On 26 July 2018, the PRA released a policy statement on Solvency II and changes to reporting format, offering feedback from their consultation on the same topic (CP 11/18). The feedback was generally supportive of the proposed changes, although it noted that firms should have sufficient time to update their software capabilities to enable submission via XBRL format. The feedback considered the following:
- the timing and availability of the required materials to submit the information for NSTs, IMO, MRS and model drift. Firms and vendors should be given sufficient time to purchase and/or develop software capable of producing the templates in XBRL format and the time needed for testing;
- the PRA should allow a transition period, whereby firms could submit in Excel, consistent with the approach for the year-end 2017 submissions, or XBRL for the year-end 2018 reporting period, and adopt XBRL format only for submissions post year-end 2018; and
- Tthe importance of having a robust system able to cope with the increase in XBRL submissions.
Consequently, the PRA will offer a complete user-acceptance testing window to ensure a robust system for accepting year-end 2018 submissions. The changes to the reporting format will be effective for submissions of year-end 2018 information, from Monday 31 December 2018 onwards.