LONDON, 29th February 2012—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.
“Our goal is to support the asset management and life company market in satisfying the new Solvency II regulations,” said Jimmy Mohns, director of international licensed data for Morningstar. “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.”
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Notes to Editors
Morningstar UK will host a half-day Solvency II and Asset Management Forum on 28th March 2012 in London. Speakers from insurance and asset management will discuss the anticipated impact of the Solvency II regulation and present some practical next steps. Members of the media are invited to attend at no cost. For further information, please contact: firstname.lastname@example.org.
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 individuals, financial advisors, and institutions. Morningstar provides data on approximately 375,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 8 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 registered investment advisor subsidiaries and has more than $180 billion in assets under advisement and management as of Dec. 31, 2011. The company has operations in 27 countries.
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