On 10 August 2018, the Prudential Regulation Authority (PRA) updated its webpage on regulatory reporting in the insurance sector to give the information that it has published a public working draft (PWD) of the standalone national specific templates (NSTs) and standard formula reporting for firms with an approved internal model (SF.01) taxonomy, alongside related technical artefacts, that will make up part of the Bank’s insurance XBRL taxonomy. Links to these are given on the webpage.
The PWD follows the publication on 28 July 2018 of the PRA's policy statement, PS21/18, on changes to the Solvency II reporting format. The PRA says that the taxonomy, data point model (DPM) dictionary, annotated templates and validation rules represent the reporting requirements set out in policy statement, PS16/18, on changes in insurance reporting requirements, which was published on 6 July 2018 and the latest version of Supervisory Statement SS15/16 "Solvency II: monitoring model drift and standard formula SCR reporting for firms with an approved internal model", published on 28 July 2018. The DPM extends the European Insurance and Occupational Pensions Authority's Solvency II version 22.214.171.124 dictionary.
Firms and software vendors are invited to provide feedback on the modelling, annotated templates, validations and XBRL taxonomy by 24 August 2018. The PWD should not be used for reporting. The PRA says that it should be noted that the PWD for internal model outputs and market risk sensitivities will be released in early September 2018, and the final live release will consolidate all frameworks.
More information on the planned dates for the availability of required information is set out in these reporting schedules.