Selected recent Solvency II news items:
On 13 February, the Financial Reporting Council issued a revised edition of FRS 103 Insurance Contracts and the accompanying Implementation Guidance, incorporating the amendments arising as a result of Solvency II that were issued in May 2016. This updates references to reflect the new regime and makes it clear that a justification for changing accounting policies would be in order to achieve greater alignment with Solvency II. In addition the standards revision clarifies a legal requirement regarding a reference to the Solvency II Directive in the regulations for Large and Medium-sized Companies and Groups confirming that there is no requirement to change the accounting basis to one consistent with Solvency II.
EIOPA's Solvency II taxonomy release 2.1.0 was published in July 2016 and is to be used from the 31/12/2016 reference date. The PRA announced they are implementing the taxonomy to be open for firms reporting Q4 data from 13 February 2017. OAC expects reporting software providers to have made the necessary developments.
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