Fs assist is one of the leading suppliers of insurance and pension fund reporting software in europe. For reporting against the bank of england insurance taxonomy, the bank will adopt the same filing rules articulated for solvency ii reporting in the solvency ii filing manual, where appropriate. Process and data management in solvency ii zeb control. The complexity of the data quality and reporting requirements raises a large number of data challenges for insurance firms and their allied asset managers. On 15 july the european insurance and occupational pensions authority eiopa released its updated solvency ii data point models and xbrl taxonomies. This is an appetizer on the reporting package we offer. In their preparations to date many insurers have focused on pillars 1. Solvency ii the moodys analytics solvency ii solution supports solvency metrics and the associated regulatory reporting from both a group and solo perspective.
Clearwaters automated, integrated, accurate, and transparent solution seamlessly navigates solvency ii challenges while also streamlining overall investment. Reporting made simple with cloudbased continuously updated and tested xbrl software. Eiopa timelines and revision process for solvency ii reporting. This is an area of our solvency ii software package where we have helpful feedback from clients, which has resulted in the module being exceptionally strong, says holmes. Solvency ii reporting a comprehensive software solution tabular is an excelbased solvency ii narrative and qrt xbrl reporting software, seamlessly integrated into microsoft office. Sii assist is an xbrl regulatory reporting solution for insurance companies to use for their solvency ii reporting. It also introduces increased regulatory reporting requirements and public disclosure requirements. It helps insurers comply with solvency ii and other similar regulatory regimes, offering both standardformula and internalmodel approaches. Software for solvency ii, xbrl submission to authorities, scr, mcr, basic own funds. Based entirely in excel, it allows for the quick and easy completion of the qrt reporting templates. Youve probably already felt the growing pains increasing volumes of data, compounded with changing regulations by the european insurance and occupational pensions authority eiopa. Solvency ii client reporting for insurance asset management.
Simple to install, get up and running in under 5 minutes. Regulatory reporting iss software gmbh iss insurance platform. Principlesbased regulation such as solvency ii were key influences in the design and evolution of the system. From an internal perspective, insurance firms will. Solvency ii reporting services for investment funds. Mit cch tagetik cpm fur solvency ii haben sie eine vorgefertigte reporting losung kombiniert mit branchenexpertise. The moodys analytics solvency ii solution supports solvency metrics and the associated regulatory reporting from both a group and solo perspective. Solvency ii and the challenges of pillar iii reporting. The taxonomy and all related documents, including filing rules, details of the changes made, the data point model, validations and instructions can be found here.
The solvency ii framework sets out strengthened requirements around capital, governance and risk management in all eu authorised reinsurance undertakings. Solvency ii solutions are not integrated into an overall solution for finances and risk management. Solvency 2 documentation institute and faculty of actuaries. After its introduction in 2014, the requirements of the solvency ii directive increases the need for the timely transfer of data to the regulatory authorities. See article 3041d of the delegated regulation for information on quarterly reporting. Quantitative reporting for solvency ii delivers insurers a prepackaged, fasttrack solution to help satisfy the tight deadlines of the solvency ii pillar 3 quantitative reporting requirements. The new solvency ii regulatory framework has been widely labelled as a data nightmare for insurance and reinsurance undertakings insurance firms, and rightly so. Software solution approaches do not reach far enough. Solvencytool delivers a complete software solution for. Solvency ii has introduced a new set of reporting challenges and requirements for european insurance companies, including an increased level of reporting, enhanced risk disclosures, deeper data granularity, and additional security characteristics.
Longevity risk transfers simplification of prenotification expectations. This panel will discuss the main valueadds of pillar iii reporting for insurers, offering the audience the opportunity to raise questions and participate in an dynamic exchange of ideas. Infovest offers a comprehensive solvency ii solution, firstly to asset managers providing templates based on the tripartite template tpt to their insurance clients and secondly to life companies wishing to produce quantitative reporting templates qrt. Join invoke in brussels for the european solvency ii summit. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Solvency ii compliance sas firmwide risk for solvency ii. Additional features to save time, rolling forward old returns, asset data imports and much more. The main challenge posed by solvency ii is the integrity and consistency of data. Our comprehensive risk analytics framework enables better risk decision making through higherquality data, faster internal and regulatory reporting, and transparency and auditability. Includes predefined solvency ii reports and an extendible data infrastructure that supports ad hoc and nonregulatory reporting requirements. About solvency ii solutions solvency ii reporting software.
Ibm quantitative reporting for solvency ii enterprise. The standard edition includes a solvency ii datamart, data modeling capabilities, the quantitative reporting template qrt reports both solo. David walker reports on what those discussions might entail. Clearwater analytics solvency ii approach clearwater has been providing solvency iilevel data to insurers for years. Jan 21, 2020 solvency ii reporting services for investment funds deloittes integrated solution servicing worldclass asset managers solvency ii directive 20098ec is a european reform applicable to insurance and reinsurance undertakings which came into effect on 1 january 2016. Ibm quantitative reporting for solvency ii helps manage the. Improves data quality and meets solvency ii guidelines by reducing data inconsistencies. Solvency ii in brief the solvency ii directive was initially adopted by the european council in november 2009, and is expected to come into force on 1 january 2016. In order to support insurance companies in their scr market calculation and qrt delivery. A number of key data attributes and service capabilities required to support pillar i and pillar iii requirements are also included in our solvency ii data solution. A solution for the three pillars of solvency ii pillars i, ii, and iii solvency ii is a european regulatory reform of the insurance sector. Solvency ii is the new solvency regime for all eu insurers and reinsurers, which also covers the insurance operation of bancassurers. The bank of england has updated the solvency ii xbrl filing manual to help firms and software vendors create xbrl instance documents for solvency ii pillar 3 reporting in light of the eiopa solvency ii taxonomy 2. Solvency ii regulatory reporting software infovest.
We partnered with clients to help us develop the riskintegrity proxy generator in a way that would be most helpful to them. It aims to implement solvency capital requirements that better reflect the risks that companies face and deliver a supervisory system that is consistent across all member states. Invoke solvency 2 software range a solution for every project scenario even if some insurance companies have decided to go the route of developing a specific pillar 3 reporting solution inhouse, the vast majority of regulated firms are opting for standard packaged solutions for producing their solvency ii reports. Regulatory reporting insurance sector bank of england. Invoke, sponsor of the infoline 7th annual solvency ii summit in london 17 jul 20 invoke is pleased to have sponsored the infoline 7th annual solvency ii summit held at the grange hotel in central london on 1516 july. Additional asset data requirements specific to quantitative reporting templates qrts under pillar iii. Statement by commissioner michel barnier on the application date of solvency ii. Dank des altova solvency ii xbrl addin fur excel mussen sich euinstitutionen.
Solvency ii quantitative reporting dates pdf 604 kb quarterly quantitative templates qrts article 3121d of the delegated regulations sets out the requirement to report quarterly qrts. Solvency ii fundamentally changes the manner in which the risks to which insurers are exposed are identified and quantified. Summary european insurers need to be ready for solvency ii by 1 january 2016. This website uses cookies so that we can provide you with the best user experience possible. Includes prebuilt capabilities for loading data from the data model to the risk software. Sep 01, 2016 solvency ii and the challenges of pillar iii reporting. Life and general insurance cios that are still looking for an it application covering the different pillars of the regulatory framework need to understand the solution focus of the different vendors. Clearwater helps insurers fulfill solvency ii regulatory requirements across the three pillars. Certent helps you evolve past manual reporting processes to meet solvency ii requirements and more in a controlled, auditable environment. Insurance companies delegate a large part of their asset management and therefore rely on the asset management industry to provide them with the input data necessary to fulfil their regulatory obligations. Reporting requirements i central bank of ireland central.
European supervisors have relaxed the solvency ii reporting deadlines, but in return insurers have been asked to include analysis of the covid19 impacts on their business. Solvency ii solution,pillar 3 reporting has become easier with 5 steps solution by. May 05, 2014 solvencytool provides software for solvency ii. Invoke will participate in the afternoon panel session entitled assessing the benefits of pillar iii reporting. Many features return setup for easy qrt creation, in depth validations, xbrl. Our key product lines are solvency ii and priips reporting and analytics.
Various clients from global tier1 financial institutions to smaller specialised asset managers and insurers trust our services. Ibm quantitative reporting for solvency ii provides insurers with a prepackaged, fasttrack solution to help satisfy the tight deadlines of the solvency ii pillar 3 quantitative reporting requirements. Support for solvency ii europe white paper clearwater. The team, based in the city of london, uniquely has delivered regulatory return software to over 90% of the uk market, as well as worked in the industry delivering insurance entities solvency ii pillar 3 projects. This guide outlines how data quality and data integration software can be optimised to meet the solvency ii requirements. Solvency ii was implemented on the 1st of january 2016.
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