Skip to main content
  • This website sets cookies on your device. To find out more about how we use cookies please refer to our Privacy and Cookie Policy. By continuing to use the site, we’ll assume that you are content for us to set these on your device.
  • Close
Home > Prudential Regulation Authority > Solvency II: external audit of the public disclosure requirement – PS24/16
 

Solvency II: external audit of the public disclosure requirement – PS24/16

09 September 2016

Overview

This policy statement (PS) provides feedback on responses received to Consultation Paper (CP) 23/16 ‘Solvency II: external audit of the public disclosure requirement’.

The PRA consulted in November 2015 in CP43/15 ‘Solvency II: external audit of the public disclosure requirement’. An account of responses received to CP43/15 and how the PRA proposed dealing with those responses was given in CP23/16. In CP23/16, the PRA consulted on rules and a supervisory statement for external audit of the Solvency II public disclosure. The appendices to this PS set out the final rules and supervisory statement (SS11/16) to implement the proposals consulted on in CP23/16.

This PS is relevant to firms in scope of Solvency II including the Society of Lloyd’s (collectively ‘insurers’), auditors and those individuals or firms who are likely to use the Solvency and Financial Condition Report (SFCR). The rules apply to insurers with financial year ends on or after 15 November 2016.

Overall, the PRA does not consider that the responses received to CP23/16 require significant changes to its proposals. The PRA has however made minor amendments to the proposed rules and supervisory statement in light of feedback received, to add further clarity to the PRA’s expectations.

This policy has been designed in the context of the current UK and EU regulatory framework. The PRA will keep the policy under review to assess whether any changes would be required due to changes in the UK regulatory framework, including those arising once any new arrangements with the European Union take effect.

Policy statement

Policy Statement 24/16: Solvency II: external audit of the public disclosure requirement

Appendices

  1. PRA Rulebook: Solvency II firms and non-authorised persons: external audit instrument 2016
  2. Supervisory Statement 11/16: Solvency II: external audit of the public disclosure requirement
Share