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Home > Prudential Regulation Authority > Solvency II: updates to SS25/15 and SS26/15 – CP31/16
 

Solvency II: updates to SS25/15 and SS26/15 – CP31/16

21 September 2016

​This Prudential Regulation Authority (PRA) consultation paper (CP) sets out proposed updates to both Supervisory Statement (SS) 25/15, ‘Solvency II: regulatory reporting, internal model outputs’, and SS26/15, ‘Solvency II: ORSA and the ultimate time horizon’.

This CP is relevant to non-life UK insurance firms within the scope of Solvency II and to the Society of Lloyd’s in respect of each of their Syndicates and in respect of outputs of the Lloyd’s internal model.

Summary of proposals

The PRA proposes to amend the non-life templates and the associated instruction files in SS25/15 and SS26/15. The draft changes to SS25/15 and SS26/15 are set out in the appendices to this CP.

The proposals in this CP follow the analysis of the year-end 2015 PRA internal model output data request, which concluded post the publication of SS25/15 and SS26/15. The analysis identified both data quality and technology issues of sufficient materiality to propose the updates to the supervisory statements.

The PRA proposes to update SS25/15 and SS26/16 in the following areas:

I. consolidation of internal and ultimate time-horizon templates into one document;

II. separating entity line of business level and outputs at Solvency II line of business level;

III. reserve risk and premium risk templates;

IV. template ID codes;

V. new qualitative template.

The PRA has also made numerous minor and consequential changes to the templates. 

The appendices to this CP include:

  1. Proposed amendments to Supervisory Statement 25/15 ‘Solvency II: regulatory reporting, internal model outputs’
  2. Proposed amendments to Supervisory Statement 26/15 ‘Solvency II: ORSA and the ultimate time horizon — non-life firms’
  3. Proposed updates to internal model outputs (non-life) and ORSA ultimate outputs (non-life) templates
  4. Proposed amendments to internal model outputs (non-life) instructions

 

Responses
This consultation closed on 21 December 2016. The PRA invites feedback on the proposals set out in this consultation. Please address any comments or enquiries to CP31_16@bankofengland.co.uk.

Consultation paper

Solvency II: updates to SS25/15 and SS26/15 – CP31/16

Appendices

  1. Proposed amendments to Supervisory Statement 25/15 ‘Solvency II: regulatory reporting, internal model outputs’ (Available in the CP)
  2. Proposed amendments to Supervisory Statement 26/15 ‘Solvency II: ORSA and the ultimate time horizon — non-life firms’ (Available in the CP)
  3. Proposed updates to internal model outputs (non-life) and ORSA ultimate outputs (non-life) templates 
  4. Proposed amendments to internal model outputs (non-life) instructions
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