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 Amplified is your opportunity to get an inside look at how XBRL is being used around the world to meet goals both tactical and strategic – illustrated with case studies presented by both solution providers and regulators.
The Surety Working Group formed by XBRL US has completed a Proposed Recommendation of its Work-in-Process Taxonomy for automating the reporting of elements related to identifying risks and determining eligibility for surety bonds.
Invoke recently announced that their Irish client Insurers have been provided with the full set of CBI Solvency II National Specific Templates (NSTs) within their “e-Filing Insurance” regulatory reporting portal solution, thus allowing them to be fully prepared on time for the mandatory quarterly submissions due from May 2016 and for the semi-annual and annual […]
Can XBRL have a positive impact on costs and efficiency in the global USD $13.6B surety industry? Attend the upcoming XBRL US webinar to find out.
XII CEO John Turner spoke at the Finnopolis 2015 conference in Kazan, Russia last week and provides this short report: The conference brought together the Russian FinTech community, the financial services industry and the country’s regulators to discuss a broad range of measures that impact the accelerating digitisation of the Russian financial sector. The leadership of the […]
EIOPA is holding a 1 day workshop on the XBRL Tool for Undertakings on 8 July in Frankfurt.
FASB has released the 2015 US GAAP Financial Reporting Taxonomy (Pending SEC Acceptance). Major changes were confined to those related to Accounting Standard Updates, and input from the Insurance Industry Resource Group to remove redundancies. The increase in deprecated elements in comparison to the 2014 Taxonomy is the result of a review to reduce unused and redundant […]
The Bank of England’s Prudential Regulatory Authority recently held a seminar of insurance industry members on Solvency II, providing information on what firms need to do to prepare for transposition on 31 March 2015 and implementation on 1 January 2016. Topics included a full policy and implementation overview, modelling, technical information and more. Download the presentations.
For the purpose of development of taxonomy, insurance specific elements were identified and compiled as per the requirements of Insurance Act, circulars and regulations issued by the IRDA and various other statutory requirements and certain common practice elements based on annual reports of Insurance companies. Since the schedules for presentation of financial statements, laid down […]