As Implementation Deadline Approaches, Morningstar and Interactive Data Announce Look-Through Solution to Help Insurance Companies with Solvency II Reporting
LONDON, Oct. 21, 2015 /PRNewswire/ -- Interactive Data, a leading provider of trusted, mission-critical information for over 10 million financial instruments, announces the launch of a fully integrated 'Funds Look-Through' service for Solvency II reporting purposes, in collaboration with Morningstar.
Solvency II is the European-wide regulation for the insurance industry designed to improve capital adequacy and transparency. One of its three pillars concerns Reporting and Disclosures, of which a key element is the 'Look-Through Principle'–-the collection and disclosure by insurance companies of their fund investment holdings. While not obligatory, insurance companies that gather the market data to fulfil the look-through reporting requirement are expected to have a reduced Solvency Capital Requirement and an enhanced ability to calculate their Minimum Capital Requirement, both of which can lead to significant cost savings.
With the interim deadline for look-through reporting coming in November, Morningstar and Interactive Data are working together to enable a fully integrated service that reduces the need for insurance companies or their asset managers to source data from multiple providers, and to commingle that data in an efficient and meaningful way.
"Forward-looking insurance companies understand the complexity of timely acquisition of high-quality data from hundreds of asset managers. What Morningstar and Interactive Data can offer together allows firms to take advantage of a unified solution that can reduce their costs and enhance their data governance," said Mark Roomans, Chief Executive Officer of Morningstar UK.
"Working with Morningstar, we were able to combine our global cross-asset data coverage with Morningstar's funds holding data to enable a fully-integrated service. Asset classification, with global entity linkage, gives institutional clients a streamlined view of their investments which could result in a reduced cost of capital," said Claudio Salinardi, Managing Director of Pricing & Reference Data EMEA with Interactive Data.
About Interactive Data Corporation
Interactive Data Corporation is a trusted leader in financial information. Thousands of financial institutions and active traders, as well as hundreds of software and service providers, subscribe to our fixed income evaluations, reference data, real-time market data, trading infrastructure services, fixed income analytics, desktop solutions and web-based solutions. Interactive Data's offerings support clients around the world with mission-critical functions, including portfolio valuation, regulatory compliance, risk management, electronic trading and wealth management.
Pricing, evaluations and reference data are provided in the US through Interactive Data Pricing and Reference Data LLC and internationally through Interactive Data (Europe) Ltd. and Interactive Data (Australia) Pty Ltd.
For more information about Interactive Data please visit: www.interactivedata.com.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than US$180 billion in assets under advisement and management as of 30 June 2015. The company has operations in 27 countries.
SOURCE Interactive Data Corporation
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