The PRA has announced that insurance firms under their supervision should continue to use the EIOPA taxonomy 2.6 going forward.
The Bank of England has confirmed that UK reporting entities shouldn't implement the upcoming EIOPA taxonomies for Solvency II reporting and should remain on version 2.6.0 to meet the reporting requirements in PS29/12.
The PRA has stated: "firms should not implement EIOPA's taxonomy 2.7 or any subsequent publications."
The current taxonomy will be extended for all regulated entities reporting to the UK regulator, which ensures the taxonomy versioning and will also give the Invoke team to prepare for and deploy version 2.7 if requested to in future.
The Invoke team will also monitor any consultation updates from the PRA declaring the future of a UK-specific insurance taxonomy. Until such a time, Invoke clients will be able to seamlessly continue using taxonomy 2.6.
The PRA has also reassured affected firms that they will be given sufficient time to plan for and implement additional proposals, including taxonomies, once the outcomes of the review have been announced.
They have not yet indicated the frequency of any future taxonomy releases.
Invoke clients that would like to discuss the announcement further can speak to their Account Manager directly or contact us.
