Insurance firms and friendly societies are required to provide regulatory returns to us, whether subject to Solvency II reporting or not. Information needed to understand the regulatory reporting requirements and all updates issued to the requirements can be found below.
The format required for reporting, including to the Solvency II XBRL filing manual, and how to submit data to the Bank are also provided.
Early implementation of reporting measures
On 8 December 2023 the PRA published Solvency II Review - considerations for year-end 2023. The PRA is now issuing guidance on how firms that do not wish to file the templates set out in statement should report.
The requirement on firms to submit the RSR will be removed with effect from 31 December 2023. The reporting requirement will not be scheduled in the BEEDS portal.
For a series of template deletions consulted on in CP14/22 and CP12/23 the PRA is content not to receive the templates set out in Table 1 for reporting reference dates falling on or between 31 December 2023 and 30 December 2024, ahead of the proposed implementation of final policy on 31 December 2024. Therefore, any validation checks which relate to these templates will also be deactivated.
Table 1: Template not required for reporting reference dates falling on or between 31 December 2023 and 30 December 2024
| Solvency II regulatory returns |
|---|
| S.07.01 Structured products |
| S.08.02 Derivatives transactions |
| S.21.01 Loss distribution risk profile |
| S.21.03 Non-life distribution of underwriting risks – by sum-insured |
| S.31.02 Information on special purpose vehicles |
| NS.06 Business Model Analysis (Life) |
The PRA proposes that firms select ‘Not reported’ in the content of the submission template (NS.00.01.01) against the NS.06 template, with reporting for the specified reporting reference dates using the Bank of England Insurance v1.3.1 XBRL taxonomy. The PRA proposes that firms select ‘Not reported other reason’ in the content of the submission template (S.01.01 series) against the remaining templates in Table 1, with reporting for the specified reporting reference dates using the EIOPA Solvency 2.6.0 XBRL taxonomy.
6 November 2023: We published the Bank of England Insurance Taxonomy v2.0.0 Public Working Draft (PWD), setting out the technical implementation of the proposals outlined in CP14/22 and CP12/23.
We invite feedback from firms and software vendors on the PWD technical artefacts to uktaxonomypwdfeedback@bankofengland.co.uk by Friday 1 December 2023. We anticipate feedback will focus on the data modelling and validation rules we have proposed.
23 June 2023: We published a follow up to the letter: Insights from PRA thematic review of general insurance reserving and capital modelling to Chief Actuaries.
16 December 2022: We have updated the list of Internationally Active Insurance Groups (IAIGs) headquartered in the UK as follows:
IAIGs are the focus of the International Association of Insurance Supervisors (IAIS) Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). We have identified UK IAIGs in accordance with the criteria set out in ComFrame (CF 23.0.a and CF 23.0.b) for the purpose of the Insurance Capital Standard (ICS) version 2.0 for the Monitoring Period. The Monitoring Period is intended as a period of stability during which the IAIS will monitor the performance of the ICS. It is not intended for monitoring the capital adequacy of IAIGs (ie the ICS will not trigger supervisory actions, and IAIGs need not manage their business to the ICS), or for third party use.
This list is for informational purposes and should be used only in conjunction with ComFrame. This list may be subject to change.
17 November 2022: We published FS 1/22 – Responses to DP 2/22 – ‘Potential Reforms to Risk Margin and Matching Adjustment within Solvency II.’
20 October 2022: We published a letter from Nylesh Shah ‘Insights from PRA thematic review on general insurance reserving and capital modelling’. This letter is addressed to Chief Actuaries of general insurance firms and Lloyd’s Managing Agents regulated by the PRA and contains insights from the recent thematic review across the general insurance sector.
25 August 2022: As per CP11/21 and PS29/21, the PRA has implemented EIOPA Taxonomy 2.6 for firms to use from 31 December 2021. Firms should be using this taxonomy to meet the reporting requirements set out in PS29/21.
As the review of the Solvency II framework is currently underway, any future updates to the reporting taxonomy will follow any future changes to the PRA reporting requirements, which are subject to the PRA’s normal consultation process as required by FSMA. Therefore, firms should not implement EIOPA’s Taxonomy 2.7 or any subsequent publications.
The PRA will consider implementation lead times, including the taxonomy, with a view to giving firms enough time to plan for and implement any additional proposals for the next phase of the review. The PRA cannot comment on the likely frequency of future taxonomy releases at this stage.
26 October 2021: We published version 1.3.1 of the Bank of England Insurance taxonomy, which is a minor update. Please see Technical artefacts and support below.
8 October 2021: We published CP20/21 ‘Trading activity wind-down’, to all PRA-authorised UK banks, their qualifying parent undertakings and PRA-designated investment firms that are engaged in trading activities, and relevant third country branches. This CP is also relevant to policymakers and practitioners that would expect to be involved in a firm’s resolution. This consultation closes on Friday 21 January 2022.
20 September 2021: We published version 1.3.0 of the Bank of England Insurance taxonomy to support National Specific Templates (NSTs), Internal Model Outputs (IMO), Market Risk Sensitivities (MRS), and Standard Formula Reporting (SFR) reporting. Please see Technical artefacts and support below.
9 August 2021: We published version 1.3.0 public working draft (PWD) of the Bank of England Insurance taxonomy to support National Specific Templates (NSTs), Internal Model Outputs (IMO), Market Risk Sensitivities (MRS), and Standard Formula Reporting (SFR) reporting. Please see Technical artefacts and support below.
7 January 2021: We published CP1/21 ‘Solvency II: Deep, liquid and transparent assessments, and GBP transition to SONIA’. This CP is relevant to all UK Solvency II firms, including in respect of the Solvency II groups provisions, and to the Society of Lloyd’s and its managing agents. Non-Directive firms are out of the scope of this CP. This consultation closes on Wednesday 31 March 2021.
23 September 2020: The FCA has announced that the first firms will start moving to the new data collection platform, RegData, which replaces Gabriel. Firms will be moving gradually in stages, and PRA firms are not expected to migrate to the new system until 2021. Please read the FCA news release for further information.
15 December 2020: We published a letter from Anna Sweeney and Charlotte Gerken on ‘Insurance Supervision: 2021 Priorities’ to Chief Executive Officers of PRA regulated Insurance firms.
4 September 2020: We published Policy Statement 20/20 ‘Responses to Chapters 2 to 7 of CP3/20 ‘Occasional Consultation Paper’’, relevant to all PRA-authorised firms. For the insurance sector, this includes amendments to:
The changes to Insurance Company – Mathematical Reserves come into effect on Friday 4 September 2020. The changes SMR forms come into effect on Sunday 25 October 2020. All other changes come into effect on Monday 30 November 2020.
4 September 2020: We published v1.2.0 of the Bank of England Insurance taxonomy, which supports National Specific Templates (NSTs), Internal Model Outputs (IMO), Market Risk Sensitivities (MRS) and Standard Formula Reporting (SFR) reporting. We also updated the Solvency II XBRL filing manual. This follows Policy Statement (PS) 20/20 ‘Responses to Chapters 2 to 7 of CP3/20 ‘Occasional Consultation Paper’’, published on Friday 4 September 2020. This will take effect from Monday 30 November 2020. For more information, please see the Technical artefacts and support section below.
13 July 2020: We published a public working draft (PWD) of version 1.2.0 of the Bank of England Insurance taxonomy to support National Specific Templates (NSTs), Internal Model Outputs (IMO), Market Risk Sensitivities (MRS), and Standard Formula Reporting (SFR) reporting. The taxonomy, data point model (DPM) dictionary, annotated templates, and validation rules represent the requirements for Solvency II as set out in CP3/20 ‘Occasional Consultation Paper’. We invite feedback, particularly from firms and software vendors, on the PWD technical artefacts by Monday 27 July 2020. We will aim to publish the final version of the taxonomy and DPM in September 2020. See Technical artefacts and support section for more information.
1 July 2020: We published a letter from Sam Woods to all PRA-regulated firms on ‘Managing climate-related financial risk – thematic feedback from the PRA’s review of firms’ SS3/19 plans and clarification of expectations’. We also published a speech by Sarah Breeden ‘Leading the Change: Climate Action in the Financial Sector’.
29 June 2020: It has come to our attention that the FCA address on the notification form, which is used by firms to notify the PRA and FCA when a notifiable event occurs or is deemed likely to occur, is incorrect. We are aware of this error and will consult on updating the form in due course. For notifications to the FCA, please see the revised version of the form, with the correct FCA address, at SUP 15 Ann 4 R in the FCA Handbook.
22 June 2020: The FCA has announced that the new data collection platform to replace Gabriel will be called RegData. The FCA explained what firms should expect and what they will need to do before they are moved to RegData. PRA firms are not expected to migrate to the new system for submission of returns until 2021.
28 May 2020: We have identified the list of Internationally Active Insurance Groups (IAIGs) headquartered in the UK as follows:
IAIGs are the focus of the International Association of Insurance Supervisors (IAIS) Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). We have identified UK IAIGs in accordance to the criteria set out in ComFrame (CF 23.0.a and CF 23.0.b) for the purpose of the Insurance Capital Standard (ICS) version 2.0 for the Monitoring Period. The Monitoring Period is intended as a period of stability during which the IAIS will monitor the performance of the ICS. It is not intended for monitoring the capital adequacy of IAIGs (ie the ICS will not trigger supervisory actions, and IAIGs need not manage their business to the ICS), or for third party use.
This list is for informational purposes and should be used only in conjunction with ComFrame. This list may be subject to change.
26 March 2020: We published CP3/20 ‘Occasional Consultation Paper – March 2020’ which contains proposals for minor updates to National Specific Templates (NSTs) and associated LOG files, and the market risk sensitivities data item and associated instructions.
16 March 2020: We published PS7/20, ‘Solvency II: Adjusting for the reduction of loss absorbency where own fund instruments are taxed on conversion’, which includes final policy on the PRA’s expectation that insurers would deduct from their own funds the maximum tax charge before set off of any prior year losses (the tax charge) generated on conversion of a restricted Tier 1 (rT1) capital instrument.
This policy came into effect on Monday 16 March 2020, and is relevant to UK insurance firms within the scope of Solvency II, the Society of Lloyd’s, and firms that are part of a Solvency II group that will determine and classify capital instruments under the Solvency II own funds regime, together with their advisors.9 December 2019: The Bank of England has updated the Solvency II XBRL filing manual to help firms and software vendors create XBRL instance documents for Solvency II Pillar 3 and Bank of England Insurance reporting. See Technical artefacts and support below for the updated filing manual.
30 November 2019: Following publication of PS21/19 ‘Responses to CP13/19 Occasional Consultation Paper’, minor updates and clarifications to National Specific Templates (NSTs), internal model output (IMO) templates and their associated LOG files are now in effect. These are available in the National Specific Templates (NSTs) and Internal model output sections below.
14 October 2019: We published v1.1.0 of the Bank of England Insurance XBRL taxonomy, alongside related artefacts. This taxonomy is to be used for the collection of National Specific Templates (NSTs), internal model output (IMO), market risk sensitivities (MRS) and standard formula for firms with an approved internal model (SF.01) reporting which follows Policy Statement (PS) 21/19 ‘Responses to CP13/19 ‘Occasional Consultation Paper’, published on Monday 30 September 2019. This will take effect from Wednesday 30 November 2019. For more information see the technical artefacts and support section below.
14 October 2019: On 16 July 2019 the Financial Conduct Authority (FCA) published an update to firms announcing a new platform to improve the way data is collected from firms, which will include replacing Gabriel, and opened a survey for users of Gabriel. The FCA has now published an update on the three key areas of improvement that they will focus on following user feedback. These include:
We continue to work with the FCA on improvements to the shared Gabriel system. For more information or to take part in the survey see the FCA’s website.
30 September 2019: We published a joint Policy Statement (PS) with the Financial Conduct Authority (FCA), PS22/19 ‘FCA and PRA changes to mortgage reporting requirements’. This PS is relevant to: mortgage lenders; home finance administrators; and entities, which own mortgage books but which are not authorised to lend.
As part of PS22/19 the PRA has also published updated versions of the:
17 July 2019: We published a public working draft (PWD) of version 1.1.0 of the Bank of England Insurance XBRL taxonomy to support collection of the proposed changes to National Specific Templates (NSTs), internal model output (IMO), market risk sensitivities (MRS) and standard formula (SF) reporting, alongside related technical artefacts. The taxonomy, data point model (DPM) dictionary, annotated templates and validation rules represent the requirements for Solvency II as set out in CP13/19 ‘Occasional Consultation Paper’. We invite feedback, particularly from firms and software vendors, on the PWD of the taxonomy and DPM artefacts by Wednesday 7 August 2019. We will aim to publish the updated Insurance XBRL taxonomy by the end of October 2019. See the Technical artefacts and support section below for more information.
7 June 2019: We published CP13/19 ‘Occasional Consultation Paper’ which contains proposals for minor updates, corrections and clarifications to National Specific Templates (NSTs), internal model output templates, and associated LOG files.
During the consultation period, we will be issuing a Public Working Draft (PWD) of the taxonomy update to support collection of the proposed changes to NSTs, internal model output, market risk sensitivities (MRS) and standard formula (SF) reporting. The PWD will include the interaction of these changes with the draft EIOPA Taxonomy 2.4 changes. The PRA plans to give firms no less than three weeks to review the PWD.
Solvency II - 8 April 2019: We issued the following two updates relevant to Solvency II insurers:
28 February 2019: We published near-final policy to deliver the general approach being taken to ensure there is a functioning legal framework when the UK leaves the EU. This includes Supervisory Statement 2/19 ‘PRA approach to interpreting reporting and disclosure requirements and regulatory transactions forms after the UK’s withdrawal from the EU’.
20 February 2019: On Wednesday 20 February, we published PS4/19 ‘Solvency II: Adjusting for the reduction of loss absorbency where own fund instruments are taxed on write down’, and an updated SS3/15 ‘Solvency II: The quality of capital instruments’. This includes a reporting clarification (available below in the reporting clarification section) that sets out the basis of how firms can report restricted tier 1 (rT1) instruments in own funds that are classified as equity instruments under International Financial Reporting Standards (IFRS). This note also includes a clarification on how firms can report externally issued, equity accounted rT1 instruments which write down on trigger and are within scope of PS4/19.
This note is relevant to all firms in scope of Solvency II and to the Society of Lloyd’s and relates to the Implementing Technical Standards (ITS) on Supervisory Reporting.
13 February 2019: We published PS3/19 ‘PRA fees and levies: Changes to periodic and transaction fees’, including amendments to the PRA Fees part of the Rulebook and an update to SS3/16 ‘Fees: PRA approach and application’. These updates come into effect on Friday 1 March 2019.
Solvency II - 7 February 2019: The Bank of England has updated the Solvency II XBRL filing manual to help firms and software vendors create XBRL instance documents for Solvency II Pillar 3 reporting in light of the EIOPA Solvency II Taxonomy 2.3.0 hotfix update. See Technical artefacts and support below for the updated filing manual. We are planning to publish a further update to the filing manual in Spring 2019, to include updates to the NST sections following publication of Policy Statement 21/18 ‘Solvency II: Changes to reporting format’. For reporting against the Bank of England insurance taxonomy, the Bank will adopt the same filing rules articulated for Solvency II reporting (in the Solvency II filing manual), where appropriate.
Solvency II – 31 December 2018: Following publication of PS21/18 ‘Solvency II: Changes to reporting format’, SS6/18 'Solvency II: National Specific Templates LOG files' and PS24/18 ‘Solvency II: Updates to internal model output reporting’, related templates and LOG files have been updated to reflect the Monday 31 December 2018 effective date. These are available in the National Specific Templates (NSTs) and Internal model outputs sections below.
Solvency II – Update 17 October 2018: We published Policy Statement (PS) 24/18 ‘Solvency II: Updates to internal model output reporting’, and accompanying updated Supervisory Statement (SS) 25/15 ‘Solvency II: regulatory reporting internal model outputs’ and SS26/15 ‘Solvency II: ORSA and the ultimate time horizon – non-life firms’. The internal model output templates and LOG files that will take effect from Monday 31 December 2018 are available in the Internal model outputs section.
Solvency II – Update 17 October 2018: We published v1.0.0 of the Bank of England insurance XBRL taxonomy. This version covers the requirements for the reporting of internal model output (IMO), market risk sensitivities (MRS), National Specific Templates (NSTs), and standard formula reporting for firms with an approved internal model (SF.01). For more information see the Taxonomy section.
Solvency II – Update 21 September 2018: We published a public working draft (PWD) of the standalone internal model output (IMO) and market risk sensitivities (MRS) taxonomy, alongside related technical artefacts, that will make up part of the Bank’s insurance XBRL taxonomy. Firms and software vendors are invited to provide feedback on the data point modelling, annotated templates, validations, and XBRL taxonomy to uktaxonomypwdfeedback@bankofengland.co.uk by Friday 28 September 2018. See the Solvency II firms - 2. Taxonomy section below for more information.
Solvency II – Update 10 August 2018: We published a public working draft (PWD) of the standalone National Specific Templates (NSTs) and standard formula reporting for firms with an approved internal model (SF.01) taxonomy, alongside related technical artefacts, that will make up part of the Bank’s insurance XBRL taxonomy. The PWD follows Policy Statement (PS) 21/18 ‘Solvency II: Changes to reporting format’. Firms and software vendors are invited to provide feedback on the modelling, annotated templates, validations, and XBRL taxonomy to uktaxonomypwdfeedback@bankofengland.co.uk by Friday 24 August 2018. See the Solvency II firms - 2. Taxonomy section below for more information.
Solvency II - Update 26 July 2018: We published Policy Statement 21/18 ‘Changes to reporting format’. As part of PS21/18 there is a change to the reporting format from Microsoft Excel workbooks to XBRL (eXtensible Business Reporting Language) standards for:
The changes to the reporting format will be effective for submissions of year-end 2018 information, from Monday 31 December 2018 onwards. As noted in the update on 29 June below, final taxonomy releases for NSTs, IMO, MRS and SF.01 will be published on this page in the future.
Solvency II - Update 13 July 2018: We published a Quarterly Model Change reporting template QMC01 and QMC01 LOG file in an update to Supervisory Statement 17/16 ‘Solvency II: internal models – assessment, model change and the role of non-executive directors’, see section 1 i) below.
Solvency II - Update 6 July 2018: We published Policy Statement 16/18 'Changes in insurance reporting requirements'. As part of Supervisory Statement 6/18 'National Specific Templates LOG files' we published updates to NST LOG files that take effect from Monday 31 December 2018. See NST section below.
Solvency II - Update 29 June 2018: In addressing feedback received to CP11/18 'Solvency II: Changes in reporting format', we are keen to ensure firms have a sufficient period to implement proposed changes for year-end 2018 reporting (for year-ends 31 December 2018 onwards). The table in section 1c) Reporting schedules below outlines the planned dates for availability of the required information.
Update June 2018: In addressing feedback received to CP11/18 'Solvency II: Changes in reporting format', we are keen to ensure firms have a sufficient period to implement proposed changes for year-end 2018 reporting (for year-ends 31 December 2018 onwards). The following table outlines the planned dates for the availability of the required information. In view of the degree of internal reorganisation and IT infrastructure required by firms to facilitate the migration to the new reporting format, the indicative timelines set out above are intended to assist for planning purposes. For the avoidance of doubt, these dates are approximate and may be subject to change.
| Planned date | Publication |
|
July 2018 |
Publication of final Policy Statement on changes proposed to National Specific Templates in CP2/18 ‘Changes to insurance reporting requirements’. |
| Publication of final Policy Statement on changes proposed to reporting format in CP11/18 ‘Solvency II: changes in reporting format’. | |
| August 2018 | Public Working Drafts of the relevant XBRL technical artefacts for National Specific Templates and Standard formula reporting for firms with an approved internal model (SF.01). |
| September 2018 | Public Working Drafts of the relevant XBRL technical artefacts for Market risk sensitivities. |
| Public Working Drafts of the relevant XBRL technical artefacts for Internal model outputs using the proposals outlined in CP10/18 ‘Solvency II: updates to internal model output reporting’. | |
| October 2018 | Publication of final Policy Statement on changes proposed to internal model outputs in CP10/18 ‘Solvency II: updates to internal model output reporting'. |
| Final taxonomy releases for NSTs, IMO, MRS and SF.01. | |
| Early 2019 | User Acceptance Testing windows for BEEDS submission for NSTs, IMO, MRS and SF.01. |
Solvency II - Update 7 February 2018: The Bank of England Electronic Data Submission (BEEDS) user guide has been updated to incorporate changes that have been made as part of ongoing system maintenance, as well as important information regarding account practices. Solvency II firms that use the BEEDS portal should take the time to familiarise themselves with this document.
BEEDS portal user guide - Solvency II
Update 11 January 2018: The PRA published Consultation Paper 2/18 ‘Changes in insurance reporting requirements’. This CP is the third and final consultation referred in the News Release of 25 October 2017. The CP is relevant to all UK Solvency II firms, Society of Lloyd’s and its managing agents and mutuals. In this CP, the PRA proposes a number of regulatory reporting changes designed to reduce the burden for Solvency II firms and mutuals whilst maintaining the PRA’s ability to meet its statutory objectives and to supervise firms.
Solvency II - Update 8 January 2018: The Bank of England Electronic Data Submission (BEEDS) user guide has been updated to reflect system changes relevant to firms using the User Acceptance Testing (UAT) environment.
BEEDS portal user guide - Solvency II
Solvency II - Update 8 January 2018: We published a Solvency II filing manual update. The Bank of England has now updated the Solvency II XBRL filing manual to help firms and software vendors create XBRL instance documents for Solvency II Pillar 3 reporting in light of the latest EIOPA Solvency II Taxonomy 2.2.0 update (the Bank will be adopting the Taxonomy 2.2.0 hotfix).
This includes information about ad hoc submissions. All firms need to be aware of the potential use of the ‘ad hoc submission’ option in the basic information template {S.01.02, R0100} which will be fully functioning in the Solvency II Taxonomy 2.2.0. This will allow supervisors to request, receive and accept submissions including only specific template(s) or even selected data points. EIOPA has foreseen at least three special cases when ad hoc submissions may be required, see section 1.6.2 of the updated filing manual.
Euro-Sterling value for insurance regulatory purposes
There are specific reporting requirements for firms under Solvency II. This section sets out information under the following areas:
There are two distinct phases of regulatory reporting and each has different requirements. These are the transitional phase which is the three years following implementation on 1 January 2016, and the period following the transitional phase (from 1 January 2020).
Transitional measures for reporting and public disclosure are set out in Policy Statement 2/15 'Solvency II: a new regime for insurers' and the PRA Rulebook.
The transitional measures relate to:
The following document sets out the reporting schedule for a firm with a year end of 31 December:
PRA Solvency II reporting schedule: for firms with a year end of 31 December
The following document sets out the reporting schedules for non-December year end firms until the end of 2024:
PRA Solvency II non-December year end reporting schedules
We have provided these dates to help firms prepare for Solvency II but it remains a firm’s responsibility to liaise with their usual supervisory contact to confirm when we require interim reports to be submitted.
Where the reference or submission date falls on a weekend or bank holiday, the last business day before this will apply instead.
Deadlines for publication of undertakings that produce a single group Solvency and Financial Condition Report (SFCR)
European Insurance and Occupational Pensions Authority (EIOPA) has clarified that the transitional period in the Solvency II Delegated Regulation relating to single group SFCR publication concludes after the publication of year-end 2019 reports. This means that for the 2019 year-end onwards, firms have 14 weeks from their year-end date to publish their SFCR.
On Wednesday 20 February, we published PS4/19 ‘Solvency II: Adjusting for the reduction of loss absorbency where own fund instruments are taxed on write down’, and an updated SS3/15 ‘Solvency II: The quality of capital instruments’. This includes a reporting clarification that sets out the basis of how firms can report restricted tier 1 (rT1) instruments in own funds that are classified as equity instruments under International Financial Reporting Standards (IFRS). This note also includes a clarification on how firms can report externally issued, equity accounted rT1 instruments which write down on trigger and are within scope of PS4/19.
This note is relevant to all firms in scope of Solvency II and to the Society of Lloyd’s and relates to the Implementing Technical Standards (ITS) on Supervisory Reporting.
On 11 May 2016, we set out the basis of the correct allocation to the lines of business, and in consequence some issues on the unbundling of contracts, that we expect for reporting insurance contracts under employers' liability insurance and motor insurance. The information in the note below is based on the Solvency II Directors’ update letter of 14 July 2015 on employers' liability insurance and motor insurance which was issued to firms to enable their compliance with Solvency II by 1 January 2016.
This note is relevant to all firms in scope of Solvency II and to the Society of Lloyd’s and relates to the Implementing Technical Standards (ITS) on Supervisory Reporting.
Business line reporting for employers' liability insurance and motor insurance, May 2016
On 18 December 2015, we set out the basis of preparation on which we will accept look through reporting for Collective Investment Undertakings under template S.06.03.
The Solvency II Pillar 3 regulatory reporting requirements came into force on 1 January 2016. Firms must produce two key reports:
For more information see the European Insurance and Occupational Pensions Authority (EIOPA) Guidelines on Submission of Information to National Competent Authorities. In addition firms must comply with our rules and expectations as set out in the PRA Rulebook and supporting policy.
EIOPA published its Guidelines on the use of Legal Entity Identifiers (LEIs) in September 2014, (EIOPA BoS-14-026). The Guidelines recommend that LEI codes should be used as unique identification codes for all institutions under our supervisory remit. We intend to comply with these Guidelines.
In the UK, LEI codes are allocated and maintained by the London Stock Exchange, which has been endorsed by the UK’s Regulatory Oversight Committee (ROC) as an authorised Local Operating Unit (LOU) for the UK.
We requested all firms within the scope of Solvency II to request an LEI code by 30 June 2015, while all other insurers should have requested an LEI code by 30 June 2016.
For firms that are part of a group, we request that all entities within the group obtain an LEI code, including holding and dormant companies. We acknowledge that this may prove burdensome for some firms, however believe there are important advantages of using LEI codes for regulatory reporting across borders and the financial industry.
Should entities within a firm’s group be unable to obtain LEI codes, we suggest the firm constructs a code in an appropriate format as instructed by EIOPA.
‘For non-EEA undertakings and non-regulated undertakings within the group, identification code provided will be provided by the group. When allocating an identification code to each non-EEA or non-regulated undertaking, it should comply with the following format in a consistent manner: identification code of the parent undertaking + ISO 3166-1 alpha-2 code of the country of the undertaking + 5 digits.’
When a code constructed in this manner is used within the reporting templates, the ‘Type of Code of Undertaking’ should be recorded as a ‘specific code’ rather than an LEI.
We request all firms to notify their usual supervisory contact to confirm that an LEI code has been requested, as appropriate.
We have produced National Specific Templates (NSTs) to address those areas which stem from specific national requirements or specificities of local markets, which are otherwise not addressed in the set of Solvency II harmonised templates.
30 November 2019: Following publication of PS21/19 ‘Responses to CP13/19 Occasional Consultation Paper’, the updated templates and LOG files in the table below are now in effect.
8 April 2019: We published a document to address inconsistencies in the NS.07 template, and assist firms in their submission for year-end 2018. Specifically, it has been identified that in template NS.07 for rows R0420, R0430, R0435, R1710, R1720, R1730, R1930, and R1945, there are some inconsistencies between the NS.07 LOG and the NS.07 template, and within the NS.07 template between the reporting period and the plan years. When submitting NS.07, firms should read the NS.07 LOG file alongside the information provided in the ‘Interpretation of the National Specific Template NS.07 LOG file for year-end 2018 reporting only’ document.
Each Excel template has a corresponding LOG file which includes definitions on how to complete the templates. You should refer to the appropriate rules and Supervisory Statement 6/18 ‘Solvency II: National Specific Templates LOG files’ to determine which templates you may need to submit.
| Number and template name | Template | LOG file |
|---|---|---|
| NS.00 - Basic information | NS.00 template (XLSX) | NS.00 LOG file (PDF) |
| NS.01 - With-profits value of bonus | NS.01 template (XLSX) | NS.01 LOG file (PDF) |
| NS.02 - With-profits assets and liabilities | NS.02 template (XLSX) | NS.02 LOG file (PDF) |
| NS.03 - Material pooling arrangements | NS.03 template (XLSX) | NS.03 LOG file (PDF) |
| NS.04 - Assessable mutuals | NS.04 template (XLSX) | NS.04 LOG file (PDF) |
| NS.05 - Revenue account life | NS.05 template (XLSX) | NS.05 LOG file (PDF) |
| NS.06 - Business model analysis (life) | NS.06 template (XLSX) | NS.06 LOG file (PDF) |
| NS.07 - Business model analysis non-life | NS.07 template (XLSX) | NS.07 LOG file* (PDF) |
| NS.08 - Business model analysis – financial guarantee insurers | NS.08 template (XLSX) | NS.08 LOG file (PDF) |
| NS.09 - Best estimate assumptions for life insurance risks | NS.09 template (XLSX) | NS.09 LOG file (PDF) |
| NS.10 - Projection of future cash flows (best estimate - non-life: liability claim types) | NS.10 template (XLSX) | NS.10 LOG file (PDF) |
| NS.11 - Non-life claim development information (general liability sub-classes) | NS.11 template (XLSX) | NS.11 LOG file (PDF) |
| NS.12 - The Society of Lloyd's solvency capital requirement | NS.12 template (XLSX) | NS.12 LOG file (PDF) |
| NS.13 - The Society of Lloyd's minimum capital requirement | NS.13 template (XLSX) | NS.13 LOG file (PDF) |
The templates and LOG files outlining the relevant information requested for internal model output reporting are available below. Please see Supervisory Statement (SS) 25/15 'Solvency II: regulatory reporting internal model outputs' and SS26/15 'Solvency II: ORSA and the ultimate time horizon - non-life firms'.
30 November 2019: Following publication of PS21/19 ‘Responses to CP13/19 Occasional Consultation Paper’, the updated templates and LOG files in the table below are now in effect.
| Template number | Template name | Template | LOG file link |
|---|---|---|---|
| IM.00 | Internal model Output Content of the submission & Basic Information | IM.00 template file (XLSX) | |
| IM.01 | Internal model risk outputs (life) | IM.01 template (XLSX) | IM.01 LOG file (PDF) |
| IM.02 | Internal model counterparty risk | IM.02 template (XLSX) | IM.02 LOG file (PDF) |
| IM.03.01 - IM.03.11 | Internal model outputs (non-life) | IM.03 - IM.03.11 template (XLSX) | IM.03 - IM.03.11 LOG file (PDF) |
30 November 2020: Following publication of PS20/20 ‘Responses to Chapters 2 to 7 of CP3/20 ‘Occasional Consultation Paper’, we updated the Market risk sensitivities data item and instructions, with associated updates to Supervisory Statement 7/17 'Solvency II: Data collection of market risk sensitivities'.
On 18 October 2017, we published Policy Statement 25/17 ‘Solvency II: Data collection of market risk sensitivities’. The associated Supervisory Statement 7/17 'Solvency II: Data collection of market risk sensitivities' sets out our expectations in respect of the reporting of sensitivities of solvency position to various changes in market conditions by firms with material exposure to market risk. It is relevant to Solvency II insurance and reinsurance firms holding, or intending to hold, material quantities of assets exposed to market risk.
Firms in scope can report sensitivities to various changes in market risks half-yearly using the following template.
We will inform firms individually through their usual supervisory contacts whether they fall within the scope outlined above. Out of scope firms that would like to submit the information may do so after discussion with their usual supervisory contact.
| Template name | Template | Instructions |
|---|---|---|
| Market risk sensitivities data item | Market risk sensitivities data item (XLSX) Opens in a new window Opens in a new window | Instructions to firms when completing the market risk sensitivities data item (PDF) Opens in a new window Opens in a new window |
The template outlining the relevant information requested for standard formula reporting is available below. Please see Supervisory Statement 15/16 ‘Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model’ for more information.
On 13 July 2018 we published Quarterly Model Change reporting template QMC01 and QMC01 LOG file in an update to in an update to Supervisory Statement 17/16 ‘Solvency II: internal models – assessment, model change and the role of non-executive directors’.
Below provides information on the Solvency II taxonomy as well as the Bank of England Insurance XBRL Taxonomy which should be used for regulatory submissions. It also contains a link to the Bank of England's Solvency II XBRL filing manual.
This Public Working Draft (PWD) of the Bank of England Insurance Taxonomy sets out the technical implementation of the proposals outlined in CP14/22 and CP12/23.
We invite feedback from firms and software vendors on the PWD technical artefacts to uktaxonomypwdfeedback@bankofengland.co.uk by Friday 1 December 2023. We anticipate feedback will focus on the data modelling and validation rules we have proposed.
This PWD should not be used for reporting.
Version 1.3.1 of the Bank of England Insurance taxonomy is a minor update to ensure row, column, and sheet codes are correctly identified within the label linkbase files. Only the taxonomy package and change log files have been amended since v1.3.0. Please read the release note for further information.
Version 1.3.0 of the Bank of England Insurance taxonomy is an update to support National Specific Templates (NSTs), Internal Model Outputs (IMO), Market Risk Sensitivities (MRS), and Standard Formula Reporting (SFR) reporting.
There has been no change to reporting requirements and this update is solely making amendments to validation rules and implementing technical bug fixes. Therefore the taxonomy, data point model (DPM) dictionary, annotated templates, and validation rules continue to represent the requirements within Policy Statement (PS) 20/20 ‘Responses to CP3/20 ‘Occasional Consultation Paper’.
Version 1.2.0 of the Bank of England Insurance taxonomy is an update to support National Specific Templates (NSTs), Internal Model Outputs (IMO), Market Risk Sensitivities (MRS) and Standard Formula Reporting (SFR) reporting. It follows Policy Statement (PS) 20/20 ‘Responses to Chapters 2 to 7 of CP3/20 ‘Occasional Consultation Paper’’, published on Friday 4 September 2020. This will take effect from Monday 30 November 2020.
This version of the taxonomy, data point model (DPM) dictionary, annotated templates and validation rules covers the requirements for the collection of National Specific Templates (NSTs), internal model output (IMO), market risk sensitivities (MRS) and standard formula for firms with an approved internal model (SF.01) reporting which follows Policy Statement (PS) 21/19 ‘Responses to CP13/19 ‘Occasional Consultation Paper’, published on Monday 30 September 2019. This will take effect from Wednesday 30 November 2019.
This taxonomy, data point model (DPM) dictionary, annotated templates and validation rules covers the requirements for reporting of internal model output (IMO), market risk sensitivities (MRS), National Specific Templates (NSTs), and standard formula reporting for firms with an approved internal model (SF.01).
This taxonomy follows Policy Statement (PS) 21/18 ‘Solvency II: Changes to reporting format’ and PS24/18 ‘Solvency II: Updates to internal model output reporting’.
The taxonomy, data point model (DPM) dictionary, annotated templates and validation rules represent the reporting requirements as set out in:
8 April 2019: We released a hotfix for the Bank of England Insurance DPM and XBRL Taxonomy v1.0.0 to address inconsistencies identified. The hotfix release is to be used from 31 December 2018 reference date until a new version is published. The ‘Bank of England insurance validations v1.0.0’ has also been updated. See the release notes for more information.
The DPM extends EIOPA's Solvency II version 2.3.0 dictionary.
We have produced the Solvency II XBRL filing manual to help firms and software vendors create XBRL instance documents for Solvency II Pillar 3 and Bank of England Insurance reporting.
There is a large degree of flexibility in the XBRL reporting standard and certain decisions have been taken to remove any ambiguity and uncertainty between firms and the Bank of England (and ultimately EIOPA). The filing manual describes the filing rules applicable to remittance of XBRL instance documents for Solvency II Pillar 3 and Bank of England Insurance reporting.
The aim of the document is to:
Firms will use the Bank of England Electronic Data Submission (BEEDS) portal to submit the required Solvency II regulatory returns.
Firms' CEOs are asked to nominate a principal user who will be responsible for submitting their firm's Solvency II submissions via BEEDS. Principal users are provided with log in details for BEEDS, and additional users can then be set up. Materials are available below to help firms familiarise themselves with the BEEDS portal in time to make their submission by the relevant deadlines.
We have put together the list of frequently asked questions (FAQs) to help insurance firms with questions they may have on the submission of Solvency II information.
Firms should note that the preparation of the Solvency II templates should follow the requirements of the Delegated Regulation (EU) 2015/35 and the Implementing Technical Standards, which are directly binding on firms. When this document is read it is recommended it is done so in conjunction with the EIOPA guidance. Any subsequent comment by EIOPA could supersede any answer provided by the PRA in this document.
Technical queries on the reporting material should be presented to EIOPA through relevant trade bodies or alternatively directly to EIOPA using the Q&A form.
To raise further questions with the PRA, firms can contact:
Under Solvency II, non-Directive firms are, in general, those with gross premium income below €5 million and gross technical provisions of less than €25 million. These are not the only criteria that determine whether a firm is out of scope of Solvency II, so firms should therefore review Chapter 2 of the Insurance General Application Part of the PRA Rulebook where in doubt.
Non-Directive firms are subject to the rules in the Non-Solvency II firms sector of the PRA Rulebook which came into effect on 1 January 2016.
Firms are strongly encouraged to use the Bank of England Electronic Data Submission (BEEDS) portal to submit the required regulatory returns under the non-Directive firm regime.
Firms have been asked to nominate a principal user who will be responsible for making their firm's submissions to BEEDS. We will liaise with the firm’s nominated principal user for all matters related to BEEDS.
Any firm wishing to make secure submissions via the BEEDS portal that has not yet notified us should contact PRA.FirmEnquiries@bankofengland.co.uk.
Firms can also make submissions via email to insurancedata@bankofengland.co.uk.
The templates that firms are required to use are available below:
Friendly societies are categorised as either 'Directive' or 'non-Directive', depending on whether they are subject to the EU Life/Non-Life Directives. A friendly society is classified as non-Directive if it falls into one of the six categories defined by the PRA Rulebook. Otherwise it is classified as a Directive friendly society. Directive friendly societies are generally larger than non-Directive friendly societies.
Directive friendly societies are treated exactly the same as insurance companies from a regulatory reporting perspective and their reporting requirements are governed by the Solvency II Reporting Part of the PRA Rulebook.
All non-Directive friendly societies that fall under the Friendly Society Act 1992 are required to submit their annual accounts within six months of their year-end. If a non-Directive friendly society falls under the Friendly Society Act 1974, then they must submit their annual accounts within seven months of their year-end. In addition, all societies except flat rates benefits business friendly societies and partnership pension societies must submit a triennial valuation (FSC2) and an FSC4 in the years between each triennial return.
Firms are strongly encouraged to use the Bank of England Electronic Data Submission (BEEDS) portal to submit the required regulatory returns.
Firms are asked to nominate a principal user who will be responsible for making their firm's submissions to BEEDS. We will liaise with the firm’s nominated principal user for all matters related to BEEDS.
Any firm wishing to make secure submissions via the BEEDS portal that has not yet notified us should contact PRA.FirmEnquiries@bankofengland.co.uk.
Alternatively, returns can be submitted electronically to insurancedata@bankofengland.co.uk.
We hold a Solvency II regulatory reporting industry working group as a forum for industry representatives to discuss technical and practical implementation challenges with us. The working group is not intended as a forum to discuss policy interpretation.
The industry working group first met in November 2013 to discuss the terms of reference and agree the scope of the industry working group. Further meetings have been held regularly since then and a note of each meeting is set out below.
For notes of previous meetings, please see The National Archives.
We set up a Solvency II regulatory reporting industry engagement group as a forum for industry representatives and members of trade bodies to discuss technical and practical issues with us. The industry engagement group met ten times between November 2021 and November 2022 to discuss various matters including specific templates and implementation dates. Further meetings will be held if required.
Minutes of each meeting are set out below with confidential matters removed to comply with the terms of reference of the group.
If you have any queries on regulatory reporting for insurance firms, please contact the Firm Enquiries Team:
Phone: 020 3461 7000
Email: PRA.FirmEnquiries@bankofengland.co.uk
Historical information and materials for insurance reporting are available on The National Archives.
Technical queries about the RegData system are handled by the Financial Conduct Authority (FCA). Firms experiencing systems issues should contact the FCA Contact Centre in the first instance on 0300 500 0597.
We work with the Financial Conduct Authority (FCA) to make sure the regulatory reporting processes for dual-regulated firms are efficient. We want to ensure that firms are only asked to submit data sets once and, to help achieve this, we will share data where it is appropriate to do so. We will also share data on firms that are not dual-regulated where necessary, to ensure that we each have a complete view of the market.
A memorandum of understanding between the FCA and the Bank of England (exercising its prudential regulation functions) sets out how we will work together.
The Memorandum of Understanding obliges us to consult each other on changes to data/forms that are collected regularly, including the use of shared data definitions; and, the management of data systems to allow for efficient sharing.
Much regulatory data for PRA firms continues to be collected by the FCA. This includes reporting via the FCA’s RegData system, the submission of firms’ controllers and close links reports and the reporting of changes to firms’ standing data.
Statistical reporting obligations have not changed.
Template SF01