Three national competent authorities (NCA) have not been able to report any Institutions for Occupational Retirement Provision (IORP) data to the European Insurance and Occupational Pensions Authority (EIOPA) since reporting requirements were implemented.

Since 2020, EIOPA has been receiving reporting in a structured format on IORPs and has published a report on the data quality received during this time.

Although the number of NCAs that were not able to deliver any information on IORPs has halved, three have not reported any data since implementation in 2020.

Timeliness was found to have improved, from 60 per cent of NCAs failing to meet the set deadlines at implementation to 17 per cent failing to meet the set deadlines in 2022, despite the deadlines being two weeks earlier.

EIOPA noted that validation embedded in the taxonomies are key to improving data quality and that it continues to add new validations.

“Furthermore, in the original taxonomy many validations were non-blocking,” the report stated.

“This should trigger a reaction from NCAs but avoids that data could not be submitted. Now a few years after implementation, EIOPA intends to change the severity of certain validations into blocking.”

As well as verifying the data quality of the fields in a report, EIOPA also analyses the development of the data points over time and across countries.

If sudden changes or outliers are detected, EIOPA will follow up with the relevant NCAs, a procedure that takes place every quarter before EIOPA confirms the data it intends to publish with all NCAs.

“Going forward, EIOPA aims to focus its additional data quality efforts on IORPs investment reporting and to develop a data quality indicator for IORPs,” the report said.

“The main difference with the insurance sector data quality indicator shall be the interpretation of the quarterly completeness, considering the different requirements.”

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