DataTracks, a global leader in disclosure management and regulatory compliance solutions, today announced that insurers across the European Union successfully filed their annual Solvency II reports with their local regulators in XBRL using the company’s DT Solvency II software.
The deadline to submit annual reports for year-end December 2017 was around the first week of May 2018. The preparation of these annual reports is a complex process with more than 300 templates involved and around 1500 validation rules that need to be complied with. Over 40 Insurance firms were able to use the solution from DataTracks, which allowed them to perform instant validation of their data, and also facilitate easy correction of errors with an intuitive user interface.
The cloud based platform was favoured by users because it let them work on their reports from anywhere with effortless accessibility, ensuring that they were able to complete the submission of their reports before the deadline.
Once the reports are cleared of all business validation errors, users should be able to generate the XBRL output and submit it, without having to worry about any of the underlying complexities in the format. The XBRL output engine of DataTracks guarantees accuracy and precision. Users reporting to regulators such as ACPR (France) were also able to digitally sign their XBRL outputs in accordance with the required electronic signature standards,” said Prakash Ramachandran, Manager of Product Design at DataTracks.
“With the success of this year’s annual filing, DataTracks demonstrates a two-year track record of exemplary Solvency II submissions. An online chat feature was provided to our customers to ensure immediate assistance from our support team. Constant enhancements are added to our product with the objective of making the entire reporting process more seamless and error-free for users,” Karthik Sathuragiri, President at DataTracks, added.
DataTracks is a global leader in disclosure management and regulatory compliance software and services. Six of the top 10 accounting firms and over 12,000 enterprises across global markets trust us with their data, counting on our deep expertise to help them inform, decide and comply. We enable enterprises across geographies to file reports compliant with the standards of regulators like the SEC (the US), HMRC (the UK), Revenue (Ireland), various EU regulatory authorities, ACRA (Singapore), MCA (India), and CIPC (South Africa). To know why financial accounting firms and enterprises world-over trust DataTracks, please visit www.datatracks.com, www.datatracks.co.uk and www.datatracks.eu.
For business enquiries contact:
Karthik Sathuragiri, President, DataTracks, +91 99860 34993, firstname.lastname@example.org
DataTracks prepares more than 14,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, Eurofiling compliance reports in Europe, ACRA in Singapore and MCA in India. Honed by our experience of preparing more than 166,000 compliance reports, our solutions and services are designed to assure quality, reliability and ease of use.