On 26 July, the PRA published its policy statement (PS) 21/8 ‘Solvency II: Changes to reporting format’. The PS is a result of the PRA’s consultation paper (CP) 11/18, in which it proposed to change the reporting format for:
- national specific templates;
- internal model outputs;
- market risk sensitivities; and
- standard formula reporting for firms with an approved internal model.
The benefits of moving from Excel spread sheets to eXtensible Business Reporting Language (XBRL) are said to include increased transparency, consistency and data quality.
The changes to the reporting format will take effect from Monday 31 December 2018 for submissions of year end 2018 information but the PRA has said that it will “keep the policy under review to assess whether any changes would be required due to changes in the UK regulatory framework, including changes arising once any new arrangements with the European Union take effect.”