Software for solvency ii, xbrl submission to authorities, scr, mcr, basic own funds. Sii assist is an xbrl regulatory reporting solution for insurance companies to use for their solvency ii reporting. Various clients from global tier1 financial institutions to smaller specialised asset managers and insurers trust our services. Mar 20, 2018 news solvency ii 0 comments since implementation of solvency ii on 1 january 2016 insurance companies in the wider sense should report qrts quantitative reporting templates quarterly to their supervisor.
Solvency ii risk and regulatory reporting secondfloor. Therefor its essential to implement reporting solutions that effectively support the. We gained our expertise from working with the best in the industry and used that experience to design our solution. Solvency ii deloitte luxembourg insurance solvency. One of the trickiest challenges insurers face in the current economic environment with extremely low or even negative interest rates is valuing products with guarantees. Secondfloor offers risk and regulatory reporting solutions based on its own industry leading eframe software, a powerful data and process management platform, designed to execute reporting processes in the highly regulated financial industry. On 15 july the european insurance and occupational pensions authority eiopa released its updated solvency ii data point models and xbrl taxonomies. The bank of england has updated the solvency ii xbrl filing manual to help firms and software vendors create xbrl instance documents for solvency ii pillar 3 and bank of england insurance reporting. Our awardwinning solvency ii solution provides enterprise risk and solvency management for insurance companies.
A solvency capital requirement scr is the total amount of funds that insurance and reinsurance companies in the european union eu are required. Generate your solvency ii xbrl with our software our customers validate the simplicity of our system, uptodate with the latest eiopa taxonomy and guidelines. Primarily this concerns the amount of capital that eu insurance companies must hold to reduce the risk of insolvency. Solvency ii page 3 making it clear reporting and disclosure in the solvency ii world understanding the pillar 3 requirements the sfcr and rts provide public and private disclosure under solvency ii. Asset managers will have to provide investing insurance companies with detailed information, classified and enriched in accordance with eu regulatory rules, using the assets. We ensure the highest quality level of our reports with automated input and output data validations and with advanced regulatory analytics including scr computations as well as multilevel lookthrough capabilities. Firms automate solvency ii reporting with tagetik software. These include solvency ii tpt, qrt, qad, vag, gromikv, crr, sst, emtept and others. Furthermore, your data is stored in a secure data center in the eu. Datatracks solvency ii pillar 3 reporting solution. Our solvency ii solutions are fully serviced and with our saas solution theres no need for installing any additional software or applications. Apr 04, 2020 a solvency capital requirement scr is the total amount of funds that insurance and reinsurance companies in the european union eu are required to hold. Solvency ii directive 20098ec is a european reform applicable to insurance and reinsurance undertakings which came into effect on 1 january 2016.
The solvency ii directive 20098ec is a directive in european union law that codifies and harmonises the eu insurance regulation. Secondfloor has developed a unique solvency ii service, that gives insurance companies instant benefit and ease of mind. Consistent with other financial services legislation such as the basel iii framework for banking supervision, solvency ii is a regulatory framework applying to european insurance and reinsurance. We provide high quality reference data on more than 10 million financial instruments, and collect, edit, maintain and deliver pricing and pricingrelated data from more than 450 markets and exchanges around the globe. Financial risk solutions frs, dublin based provider of fund administration software to global life assurance and asset management companies, won best solvency ii tech solution at the 2019 insurance asset management awards at the waldorf hilton in london last week. We also required a data platform which could pull out other sii reports in addition to qrts, such as the sfcr and the rsr, but which could also capture data to manage other regulatory reporting. Ice solvency ii data support is a combination of high quality reference and pricing data, coupled with proven analytics, can help your firm manage the transition to solvency ii and maintain ongoing compliance. In my opinion, and from the trenches so to speak, the reporting package is just one small part of the effort required to help put the organisation into a solvency ii compliant state on january 2016. Quantitative reporting qrt for solo and group companies. Our key product lines are solvency ii and priips reporting and analytics.
All with the focus of reporting in the most efficient and economical way to stakeholders and the regulator. Investpro platform awarded for risk reduction and regulatory reporting capabilities. Mar 29, 2015 there are several solvency ii reporting packages available e. Data to support pillar i and pillar iii requirements. Fs assist is one of the leading suppliers of insurance and pension fund reporting software in europe. Moodys analytics solvency ii solution oac actuaries and consultants qrm the risk framework quic financial technologies part of the markit group quic insurance solution rms risklink and riskbrowser sas institute sas risk management for insurance secondfloor eframe with the solvency ii reporting package and iisolve. Cch tagetik solvency ii prepackaged software has everything you need for pillar i.
Cbi solvency ii matters 7 may consultation open until 19 june. Endtoend software for regulatory capital calculation and reporting for life and nonlife insurers including. Following publication of ps2119 responses to cp19 occasional consultation paper. Solvency ii is imperative for insurance and reinsurance companies to meet pending regulations, but it should not be addressed in isolation. Solvency ii regulatory reporting software infovest. Solvency ii reporting, all 3 pillars incl xbrl secondfloor. Ten things you need to know about solvency ii global law. With the comprehensive solvara solution, the implementation of obligations for solvency ii for pillars 1, 2 and 3 is already under way. Or, alternatively, the software can also be hosted at your own location. The two documents are distinct but closely linked, and share a common. Insurance and reinsurance firms automate solvency ii reporting.
Regulatory reporting insurance sector bank of england. Solvency ii pillar iii quantitative reporting templatesqrts. Our software validates your data, provides the audit trail and supports the four eyes principle. Automating the solvency capital requirement calcualtion process. 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.
Endtoend standard software solution for regulatory and statistical reporting. Stay a step ahead of the solvency ii complexity curve. Datatracks solvency ii pillar 3 reporting solution is designed to integrate relevant data from multiple sources and consolidate this into a single view for regulatory reporting. Solvency ii reporting a comprehensive software solution tabular is an excelbased solvency ii narrative and qrt xbrl reporting software, seamlessly integrated into microsoft office. It is composed of the annotated templates for the solvency ii and for the. Frs frs wins best solvency ii tech solution at the. Solvency ii is a set of regulations from the european insurance and occupational pensions authority eiopa for the insurance industry in the eu.
Simple to install, get up and running in under 5 minutes. Based entirely in excel, it allows for the quick and easy completion of the qrt reporting templates. Jan 03, 2016 under solvency ii, insurers will need enough capital to have 99. For insurers seeking a costeffective way to comply with solvency ii. Tabular is an excelbased solvency ii narrative and qrt xbrl reporting software. Additional features to save time, rolling forward old returns, asset data imports and much more. One of those first customers was tvm in the netherlands. Automating the solvency capital requirement calcualtion. Yes, you succeeded in populating the quantitative reporting templates. There are several solvency ii reporting packages available e. Primarily this concerns the amount of capital that eu insurance companies must hold to reduce the risk of insolvency following an eu parliament vote on the omnibus ii directive on 11 march 2014, solvency ii came into effect on 1 january 2016. The two documents are distinct but closely linked, and share a common structure. Solvency ii for insurance regulatory regulation zeb control.
Its aim is to introduce a harmonized regulatory regime to the insurance market. Under the directive, insurance companies must understand and actively consider their risk exposures to current and future investments over extended timeframes, and ensure they have the entire global buyside value chain. Solvency ii comes at you from many angles, but cch tagetik solvency ii prepackaged solution has the templates, calculations, reports, and dashboards you need to accelerate pillar i, pillar ii, and pillar iii compliance. Insurance and reinsurance firms automate solvency ii. Certent allows you to generate highvalue documents for various required reports, including own risk solvency assessments orsa, solvency and financial condition reports sfcr, regular supervisory reports rsr, and quantitative reporting templates qrt reports with xbrl tags.
Infovest offers a comprehensive solvency ii solution to asset managers for their insurance clients tpt and to life companies qrt. Collinson insurance division was using invoke cloudbased reporting software for their solvency ii pillar iii reporting when i joined back in 2016. Increasing operational efficiency in solvency ii qrt reporting with invest. Solvency ii update even if a credible timetable will probably point out to an implementation date not earlier than 2016, it should be possible in an interim phase to start to incorporate in the supervisory process some of the key features of solvency ii, namely. In my opinion, and from the trenches so to speak, the reporting package is just one small part of the effort required to help put the organisation into a solvency ii. Optimized solvency ii regulatory reporting qrt solvency ii. It aims to implement solvency capital requirements that better reflect the risks that companies face and deliver a supervisory system that is consistent across all member states. It costs nothing to request a discovery version of arevio solvency ii edition, andor.
Solvency ii is a harmonised prudential framework for insurance firms, introduced in. See technical artefacts and support below for the updated filing manual 30 november 2019. Reporting made simple with cloudbased continuously updated and tested xbrl software. Invoke solvency 2 software range a solution for every project scenario even if some insurance companies have decided to go the route of developing a specific pillar 3 reporting solution inhouse, the vast majority of regulated firms are opting for standard packaged solutions for producing their solvency ii reports. Designed for speed and quick deployment, this solution includes a template capital model that can be adapted to suit business requirements and a model that aggregates the risks and produces the metrics for the solvency ii quantitative reporting template qrt reports. Solvency ii is the new solvency regime for all eu insurers and reinsurers, which also covers the insurance operation of bancassurers. The following ten things are important features of the new prudential supervisory regime for insurance companies which will take effect in the european union at the beginning of 2016. Regulatory solvency requirements for insurance companies under the european solvency ii framework will substantially impact the institutional asset management industry. Insurance companies delegate a large part of their asset management and therefore rely on the asset management industry to provide them with the input data necessary to fulfil their regulatory obligations. Contains the list of validations of solvency ii and pension funds to be fulfilled by the reports. Many features return setup for easy qrt creation, in depth validations, xbrl. The bank of england has now updated the solvency ii xbrl filing manual to help firms and software vendors create xbrl instance documents for solvency ii pillar 3 reporting in light of the latest eiopa solvency ii taxonomy 2.
Solvency ii qrt reporting solution reporting under the insurance and reinsurance solvency ii directive under the omnibus ii proposals, the european insurance and occupational pensions authority eiopa is required to draft implementing technical standards or binding technical standards which will cover the detailed requirements for. Moodys analytics solvency ii solution insuranceerm. Since implementation of solvency ii on 1 january 2016 insurance companies in the wider sense should report qrts quantitative reporting templates quarterly to their supervisor. Jan 21, 2020 solvency ii reporting services for investment funds deloittes integrated solution servicing worldclass asset managers solvency ii directive 20098ec is a european reform applicable to insurance and reinsurance undertakings which came into effect on 1 january 2016. The purpose of the guidelines is to adopt a consistent and convergent approach to solvency ii preparation across europe and to mitigate the risk that supervisors will adopt their own approaches at a national level. Solvency ii is a riskbased capital regime, similar in concept to basel ii, based on three pillars. Under solvency ii, insurers will need enough capital to have 99. So you can meet all its qualitative, quantitative and disclosure requirements with ease, our solution reduces risk and puts. We are actively preparing for solvency ii and are now helping our. Solutions for solvency ii supporting your risk and asset data needs your solvency ii asset servicing partner northern trust is an established and trusted provider of asset servicing and asset management solutions to leading global insurance companies. Tagetik was one of the first software companies to work directly with insurance companies to develop a prepackaged solution for solvency ii. For demonstrating excellence in the field of solvency ii reporting, former abacussolvency ii has been featured in the gartner guide for solvency ii solutions and has been honored with three industry awards in the categories best regulatory reporting solutionsoftware, including the insuranceerm awards 2016, as well as the buyside awards. Invoke solvency 2 software range a solution for every project scenario even if some insurance companies have decided to go the route of developing a specific pillar 3 reporting solution inhouse, the vast majority of regulated firms are opting for standard packaged solutions for producing their solvency ii. Automating the solvency capital requirement calculation process overview this whitepaper explores how the solvency ii solvency capital requirement scr calculation process can be automated to facilitate efficient and timely regulatory reporting.
Recap of solvency ii data requirements 10 november 2014 appropriate complete accurate free from material errors and omissions high level of confidence placed on data information is recorded in a timely and consistent manner recognition of credibility through wide usage 7 solvency ii requirements apply to all data 10 november. Solvency ii is an eu directive designed to regulate the capital of insurance companies and reduce the risk of insolvency. It is an integral part of a companys overall financial processes, especially financial reporting and disclosure, said sabrina rosati, executive vice president and head of professional services, tagetik. Solvency ii reporting services for investment funds. Solvency ii asset reporting for non investpro clients. The taxonomy and all related documents, including filing rules, details of the changes made, the data point model, validations and instructions can be found here. News solvency ii 0 comments since implementation of solvency ii on 1 january 2016 insurance companies in the wider sense should report qrts quantitative reporting templates quarterly to their supervisor. As a comprehensive, modular solution, it addresses business needs and production requirements associated with regulatory capital calculations, data management, and reporting. The european unions solvency ii directive is frequently termed basel for insurers. This is an area of our solvency ii software package where we have helpful feedback from clients, which has resulted in the module being exceptionally strong, says holmes. Upload your xbrl, get a readable excel including all eiopa validations. Cimcon software launches solvency ii mobile application. Solvency ii reporting and disclosure requirements for regulated companies are covered by two key reports.