Phase
21/09/2012 29/03/2012
1.-Project Setup
Establish the members of the project,
general goals, software
methodology, calendar, etc.
2.- Create the first draft of the analysis of
requirements
Identify the scope of the project, analyse the
alternatives, create the draft of the analysis of
requirements.
3.- The open tender
Write and publish a public tender request for an offer
which includes the requirements established
on the analysis.
The interested companies will have 2 months to submit their offers.
Timeline
4/7/2012
4.- Evaluation Process
Analyse the received offers
and choose one of them.
26/10/2012
5 .- Design, implementation,
test and integration
Refine the analysis with the selected
contractor, Implementing phase,
testing phase, integration and NSA
test.
01/01/2014 01/01/2013
3rd Phase
7 .- Production, configuration and change
management
Adaptive maintenance of
the project.
6 .- Publication
Publish a release for public test.
01/05/2014 11/04/2012
Obsolete expected
timeline by June 2012
Exte
rnal
mile
ston
es
Inte
rnal
pro
ject
tim
elin
e
Tool for Undertakings Timeline
Internal milestone
Legend
IT&DC
BoS
External milestone
2013 2013
Mar May Jul Sep Nov
2014
Jan Mar 2014
First version of the TfU
27-12
Publication of the release
candidate of SII
Preparatory Reporting Package
27-12
Publication
of the Preparatory
GL and Preparatory Taxonomy
1-11
First Beta TfU
30-10
First PoC TfU
18-9
TfU contractor's analyses starts 30-4
Publication of the SII
Preparatory GL, the DPM
and Taxonomy
24-3
Phase 3 Testing & training 12 Weeks
Phase 3 Non-core functionalities construction&testing 22.3 Weeks
Phase 3 Core functionalities construction&testing 13.3 Weeks
Phase 2 (Analysis, design and PoCs) 12.9 Weeks
Phase 1 (First analysis) 8.3 Weeks
