Morningstar UK, a subsidiary of Morningstar, Inc., (NASDAQ: MORN), a leading provider of independent investment research, today introduced its new CIC (Complementary Identification Code) Mapping Service, designed to support institutional investors with Solvency II reporting.
Solvency II is an updated set of EU regulations that will require insurance companies operating in the EU to meet enhanced levels of transparency, capital, and risk assessments for investment holdings. This will include the requirement to uniquely identify all holdings against a set of industry standard codes (CICs)—a four-digit number based on type of investment—for all funds and individual securities held by institutional investors.
Delivered through a data feed, Morningstar's new CIC Mapping Service assigns insurers' investment holdings to the standardised security types defined by EIOPA (the European Insurance and Occupational Pensions Authority). The solution uses Morningstar's proprietary rules and data validation processes, and leverages its global database of real-time global market data on more than 8 million securities.
Jimmy Mohns, director of international licensed data for Morningstar comments: "Our goal is to support the asset management and life company market in satisfying the new Solvency II regulations. Our CIC Mapping Service is an extension of our 28-year history in the collection, storage, and distribution of investment data. By working with Morningstar, institutional investors can be assured of a holdings identification solution that supports their Solvency II responsibilities."