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The Prudential Regulation Authority (PRA), under the Bank of England (BoE), has published the Insurance Taxonomy v2.0.0, followed by a hotfix (v2.0.1) on October 10, 2024. Effective January 1, 2025, this taxonomy marks a notable shift for UK insurance companies and UK branches of foreign companies which have been using the EIOPA Taxonomy 2.6.0 for the past few years.
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The Prudential Regulation Authority (PRA), under the Bank of England (BoE), has published the Insurance Taxonomy v2.0.0, followed by a hotfix (v2.0.1) on October 10, 2024. Effective January 1, 2025, this taxonomy marks a notable shift for UK insurance companies and UK branches of foreign companies which have been using the EIOPA Taxonomy 2.6.0 for the past few years.
This move aligns with the PRA’s intent to tailor regulatory reporting to the unique needs of the UK insurance market, particularly post-Brexit.
What does this mean for your Solvency UK reporting?
Both UK-based insurers and foreign insurers with UK branches must transition from EIOPA Taxonomy 2.6.0 to the PRA’s new Taxonomy. This shift requires updated templates, validation rules, and compatibility with the BEEDS portal, making early adjustments essential for compliance by January 2025.
cleversoft´s comprehensive support
We are excited to announce full support for the latest Bank of England (BoE) Insurance Taxonomy under Solvency II.
With cleversoft’s solution for the new PRA taxonomy, your organization can streamline compliance processes and reduce the complexity of reporting. Here’s how we can assist:
- Comprehensive Coverage: We support various frameworks within the PRA’s Taxonomy Package, including Insurance Reporting (IR), Internal Model Outputs (IMO), Market Risk Sensitivities (MRS), Standard Formula Reporting (SF), and Special Purpose Vehicles (SPV).
- Seamless Integration: Our software ensures accurate and hassle-free submissions to the BEEDS portal by integrating PRA’s business and technical validations.
- Ease of Use: Each update includes detailed changelogs in our tool’s dashboard, highlighting template adjustments and new features. This ensures you’re always informed and prepared.
- Comprehensive Audit trail: Our solution provides a robust audit trail that tracks all actions, including their origins and timing. We prioritize aligning the system with your existing workflow, so you don’t have to adjust your processes to fit the software.
Ready to prepare for the 2025 Solvency UK reporting?
Use our contact form to get in touch with our experts and learn how we can support your transition to the new BoE Insurance Taxonomy.