The UK government’s proposals to adapt the Solvency UK (SUK) regime to better suit the national insurance market have been in development for some time. With the SUK regime set to come into full effect at the end of December 2024, we now have a clearer understanding of how the updated rules will look.
In particular, the required operational changes will impact the entire annuity management process, including model calibration, calculation, monitoring, governance, reporting and disclosure practices.
Addressing the reporting changes and its technical peculiarities worth to pay attention to, we conducted a webinar tailored specifically for reporting teams of (re) insurers – residents of UK, non-UK (re)insurers doing business with or in UK.
UK insurers continue to use Taxonomy 2.6 Taxonomy as published by the European Insurance and Occupational Pensions Authority (EIOPA) in the past. The gap is widening as EU insurers adopted Taxonomy 2.8 in 2023, and expected to widen further as the UK implements the changes from the Solvency UK review.
Get an in-depth look at Solvency II UK reporting updates and navigate the challenges of change management and technology with our expert, who works closely with key users at EIOPA and National Competent Authorities (NCAs) – Mateusz Stefanski.
After this session, you will gain knowledge on:Â
- Key changes in UK insurance reporting and an overview of the current reporting landscape
- Timeline and structure for BoE Insurance Taxonomy releases
- Overall differences in the model structure
- Mapping current reporting to the new template structure
- Significant changes in National Specific Templates and their new placement
- Similarities between the current model and EIOPA Solvency II
- What to expect from the announced Hotfix
Thanks to all of you who attended the live webinar!
Stay tuned for updates on upcoming content and webinars covering insurance regulatory reporting changes and RegTech innovations to help insurers remain compliant in the face of ongoing regulatory changes.