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Home > Prudential Regulation Authority > Reporting requirements for non-Solvency II insurance firms – CP18/16
 

Reporting requirements for non-Solvency II insurance firms – CP18/16

03 May 2016

Background

This consultation paper (CP) sets out proposals for new reporting rules in the Prudential Regulation Authority (PRA) Rulebook that would apply to insurance firms that are outside the scope of Solvency II from 1 January 2016. Collectively, these firms are referred to as non-directive firms (NDFs).

This consultation proposes to update the current rules which apply to NDFs: transposing PRA Handbook material relevant to NDFs into the Rulebook format; amending the reporting rules following the changes to the prudential regime for non-Solvency II insurance firms published in policy statement 26/15 ’The prudential regime, and implementation of the Senior Insurance Managers Regime, for non-Solvency II firms’; and, where possible, proposes to simplify some of the requirements.

In CP27/15 ‘The prudential regime for non-Solvency II insurance firms and consequential amendments’, the PRA consulted on transposing PRA Handbook material relevant to NDFs into the Rulebook format. These proposals included the deletion of the Handbook modules IPRU(INS) and IPRU(FSOC). CP27/15 noted that firms would be required to comply with reporting rules contained in Chapter 9 of IPRU(INS) or Chapter 5 of IPRU(FSOC) until 31 December 2015, with the PRA proposing new rules in 2016. This CP sets out those proposals.

Summary of proposals

In line with the PRA’s general approach to transposing material from the PRA Handbook to the Rulebook, the PRA proposes to consolidate the Handbook material into new or existing parts. In this CP, the PRA proposes to create two new Rulebook Parts within the Non-Solvency II Firms sector:

(i)         Insurance Company – Reporting; and
(ii)         Friendly Society - Reporting.

This table maps modules from the PRA Handbook to the corresponding Rulebook Part.
​Handbook Module ​Rule Part
​IPRU(INS) Chapter 9 Non Solvency II Firms – Insurance Company - Reporting
IPRU(INS) Appendix 9.1,  9.2,  9.3, 9.4, 9.5, 9.6, 9.8 Non Solvency II Firms - Insurance Company - Reporting and Supervisory Statement
IPRU(FSOC)5.2, 5.3. 5.13, 5.21-25 Non Solvency II Firms - Friendly Society - Reporting
 
Responses

This consultation closed on Monday 13 June 2016. Please address any comments or enquiries to Greg Stump at CP18_16@bankofengland.co.uk.

The PRA plans to publish a policy statement with feedback and final policy in summer 2016.

Due to the size of the documents and to be helpful to readers, the PRA has split the CP into six files. The Consultation Paper also includes Appendix 3. Appendices 1, 2, 4, 5 and 6 are attached separately.

Consultation paper (including appendix 3)

Reporting requirements for non-Solvency II insurance firms – CP18/16
 

 

 

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