PRA proposes more Insurance filings in XBRL
The Prudential Regulation Authority of the Bank of England is consulting through to early June on a format change for a number of insurance reporting submissions in order to align its Solvency II Quantitative Reporting Templates with a range of EIOPA data requirements. The UK’s regulatory authorities continue to work towards the standardisation of supervisory data for the reporting of financial, risk and supervisory information, predominantly in XBRL. These templates are existing requirements of insurers that are above and beyond the EU reporting obligations. Within its Policy Statement, the PRA anticipates the transition towards XBRL reporting and away from Excel templates.
The proposed changes will affect:
- National Specific Templates;
- Internal Model Outputs;
- Market Risk Sensitivities;
- Standard formula reporting for firms with an approved internal model
If implemented, the changes will apply to submissions from financial year-end 2018 onward and will be implemented from 31 December 2018.