From 2016 numerous businesses in the insurance sector has had to report Solvency II to their local authorities. The reporting must comply with the rules and validations made by the European Insurance and Occupational Pensions Authority (EIOPA) and be submitted in the XBRL format.
EIOPA is an acronym for European Insurance and Occupational Pensions Authority. The authority is a financial regulatory institution and the heart of insurance and pensions supervision in Europe. EIOPA replaced the CEIOPS (Committee of European Insurance and Occupational Pensions Supervisors) on January 1st, 2011.
It is EIOPA’s primary responsibility to secure transparency on the European markets and financial products. Further they support the stability of the financial system and assure protection of insurance policyholders and pension scheme members.
EIOPA is organized in a similar way to ESMA (European Security and Markets Authority) in that it is composed of a Board of Supervisors, a Board of Appeal, Management Board, an Executive Director, and a Chairperson.
EIOPA launched Solvency II on January 1st, 2016. It is a risk-based capital regime which imposes a string of reporting and transparency requirements upon insurers. It is a consolidation of 14 pre-existing directives. The purpose of Solvency II is to ensure a better and more harmonized rule set for the insurance industry within the EU.
The requirements are mandatory for the following reporting forms:
EIOPA requires that companies deliver Solvency II reports unto their local authorities in the XBRL format.
At ParsePort we offer a number of solutions which enables you to produce these reports in the XBRL format and deliver them to the relevant authorities.
We offer a number of simple solutions such as our “Reporter” solution which lets you validate and create XBRL files directly from EIOPA’s own reporting templates, but we also offer more complex solutions where we integrate with databases and consolidate data into each field in your reports.