Solvency II Pillar 3 QRTs

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Solvency II introduced supervisory reporting requirements and harmonised European Union-wide reporting and disclosure formats to ensure a consistent implementation of European regulatory and supervisory frameworks and to support the European Insurance and Occupational Pensions Authority’s (“EIOPA’s”) goal to improve the efficiency and consistency of the supervision of financial institutions across the European Union.

EIOPA implemented XBRL as the standard for reporting data submission between EIOPA and national competent authorities following a decision of the Board of Supervisors on Collection of Information by EIOPA.

The following products have been developed by EIOPA as part of their Solvency II Pillar 3 QRTs programme:

  • The Data Point Model (DPM) is a structured representation of the data, identifying all the business concepts and its relations, as well as validation rules. The Data Point Model contains all the relevant technical specifications necessary for developing an IT reporting solution and is independent of the technical format.
  • The Solvency II XBRL Taxonomy implements the data items, business concepts, relations and validation rules described by the Data Point Model in the technical format of XBRL.
EIOPA Solvency II XBRL QRTs

CONTENTS.

Since the implementation of the Solvency II, insurance and reinsurance undertakings and insurance groups are required to report to national competent authorities on an annual and quarterly basis, for both prudential and financial stability purposes. They are also required to disclose the Solvency and Financial Condition Report on an annual basis.

Under Pillar III of Solvency II, undertakings are required to report using Quantitative Reporting Templates (QRTs) to National Competent Authorities (NCAs) in the XBRL format.

EIOPA SOLVENCY II DPM XBRL TAXONOMY.

DPM Authority’s Solvency II QRT XBRL taxonomy contains all 23 table sets for:

  • Regular Supervisory Reporting
  • Third Country Branches
  • Financial Stability
  • European Central Bank
  • Special Purpose Vehicles
  • Public Disclosure
  • Technical

DPM Authority also contains additional local information reported pursuant to National Supervisory Templates (NSTs).

EIOPA Solvency II XBRL Taxonomy
Solvency II QRTs in DPM Authority

INTUITIVE PRESENTATION OF QRTS.

DPM Authority presents individual QRTs as XBRL tagged tables as described by the XBRL taxonomy.

GENERATION OF EXCEL INPUT TEMPLATES.

DPM Authority can generate and link to Excel versions of the templates/QRTs. These workbooks can be used to automate reported data points using calculations and linking to external data sources for automatic importing into DPM Authority.

Creation of Excel Versions of the Solvency II QRTs
Interactive Validation Results

INTERACTIVE VALIDATION RESULTS.

XBRL validation failure messages are typically very difficult to understand and to resolve. DPM authority helps the user by presenting each failure in a number of different ways. Each message is interactive where clicking on a failure will highlight the data points contributing to the issue in the user interface.

DRAG AND DROP ORACLE EPM AUTOMATION.

DPM Authority is the only Solvency II tool that can integrate natively with Oracle EPM (HFM, Planning and Essbase).  EPM dimensions and their members are listed in the automation panel and can be dragged and dropped onto individual cells, entire rows, columns or sheets.  It couldn’t be simpler.

 

Drag and Drop Automation with Oracle EPM

Hiding the complexities of XBRL.

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