The Prudential Regulation Authority (PRA) validated the change of the reporting format from Microsoft Excel workbooks to XBRL for NSTs, Model Drift, MRS and IMO.
On the 26th of July 2018, the Prudential Regulation Authority (PRA) released the Policy Statement (PS) 21/18 on Solvency II reporting format. This PS validates the change of the reporting format from Microsoft Excel workbooks to XBRL* instance documents for the following returns:
- National Specific Templates (NSTs)
- Internal model outputs (IMO)
- Market risk sensitivities (MRS)
- Standard formula reporting for firms with an approved internal model (Model Drift)
“The PRA considers that the benefits of moving to XBRL format, which include increased transparency, consistency, and data quality, would not be realised if firms could submit in both Excel and XBRL formats”
Source: Policy Statement (PS) 21/18
The changes to the reporting format will be effective for submissions of year-end 2018 and applies on all UK Solvency II firms along with the Society of Lloyd’s and its managing agents.
- August 2018: XBRL taxonomy Public Working Draft (PWD) for NSTs and Model Drift
- September 2018: XBRL taxonomy PWD for MRS and IMO
- October 2018: Final taxonomy releases from the PRA for NSTs, Model Drift, MRS and IMO
- Early 2019: User Acceptance Testing window for BEEDS submission
How to comply?
To enable S2 firms in the UK to respond rapidly and regularly to new reporting requirements, Invoke has extended its product line to comply with NSTs, Model Drift, MRS and IMO in the required XBRL format.
Learn more about the Bank of England insurance taxonomy reporting modules
*XBRL: eXtensible Business Reporting Language