XBRL Europe day - EIOPA Update

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XBRL Europe day - EIOPA Update

• May 6, 2014
• Roma

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Solvency II in 2009

• Solvency II seen end of 2009
• 4 levels
• Framework directive 2009/138/CE - 25 November
  2009
• Implementation measures (Commission Delegated
  acts)
• Guidelines (CEIOPS)
• Monitoring proper working (Commission)
• Entry in force on October 2012

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Solvency II seen now

• Entry in force on the 1st of January 2016
• Day 1 reporting (April/May 2016)
• First quarterly regular reporting (May/July 2016)
• First annual regular reporting (May/June 2017)
• A preparatory phase
• Smaller (subset) reports compared to the full SII
• One annual report on end 2014 basis (20/26
  weeks)
• And one quarterly report on end Q3 2015 basis
  (8/14 weeks)
• Two supporting taxonomies
• Preparatory phase (almost stable)
• Final Solvency II (will stabilize over the next
  few months)

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Solvency II the evolution

• http//ec.europa.eu/internal_market/insurance/solv
  ency/future/index_en.htm
• Compared to 2009 a new level  2.5 

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The level 2.5

• Lisbon Treaty
• Entry in force just after Solvency II directive
• Creation of EIOPA
• Task in line with Lisbon Treaty
• Omnibus II directive to adapt Solvency II

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Expected content by levels

• Level 2 Delegated acts (Commission)
• Around 40 topics (end 2014 / beginning 2015).
• Level 2.5 Technical standards (EIOPA proposal,
  COM adoption)
• Regulatory
• Implementing
• Level 3 recommandations and guidelines (EIOPA)
• Adressed to NSAs or undertakings
• Non legally binding
•  Comply or explain 

Reporting
XBRL
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The time dimension
  2014 2014 2014 2014 2015 2015 2015 2015
  Jan-March April- June July Sept Oct-Dec Jan-March April- June July-Sept Oct-Dec
ITS set 1 approval processes 24.2 prepare for BOS for adoption for consultation at BOS end March April - June Consultation   31.10. submission to COM        
ITS set 2 other       3.10 prepare for BOS for adoption for consultation Dec.-Feb. Consultation 30.6. submission to COM    
GL set 1 (Approval processes Pillar 1, including internal models)   1.4. prepare for BOS adoption for consultation June -Sept. Consultation BOS approval end Nov.   1.4 end comply-explain process    
GL set 2 (Pillar 2, Pillar 3 and Supervisory issues)       3.10 prepare for BOS adoption for consultation Dec. March Consultation  BOS approval end May 30.9 end comply-explain process  
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Preparatory phase

• Omnibus 2 discussion suspended in the summer 2012
• EIOPA opinion (December 2012)
• Consultation on guideline (March 2013), Published
  in November, In force since 1/1/2014
• Electronic format for reporting

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Preparatory phase taxonomy

• V1 in November 2013
• V1.2 in January
• V1.4 soon
• Stable V1.5 around end May.
• Assertion gradually implemented
• V1.4 without an HD layer (issues on open tables)
• Localisation capabilities in V1.5
• Manuals in V1.5
• Sample instances

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Betas release of Solvency II Taxonomy

• To be aligned with the ITS
• Recodification (row/column codes), use of codes
  for list of options,
• Some iterations, with growing content, until the
  final one

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T4U Main goals

Distribution license for all Europe. Preferable
EUPL license
Internationalization Languages, data formats,
currencies, etc.
Using the input forms in a similar layout as the
public reference templates.
Allowing reusing or extension of the tool for
national extensions
Easy to use for administrative staff with limited
IT knowledge
Easy to deploy
XBRL syntax and formula validation at client side
Use of XBRL label, rendering, reference,
formulas, etc.
Easy to update when the taxonomy changes
2nd level support
Open source, reusable
Good performance with large amounts of data
Multiplatform
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T4U Ins and OUTs
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?
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Easy-to-use with multiple Data Input Interfaces
Generation of XBRL Reports according to Solvency
II DPM XBRL Taxonomy (Level 1 2)
Reports and submissions management
?
?
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XBRL Validation (open source component) for
Reported Data
XBRL load, validation and creation with database
approach
Support for other XBRL Architectures than EIOPA /
Eurofiling
?
?
?
DPM Database for Metadata and Data
Generation of XBRL Taxonomy according to
Eurofiling Architecture
Adavanced data analysis
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First-level support / support services for
extensions
Basic BI analysis capabilities
Second-level support
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T4U Characteristics

• Open source (EUPL)
• (Re)use of cross platform components
• Design around an SQLite database extending EBA
  DPM database
• Modular approach a toolkit instead of a
  monolithic approach
• Validation through a real XBRL engine possible
• Arelle interface implemented
• Database population by Arelle
• Yesterdays demo
• A windows tool implementation
• An excel add-in implementation
• A proof of concept of an iPad implementation

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T4U Schedule

• Current planning
• June (windows forms)
• August (Excel add-in)
• September (NCAs oriented capabilities)

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Topics currently examined

• Extensions (national, statistical needs, )
• Validation service
• Clear shift of focus toward implementation !

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Thank you

• Pierre-Jean Vouette
• Pierre-Jean.Vouette_at_eiopa.europa.eu