Do I need to report and when?
In the second of our blog series, we examine which insurance undertakings will have to begin reporting under the preparatory phase that EIOPA has introduced as a precursor to full Solvency II reporting which finally takes effect in January 2016.
While all insurers are expected at least to start preparing for the full implementation of the Solvency II regime, only certain organisations meeting prescribed thresholds will need to report to their NCA during the preparatory phase, but this is due to begin in June 2015, so time is very short.
Interpretation of the EIOPA thresholds
The thresholds specified by EIOPA are:
- Individual annual reporting for firms representing at least 80% of the national market share
- Individual quarterly reporting for firms representing at least 50% of the national market share
- Group quarterly or annual reporting for firms with more than EUR 12 billion (period ending during 2012)
Continue reading “The count-down to Solvency II reporting – 2”
It’s been a hectic week, with lots of enquiries about our Seahorse® XBRL conversion solution for COREP filings. It’s true that some callers have been under the misguided impression that the first filings need to be made by the end of May, but it’s obvious there are still lots of financial institutions out there that have still not settled on a suitable reporting solution to handle their first regulatory filings under the new CRD IV regime.
The deadline for submission of the first reports in XBRL was, in fact, moved back to the 30th June, but it’s still not long if you’ve not settled upon a solution.
If you’re still looking for a simple, cost-effective solution to the compliance issue, then do take a look at Seahorse. With its simple to understand workflow, Internet browser-based interface and highly secure environment, Seahorse provides an easy-to-use way of converting your COREP reports from an Excel spreadsheet into the XBRL document needed for filing. As a cloud-based application, several users can work simultaneously on individual report tables, creating further efficiencies and considerable time saving in the XBRL report production process.
The good thing, too, is that Seahorse is underpinned by the same stringent XBRL validation that is being used by the FCA/PRA in the UK for the receipt of filings into GABRIEL.
Take a look at the Seahorse video to see how quick and simple it can be to convert your data.