As part of the implementation of the new IORP II directive (IORPs - Institutions for Occupational Retirement Provision) EIOPA introduced a set of new reporting requirements. These new requirements are addressing the specific data collection needs towards pension funds across Europe. The first report submissions are planned for the quarterly submission of Q3/2019.
EIOPA is applying proven approaches and mechanisms from the Solvency II reporting that insurers have had to comply with for several years now. The reporting is based on xbrl format and comprises a shared taxonomy that covers specific EIOPA requirements as well as ECB requirements. The content of the reporting templates is to a certain extent similar to the Solvency II content. Although the overall amount of data points to report on is smaller, the new reporting is posing a significant challenge for the affected pension funds.
We have directly addressed these concerns by extending our award-winning, proven Solvency II reporting solution – Abacus Insurance – to cover the specific needs of the pension industry in line with the new reporting requirements set by EIOPA and the ECB.
Our reporting solution for pension funds builds on the success of Abacus solution for insurers, which has already earned trust of its users and recognition from a variety of industry experts. Since Solvency II Go-Live in May 2016, over 200 small, mid-size and large international insurers in more than 20 European countries have been successfully generating and submitting their required quarterly and annual Solvency II reports to local supervisors.
We experienced a smooth first annual reporting under Solvency II. ABACUS/Solvency II proved to be a reliable product for end-to-end Pillar 3 QRT reporting.
Dr. Andreas Herbstrith, Head of Consolidation & Reporting Solutions at Allianz Group / July 2017, Press release
We met the deadline for the first annual group reporting under Solvency II. Both the proven and reliable ABACUS/Solvency II solution and the support of BearingPoint made a significant contribution to this success.
Jean-François Billac, Director of Accounting Operations at Médicis / July 2017, Press release
We opted for ABACUS/Solvency II for two major reasons: it’s a proven solution and it was available as SaaS. So we will be able to achieve a rapid deployment within a few months with customized processes.
Johan Dahlgren, CFO at AFA Insurance / July 2018, Press release