SS15/16 – Solvency II: Monitoring model drift and standard formula SCR reporting for firms with permission to use an internal model

First published on 25 October 2016 

This supervisory statement sets out the Prudential Regulation Authority’s (PRA) expectations of firms with permission to use an internal model, and provides further information on the PRA’s approach to monitoring model drift and the reporting of standard formula Solvency Capital Requirement (SCR) information.

The supervisory statement is relevant to UK solo insurance firms within the scope of Solvency II, including undertakings where the solo SCR is calculated by a group internal model, the Society of Lloyd’s in respect of each of their syndicates, and in respect of outputs of the Lloyd’s internal model. 

Current version

Published on 30 September 2025. Effective from 30 September 2025.

• Supervisory Statement 15/16 (PDF)

- following PS15/25 – Closing liquidity reporting gaps and streamlining Standard Formula reporting

Past versions