In this consultation paper, the PRA proposes changes to the file type and reporting format for a number of regular insurance reporting submissions in order to align with Solvency II Quantitative Reporting Templates and international data standards.
In Policy Statement (PS) 2/15 ‘Solvency II: a new regime for insurers’, the PRA published NSTs and accompanying LOG files. The templates are currently published in Excel format. In paragraph 12.13, the PRA said it expected to consult on moving to XBRL reporting and would consult on any change in reporting format.
The CP details the proposals to change the reporting format from Microsoft Excel workbooks to XBRL (eXtensible Business Reporting Language) standards for:
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National Specific Templates (NSTs);
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Internal Model Outputs (IMO);
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Market Risk Sensitivities (MRS); and
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Standard formula reporting for firms with approved internal model (model drift).
The PRA does not propose changes to the underlying content of the above reports. The PRA is consulting separately on the content of NSTs in CP2/18 ‘Changes in insurance reporting requirements’ and IMO in CP10/18 ‘Solvency II: Updates to internal model output reporting’.
This consultation closes on Friday 1 June 2018.
Full information
Consultation paper
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