Pillar 1

Automated import of EIOPA yield curves in SimCorp Dimension

To enhance the automation in the Pillar 1 workflows, the Solvency II team has created a tool that helps SimCorp clients to import the risk-free yield curves which are published by EIOPA on a monthly basis into the SimCorp Dimension Yield Curve Manager. The yield curves are used to calculate the interest rate risk as part of the Solvency II Pillar 1 Standard Formula. The tool is available for clients using SimCorp´s Solvency II Pillar 1 Standard Solution and they can profit from it by saving time in the Pillar 1 operations.

Pillar 3

Solvency II review/Taxonomy 2.8 final version published

The Taxonomy 2.8 update contains major changes to the Pillar 3 QRTs (Quantitative Reporting Templates) and also introduces several new QRTs. Taxonomy 2.8 can be considered the most substantial QRT change since the introduction of Solvency II in 2016. It will come into effect at the end of 2023. In the middle of March 2023, EIOPA released the final version for Taxonomy 2.8, see Supervisory reporting - DPM and XBRL | Eiopa (europa.eu). On May, 5, the related Implementing Regulations (EU) 2023/994 and 2023/895 have been published in the Official Journal of the European Union.

The Solvency II team is close to releasing the first update package for Taxonomy 2.8 in June. This first package will contain updates for QRTs S.06.02 (list of assets) and S.08.01 (open derivatives). A second update package for all the remaining asset-related QRTs will follow in September.

In parallel, the SimCorp Solvency II team has started detailed scoping and planning workshops with Solvency II clients to schedule activities for the remainder of 2023 to enable a seamless go live with Taxonomy 2.8 end of the year.

Snowflake update/Cloud readiness

Snowflake is SimCorp´s strategic platform for cloud-based Data Warehousing. In June 2023, the Solvency II team will release a technical enhancement of the Pillar 3 Standard Solution which enables SimCorp clients to operate the solution on the Snowflake platform. With the provided update, Solvency II Pillar 3 clients can choose between the traditional Oracle platform and the Snowflake platform and thereby get additional flexibility regarding the technical environment for Solvency II Pillar 3.