The module is based on the platform of the proven product ABACUS/Solvency II, which will be renamed Abacus Insurance in the course of the extension.

Frankfurt am Main, September 18, 2019 – BearingPoint RegTech, one of the leading providers of Regulatory and Risk Technology (RegTech/RiskTech), announced today that it has extended the functionality of ABACUS/Solvency II to include a new reporting module for pension funds.

The module helps pension funds to meet their reporting obligations under the new IORP II (Institutions for Occupational Retirement Provision) Directive. The new reporting requirement has been recently introduced  by the European Insurance and Occupational Pensions Authority (EIOPA) and requires reporting companies to provide the national competent authority (NCA) with the required pension data on a quarterly and annual basis. The scope of the reporting module is based on the EIOPA taxonomy and thus covers both the requirements of IORP II and the ECB's additional statistical requirements. Quarterly reporting will l apply from the third quarter of 2019, annual reporting from 2019.

The reporting approach for IORP II is similar to the one of Solvency II and reflects many of the already used concepts (e.g. XBRL-based reporting, predefined validation rules, quarterly and annual submissions, etc.). BearingPoint RegTech has therefore implemented the new module on the platform of the established product ABACUS/Solvency II. As the functionality of the software has been significantly extended, the product has been renamed Abacus Insurance.

Abacus Insurance is used by small, medium-sized and large national and international insurers, reinsurers and pension funds with more than 200 reporting units in more than 20 European countries.

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