BR-AG | Senior Business Analyst, Practice Lead
The European Insurance and Occupational Pensions Authority (EIOPA) has been diligently monitoring the submissions under the 2.8.0 Solvency II taxonomy and identified a significant number of issues requiring additional workarounds, which must be corrected.
In response to these findings, EIOPA is releasing version 2.8.2, a minor release specifically designed to address identified challenges and enhance the overall reporting experience for Solvency II undertakings.
Typically, minor fixes are delivered through Hotfixes. However, the extensive nature of the corrections, combined with the fact that version 2.8.0 is already in use, necessitates a dedicated minor release. Additionally, IT implementation considerations accelerated this need. This approach is expected to ensure a more comprehensive solution and avoid disrupting ongoing reporting processes.
- Public Working Draft (PWD) Release: Scheduled for early September 2024, the PWD will provide a detailed breakdown of the changes introduced in version 2.8.2. This will allow insurance and reinsurance undertakings, as well as branches of third-country undertakings, to familiarize themselves with the updated requirements well in advance of the final release.
- Final Release: Anticipated by October 15th, 2024 (with a confirmed date to be announced soon), the final version of 2.8.2 will incorporate any feedback received during the PWD consultation period.
- Applicability: Version 2.8.2 will be mandatory for submissions covering the Q4 2024 and annual 2024 reference periods onwards. It will remain applicable until a new release is announced.
EIOPA is already planning for the future. The next major Solvency II release, version 2.10.0, will be based on upcoming Implementing Technical Standards (ITS) amendments. These amendments will stem from a revised reporting package currently under development as part of the Solvency II Review.
EIOPA remains committed to providing clear and timely communication regarding Solvency II reporting requirements. To help you stay informed, we monitor key changes in the regulatory reporting environment and constantly update our regulatory reporting solution, ATOME Particles, ensuring your reporting teams adhere to the latest regulations and streamline the report preparation process more efficiently.
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