Solvency II is a Europe-wide directive for insurance and reinsurance firms and it intends to create a stronger regulation for capital adequacy and risk management. Solvency II focuses on the three Basel III pillars with emphasis on Capital Requirements, Risk Assessment Requirements and Regulatory Reporting and Transparency. The mandate will come into effect from 1 January 2016 and will include all insurers and reinsurers in European Economic Area (EEA).
The Solvency II regulation is centered on two main reports namely Solvency and Financial Condition Report (SFCR) and Regular Supervision Report (RSR). Some NSAs may mandate certain national specific templates (NSTs) as well. For the most part, the reports revolve around data in the following domains:
With over a decade’s experience in XBRL technology, we partner enterprises in meeting these regulatory requirements with our automated, easy-to-use solution. For more information, visit our Eurofiling website