BOE Insurance Taxonomy

Since 1 January 2016, Insurance firms and groups comply with continuously evolving regulatory requirements set by Solvency II Directive and report to Prudential Regulation Authority (PRA). On the 26th of July 2018, PRA confirmed the change of the reporting format from Microsoft Excel workbooks to XBRL (eXtensible Business Reporting Language) standards 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)
PRA aims to release final version of the taxonomy is set for October 2018 and make UAT available to firms in early 2019 with changes to the reporting format effective for data reported for year-end 2018.

Solution

Invoke, the European leader in regulatory reporting has already supported clients in processing and production of Solvency II Pillar 3 reports for PRA. Hence, 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.

Minimal impact in the event
of regulatory changes

Full maintenance of the complete standard configuration, coupled with an optimised application architecture, guarantees unrivalled lead times when regulations change.

An easy-to-use
business-oriented solution

Simple and easy-to-use solution thanks to a 5 key step workflow process: data collection, display, control, validation and XBRL generation.

A standard package for quick implementation

The standard multi-regulation platform encapsulates all SII firms’ data (QRT, NST and IMO) in a single solution and reduces the cost of implementation. Invoke maintains and guarantees al standard features with every regulatory change.

Formulas included in the templates based on XBRL validations

Comparing to XBRL Utility (XBRL-enabled Excel worksheet), the solution provides better data quality as it integrates formulas in the templates based on validations.

our clients
Lloyds banking group
Direct Line Group
Saint James's Place
Asta
BlackRock
Vibe
Collinson
Allianz
about_us
With offices in Paris, London, Luxembourg, Lisbon and Stockholm, Invoke provides financial, regulatory and tax reporting solutions. It is a regulatory technology partner of choice to supervisory bodies worldwide (European Banking Authority (EBA), ACPR-Banque de France, Deutsche Bundesbank, Bank of Israel, ...), as well as to financial institutions who fall under the scope of complex regulatory imperatives such as CRD IV, Solvency II, FATCA, CRS/AEoI or CbCR reporting. Incorporating next-generation technology, advanced data-governance, collaborative workflow and disclosure management features, Invoke software solutions associate a decade of technical expertise with extensive domain knowledge.