On 17 March 2023, following Public Working Draft 3 (PWD 3) release, the European Insurance and Occupational Pensions Authority (EIOPA) has published the final version of 2.8.0. Solvency II Model.
Due to the scope of changes stemming from a comprehensive review of the Solvency II Directive, it was decided that the 2.8.0 release was preceded by a number of PWDs to provide filers with more time for implementing their reporting solutions. While the first two draft releases aimed at introducing filers to the modelling changes to Solvency II, the later releases focused on providing revised validations and familiarising users with the new structure of published materials.
Based on the feedback received after the publication of PWDs, EIOPA made changes to both modelling and validation resulting in the 2.8.0 Final release.
The Final release of the 2.8.0 Taxonomy will be applicable from December 31, 2023, until a new version is announced. Simultaneously, the 2.7.0 release will continue to apply to PEPP standalone and Pension Funds reporting.
The final Taxonomy 2.8.0 includes the “business package” containing changes to the Implementing Technical Standards and the Solvency II Reporting Guidelines, as well as validations. Namely, one of the biggest changes introduced in the 2.8.0 release focuses on the definition and syntax of business validations.
EIOPA Solvency II 2.8.0 Taxonomy is already available for testing in the ATOME Particles.
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No release planned for 2024, so the 2.8.0 Solvency II release is the one to be used by the insurance and reinsurance undertakings and branches from third country insurance undertakings until 2025.
According to EIOPA Taxonomy Roadmap, 2.8.0 Hotfix was published on 13 October 2023. For the reference period from Q4-2023 PEPP will use 2.7.0 release and IORPs will use 2.7.0 or 2.7.1 release.
The 2.9.0 Pension Funds Review release shall be used from Q1-2025.
Concerning the 2.8.1 release of the Financial Conglomerates Directive (FICOD), it represents a distinct, non-integrated, cross-sectoral iteration to be used for reporting of insurance led conglomerates. The final version was published on 31 July 2023.
The application date is 31 December 2023 with first reporting in 2024.
Here, we delve further into FICOD reporting and explore how RegTech can assist you in confidently meeting new requirements.
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