On Apr. 29, UK BoE published version 2.0.0 of insurance taxonomy.
UK BoE published insurance taxonomy v2.0.0, outlining the technical implementation of PS3/24: review of solvency II: reporting and disclosure phase 2 near-final.
Structure of this taxonomy is unchanged from the public working draft publication.
Follows UK BoE Nov. 2023 issued insurance taxonomy working draft, see #190422.
Also follows UK PRA Feb. 2024 issued near-final rules on SLV2 phase 2, see #203017.
Version 2.0.0
In PS3/24 – Review of Solvency II: Reporting and disclosure phase 2 near-final UK PRA sets out reporting/disclosure policy reform that come into effect on Dec. 31, 2024.
Version 2.0.0 sets out the technical implementation of these requirements.
Replaces QRT-based reporting submitted using EIOPA SLV2 taxonomy and reporting against v.1.3.1 of UK BoE insurance taxonomy used for reporting of NSTs, IMO, market risk sensitivities and standard formula SCR templates (for firms with an approved IM).
An updated XBRL filing manual helps firms/software vendors when preparing to report.
PS3/24 states that UK PRA anticipates that firms should be able to commence the implementation based on the near final rules and policy materials published with the PS, and this taxonomy publication can be used for implementation activities.
Some minor errors identified in the near final reporting templates published in PS3/24.
These are detailed in Appendix 1 and taxonomy publication updated accordingly.
UK PRA is planning to issue a hotfix to taxonomy to account for feedback received.
Standard practise given magnitude of publication, intended to limit changes in the hotfix to validations only, unless material defects reported that need to be addressed ahead of taxonomy coming into effect; aim to publish hotfix late Q3/early Q4 2024.
May 2024 Insurance Taxonomy v2.0.0 Known Issues
On May 30, 2024, UK BoE published a spreadsheet containing a list of known issues regarding the Bank of England insurance DPM and XBRL taxonomy, version 2.0.0.
Notes affected entry points and artefacts, severity of the issue, brief description of issue, whether a temporary solution is required and what action is to be taken.
Of the 10 issues identified, 9 are considered of low severity, only one marked medium.
Known issues log will be updated as required to describe issues BoE is aware of in the taxonomy, including status updates and temporary solutions, where relevant.
Also published minor update to XBRL filing manual, following issue of taxonomy v2.0.0.
Jul. 2024 V2.0.0 Hotfix Changes, Taxonomy FAQ
On Jul. 30, 2024, UK BoE published an update on insurance taxonomy version 2.0.0.
Since publication of taxonomy PRA has received feedback from firms, and identified issues which will be addressed in the hotfix currently scheduled for early Q4 2024.
Consequently the hotfix scope has changed from just validations to also include the taxonomy annotated templates and thus will be instance impacting, there will be amendments and corrections to the DPM modelling, validations and labels.
However, entry points, table groups and naming conventions will remain unchanged.
PRA will update the taxonomy known issue log with detail of these issues, and a change log between version 2.0.0 and the hotfix will be issued with hotfix package.
Based on questions received from industry, PRA has created an FAQ document and a template and instructions issue log, these will be updated as needed to assist firms.
Sets out technical implementation of the requirements which will be outlined in PRA’s final reporting template, instructions as part of policy statement to CP5/24Review of Solvency II: Restatement of assimilated law expected mid-Nov. 2024 (see #209496).
EIOPA dictionary concepts have been retained where deemed applicable, without referencing the corresponding EU policies, regulations and reporting instructions.
Noted updated taxonomy known issues log to provide updates on status of issues.
Oct. 23, 2024 PRA Update
On Oct. 23, 2024, UK PRA updated Regulatory reporting - insurance sectorwebpage.
Confirmed that insurance taxonomy v2.0.1 was published in line with final reporting templates and instructions to be issued as part of policy statement to CP5/24.
PRA therefore does not expect to publish any further taxonomy updates for the policy statement to CP5/24 in 2024, industry and software vendors are therefore expected to commence their technical implementation activities using taxonomy v2.0.1.
Specifically, PRA encourages software vendors to adopt new taxonomy at earliest opportunity to ensure firms can take part in user acceptance testing in 2nd half Nov.
Nov. 14, 2024 Issues Log Update
On Nov. 14, 2024, UK PRA issued updated known issues log for Solvency II taxonomy.
Items 51 to 117 are added, relate to aspects of taxonomy 2.0.0, items 118 to 120 are added which cover aspects of taxonomy 2.0.1, log notes work done to correct issues.
Document dated Nov. 14, 2024, received from UK PRA Nov. 15, summarized Nov. 20.
Dec. 2024 Solvency Reporting FAQ
On Dec. 9, 2024, UK PRA published an update that had been based on the questions received from industry as part of a previous Nov. 12, 2024 taxonomy focused industry roundtable on regulatory reporting, and providing a newly updated Q&A document.
