Solvency II and XBRL: New Rules and Technologies in Insurance Supervision
Purpose – the aim of this paper is to analyze the way in which the insurance industry is confronting the renewal of its regulatory framework with respect to the levels of solvency that insurance entities should maintain, and how technological initiatives in general, and the implementation of the eXtensible Business Reporting Language (XBRL) mark-up language in particular, are making a key contribution to the process of adaptation to the new regulation. Design/methodology/approach – In this general review, we analyse the particular advantages that the application of the XBRL standard can offer in this process, and highlight new lines for further research. Findings – In this scenario, it is becoming urgent to have available a technological system such XBRL, that provides support to the important and periodical operations of consolidation of financial information, and to ensure the digital transparency of the insurer organisations that are engaged in this new regulatory challenge. Practical implications – XBRL represents the key resource for the information support used in the European COREP project for implementation of Basle II in the Union, so, the implementation of Solvency II can take full advantage of this previous experience. For that reason, a proposal for action is incorporated. Originality/value – the affiliation of the authors to the insurance sector, the academia and the XBRL community contributes to a complete view of the possibilities of this breaking project.
Volume (Year): (2008)
Issue (Month): 2 (November)
|Contact details of provider:|| Postal: Universitatea Al. I. Cuza; B-dul Carol I nr. 22; Iasi|
Phone: 004 0232 201070
Fax: 004 0232 217000
Web page: http://rebs.ro/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Xavier Vives, 2001. "Restructuring Financial Regulation in the European Monetary Union," Journal of Financial Services Research, Springer;Western Finance Association, vol. 19(1), pages 57-82, February.
- P. Karuppuswamy & G. Sundararaj & D. Elangovan, 2007. "Application of computerised maintenance management system coupled with risk management techniques for performance improvement of manufacturing systems," International Journal of Business Performance Management, Inderscience Enterprises Ltd, vol. 9(1), pages 7-21.
When requesting a correction, please mention this item's handle: RePEc:aic:revebs:y:2008:i:2:bonsone. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sireteanu Napoleon-Alexandru)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.