From 2016 numerous businesses in the insurance sector has had to report Solvency II to their local authorities. The reporting has to comply with the rules and validations made by the European Insurance and Occupational Pensions Authority (EIOPA).
Solvency II was implemented for insurers on January 1 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.
These requirements are mandatory for the following reporting forms: Quantitative Reporting Forms (QRT), Regular Supervisory Reporting (RSR) and Solvency & Financial Condition Reporting (SFCR).
Companies are required to deliver Solvency II reports unto their local authorities in the XBRL format.
We have created a number of solutions which enable insurance companies to produce these reports and deliver them to their receiving authorities in the XBRL format.
We provide a number of simple, cost-effective, user-friendly and easy solutions such as “Reporter” which validates and create XBRL files directly from EIOPA’s own reporting templates, and complex solutions where we integrate with databases and consolidate data into each field in your reports.