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Home > Prudential Regulation Authority > Reporting requirements for non-Solvency II insurance firms - PS19/16
 

Reporting requirements for non-Solvency II insurance firms - PS19/16

30 June 2016

Overview

This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 18/16 ‘Reporting requirements for non-Solvency II insurance firms’.

It sets out final rules for the new reporting requirements that apply to insurance firms that are outside the scope of Solvency II. Collectively, these firms are referred to as non‐Directive firms (NDFs).

There are in general, separate parts of the PRA Rulebook for friendly societies and other insurers. The PRA has separated the reporting rules applying to friendly societies and other NDFs into two distinct parts to reflect the different regimes and requirements.

The appendices of this PS contain the following rules:

  • New Rulebook Part - Non-Solvency II firms: Insurance Company – Reporting, which set out the new reporting requirements for NDFs (except friendly societies).
  • New Rulebook Part - Non-Solvency II firms: Friendly Society – Reporting, which set out the new reporting requirements for NDF friendly societies.
  • Consequential amendments: amendments to the PRA Rulebook to reflect the implementation of the NDF reporting regime.

The appendices also include links to updated forms. These are also available on the dedicated webpage for non-Directive firms (see Related Links).

There was one main change to the proposal following the consultation to remove the ongoing requirement for friendly societies to appoint an actuarial function holder and a with-profits actuary. This change is discussed further in paragraph 2.6 of the PS.

The PRA Supervisory Statement ‘Reporting instructions for non-Solvency II firms’ will be issued in due course.

Policy statement

Reporting requirements for non-Solvency II insurance firms – PS19/16

Appendices

  1. PRA RULEBOOK: NON-SOLVENCY II FIRMS: INSURANCE COMPANY – REPORTING INSTRUMENT 2016
  2. Non-Solvency II Firm (except friendly societies) reporting templates
  3. PRA RULEBOOK: NON-SOLVENCY II FIRMS: FRIENDLY SOCIETY - REPORTING INSTRUMENT 2016
  4. Non-Solvency II Firm - friendly society - reporting templates
  5. PRA RULEBOOK: GLOSSARY AND INSURANCE CONSEQUENTIALS INSTRUMENT 2016
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