Global Insurance Sector Expanding Use of XBRL for Transparency, Efficiency and pliance.

European Insurance and Oupational Pensions Authority (EIOPA) and Bermuda Moary Authority (BMA) Require XBRL for Solvency II Insurance Reporting

China Insurance Regulatory mission (CIRC) Also Using XBRL

NEW YORK--(BUSINESS WIRE)--XBRL International, Inc. (XII) announced today that XBRL is quickly being the “de facto” reporting data format for insurance regulation around the world. During the recent XBRL22 Global nference in Brussels, Belgium, XII announced that the European Insurance and Oupational Pensions Authority (EIOPA) has chosen XBRL as the Uniform Format for Solvency II insurance reporting across Europe. EIOPA is part of the new European System of Financial Supervisors that prises three European Supervisory Authorities.

“XBRL not only brings transparency to reporting and pliance, it streamlines processes and rces the administrative burden on regulated entities, much as we have already seen with the use of XBRL by tax authorities, securities missioners and banking supervisors around the world, we now have significant traction in the insurance sector” said Anthony Fragnito, CPA, CEO of XBRL International, Inc.

This announcement follows similar recent declarations from China and Bermuda to use XBRL for insurance regulatory reporting. In October 2010, the China Ministry of Finance announced the release of a national general purpose XBRL taxonomy to be used across 11 ministries and agencies, including the China Insurance Regulatory mission. The Bermuda Moary Authority is also developing an XBRL taxonomy for Solvency II reporting. Bermuda is the largest offshore insurance market in the world.

“The insurance industry has long regnized the importance of document standardization,” added Mr. Fragnito. “But in light of the enomic crisis and the need for greater transparency and aountability, we are seeing a shift from information being exchanged at the document level to the data level. This shift means that individual data fields on a form or ncepts in a report can be extracted, analyzed and reused in other business reporting processes in a machine-readable format. The XBRL data standard preserves the ntext of data and is being used by regulators and businesses to promote better interoperability, sharing and analysis of business and financial data.”

XBRL for Insurance will be discussed in more detail at the uping XBRL23 Global nference in Montreal, Quebec, Canada, from October 25-27, 2011.