Solvency II: EIOPA has published PWD2 of taxonomy 2.8

On the 1st of June, EIOPA has released the second public working draft on taxonomy 2.8. In the new version of the taxonomy, EIOPA has only resolved some very technical issues and not amended the business side of the reporting.

The EIOPA Taxonomy 2.8 PWD2, does not yet constitute a final version of the taxonomy and despite fixing some of the technical issues with the PWD1, it is still technically not possible to use it directly in any reporting system. However, due to the high interest in the changes, and the need to adapt many existing systems and processes to be able produce the data needs for the new templates, we have prepared a version of the templates for regular annual and quarterly reporting, including dropdowns with the list of the allowed values for each field. Together with them we have also prepared a change log between the expected templates for taxonomy 2.8 and the template currently used for 2.6 hotfix reporting.

At the moment we are in a communication with EIOPA to resolve the issues currently found in taxonomy 2.8. Once the final version of taxonomy 2.8 is published by EIOPA on 2of July, we will analyze it and publish further notification on the actual content of the expected reporting, and the expected version of the calculations in Solvency Service and the inputs feeding them.

If you already use our SaaS Solvency Service, you can download the change between taxonomy 2.6 and 2.8 as well as the expected version of the QRTs at the dashboard of your Solvency Service or otherwise you can contact us at solvencyiiservice@secondfloor.com to obtain a copy.

Taxonomy 2.8 is to be used for reporting in for the last quarter of 2023, in February 2024.

The reason that EIOPA has published taxonomy 2.8 so early, are the many changes expected to the QRT templates, as well as to the Implementing Technical Standards and in particular thresholds.