Supervisory reporting - DPM and XBRL

Changes in the taxonomy releases

Currently, EIOPA reporting taxonomy package not only includes Solvency II (for insurance and reinsurance undertakings, Special Purpose Vehicles and branches from third country insurance undertakings), but also the reporting for EIOPA Financial Stability purposes, ECB Insurance Statistics, EIOPA information needs on IORPs, ECB Pension Funds Statistics, information on PEPP prudential (integrated and stand alone to cover reporting entities from all financial sectors), Solvency II disclosure package, and, finally, also the Financial Conglomerates Reporting package.

EIOPA is introducing a more automated and efficient way to produce taxonomies, reducing the risk for mistakes and mitigating the frequency and impact of business and technical changes in the implementation of reporting requirements. 

To allow the market to anticipate and to adapt to these changes, we are explaining in the document below what business and technical changes we are introducing, what consequences this will have and when they will be introduced. Read the document below to find out more about the upcoming changes in EIOPA’s taxonomy releases :

EBA and EIOPA jointly with Eurofiling have revised the Taxonomy Architecture to implement the improvements introduced to the data point modelling through the DPM Refit.

Survey on taxonomy implementation starting dates

EIOPA aims to gain in-depth technical insights into potential challenges that stakeholders might face if the starting date of a new taxonomy were to be set for the 4th quarter or the 1st of January of the year after. During EIOPA's reporting public event held on 10 October 2023, initial feedback highlighted diverse views and preferences on this matter with some participants expressing concerns.

In light of this feedback and the need for a more comprehensive understanding of stakeholder perspectives, EIOPA is actively seeking input from all relevant parties.

Learn more and respond to the survey

The Data Point Model (DPM)

A structured representation of the data, identifying all the business concepts and their relations, as well as validation rules. The data point model (DPM) implements the uniform and consistent definitions included in the implementing technical standards (ITS), guidelines and Board of Supervisors decisions on reporting and disclosure. It is composed of the annotated templates for the PEPP PR, Solvency II and for the Pension funds with the common DPM dictionary.

The Data Point Model Standard 2.0

The Data Point Model (DPM) Standard is a key component of the data dictionary used by EIOPA and the EBA to define concepts for the harmonised regulatory data requirements applicable to financial institutions in the European Economic Area (EEA). In that sense, the DPM Standard supports experts preparing or using regulatory reporting data by providing a structured representation of the information, identifying all the business concepts and their relations, as well as validation and calculation rules.

The DPM Standard 2.0 enhances the methodology that is at the core of EIOPA and the EBA reporting process, creating a fully consistent approach for modelling reporting requirements. The new DPM supports the whole reporting lifecycle, from data definition to data exploration, and aims to reap the benefits of stronger collaboration and higher harmonisation and to improve the digital processing of the regulatory data required by authorities.

EIOPA and the EBA, following their joint DPM Refit project to keep the standard up-to-date, published in June 2023 the main package of the new DPM Standard 2.0 version and shared more information on specific events.

Moreover, in April 2024, EIOPA, the EBA and the European Central Bank (ECB) set up an alliance for common governance and collaboration in developing and maintaining the Data Point Model (DPM) Standards.

The DPM Alliance is established through a Memorandum of Understanding that was signed by the EIOPA, the EBA and the ECB to foster harmonisation among the organisations. This alliance aims at ensuring consistent methodology for modelling reporting requirements, the common metamodel used for populating the reporting requirements and the associated documentation.  

DPM 2.0 Factsheet

DPM 2.0 Press Release

DPM Alliance Press Release 

The XBRL taxonomies and related artefacts

Implementing the technical data requirements and validation rules described by the data point model in the technical format of XBRL. The XBRL standard and software solutions are implemented by external parties (XBRL International and software vendors) to provide the software solutions to meet the defined requirements.

T4U Source code (Source code providing the means to create “Mapping” table):

Updated DPM database classical relational tables and mapping generator containing a fix to F – fact and C – context value mapping. (The 2.8.0 database is no longer within the generator, as the 2.8.0 Hotfix version is now available directly):

The list of known issues

The list describes issues and provides solutions to be taken into account during the technical implementation. Mainly corrections in relation to the DPM and XBRL taxonomies.

XBRL Taxonomy Releases

For planning purposes, please refer to the latest time schedule below (see timeline image below - updated 07/08/2024) and the EIOPA Taxonomy Roadmap for submission deadlines (updated 12/06/2024).

General publications7 August 2024

EIOPA_Taxonomy_Roadmap

EIOPA Taxonomy Roadmap - Updated 7 August 2024

English

(59.18 KB - XLSX)

Download

2.7.0 and 2.7.1 (PEPP and Pension Funds)

The 2.7.0 release is the one to be used from the reference period Q4-2022 and includes the PEPP Prudential (PEPP PR) integration for Solvency II and Pension Funds frameworks, as well as PEPP PR standalone reporting. The release 2.7.1 includes only the reflection of Croatia entering the Euro-Zone. PEPP standalone reporting remains to use 2.7.0 release until new taxonomy is announced. Pension Funds (IORPs) continues to use 2.7.1 release until Q4 2024 included (2.9.0 will be applicable from Q1 2025).

2.8.0 (Solvency II)

The 2.8.0 Solvency II release is the one to be used by the insurance and reinsurance undertakings and branches from third country insurance undertakings from the reference period Q4-2023 until Q3-2024 and includes changes only to Solvency II [(EU) 2023/894 - ITS with regards to the templates for the submission of information necessary for supervision (applicable as of 31/12/2023)], but no changes to Pension Funds nor to PEPP. The final version of 2.8.0 with validations was published on 17 March 2023, the 2.8.0 Hotfix on 13 October 2023. 

2.8.2 (Solvency II minor release)

EIOPA has been continuously monitoring the submissions under the 2.8.0 Solvency II taxonomy and the relevant issues and decided that the high number of issues that require additional workaround must be corrected. As the corrections are extended compared to a usual hotfix and the version is already in use, EIOPA decided to release it as 2.8.2 minor release, also due to IT implementation reasons. 

2.8.2 has been published on 15 October 2024, it will be applicable from the Q42024 / annual 2024 reference periods until new release is announced. 

2.8.1 (FICOD)

Regarding the 2.8.1 release for FICOD (Financial Conglomerates), it is a standalone (not integrated) cross-sectoral version to be used for reporting of insurance led conglomerates until a new release is announced. The final version was published on 31 July 2023 and the Hotfix on 6 November 2023. The application date is 31 December 2023 with first reporting in 2024.

2.9.0 (Pension Funds)

The Pension Funds 2.9.0 taxonomy will be applicable from Q1 2025 and applies only to Pension Funds (IORPs). 2.9.0 Hotfix was published on 16 July 2024.

Taxonomy Timeline

Text version

EIOPA aims to continue with the approach of one taxonomy release per year to concentrate the number of taxonomy publications to the extent possible. However, in circumstances of intense business changes or when, eventually, a released taxonomy contains material defects, a second release may be needed. As a precautionary measure, this potential corrective release, labelled as ‘Hotfix’, is included in the yearly schedule to aid planning.

Solvency II Data Point Models and XBRL Taxonomies

The Pension Funds Data Point Models and XBRL Taxonomies

The FICOD Data Point Models and XBRL Taxonomies

The PEPP Data Point Models and XBRL Taxonomies

Contact

To contact us for support please use one of the below options: 

• Questions regarding the business package (supervisory reporting or public disclosure requirements) should be submitted on the Q&A page.
• Questions regarding DPM and XBRL technical issues, please contact xbrleiopa [dot] europa [dot] eu (xbrl[at]eiopa[dot]europa[dot]eu) identifying the Taxonomy Release of the DPM-XBRL implementation issue
• Questions regarding the business validations (BV) and technical validations (TV) please contact validationseiopa [dot] europa [dot] eu (validations[at]eiopa[dot]europa[dot]eu) 

Supervisory Reporting and Public Disclosure requirements

Reporting requirements under Solvency II Directive

The supervisory reporting requirements applicable to all undertakings subject to Solvency II Directive are defined in:

• (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision (applicable as of 31/12/2023)
• Internal Model templates 2.8.0 release_Q&As.xlsx Due to the 2023/894 - ITS, NCAs have started identifying mistakes in the LOG files. EIOPA acknowledges these mistakes and they will be amended in the next ITS revision. However, until they are amended, EIOPA can only provide clarifications as to what is expected in these data cells using the Q&A process.
• Explanatory notes on reporting templates Variation Analysis templates

Public Disclosure requirements under Solvency II Directive

The following public disclosure requirements are applicable to all undertakings subject to Solvency II Directive:

• (EU) 2023/895 - ITS for the disclosure of solvency and financial condition report (applicable as of 31/12/2023)

Reporting requirements for the purposes of financial stability

The Guidelines on Financial Stability Reporting​ define the reporting requirements for financial stability purposes and apply to individual insurance and reinsurance undertakings, insurance third country branches and participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies.

Requirements applicable to branches from undertakings with head offices outside the European Union

The purpose of the Guidelines on the supervision of branches of third-country insurance undertakings is to ensure a consistent, efficient and effective protection of policyholders within the European Union. The Guidelines on Third Country Branches in particular aim to ensure, as a minimum, the same level of protection of policyholders of a branch of a third country insurance undertaking as that they enjoy when they are dealing with an insurance undertaking situated in the European Union whether in its home Member State or through a branch under Solvency II Directive. These Guidelines include supervisory reporting requirements applicable to all branches from undertakings with head-offices outside the European Union subject to Solvency II Directive.

Reporting under Solvency II Directive applicable to all vehicles subject to Solvency II Directive

The Implementing Technical Standards on Special Purpose Vehicles defines that special purpose vehicles have to submit supervisory reporting to national competent authorities on an annual basis. These supervisory reporting requirements should enable the supervisory authorities of the special purpose vehicles to assess continued compliance with the relevant requirements.

EIOPA’s Guidelines on Reporting and Public Disclosure provide further details as to what supervisory authorities should expect from insurance and reinsurance undertakings, participating insurance and reinsurance undertakings, insurance holdings companies and mixed financial holding companies in the Regular Supervisory Reporting, including the mandatory application of the validation rules (data checks) as published by EIOPA (List of Validations).

Reporting requirements for IORPs

• Decision on IORPS reporting
• Revised IORPs decision (2023)

Unofficial reporting templates including ECB add-ons 

Complementary to the EIOPA’s reporting requirements, EIOPA included the ECB requirements of the “Unofficial reporting templates including ECB add-ons” for both insurance and pensions sector within the Taxonomy. EIOPA’s approach aims to minimise the burden for undertakings by allowing them to create single reports covering both EIOPA’s and ECB’s requirements in one process (subject to NCA guidelines). More information can be found on the website of the European Central Bank.

Reporting requirements for PEPP

Implementing Technical Standards on Reporting for PEPP (Pan-European Pensions Product)

EIOPA Guidelines on PEPP supervisory reporting (EIOPA-21/260)

EIOPA-BoS-21/350 Decision of the Board of Supervisors on the reporting of the pan-European Personal Pension Product key information document

Reporting requirements for FICOD

Commission Implementing Regulation (EU) 2022/2454

Common Minimum Standards for Revisions of Reported data

Given the integrated reporting approach followed for supervisory and statistical reporting to EIOPA and the ECB, a common understanding of the minimum level of data quality is required as well as of when a revision of data is considered necessary.

While information reported should be of good quality at the time of its first submission, at a later stage revisions may be needed upon request by the European or national authorities or upon financial institutions' own initiative.

Therefore, the European Insurance and Occupational Pensions Authority (EIOPA) and the European Central Bank (ECB) published Common Minimum Standards for Data Revisions agreed between the ECB, EIOPA, the National Central Banks (NCBs) and the National Competent Authorities (NCAs).

Legal Entity Identifier (LEI)

The Legal Entity Identifier is a unique identification code proposed by the Financial Stability Board (FSB) and endorsed by G20 in 2012, aimed at achieving a unique, worldwide identification of legal entities participating in financial transactions.

In December 2021 EIOPA revised the Guidelines on Legal Entity Identifier to facilitate and further promote the use of LEI as unique identification code for legal entities. The guidelines harmonise the identification of legal entities ensuring high quality, reliable and comparable data.

The legal entities impacted by the guidelines are insurance and reinsurance undertakings and relevant branches, as well as Institutions for Occupational Retirement Provision (IORPs) which meet specific conditions and intermediaries operating cross-border.

The revised guidelines also analyse the use of the LEI code for identification purposes when competent authorities provide information to EIOPA.

Find out more about the Revised Guidelines on Legal Entity Identifier

Data quality in Solvency II reporting

Reliable data is central to successful data-driven supervision, evidence-based decision making as well as micro- and macro-prudential analysis. EIOPA - together with National Competent Authorities - has been working on assessing and improving the quality of supervisory insurance reporting data. After over 130.000 individual submissions since the introduction of Solvency II reporting in 2016, EIOPA published a report on data quality in September 2022. While quantitatively measuring the quality of data remains challenging, the report found that multiple key performance indicators and an overall quality score show significant improvements over the years.

Go to the report on data quality to find out more