The Bank of England selects CoreFiling's True North XBRL solution for Solvency II Pillar 3 reporting
The True North Web Services Processor helps the Bank handle online filings from the UK insurance industry and its EIOPA submissions
Oxford, October, 2015. CoreFiling, a leading developer of XBRL (eXtensible Business Reporting Language) software, has announced that the Bank of England has chosen the company's True North® XBRL Web Services Processor to facilitate the collection of mandatory Solvency II reports from the UK insurance industry and for its own EIOPA (European Insurance and Occupational Pensions Authority) submissions.
The Bank of England regulates and supervises the UK's financial markets including banks, building societies, credit unions, major investment and insurance firms. Its Prudential Regulation Authority subsidiary supervises the UK insurance sector, acting as a National Competent Authority reporting to EIOPA.
From 1st January 2016, under the new Solvency II Pillar 3 reporting mandate, insurance firms must submit frequent, highly granular reports. To comply, the Bank will collect quarterly and annual reports in XBRL format from some 500 insurance firms for validation and onward processing; this includes providing to EIOPA a sub-set of the XBRL data collected from each insurance firm.
Following a competitive tendering process, the Bank chose CoreFiling's True North Web Services Processor (TNWSP) to handle the receipt, validation and backend processing of the XBRL filings received from the insurance sector. TNWSP employs a web services interface, fully integrated with the regulatory portal through which filers submit their reports.
Philip Allen, CoreFiling's Executive Chairman, said: "We are pleased to be able to say that CoreFiling now works with the UK's top six financial regulators, assisting the processing of mission-critical systems."
CoreFiling specialise in XBRL. Regulators, government agencies and corporations around the world rely on CoreFiling for XBRL-based performance reporting solutions. Senior management and developers are active members of the XBRL consortium which oversees the development of the XBRL specifications. CoreFiling offer solutions to both regulators and filers to meet the Solvency II Pillar 3 requirements.