Insurance Europe and the CFO Forum have submitted a joint response to a consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on the review of technical implementation means for Solvency II supervisory reporting and public disclosure on wave three of the reporting consultations.

The industry welcomed EIOPA’s proposals to change the consultation process; ie, to run two subsequent taxonomy public working draft (PWD) processes and to use a step by step approach for the final release of the taxonomy. The industry added that the proposed timelines are acceptable, apart from the fixing validations, which should be published at the beginning of October at the latest. The industry also noted that more time should be allowed for feedback on the second PWD feedback.

The industry supports EIOPA’s suggestion to request that undertakings provide direct links to the Solvency and Financial Condition Report (SFCRs) in regulatory reporting and it agrees that the publication of the links to SFCRs on the websites of EIOPA/national competent authorities would be helpful in finding the reports.

However, the industry believes that the publication of a link to the public quarterly reporting templates in XBRL format would not be helpful for the public. In addition, the industry does not support creating a repository of actual files.