The following components of financial statements need to be filed in XBRL Format:
Syndicate Accounts: These accounts must be prepared in accordance with the new pro forma template, which includes minimum disclosure requirements. The accounts will be tagged using the XBRL taxonomy to facilitate data extraction and validation.
Flash Report: This report will include key performance indicators (KPIs) and is intended to provide a snapshot of the syndicate's performance. It will be submitted in an Excel format initially, with commentary on KPI movements provided in any file format.
Schedule 3 Data This refers to specific data related to the syndicate's operations that must also be submitted in XBRL format. The Schedule 3 data will be compiled into a machine-readable XBRL file, ensuring consistency and compliance with regulatory standards.
Submission Process
The iXBRL files for both Syndicate Accounts and Schedule 3 Data will be submitted via Lloyd's online portal for validation and processing. The tagging process can be facilitated through tools such as Lloyd’s XBRL Reporter, which allows for easy generation of the required files from existing documents.
Overall, these filings are designed to enhance transparency, improve data quality, and streamline reporting processes within the Lloyd's market.
