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Often called "Basel for insurers," Solvency II is somewhat similar to the banking regulations of Basel II. For example, the proposed Solvency II framework has three main areas (pillars): Pillar 1 consists of the quantitative requirements (for example, the amount of capital an insurer should hold). Pillar 2 sets out requirements for the ...
At the heart of the prudential Solvency II directive, the own risk and solvency assessment (ORSA) is defined as a set of processes constituting a tool for decision-making and strategic analysis. It aims to assess, in a continuous and prospective way, the overall solvency needs related to the specific risk profile of the insurance company.
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Dynamic solvency testing may involve both deterministic projections, based on known risks, and stochastic projections that include random risk events. FCRs are a part of the statutory reporting requirements for life insurance companies in Pakistan, Australia, New Zealand, Ghana and non-life insurance companies in Canada.
The Table Linkbase can be used for presentation of XBRL data, and also for data entry, by allowing software to present a template for completion by the user. The Table Linkbase is well-suited to handling large, highly-dimensional reporting templates such as those used for Solvency II reporting to EIOPA, and COREP and FINREP reporting to the EBA.
BCBS 239 is the Basel Committee on Banking Supervision's standard number 239. The subject title of the standard is: "Principles for effective risk data aggregation and risk reporting".