XBRL Europe day - EIOPA Update
May 6, 2014
Roma
Solvency II in 2009
• Solvency II seen end of 2009
• 4 levels
o Framework directive [2009/138/CE - 25 November 2009]
o Implementation measures (Commission – Delegated acts)
o Guidelines (CEIOPS)
o Monitoring proper working (Commission)
o Entry in force on October 2012
Point sur les mesures de niveau 2 et 3
2
2
Solvency II seen now
o Entry in force on the 1st of January 2016
- Day 1 reporting (April/May 2016)
- First quarterly regular reporting (May/July 2016)
- First annual regular reporting (May/June 2017)
o A preparatory phase
- Smaller (subset) reports compared to the full SII
- One annual report on end 2014 basis (+20/26 weeks)
- And one quarterly report on end Q3 2015 basis (+8/14 weeks)
o Two supporting taxonomies
- Preparatory phase (almost stable)
- Final Solvency II (will stabilize over the next few months)
3
Solvency II – the evolution
•
http://ec.europa.eu/internal_market/insurance/solvency/future/index_en.htm
•
Compared to 2009: a new level: « 2.5 »
Titre de la présentation
4
4
The level “2.5”
• Lisbon Treaty
o Entry in force just after Solvency II directive
• Creation of EIOPA
o Task in line with Lisbon Treaty
• Omnibus II directive to adapt Solvency II
Titre de la présentation
5
5
Expected content by levels
• Level 2: Delegated acts (Commission)
o Around 40 topics (end 2014 / beginning 2015).
• Level 2.5: Technical standards (EIOPA proposal, COM
adoption)
o Regulatory
o Implementing
Reporting
• Level 3: recommandations and guidelines (EIOPA)
o Adressed to NSAs or undertakings
o Non legally binding
XBRL
o « Comply or explain »
6
Titre de la présentation
6
The time dimension
Jan-March
ITS set 1 :
“approval
processes”
24.2 prepare
for BOS for
adoption for
consultation
at BOS end
March
2014
April- June
July
Sept
April - June:
Consultation
GL set 2 (Pillar 2,
Pillar 3 and
Supervisory
issues)
3.10 prepare
for BOS for
adoption for
consultation
1.4. prepare
for BOS
adoption for
consultation
Jan-March
2015
April- June
July-Sept
OctDec
31.10.
submission to
COM
ITS set 2:
“other”
GL set 1
(Approval
processes +
Pillar 1,
including
internal models)
Oct-Dec
June Sept.:
Consultat
ion
Dec.-Feb.:
Consultation
BOS approval
end Nov.
3.10
prepare for
BOS
adoption for
consultation
30.6.
submission
to COM
1.4 end
complyexplain
process
Dec.– March:
Consultation
BOS
approval
end May
30.9 end
complyexplain
process
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Preparatory phase
• Omnibus 2 discussion suspended in the summer
2012
• EIOPA opinion (December 2012)
• Consultation on guideline (March 2013), Published
in November, In force since 1/1/2014
o Electronic format for reporting
8
Preparatory phase taxonomy
•
•
•
•
V1 in November 2013
V1.2 in January
V1.4 soon
Stable V1.5 around end May.
•
•
•
•
•
Assertion gradually implemented
V1.4 without an HD layer (issues on open tables)
Localisation capabilities in V1.5
Manuals in V1.5
Sample instances
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Betas release of Solvency II
Taxonomy
• To be aligned with the ITS
• Recodification (row/column codes), use of codes
for list of options, …
• Some iterations, with growing content, until the
final one
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T4U: Main goals
Internationalization:
Languages, data
formats, currencies,
etc.
Distribution
license for all
Europe.
Preferable
EUPL license
Easy to use for
administrative
staff with limited
IT knowledge
Easy to deploy
2nd level
support
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
update when
the taxonomy
changes
Open source,
reusable
XBRL syntax
and formula
validation at
client side
Good
performance
with large
amounts of
data
Multiplatform
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T4U: Ins and OUTs


Easy-to-use with
multiple Data Input
Interfaces

Generation of XBRL
Reports according to
Solvency II DPM XBRL
Taxonomy (Level 1 & 2)

XBRL Validation (open
source component) for
Reported Data

XBRL load, validation
and creation with
database approach
Support for other XBRL
Architectures than
EIOPA / Eurofiling

Generation of XBRL
Taxonomy according to
Eurofiling Architecture
DPM Database for
Metadata and Data

Basic BI analysis
capabilities
Reports and
submissions
management




Adavanced data
analysis

Second-level support
First-level support
/ support services for
extensions
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T4U: Characteristics
• Open source (EUPL)
• (Re)use of cross platform components
• Design around an SQLite database extending EBA DPM
database
• Modular approach: a toolkit instead of a monolithic
approach
• Validation through a real XBRL engine possible
o Arelle interface implemented
o Database population by Arelle
• Yesterday’s demo:
o A windows tool implementation
o An excel add-in implementation
o A proof of concept of an iPad implementation
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T4U: Schedule
• Current planning
o June (windows forms)
o August (Excel add-in)
o September (NCAs oriented capabilities)
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Topics currently examined
• Extensions (national, statistical needs, …)
• Validation service
• Clear shift of focus toward implementation !
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Thank you
Pierre-Jean Vouette
Pierre-Jean.Vouette@eiopa.europa.eu