20-10-2023 New Solvency II XBRL taxonomy version 2.8.0

EIOPA published a hotfix of the Solvency II XBRL taxonomy version 2.8.0 on October 13, 2023. This version contains corrections to the validation rules. Reports with this taxonomy must be submitted as of the 4th quarter of 2023. You will find the new taxonomy, templates, validation rules and filing rules on the EIOPA website. Below you will find an overview of the most important changes compared to taxonomy 2.7.0 as well as information about the changes in the National specific templates for the 2023 financial year.

Overview of most important changes

• Cross-border activities: list of entities and activities per country (solo)
• Sustainable investments and climate change related risks (solo)
• Information about product categories (solo)
• Information about cyber risks (solo)
• Uniformity of templates (Partial) Internal Model of insurers (solo and group)

Changes specific to group (different from solo)

• Additional information about components of SCR and Own Funds
• Complete picture of non-available equity
• Clarification of companies in the scope of the group
• Significant exposures per counterparty (and not item by item)
• Overview of risk concentration based on the most important factors

New templates (main changes)

• S.04.03/04/05: List of insurance technical entities and activities per country (solo, year). Includes EEA and non-EEA industries, activities by country and location of acceptance, location of the risk. Templates not applicable if 100% activities in home country.
• S.06.04: Sustainable investments and climate change related risks (solo, year). Ratio of sustainable investments compared to total investments, exposed to transition risk and physical risk. Based on own methodology.
• S.14.02: Non-life, Information on damage product categories (solo, year). Analogous to inquiry S.14.01 for life, including number of contracts at year-end, total premiums, claims and commissions - directly and through intermediaries.
• S.14.03: Cyber ​​Risk, Information on cyber risks underwritten (solo, year): product group code, target market, product category, impact of cyber component, description of risks included in the cover, currency, sums insured, premiums, amounts reinsured, amount and number claims handled with and without payment, technical provisions.
• S.25/S.26: SCR for (Partial) Internal Model insurers (solo and group, year). S.25.05 to replace templates S.25.02 (partial) and S.25.03 (full). S.26.08-16: new templates requesting detailed information about individual risk modules and model changes. This will be communicated in more detail later.

Changed templates (key changes)

• S.06.02 List of assets. Expansion: applicability of bail-in rules, crypto assets, custodian LEI code, long-term investment in shares, item on regional governments and local authorities (RGLA), expansion of real estate data.
• S.13.01 Projection of future gross cash flows: breakdown of outgoing cash flows into future guaranteed and discretionary benefits.
• S.14.01 Life obligations analysis (solo, year). Expansion: Number of contracts with redemption during/end of the year, breakdown of premiums written, commissions paid, tax regime of the product, expected future premiums and commissions, pension entitlements, profit sharing and remaining contractual term.

DNB has also adjusted the product codes for this template, following the adjustment of the template and the introduction of the Future Pensions Act. For more information see this link.

• S.17.03 (previously 17.02): Non-Life Technical Provisions - By country, breakdown Direct business, Accepted proportional and Accepted non-proportional reinsurance.
• S.30.01 Optional covers for non-life and life business basic data (solo, year): Lines of business non-life, 20 biggest risks instead of 10.
• S.30.03 Outgoing Reinsurance Program basic data (solo, year): more information about commissions and other contract terms.
• S.36/S.37: Expansion of information on intra-group transactions/derivatives, separate template for Profit and loss information S.36.05 (solos that are part of a group and for groups, year).

Removed templates

• S.03.02/03 Off-balance sheet items – list of guarantees received and guarantees provided (solo)
• S.05.02 Premiums, claims and costs per country (solo)
• S.06.01 Overview of assets (solo and group)
• S.08.02 Derivatives transactions (solo and group)
• S.15.01 Description of the guarantees of variable annuities (solo and group)
• S.15.02 Hedging of variable annuity guarantees (solo and group)

Financial Stability Reporting

• S.14.04/05: New templates for details on liquidity risk for life insurance and non-life insurance.
• S.38.01: Duration of technical provisions: extension with effective duration.
• S.39.01: Extension to include profit & loss, technical and non-technical account and tax paid.
• Annual reporting is cancelled.

National specific templates fiscal year 2023

• The national template “Profit and loss account” updated following the entry into force of IFRS 17. See: https://www.dnb.nl/login/dienst-rapportages/toezichtrapportages/verzekeraars/, National Statements – Specifications (document version 2.0.0 and National State IFRS 17 Profit and Loss Account Account Log File).
• The national template “Natura-uitvaart” has been deleted.

EIOPA links

Q&A: https://www.eiopa.europa.eu/search-qas_nl

ITS: https://eur-lex.europa.eu/legal-content/NL/TXT/PDF/?uri=OJ:L:2023:120:FULL

Taxonomy: https://www.eiopa.europa.eu/tools-and-data/supervisory-reporting-dpm-and-xbrl_en