EIOPA will suspend T4U support after release of final update in October 2016.
The final version will support fillers until mid-October using the recently released 2.1.0 taxonomy.
Following extensive market research, including May’s Meet the Market event in Frankfurt, EIOPA have extended their initial support of the Tools for Undertakings considerably. The original plan was to suspend updates after the first filing deadline in May 2016. Instead, the T4U has continued to run and support small to medium sized insurance firms throughout their first full cycle of Solvency II reporting. The T4U was released as a free basic conversion tool for jurisdictions who were not familiar with XBRL, as well as to support a fast approaching implementation deadline for the Solvency II directive.
The tool will still be accessible and usable, however the T4U will receive no updates when EIOPA release new taxonomies. It is likely that the Tools for Undertaking can be used for other XBRL projects, and that the developments so far will contribute to the open source and XBRL community.
T4U support will continue throughout the complete calendar year of 2016, and firms will need to have a new solution in place by July 2017.
Insurers and Captive Managers will need to find long-term solutions for converting Pillar 3 templates into XBRL. If you haven’t considered how you will submit your Solvency II returns without the T4U then get in touch with the Arkk Solutions team today.