European Insurance and Occupational Pensions Authority (EIOPA) has chosen XBRL International as the uniform format for Solvency II insurance reporting across Europe.
EIOPA is part of the new European System of Financial Supervisors that comprises three European Supervisory Authorities.
This announcement follows similar recent declarations from China and Bermuda to use XBRL for insurance regulatory reporting.
XBRL International CEO Anthony Fragnito said XBRL not only brings transparency to reporting and compliance, it streamlines processes and reduces the administrative burden on regulated entities.
"With the use of XBRL by tax authorities, securities commissioners and banking supervisors around the world, we now have significant traction in the insurance sector," Fragnito said.
In October 2010, the China Ministry of Finance released a national general purpose XBRL taxonomy to be used across 11 ministries and agencies, including the China Insurance Regulatory Commission.
The Bermuda Monetary Authority is also developing an XBRL taxonomy for Solvency II reporting.