Solvency II is a risk-based capital regime based on three pillars:-
Due to the simplicity of the regulatory framework for the insurance market, a lack of an economic risk-based approach and differences in implementation across the EU, the existing regulatory regime needed to be revised.
The Previous Solvency II framework had several shortcomings and loopholes, which resulted in some serious challenges for the supervision of the insurance industry. Considering this, EIOPA (European Insurance and Occupational Pensions Authority), the supervisory authority and financial regulatory institution of the EU, introduced the new solvency requirements with a stringent regulatory framework, to ensure that insurers have sufficient capital to withstand adverse events, both in terms of insurance risk (as under the previous regime), and now also in terms of economic, market and operational risk.
As of January 2016, due to the Solvency II mandate, insurance and re-insurance companies across the European Union and the UK have been required to submit detailed financial information reports, in XBRL Format (eXtensible Business Reporting Language), to their national supervisors, as per the requirements laid down by EIOPA.
The reports must be filed on a quarterly and an annual basis. The submission deadline for quarterly submissions is usually around 40 days from the end of the reporting period. For annual submissions, it is 90 days from the end of the reporting period.
Since the introduction of Pillar 3, insurers are witnessing huge organisational and process implications with regard to production, collation and management of financial data. Therefore, there is a need to find the right Solvency II Pillar 3 solution.The problem here, is that most service providers are leveraging solutions for Pillar 1, Pillar 2 and Pillar 3 reporting, which leads to a haphazard reporting process. This is why companies should consider a separate application/system for Pillar 3 reportingConsiderations when scouting for a robust Solvency II Pillar 3 solution:-
Given the complicated nature of the regulatory compliances of the Solvency II framework, a flexible and tailored solution is what you need. That is the main focus of DataTracks.
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How to Login to SOL II
How to create entity Sol II
How to assign templates to Entity-sol II
How to create User
How to assign templates to the user
How to add period
How to create Repository
Pre mapping process
DataTracks stood out from other providers of ESEF solution for its off the shelf technical solution that suits us, many years of experience and suitable references, while at the same time providing the solution at a competitive price. DataTracks has been very responsive and cooperative throughout the entire time of the ESEF vendor selection process. Good experiences kept on going also at the time of our training process. They shared with us every little detail and guided us through the mapping and tagging process. Once again, it turned out that we had chosen an excellent outsourcing partner for the ESEF solution. At this point, we are very satisfied with DataTracks services and are looking forward to take the next stepswith them.
Our focus was primarily on choosing a user-friendly and easy-to-use solution to enhance transparency and simplify our reporting efforts. The introduction of DataTracks’ Rainbow solution for ESEF convinced us as the overall package of functionality, technical requirements, intuitive operation, and support by their experts
Voor de migratie van Excel naar XBRL is contact gezocht met Datatracks. Met behulp van hun AIFMD software en instruction manual wordt het vrij éénvoudig om de Excel rapportages te downloaden, te bewerken en als XML-bestand aan te kunnen leveren.
Op vragen (zowel telefonisch als per e-mail) is zeer behulpzaam en snel gereageerd, kortom mijn kennismaking met Datatracks heb ik als zeer positief ervaren.
We worked with the incredible assistance of DataTracks to ensure we successfully filed our FINREP/COREP report with the regulator. We found DataTracks solutions easy to use. Their technical support team was knowledgeable, easy to work with and assisted us round the clock to ensure we filed the report on time and without errors. All this at a competitive price point. Our experience has ensured we will have no hesitation in using the services of DataTracks on an ongoing basis.
We have been using DT’s SII software for the successful submission of the last three quarterly and the last annual QRTs to the regulators with the application is very user friendly and helpful in identifying any validation errors, giving sufficient and accurate information for the identification and correction of these errors. The preparation of the XBRL and excel output files normally runs within a reasonable time and hence this enables the user to regenerate XBRL files if needed. We are very satisfied form the customer support which is efficient and available at any day and time. We are impressed of the response time to our queries. In conclusion we are very satisfied from the application and we would definitely recommend it.
Compared with other tools it is much more efficient and user friendly. Especially the validation process and the way errors are reported are a big improvement. Besides this they provide world class support. And even if the error reports can’t help you to the right answer, the people behind the tool of customer support are very helpful. Their response time is very good, even outside office hours. Most important, they have the drive to help you till the last error is solved.
I am writing to let you know that “Glacier”, the new application for Solvency pillar ii reporting, developed by your company is very user friendly and very quick. It is also very helpful , enabling the user to easily identify and correct any validation errors. Furthermore the, production of the output XBRL and excel file is also quick and this saves considerable time especially in cases where for any reason the input and output process needs to be run several times for reasons not related to the application itself. I would recommend it to any company regardless of the its size since it is a simple and simultaneously efficient application which is what is needed for the particular task.
We were already really pleased with the ‘old’ Datatracks tool, but it was a pleasant surprise that you launched Glacier. It is a great improvement! It saves us a lot of time and now it is easier to validate the file, make some adjustments, upload and validate again. I also want to mention the service level you provide, we appreciate your fast response to questions and your help despite the time difference with The Netherlands.
DataTracks Glacier is a great improvement on an already good product. The processing speed is very good, but what strikes me above all is the clarity of the workflow.
The service has been outstanding and would certainly be recommended. Even though strict deadlines needed to be met, the team went above and beyond to accommodate our needs. Each and every member of the staff that we came in contact with was very friendly and approachable, qualities that added value to the streamlining of the whole procedure.
Large Slovenian Bank
Slovenian Multinational Insurance company
Investment Management Company - Netherlands
Investment Management Firm - UK
Insurance company - Cyprus
Insurance company - Netherlands
Investment Management Firm - Malta
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